Money Archives

I Will Teach You to Be Rich: Book Overview

What is I Will Teach You to Be Rich about? What are the key points of Ramit Sethi’s money advice? In his book I Will Teach You to Be Rich, self-taught expert in personal finance Ramit Sethi distills the basics of personal money management. You’ll learn how to use credit cards wisely, choose the right bank accounts and investment accounts, plan out your spending, and ultimately create a financial system that grows your money automatically. Below is a brief overview of the key points.

Index vs. Mutual Funds: What Is the Difference?

What are the benefits of investing in a fund? What is the difference between index vs. mutual funds? Both index funds and mutual funds allow you to invest in a diverse group of investments. The main difference is that index funds invest in a specific group of assets (e.g. S&P 500 stocks), while mutual funds invest a changing list of assets, selected by a fund manager. In this article, we’ll explain the difference between index funds and mutual funds: how they work, their benefits, and their disadvantages.

Important Things to Consider When Choosing a Bank

What makes a “good” bank? What are some things you need to consider when choosing where to do your banking? Taking a little bit of time to choose a good bank now will save you time, money, and frustration down the line. There are many things to consider when choosing a bank, fees and reputation being the most reliable indicators of a bank’s trustworthiness. In this article, you’ll learn how banks make money off their customers and how to tell the difference between trustworthy banks and predatory banks.

Introduction to Investing: The Beginner’s Guide

Are you looking for a complete beginner-friendly introduction to investing? Why do money gurus recommend starting to invest while young—ideally, in your twenties? Investing is the best way to grow your money into more money, and starting early is crucial to maximizing that growth. However, so many young people miss out on lucrative returns by not investing. In this article, we’ll go through the basics of investing: the benefits of starting young, the types of asset classes you could invest into, and the difference between investing into actively managed mutual funds and passively managed index funds.

Money and Marriage: How to Have the Money Talk

How should married couples handle their money? Should you keep a joint bank account? Completely merge your finances? How can you bring these issues to the table in a constructive and non-intrusive way? How much you choose to talk about money with your family is up to you. But if you have a serious romantic partner, conversations about money will be impossible to avoid. In this article, you’ll find advice for three common sticking points when it comes to marriage and money: talking about money with your partner, paying for a wedding, and prenuptial agreements.

How to Use a Credit Card Responsibly: 6 Tips

Do you avoid using your credit card out of fear of overspending? What are some things you can do to minimize credit card liability? Once you have a credit card you’re happy with, you need to learn how to use it responsibly. Otherwise, it’s all too easy to forfeit the benefits and wind up saddled with debts and fees. Here are six tips on how to use a credit card responsibly.

Ramit Sethi’s Investing Roadmap: The 6 Steps

Are You a Prodigious Accumulator of Wealth?

Do you have to be rich to invest? How much money do you need to get started? According to financial educator Ramit Sethi, investing isn’t just for the wealthy—even minimum-wage earners can start investing if they get to grips with their finances. In his book I Will Teach You to Be Rich, Sethi provides a six-step investing roadmap to help you get started on your investing journey, no matter your current income. Keep reading for Ramit Sethi’s six-step process for getting started with investing.

Mindful Spending: Know Where Your Money Goes

Are you a responsible spender? Or do you often find yourself wondering where your money actually goes? Does your credit card bill often come as a surprise? Most people are guilty of having no idea where their money goes or how much they’re spending on different things. As a result, they’re constantly feeling guilty about spending money because they don’t actually know how much money they have to spend, so each purchase could mean a nasty surprise on that month’s credit card bill. In this article, you’ll learn about mindful spending and how you can spend even more than you

How to Start a Roth IRA & Begin Saving for Retirement

Wealth Building and the Power of Compounding

What kind of account is a Roth IRA? What is the difference between a Roth IRA and a 401(k) retirement accounts? A Roth IRA is an individual retirement account that allows you to deposit and grow your after-tax earnings tax-free. Unlike a 401(k), you don’t need an employer to sponsor it (and there’s no employer match option). Roth IRAs also allow you to invest however you want rather than making you choose between a few pre-selected funds like a 401(k). In this article, we’ll explain how to start a Roth IRA so you can begin saving for retirement.

How to Navigate Major Financial Milestones

What major financial milestones have you gone through in your life so far? Did you get a promotion? Take out a mortgage? Pay off your student loan? Maybe, started investing? There are a few financial milestones that most people in their twenties and thirties need to consider—like paying for a wedding, negotiating a salary at a new job, and buying a house. Knowing how to navigate them is crucial for financial stability. In this article, you’ll learn the best way to approach those milestones, starting with paying down your student loan.