Millennials, or those in their mid-20s and late-30s, account for nearly 27% of the current global population. A recent study revealed that the COVID-19 pandemic had changed the way millennials look at money.
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No one likes to fail, especially at something as important as personal finances. The pain of financial stress and the shame and fear that accompany it are difficult to bare. Yet, it’s unreasonable to think you can achieve financial success without experiencing some failures along the way. Some degree of failure or setbacks, as much as we wish they weren’t, are inevitable. What determines your future success is what you do after you fail.
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It’s well known that most people determine self-worth and personal value, at least in part, by comparing themselves to those in their social circle. In psychology, this is known as social comparison theory, and with the ever-increasing use of social media like Facebook, Instagram, and Twitter, social comparison is having a greater effect on us and on how we spend our money.
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Talking about money is considered taboo by a majority of Americans. We’re more open to talking about sex, politics, or religion than we are to discussing personal money matters. Unfortunately, not talking about it keeps many Americans financially illiterate and ignorant of what it takes to become financially healthy.
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When we hear the word addiction, whether it’s in a conversation or in a story on the news, we think of drugs, alcohol, gambling, or some other vice that “other” people in our world battle. We rarely think of addiction as something we personally deal with. I believe every person engages in some type of addictive behavior, often several, and the financial impact these can have are significant.
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No one would disagree that paying off consumer debt is the right thing to do. In fact, most would say the quicker you can pay it off the better because it will save you more money in interest. Well, it turns out how you pay off debt is more important than you think.
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The percentage of people using credit cards as the sole method of payment has increased dramatically in recent years. More than 50% of credit card holders are now using their credit cards for everyday purchases. No doubt the lure of the rewards programs offered by most credit cards today has a lot to do with this trend. What’s yet unknown but predictable is the harm this will have on the financial health of many of these people.
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Guest Author: Rachel Rupert
Consumerism is all around us: payment plans, no-interest for the first year, all of these offers and “deals” that convince us to go out and purchase something that, when we look honestly at our bank account and (hopefully) our budget, we can’t really afford. Yet, so many of us buy into it and end up feeling overwhelmed as we face the consequences of an impulsive purchase.
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Many Americans are approaching retirement with inadequate savings. The fear of running out of money in retirement according a study done by Allianz of 3000 baby boomers revealed that 60% feared running out of money more than they feared dying. How real is this problem and what can you do if you’re approaching retirement in the next 10 years or less?
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I’m going to make an obvious statement. You’ve heard it before. In fact, you’ve heard it so much that you’re going to have to fight against the natural response to stop reading and go back to whatever you were doing before you started reading this blog. I’m trying to warn you ahead of time so that you’ll do the opposite of what you want to do and benefit from what I’m about to share with you. Ready? Here it goes!
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A good life is characterized by experiences of fulfillment and happiness. When we’re able to provide for the needs we have and additionally for some of the things we want and desire, life feels good. Of course, the opposite is also true. So, just how much money does it take to truly make us happy?
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Marriage is a wonderful institution that can yield tremendous benefits for those who commit to it. But marriage is not easy. It takes hard work to integrate your life with another person; to become one, especially in the area of money. Fighting over money is a big frustration for couples, and sadly, the cause of many divorces.
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I continue to be surprised how few people have life insurance. Perhaps it’s our unwillingness to think about the possibility of an untimely death. Some people think they just don’t need life insurance, or it could be they just don’t know how much life insurance they need. Well, whatever your reason for not having life insurance, I hope the answers to the questions below will help you make an informed decision.
The key to financial success is consistently making financial decisions that improve your financial position and grow your net-worth. And the two actions that will impact your success the most are eliminating debt and increasing savings. So, which should you focus on first? Is paying off credit cards first the better choice or should saving take priority?
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According to an AAA survey, only 35% of American families had planned to take a vacation in 2017. I don’t know what the numbers are for 2018 but my guess is it isn’t much higher. Rest and relaxation is a basic human need, yet a majority of Americans fail to take a yearly vacation. For most of the people who won’t vacation this year the primary reason is not having the money to afford it. But, is this a legitimate reason and is it really true?
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It was Shakespeare who wrote, “Never a borrower or a lender be, for loan oft loses both itself and friend.” These words, although written for a play (Hamlet) are wise and prove often to be true. Borrowing can lead to unwanted consequences. But, is borrowing and taking on a measure of debt always wrong?
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Recently a primetime special, “Back in the Game” aired on CNBC. Hosted by Alex Rodriquez, the former baseball player, the show focused on retired pro-athlete Joe Smith, who although earning over 6o million dollars over his playing career has little to show for it. To most people, it seems unimaginable to end up this way, but a large majority of those who think so would end up in the same place if given the same opportunity.
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High stake financial decisions can have a significant impact on your finances. Whether it’s an expensive car repair, a large medical bill, or a major house repair, these type of expenses can wreak havoc on your finances. Make the wrong decision and you could be financially crippled for months or even years.
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Just a few weeks before my sixteenth birthday, I remember my mom driving me around to pick up applications at different stores and restaurants. I reluctantly walked into each place while my mom waited for me to come out with yet another form. I did this a number of times until I found myself sitting in a booth with the assistant manager of Spring Creek Barbeque. Finally, I got a job!
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Regardless what age your child is, funding higher education is something you should be thinking about now. With the cost of higher education growing between 2 to 4 percent per year for the past 10 years, it’s best to start as soon as possible. This expense can be daunting, but with a little planning and some practical wisdom, your child can have a great education and pursue their path to career success.
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