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Catch up on some of the latest posts with this week's roundup:
How to Optimize Your Savings Accounts
Most people know that they should have some savings set aside for "a rainy day". But how much exactly? What's the definition of "a rainy day"? What kind of account should they use? By optimizing these details, you can squeeze the last bit of earnings out of your liquid savings—without spending more time than it's worth.
Save Money, Save Yourself!
It’s a challenge—do I save first or pay my debts? Many people face this very conundrum every pay period. They know in their heart that they should be saving money, but their paycheck-to-paycheck reality is very real, very stressful, and very difficult to break. The good news is that you can break the cycle. The bad news, it takes real effort and old-fashioned grit!
Emergency Fund: Why You Should Have Oneby Levi Sanchez, Millennial Wealth, LLC
The emergency fund is a basic risk management tool that everyone should have in place. It’s fairly simple, and easy to implement once you understand why it’s a staple for any financial plan. It’s essentially a cash pile for you to fall back on should an “emergency” ever occur, hence the name. According to Bankrate’s latest financial security index survey, 34% of American households experienced a major unexpected expense over the past year. However, only 39% said they could cover a $1,000 setback using savings.
I'm 30 (or 25, or 40). How Much Money Should I Have?
Aaaaaaggghhh! I would like to dope slap whoever originated the idea that every age has A Number.
But this is still one of the most common questions I get, in webinars, in Facebook conversations, from prospective clients, and from clients. Understandably, people want some sort of benchmark, something to tell them they’re doing okay, or even not okay. Knowing is so much better than not knowing.
How Much Cash Should You Have?
No, I’m not talking about a balled-up wad of cash stuffed under your mattress. I’m talking about liquid assets that are easily accessible, like money in your checking or savings account.
This is similar to what’s typically called an “emergency fund” – an amount of money set aside to provide stability to your financial plan, and your life.