Dishwashing doesn’t have to be a headache â try these tips!
The post 9 Ways to Survive With No Dishwasher in Your Apartment appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
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Financial independence can mean different things to everyone. A 2013 survey from Capital One 360 found that 44 percent of American adults feel that financial independence means not having any debt, 26 percent said it means having an emergency savings fund, and 10 percent link financial independence with being able to retire early.
I define financial independence as the time in life when my assets produce enough income to cover a comfortable lifestyle. At that point, working a day job will be optional.
But what about the rest of America? How would you define financial independence? If freedom from debt is what you’re seeking, here are five areas that could be holding you back.
If you’re not planning for financial independence, chances are you won’t reach it. The future is full of unknowns, but having an idea of when you’d like to achieve financial freedom should be your first step.
Do you want to retire before you turn 65? Do you want to travel the world with your spouse once you reach early retirement? Both goals will require a significant amount of cash stashed away, so it’s important to start saving ASAP to make those dreams come true. (See also: 15 Secrets of People Who Retire Early)
It’s important to identify how much you’re currently saving, and how much you need to save in order to retire when you want to, or reach another major financial goal. Using a calculator like Networthify can help you play with various money-saving scenarios and make realistic projections about retirement.
Another way to make saving money easier is to automate it. Setting up an automatic weekly or monthly transfer from your checking account into your savings account will take the extra task off your already full plate. Even if it’s as little as $5 a week, it’s enough to start building that nest egg. (See also: 5 MicroSaving Tools to Help You Start Saving Now)
If you’re carrying a credit card balance each month, financing cars, or just paying the minimum on your student loans, compound interest is working against you. Creating an aggressive plan to pay off debt quickly should be a number one priority for anyone who is serious about achieving financial independence. Otherwise, your money is working for your creditors, not you.
If you prefer to tackle credit card debt first, there are several debt management methods you can try, including the Debt Snowball Method and the Debt Avalanche Method. The Debt Snowball Method has you paying off the card with the smallest balance first, working your way up to the card with the largest balance. The Debt Avalanche Method is similar, but here you would pay more than the monthly minimum on the card with the highest interest rate first, working towards paying off the card with the lowest interest rate. Both are highly effective methods, and choosing one really just depends on your preference.
A high income does not automatically make you wealthy. As you move up in your career, the temptation to upgrade your lifestyle to match your income will be ever-present. After all, you work hard, so why not reward yourself with the latest gadgets and toys?
However, if you continue to spend and live modestly, you can put more money away for travel or retirement with every pay raise you earn. Financial freedom will be just around the corner if you resist that temptation to upgrade your home, car, and electronics to match your income bracket. (See also: 9 Ways to Reverse Lifestyle Creep)
Fear Of Missing Out, aka FOMO, is the modern version of keeping up with the Joneses. Except now you have access to the Joneses’ social media platforms, and they go on all kinds of fun adventures. Social media is a great tool for keeping in touch, but it can also make you want to spend all your money on lavish vacations, clothes, spa treatments, and other extravagent things. Resist that urge. And block the Joneses on social media if needed. (See also: Are You Letting FOMO Ruin Your Finances?)
Mia, 35 and her husband Luke, 36, earn a combined $200,000 per year. But after paying their mortgage and rental property loan, as well as car and student loans, child care, and other living expenses, the Los Angeles couple has…
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The post We Earn $200,000 and Canât Save. Help! appeared first on MintLife Blog.
Read More →Can you retire at 50? On average, people usually retire at 65. But what if you want to retire 15 years earlier than that like at 50? Is it doable? Below are 10 easy steps to take to retire at 50. Retiring early can be challenging. Therefore, SmartAsset’s free tool can match you with  a …
Continue reading “How To Retire At 50: 10 Easy Steps To Consider”
The post How To Retire At 50: 10 Easy Steps To Consider appeared first on GrowthRapidly.
Read More →As a busy parent, your life is moving in all directions. Your checking account needs to keep pace.
The post Banking for Busy Parents: 4 Essential Checking Account Features appeared first on Discover Bank – Banking Topics Blog.
Read More →Everyone wants to have more money, less debt, and greater financial freedom, but very few will attain it. Simply telling yourself that youâll earn more cash and clear more debts isnât enough to realize those goals, but writing those tasks down, setting realistic targets, and steadily working towards them can significantly increase your chances. Nothing […]
Set Financial Goals for Yourself is a post from Pocket Your Dollars.
Read More →Stress is something we all deal with in varying forms. The past 12 months have tested everyoneâs ability to cope with unprecedented stressors, and well, itâs tiring having to adapt to a constantly changing landscape. Meditation is scientifically proven to lower stress levels and help soothe the hamster wheel of thoughts racing through our minds. [â¦]
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Read More →Changing careers can be financially risky, but with the right preparation, you can make a smooth transition.
The post Taking the Leap: How to Make a Career Change and Land on Your Feet appeared first on Discover Bank – Banking Topics Blog.
Read More →Thinking about working in New York? There are some features of work life in the Big Apple that set it apart from the work culture in other cities. Is it true that if you can make it there you can … Continue reading →
The post 10 Things to Know About Working in New York appeared first on SmartAsset Blog.
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After sharing her homebuying process with Homes.com in June, 2019, Jesse Coulter wanted to give a first-hand look at how her house has become her familyâs home. Using Homes.comâs match tool, Coulter was able to find the perfect home for her and her family.
The post Lifestyle Blogger Jesse Coulter Gives House Tour of New Texas Home appeared first on Homes.com.
