Category: Money

These everyday fixes can supercharge your stash and help you reach your goal. May 1, 2018 6 min read Since 1980, we’ve traded the Walkman for streaming apps, the floppy disk for cloud storage, and M*A*S*H for NCIS. Another key shift? Between 1980 and 2017, the U.S. personal saving rate dropped from 12.9 percent to just 2.4 percent. If you’ve seen a steep decline in your own savings, you’re not alone. Almost half of small-business owners say cash flow concerns keep them up at night, according to a recent Square report. But if you’re looking to launch your own business — or build up funds for another significant goal — here are four actionable tips for amping up savings. 1. Figure out where your money is going — and where you can cut back. The first step to shoring up more money for your goal: figuring out exactly where your […]

Ten years after the 2008 financial crisis, we’re still picking up the pieces. Historians will continue to pick apart the 2008 financial crisis for many years to come and new facts will come to light. But for the most part, we already know the basics of what happened. It’s just that most of us don’t have a doctorate in Economics. Understanding what happened outside of “people lost their homes and everything generally sucked for a while” is difficult for laymen. One recent film tried to help normal folks like me understand what went down behind the big bank curtain on Wall Street. The Big Short (2015) is a film based on a book of the same name by Micheal Lewis. The film takes the concepts laid out in the non-fiction title and tries to make them palatable and easily understood. While the film writers do generalize and skew a few […]

Millennials are better with money than their reputation might lead you to believe. March 2, 2018 4 min read This story originally appeared on Due It seems you can’t go a week without finding a new article about a new industry millennials are killing. But while they may not be fans of paper napkins or bar soap, they are actually better with their money than their reputation might lead you to believe. It turns out that millennials are not ignoring their money, their retirement or their financial future. Instead, they are very focused on money, but also cautious and conservative with their hard earned dollars. Read on to learn how millennials are a generation of financial rock stars, and what they are doing right when it comes to their personal finances. They are getting ready for retirement As millennials’ baby boomer parents approach retirement, America is up for a big wake up call on […]

It’s only a fraction of the millions you dream about. February 22, 2018 2 min read How many times have you thought, If I just made $5,000 or $10,000 more per year, then I’d be happy? Turns out, a marginal raise like this might be the key to feeling satisfied and happy for some. Psychology researchers from Purdue University and the University of Virginia crunched Gallup World Poll data and found that people reach peak life satisfaction when they earn $95,000 a year. The researchers determined this by examining self-reported income and life satisfaction data from 1.7 million people across 164 countries. However, satisfaction is different from emotional well-being. If you’re satisfied, all of your needs have been met, but more money might bring more problems. Individual earnings of more than $95,000 a year are correlated with lower life satisfaction. Once people pass that income threshold, most are able to […]

Here’s a nuts-and-bolts plan for protecting your savings from high health-care costs. February 21, 2018 6 min read Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Mark J. Kohler and Randall A. Luebke’s book The Business Owner’s Guide to Financial Freedom. Buy it now from Amazon | Barnes & Noble | iTunes | IndieBound The cost of health-care related expenses, from insurance to prescription drugs to out-of-pocket copays, is out of control and can eat up our wealth as fast as we make it. Fortunately, there are some things we can do to prepare and insure ourselves against catastrophic health-care costs during our lives. Following are three bedrock strategies to writing off all your health care. Health Savings Account (HSA) The Health Savings Account is one of the most powerful pieces of a well-designed health-care strategy. It includes saving money, saving taxes, building a tax-free […]

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I don’t ever go to my bank’s actual location unless something drastic happens. I suspect this is true for many people today. With the advent of online banking systems, we do almost every financial thing with our mobile banking apps. Which begs the question. Why have physical locations at all? Of course, a bank is more than a money depository. You have to consider mortgages and other forms of banking. But for most transactions, a physical location is not necessary. Enter the virtual bank. The first virtual bank came into existence in 1995. It wasn’t very successful during its three years, but it proved that a virtual bank was possible. Today, virtual banks abound. And it’s entirely possible to create your own. Let’s look at how that’s possible as an entrepreneur. 1. Why Are Virtual Banks So Great? The best part of virtual banks is convenience. You don’t have to […]

The following excerpt is from Mark J. Kohler and Randall A. Luebke’s book The Business Owner’s Guide to Financial Freedom. Buy it now from Amazon | Barnes & Noble | iTunes | IndieBound Every day, life insurance companies pay death benefits to the beneficiaries of their policies, providing them with needed and certainly welcome funds. In essence, life insurance provides leverage: You pay a relatively small amount of money to the insurance company in the form of a “premium,” and the insurance company will provide a guaranteed payout of a relatively large amount of money upon the death of the insured. While there are thousands of different life insurance plans available, they all fall into two categories: term and permanent insurance. Term, as the name implies, provides a benefit for a fixed period of time; 10 years, 20 years, and so on. Permanent insurance is in place for life. Term […]