As the economy recovers from the financial crisis, Americans are feeling better about their average retirement savings. How does it compare to each age group? Nest eggs are indeed trending up, but the median American has only $63k in their retirement savings, which is incredibly low if they want to maintain their standard of living. We'll break down the average retirement … [Read more...] about What Are The Average Retirement Savings?
Why You Should Avoid Credit Card Minimum Payments at All Costs
There's a myth that credit card minimum payments could boost your credit score. Some lecture each that you should "always carry a balance on your credit card". This is completely inaccurate. Not only will this mindset actually lower your credit score, you'll also pay unnecessary interest rates. Paying your credit card in full actually raises your credit score by lowering your … [Read more...] about Why You Should Avoid Credit Card Minimum Payments at All Costs
The Disadvantages of Credit Card Churning
Credit card companies are offering incredible sign up bonuses to add new customers, and "churners" are capitalizing on this by signing up for the new cards. While churning is gaining popularity, there are many disadvantages of credit card churning to keep in mind. If you don't pay down your entire balance, you could end up spending thousands of dollars in interest. Aside from … [Read more...] about The Disadvantages of Credit Card Churning
Lessons From The Richest Man in Babylon Review
The Richest Man in Babylon is a classic personal finance review. Published in 1926, the book shares financial advice through parables set in ancient Babylon. The book's characters learn simple finance through their experiences in business and finance. Although it was published nearly 100 years ago, the book is still timeless. Their lessons are summarized below - if you follow … [Read more...] about Lessons From The Richest Man in Babylon Review
What is the Four Percent Rule?
The four percent rule is a great rule of thumb as you plan for your "retirement number". Not only does your retirement nest egg need to cover your expenses, it also needs to last throughout the rest of your life. We'll explain what the 4% rule is, and walk through how it will last throughout your retirement. Finally, we'll let you know what risks you should keep in mind with … [Read more...] about What is the Four Percent Rule?