Tag Archives: Money Monday

Money Monday: Americans and Money

When it comes to money, Americans not only want more; they want to manage it better. A new NerdWallet survey conducted by Harris Poll reveals that most folks aren’t happy with the state of their finances and they’re taking steps to change the situation.

Personal finance and money

To see how Americans are dealing with this financial balancing act, NerdWallet commissioned a survey by Harris Poll of over 2,000 U.S. adults conducted online Sept. 12-14, 2017. The results show that most Americans have financial regrets and stressors, but they also have goals and are working to accomplish them.

Americans wish they had done some things differently, with 71% expressing regrets when it comes to money management. Millennials (those ages 18-34 in this survey) are more likely than the two other age groups to have such regrets (83%), according to the survey.

But they are looking ahead: 89% of Americans say they have financial goals that they hope to achieve within the next 10 years, and 88% are taking steps right now to manage their money.

Source: NerdWallet

Read the full story

Money Monday: Top three financial priorities

“Emergency funds, retirement, debt payoff, college costs – overwhelming is an understatement when it comes to how we should prioritize our savings. We know we should be saving, but where and how much?”

personal finance

According to Forbes, saving for your kids’ college funds shouldn’t be in the top-three priorities. What are the three things you should tackle before other financial needs and wants?

  1. Emergency savings
  2. Putting away for retirement
  3. Paying off debt

Then, you can begin to focus on other financial things, such as college funds and early mortgage payoff.

Read up on all of Forbes’ suggestions here: “The Top Three Priorities For Savings.”

 

Money Monday: Mistakes executors should avoid

“If you have been named the executor of an estate, you have a legal responsibility to wrap up its affairs, arrange for the payment of any income and estate taxes, and distribute the assets of the estate, all in accordance with both the will and the applicable laws.” But all too often, executors make one of these five mistakes:

  1. Making distributions too early.
  2. Failing to make the “portability election.”
  3. Failing to properly advertise the estate.
  4. Failing to liquidate securities through a market downturn.
  5. Failing to properly conclude the estate.

Read about these five mistakes to avoid on Forbes’ article here. All information and quotes from Forbes.com’s article “Five Mistakes To Avoid In Estate Administration”.

Money Monday: Financial mistakes new parents should avoid

While you might not need all the gear you’ve stocked up on, there’s no getting around the fact that having a baby will bring changes to your budget. Here’s some money mistakes to avoid as new parents:

Money Monday: Investing without losing money

“It’s possible to invest without losing money. In the current market, where interest rates are very low, any investment guaranteed to not lose money will have a very small return.

“For most people thinking about investing, the goal is to minimize the potential for losses while maximizing how much you might make. Exactly how you do that — and where you put your money — depends a lot on what type of investor you are, and what your goals are.”

Read more of CNN’s article: “How to invest without losing money.”

Money Monday: Should you rent or buy real estate?

Trying to figure out if renting or buying is best for your family? Thinking about a few questions can help you answer this question.

real estate buying or renting

“Homeownership was once the cornerstone of the American Dream, but times are changing. More U.S. households are renting today than at any point in the last 50 years, according to a Pew Research Center analysis.”

  1. How long are you planning on living there?
  2. Consider all of the hidden costs associated with both renting and owning.
  3. Are you saving and investing? Or throwing your money away?

Read more on CNN’s article here: “Should you rent or buy a home?”

Money Monday: How to know if you’re living beyond your means

“It’s a frightening statistic that 47% of Americans would struggle to come up with $400 to cover an unplanned expense. Yet nearly half of today’s workers are living paycheck-to-paycheck, with no financial cushion whatsoever, and a big part of the reason boils down to living beyond our means.”

(“3 signs you’re living beyond your means.” CNN Money. 19 Sept 2017.  http://money.cnn.com/2017/09/19/pf/living-beyond-your-means/index.html?iid=SF_LN)

Some indicators that you’re not spending within your budget:

  1. You have a low credit score
  2. Your rent or mortgage payment is more than 30% of your income
  3. You’re not saving at all

Read why these are signs that you’re living too high on the hog here.

Money Monday: Financial priorities of the generations

Each generation has a different priority when it comes to their finances.

Our nation’s different generations (centennials, millennials, xers, boomers, matures) place five categories in different order of importance. While some focus on building a nest egg, others concentrate on paying down debt, keeping a budget and controlling spending, saving money for emergencies or what-ifs, or saving for something specific.

Financial priorities of the generations

This inforgraphic is from the CALIFORNIA ASSOCIATION OF REALTORS.