It’s finally a new year. With every new year comes another resolution. What exactly is a resolution? A resolution is a firm decision to do or not to do something. A New Year’s resolution is a promise to do something different in the new year. It’s amazing, once January 1st arrives we can finally make a promise and change. Every new year starts full of ambition and promise. We feel
How was 2020? Well, I think the answer will be different depending on one’s situation. So it depends. Of all the years I have been alive (27 and counting), 2020 is the year of “It depends” to me. How you feel about 2020 depends on one thing: Control. Coming into 2020 were you in control of your life, money, etc. Did you remain in control throughout 2020? Now, you may
What is a Budget? A Budget is a plan. Merriam-Webster defines a budget as “a plan for the coordination of resources and expenditures,” and “the amount of money available for, required for, or assigned to a particular purpose.” It is a plan of how income is spent. Every plan has a goal, so what’s the goal of a budget? Well, it has 3 goals: Compare Money OTC Money Save Money
To understand personal finance, one must first understand the personal side of it. Merriam-Webster defines personal as “of, relating to, or affecting a particular person”. When something is personal, it matters to us in a hasty manner and instantly becomes relatable. It also affects us deeper emotionally and strengthens reality. For example, people die every day; but when someone close to you dies, it feels different because this experience is
There are two main methods of debt payoff: Avalanche and Snowball. When you think of an avalanche or a snowball, snow comes to mind, but what does snow have to do with debt? In the south, snow causes panic as people deplete stores of bread and water, cities shutdown, and no one can drive. Debt can have a similar affect on people, causing them to panic. Once you enter debt
Before we discuss debt payoff, let’s take a moment of silence to reflect on our debt. Take a deep breath and let it sink in. Think about how all this debt added up. It could have been credit cards, student loans, or even a car loan for that car you always wanted. Now after reflecting, you can move past why and how the debt accumulated, and focus on paying off
Debt to most feels like a dark, looming cloud or a weight that slows us down. The total amount of money owed is debt. It comes in many disguises like a house, a new car, a diploma, or a trip to the Caribbean to name a few. No matter the disguise, debt is either secured or unsecured. Secured debt is debt backed by an asset as collateral (Ex: car loan,
Like the credits at the end of a movie, our financial credit is often ignored. When discussing credit most people think about credit scores thanks to various commercials. Yet, credit is money or services borrowed that we agree to pay back. This includes but is not limited to credit cards, loans, and lines of credit. The four types of credit are: Charge Cards are credit cards that can’t carry a