The average household with credit card debt had a balance of $7,149 in 2020. For the average household carrying credit card debt as of September 2020, this equates to an annual interest of $1,155. With the average credit card annual percentage rate sitting at 16.43%, it represents an expensive...
The questions around auto insurance center not so much on whether to have it—it’s mandated by state law, required by your lender, and serves to protect your assets—but what kind of coverage you should purchase. Types of Coverage There are several forms of coverage that a car owner...
Mobile applications have become ubiquitous. While many of these apps are games and social media platforms, an increasing number have been developed to help individuals with their personal finances. Which leads to an interesting question: what should you look for in a personal finance app? Category One of the...
Inheriting wealth can be a burden and a blessing. Even if you have an inclination that a family member may remember you in their last will and testament, there are many facets to the process of inheritance that you may not have considered. Here are some things you may want...
You may have heard of the Free Application for Federal Student Aid, or FAFSA, if you or someone you know has plans to attend a college, career school, or university. Last year, over 60% of high school seniors submitted a FAFSA to the Department of Education to secure financial...
What exactly is the “sequence of returns”? The phrase describes the yearly variation in an investment portfolio’s rate of return. But what kind of impact do these deviations from the average return have on a portfolio’s final value? Let’s take a closer look at a few different investment scenarios. The...
One reality of life is that risk is ever present. It exists in our commute to work, in our investment choices, and in our lifestyle decisions. Some risks can be transferred to an insurance company (e.g. auto or homeowners), while others we assume ourselves. When you choose to bear...
Information vs. instinct. When it comes to investing, many people believe they have a “knack” for choosing good investments. But what exactly is that “knack” based on? The fact is, the choices we make with our assets can be strongly influenced by factors, many of them emotional, that we may...
As a young investor, you have a powerful ally on your side: time. When you start investing in your twenties or thirties for retirement, you can put it to work for you. The power of compounding. Many people underestimate it, so it is worth illustrating. Let’s take a look using a...
When you read about money matters, you may see the phrase, “getting your financial house in order.” What exactly does that mean? To some, when your financial “house is in order,” it means it is built on a solid foundation. It means that you have the “pillars” in place that...