High-yield savings accounts (HYSA) do not feel high-yield anymore. The national average APY for US savings accounts is 0.06% according to the FDIC. 0.06% APY means that for every $10,000 you have tied up in a savings account, you are paid $6 per year. Obviously 0.06% will not protect you from any level of inflation, which means that these savings accounts are useless. Other online … Continue reading Porte, the 3% APY savings account – What’s the catch?
With the price of homes still at record highs, some Millennials are coming up with a new strategy to get into home ownership: buying homes with friends. Millennials are growing tired of paying higher rents and losing out on building equity in real estate and the appreciation on home values. Therefore, some are partnering with friends and roommates to buy a nicer home than any … Continue reading Buying homes with friends: Millennials’ new recipe for drama
I suffer from a condition known as “male brain.” One of the symptoms causes me to think that I can wait until the last minute to do my shopping. Growing up, I remember shopping with my dad at the mall on Christmas Eve. We, along with a large number of other men suffering from the same condition, scrambled to find last-minute gifts for the wiser … Continue reading Christmas shopping in October? Why Black Friday may be too late this year
Kakeibo – meaning “household finance ledger” – was invented by Japan’s first female journalist, Hani Motoko, in 1904. Motoko developed this accounting system for Japanese housewives, because, in Japan, the wife traditionally managed the finances of the household and gave the husband an allowance. The Kakeibo system was designed to make the user aware of their spending habits and help the user take control of … Continue reading Kakeibo: The Japanese mindfulness budgeting system
Saving cash is an important part of your financial planning. While “cash is trash” and similar headlines are spreading, having cash set aside is important for an emergency or making a big purchase soon. The reason why “cash is trash” has been going around is for two reasons: (1) interest rates on borrowing money is near record lows, and (2) the return on investing in … Continue reading That’s a Yotta cash: The risk-free, lottery-based savings account
Elon Musk is a tech billionaire, inventor, and the richest African American in the world. Moreover, he was the inspiration for Robert Downy Jr.’s Tony Stark. Now, the CEO of Tesla is also the Twitter “Stonks” guy who is pushing Dogecoin “to the moon” as the currency of tomorrow. Dogecoin is a type of cryptocurrency, or “crypto.” These cryptos are digital currencies that can be … Continue reading Does your Doge bite: The dangers of Dogecoin investing
How to make your dividends automatically work for you with DRIP investing. Continue reading DRIP Dividend investing: When life gives you lemons, grow a lemon tree
Most budgeting systems are time consuming and complex. The beauty of the rule-of-thumb budget is the speed and simplicity of it. All you need to know is your after-tax income. Once you have determined your after-tax income, you simply allocate it as follows: 50% towards your necessities 30% towards your wants 20% towards your financial goals Next is to define the categories: Necessities, Wants, and … Continue reading Simple Budgeting: The 50/30/20 rule-of-thumb budget
So called financial gurus tell you that if you want to be rich, quit eating avocado toast and drinking Starbucks. Admittedly, this does remove expenses that may add up over time. However, that frugality alone won’t make you “rich.” Rather, understanding the ideas behind the “avoid paying $10 for avocado toast and $5 for coffee” is what will make you handle your money better and … Continue reading Understanding opportunity cost: How much does that avocado toast and Starbucks actually cost me?
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, suspended principal and interest payments on federally-held student loans from March 13 through September 30. Right now, your interest and payments are suspended automatically. However, this only applies to federal loans, not private student loans. Other loans, such as those Federal Family Education Loan (FFEL) program are owned by private companies; however, those companies may choose … Continue reading No student loan interest: Take advantage of this opportunity!