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I recently highlighted a few different alternatives to stocks and low-interest cash savings. One of the options I mentioned was a money market fund (also known as a money market mutual fund). Money market funds are often confused for similar-sounding money market accounts – a type of savings account that banks offer, but they are …
It’s a common belief, one I’ve heard many times at family gatherings: “Credit unions fail more often than banks.” This idea often comes up when people discuss where to keep their money. But is it true? The short answer is no. This misconception often steers people away from perfectly safe financial institutions. Your deposits are …
Long-time readers here know that personal savings rate is one of my favorite personal finance metrics (along with safe withdrawal rate, crossover point, net worth, and “usable net worth”, to name a few). No other metric is as apt at diagnosing your current “personal business” of household cash flow management. In its simplest form, Personal …
On September 18th, the U.S. Federal Reserve lowered its targeted Effective Federal Funds Rate (EFFR) – the rate at which banks borrow and lend each other money- by 0.5% from 5.25-5.50% to 4.75%-5.00%. The Fed also signaled a potential additional 0.5% rate decrease at the next Federal Reserve meeting, which takes place in early November. …
Compare debt snowball and avalanche methods to see which pays off $20K credit card debt faster and saves more interest for your situation.
Compare savings and lifestyle in Tier-2 cities with low salary versus Tier-1 high salary but costly living for better financial decisions in India.
Most people track net worth wrong. They add up their 401(k), their house equity, their car value, subtract credit card debt and student loans, and stare at a single number like it’s a report card for their life. That number, on its own, is almost useless. Here’s why: a net worth of $50,000 means very …
Most people starting on the path to financial independence (FI) make the same mistake. They open a brokerage account, pick a few stocks or ETFs, and then spend hours every week checking their portfolio’s performance. They chase the next hot stock. They worry about every market dip. That’s a trap. While investment returns matter over …
Most of us fail miserably at personal finance. In this country, personal savings rate are abysmal, net worths are tiny, and retirement savings are almost non-existent – across all age groups. Nobody intentionally wants to fail at personal finance, so why then are we so tragically awful at it? A tiny sampling of reasons includes: …
Learn how to repair credit after late payments with a simple 3-step recovery plan to rebuild your credit history and improve your score fast.
