Money Archives

How to Automate Your Finances: A Sample System

Do you struggle to keep on top of your finances? Have you thought about personal finance automation? Personal finance automation isn’t just convenient—it’s crucial. When you automate your finances, you bypass all the normal human flaws that get in the way of managing your money (like forgetting to pay a bill on time or not feeling motivated to think about investing), allowing your wealth to keep growing in the background while you focus on other things. In this article, you’ll learn how to link all your accounts, create a system of automatic transfers between them to fund your investment and

Can’t Take Control of Your Finances? Here Is Why

Does thinking about your personal finances make your palms start to sweat? Do you often find yourself wondering where your paychecks go? If so, you’re not alone. The sheer amount of information out there about managing your finances is overwhelming, especially for people in their 20s and 30s who are just starting their financial journeys. Not only is there an insane amount of money management advice out there, much of it—like “just stop buying lattes”—is completely unhelpful. In this article, we’ll take a look at the most common excuses people make for not being able to manage their money responsibly,

How to Get out of Credit Card Debt in 5 Steps

Is your credit card debt getting out of hand? Do you want to finally start paying it off but don’t know to go about it? Getting out of credit card debt not only feels good emotionally, but it also boosts your credit score and can save you thousands of dollars in interest. Instead of thinking of debt as a looming monster you’ll have to deal with “someday,” think about how much money you’re losing every day by carrying a balance that’s racking up interest. In this article, you’ll learn how to get out of credit card debt in five steps.

Managing Your Portfolio: Do You Need an Advisor?

Thinking of hiring a financial advisor to help manage your investment portfolio? Does one really need professional expertise to manage their investments? If you’re not a personal finance expert, managing your portfolio might seem intimidating, and you may even be tempted to hire a professional financial advisor. However, unless your financial situation is especially complicated, you don’t need a financial advisor—you can get the same (or even better) results by managing your own investments, even without any special expertise. In this article, we’ll see how financial “experts” are typically no better than amateurs when it comes to predicting the market

How to Know What Business to Start

How do you know what business to start? Should you wait for the perfect opportunity to start your business? You know what business to start when you discover what you have a talent for and enjoy doing. Don’t wait for the perfect opportunity to get started, take every opportunity that takes you one step further towards doing what you want to do. Read more to discover how to know what business to start.

Do You Need a Financial Advisor? No, Do It Yourself

Do you need a financial advisor to manage your investments? How do financial advisors make their money? According to financial blogger J. L. Collins, most people don’t need a financial advisor to manage their personal finances. Further, he argues that financial advisors are costly at best and rip-offs at worst. They profit from people’s insecurities by making investing seem complicated and intimidating. Here is why you’ll be better off managing your investments yourself, without the help of a financial advisor.

What Is the Difference Between Stocks and Bonds?

What is the difference between stocks and bonds? How do they generate profit for investors? The main difference between stocks and bonds is how they generate income for investors. Stocks do so by growing in value over time—they are later sold in the stock market. In contrast, bonds pay back your money plus interest over a specified period of time. In this article, we’ll explain the basics of investing in stocks versus bonds, how they work, and what their associated risks are.

Should You Get a Credit Card?—The Pros and Cons

Should you get a credit card? Why do some personal finance advisors discourage young people from getting credit cards? Credit cards have somewhat a bad rap: many personal finance gurus urge people (especially young people who don’t have financial stability) to stay away from them. But credit cards aren’t inherently bad—if you use them responsibly, they’re a great way to proactively improve your credit and get access to useful perks. In this article, you’ll learn the pros and cons of credit cards, how to use credit cards responsibly to build your credit, and how to find the right credit card

Why You Should Invest in Index Funds: Grow Rich

What exactly is an index fund? How do index funds differ from other mutual funds? An index fund is a type of mutual fund containing stocks chosen to replicate the market’s performance. In contrast, actively managed mutual funds are stocks chosen and managed by professionals who attempt to outperform the market. Here is why you should invest in index funds.

The 3 Main Types of Asset Classes: Investing Basics

3 Major Tips From Charlie Munger on Investing

What are assets in the context of investing? What are the three main types of asset classes? Asset classes are the building blocks of investing. Asset classes are simply types of investments (like stocks or bonds), and each asset class has varied assets within it. For example, “stocks” is an asset class composed of all kinds of different stocks: large companies, small companies, international companies, and so on. In this article, you’ll learn about the three main types of asset classes and how to allocate and diversify your investments between them based on your age and risk tolerance.