The thought of going through a huge recession every decade is anxiety-inducing, to say the least, but if the last two recession have taught us anything it’s how incredibly important it is to build healthy finances so you aren’t devastated every time one of these ‘Great Recessions’ pops up. If you’re looking to get your finances in order before the next recession, you aren’t alone. These are the 3 steps you should take to financially prepare for the next recession so you don’t lose all of your money, and can even come out ahead.
It’s no secret, or surprise that one of the top reasons for divorce is finances. Like religion and politics, money is a taboo subject, but unlike religion and politics, many people don’t have in-depth discussions about money until after they’re married. Since each of you has separate bank accounts, separate credit cards, and no need to show each other your loan statements before the wedding, many people don’t find out about their partner’s massive student loan or credit card debt until after they say, “I do.” Coming to the realization that your financial future isn’t what you envisioned right after you make the biggest commitment of your life can put stress on your marriage from the very start. Here are my tips for how to build a healthy dialogue with your partner and get on the same page about your finances before the nuptials.
Have you ever gotten really excited about all of the money you were going to save by making a budget and finally taking control of your spending? Then at the end of the month, after adding everything up the disappointment sets in when you find out that you barely saved any money. I mean you tortured yourself and thought endlessly about every purchase you made! How could this be possible?! Instead of focusing a ton of your time and energy on budgeting and barely saving any money each month, I’m going to let you in on a money-saving trick I just discovered. It’s a lot easier, takes a lot less time, and will save you a lot more money.
The pandemic has exposed the incredible importance of having an emergency savings, but an unfortunate fact about your savings is that you’re losing money with it every year. Don’t go running off to check your account balance; it’s staying the same. The loss you’re experiencing is due to a decrease in purchasing power caused by inflation.
In 2014 I was a newly minted MBA who was ready to take on the world. I thought those three letters after my name meant the money would just come rolling in and I would be wealthy in no time! Boy was I wrong. Since learning this I’ve made a lot of changes to set myself up to build wealth, but I’ve also made several expensive mistakes. To help you avoid making the same mistakes on your personal finance journey as I did, here are the 3 biggest money mistakes I made in my 20s.
Most of the information from #womeninfinance comes from a scarcity mentality, while the information men's accounts provide comes from an abundance mentality. While it’s important to make sure you aren’t spending outside of your means, extreme budgeting from a scarcity mentality won’t get you very far on your journey to becoming a rich bitch. It’s time for women to make the shift to an abundance mentality and find ways to grow our money. These are the most popular money “tips” I’ve seen on women’s finance accounts, why you should avoid them, and what you should do with your money instead.
There’s a lot of talk about how much money you should have saved, how debt is the enemy and that you need pay it off ASAP, and that you should start investing as early as possible. How can you possibly save 6 months of expenses, max out your 401K contributions, and overpay each month on your student loans when you’re only making an entry level salary? If you still want to pay your rent and eat, you probably can’t. So most people do nothing because they become overwhelmed and don’t know where to start. If you’re one of the people who wants to make good financial decisions but easily becomes overwhelmed with all of the things you “should be” doing with the little money you have, you’re not alone. To help calm your anxieties and give you the confidence to start taking control of your finances, we're giving you a roadmap for when and how much you should allocate to your savings, pay toward your debt, or invest.
With our economy crumbling faster than a drunk girl going down the stairs, many of us have recently realized how critical it is to have an emergency fund. Maybe you lost your job and are now faced with a new reality. Maybe you’ve seen many of your friends and family members lose their jobs, and are worried the same could happen to you. No matter what brought you to the realization that you need to start an emergency fund, be glad that you’re here, because you may one day find yourself asking, “how the F**K am I going to pay for all of this stuff?!”
Picking a unicorn company to invest in doesn’t usually work out. Instead, you should create a diversified portfolio and invest in a herd of cattle. Diversifying your portfolio helps reduce your risk, but what grows your money? The answer is compound interest, and that is what you’ll learn about today.
Retirement accounts are one of the most important investment tools to begin using while you are young to grow your wealth. There are several different types of retirement accounts that you can use, and each one has different advantages and disadvantages. Below we will discuss the pros and cons of the different types of retirement accounts, and the ways that you can utilize them to become an old rich bitch.