Personal finance fads come and go almost weekly these days, but some timeless pearls of financial wisdom will always ring true. Money has taken various forms over the centuries. It stands to reason that certain truths have been discovered along the way that tell people how to make the most of their monetary assets. Here […]
Credit cards can be a great financial tool, or a fast path to financial destruction. Credit cards make it easy to buy almost anything, but always at a much higher cost over the long term. They’re also a fantastic tool to improve your credit history as long as any carried balances stay low and ideally […]
Total household debt in the United States is over $2 trillion. What’s shocking is that dollar amount does not include mortgage balances owed on our homes. Carrying a balance of consumer debt has become the norm in the United States. If you’re seeing the negative effects of carrying too much debt starting to impact your […]
The choice between repaying your debt and saving for retirement is a difficult one. Which choice will give you the maximum benefit? To reconcile this dilemma, consider these simple steps: 1. Examine the debt in depth Pay attention to the interest rates and fees. Do the math to calculate how long it will take to […]
In personal finance, every situation is different. While many people perceive fixed rate mortgages as ideal and variable rates as predatory, this is far from the truth. In an economy of falling interest rates, a variable rate is a good thing. If interest rates are set to skyrocket, it could be a disaster. In the […]
When it’s time for a new car, you have the option of purchasing it outright, either with cash or by financing it, or you can strike up a lease agreement with an auto retailer. Leasing provides the short-term benefits of a new car without the downside of the latter years of ownership. This avenue of […]
Purchasing your own home represents the American Dream for many people. Owning your home free-and-clear though is something many people don’t accomplish until well into retirement. Paying off a mortgage faster than the term of the loan is a positive financial goal just about any way you slice it. Being mortgage-free decreases monthly expenses in […]
Maintaining a solid credit rating is vital to the future of your personal financial success. One challenge with credit though, is that it can seem impossible to get offered credit unless you already have established good credit. Starting from scratch with no credit history can make gaining traction in the financial world seem like an […]
If you’re tired of “investing” by paying someone else’s mortgage, it may be time to look deeper into purchasing a home of your own. It’s more reassuring to know that the money you’re putting toward your home equity each month is going into your own pocket and not your landlord’s. Contrary to popular belief, you […]
The first step to improving anything is to find out where you stand currently. Obtain a copy of your latest credit report. Once you have a position established to work from, you will know where you stand and you can take action to raise your score. There are numerous companies that advertise a “free” credit […]
Financially Fit Formula