Financial Independence

Explaining the FIRE Movement

What if someone told you that you could retire in your 40s, 30s or even maybe late 20s if you put your mind to it? This sounds like some sort of fantasy to many people, but to a small group of dedicated budgeters it is anything but. They are members of the FIRE Movement, which stands for Financial Independence / Retire Early. If a very early retirement sounds like something you might enjoy, follow along to learn about the FIRE Movement and how you can get on track to your own early retirement. How FIRE Works for Early Retirement Early…

Understanding Bitcoin

Satoshi Nakamoto created bitcoin as a reaction to the financial crisis of 2007-2008, when the global banking industry required mass bailouts by the world’s governments in order to stay solvent. Having grown weary of traditional institutions, which Nakamoto believes are failing because they cannot adapt to an information-based society, bitcoin was designed to be controlled by its users. Nakamoto’s stated intentions for bitcoin were bold enough: a peer-to-peer electronic cash system for anonymous internet transactions, one that required no involvement by a bank or government — or any centralized third-party institution — in order to function. It’s important to note,…

6 Things That Can Derail Your Savings and How to Get Back on Track

Finding extra money to save at the end of each month can be difficult. Mortgage, car payments, insurance, school loans and groceries, the list of budgeted expenses goes on. Add in unexpected expenses that are bound to pop-up and, at the end of the month, your paycheck is spoken for. While many of us have good intentions when it comes to saving, roadblocks often impede the way to savings success. Here are six things that can derail your savings and tips to get back on track and achieve your savings goals. Not Having a Clear Savings Plan and Budget Without…

Is it Time to Turn Your Side Hustle into Your Main Gig?

More than 53 million Americans work as independent contractors according to a 2014 study issued by the Freelancers Union. LinkedIn research forecasts independent workers will comprise 40 percent of the workforce by 2020. That’s a substantial percentage of the workforce operating independently already, and a significantly larger number predicted to be working for themselves in just a couple years. The “gig economy” is in full-force  and shows no signs of slowing down. Quite a few people will likely leave their full-time jobs to work for themselves over the next couple years. The prospect of working for yourself and building your…

7 Tips for Investing When You Don’t Have Much Money to Start

While investing isn’t right for everyone, it is a tried-and-true method of building wealth over time. Many people have the mistaken impression that investing is only for the super rich, but that isn’t the case. Even if you only have a small amount to get started, you can absolutely invest. Follow along with these seven tips for investing when you don’t have much money to start. Start Small With Investing Apps Some brokerage accounts require a $100 minimum balance or more to get started, but modern investing apps let you open an account with no minimum. An app like Acorns…

Simple Tips to Avoid Credit Card Debt

With credit card offers making up a huge chunk of junk mail, it’s all too easy to say yes to yet another deal that may trigger a downward cycle of debt. It’s a fact – the best way to secure your financial future is to avoid credit card debt. Used properly, credit cards offer many advantages including convenience, a record of your purchases, protection against fraud, building a positive credit history, and perks including free travel, discounted merchandise and more.   Used to excess, a credit card is nothing more than a high interest loan rather than a substitute for cash.…

Self-Employed Retirement Options Your Future Self Will Love

You’ve hustled your heart out and now you’re your own boss. With estimates that over 25 million Americans were engaged in entrepreneurship in 2016, this is becoming a reality for many. There are definite perks: pursuing your passion, setting your own hours and maybe even working from home in your pajamas. But there is one thing that many people might miss from a traditional 9-to-5 job—a retirement package that comes free from guesswork. While it may be a bit more complicated when you are your own boss, planning for retirement is possible when you are self-employed. Any entrepreneur who wakes…

What Should You Do with an Extra $1,000?

So you find yourself with an unexpected, unbudgeted $1,000 sitting in your checking account. You don’t have to think about how that nice sum got there, but you do need to figure out what to do with it. It might be tempting to use the money on a series of small luxuries, but it wouldn’t be smart. And beyond fleeting glimpses of instant gratification, it wouldn’t be very satisfying. Make the most of your windfall by planning for it immediately. Assess your current financial and material needs, your goals for the immediate and far future, and decide where your $1,000…

Teaching Kids About Money

A basic financial life skill is knowing how to live within your means – something that schools don’t teach. The live-now-pay-later lifestyle is alluring, with credit card companies targeting adults of all ages, starting with college students. It’s all too easy for young adults to max out several cards and paying the minimum each month until they’re in so deep they have no choice but to file for bankruptcy. Perhaps if parents can teach their children, starting at a young age, how to successfully manage money, the danger of living beyond their means could be prevented. Here are financial lessons…

9 Questions to Ask your Financial Advisor to Start the Year Off Right

The new year is a perfect time to review your finances. From your investments to your loans, it is important to check in, make sure everything is as you expect. January is a perfect time give your finances a good audit. While you are at it, the start of the year is a great time to check in with your financial advisor, if you have one. Schedule a quick call to get an update on your investments. Ask about your outlook for the next year and get answers to any questions about your investments. While you’re at it, you can…

Navigate