Saving wisely is an important component of your financial stewardship. Last week, I wrote several posts about saving because it was America Saves Week: Along with all the great advice in those articles, it is important not to get so caught up with your saving approaches that you forget to balance it with investing. In…
Nearly a quarter of savers who take the America Saves pledge chose “emergency savings” as their first wealth-building goal. And they have the right idea. Research shows that low-income families with at least $500 in an emergency fund were better off financially than moderate-income families with less than this amount. Yet most Americans don’t have…
Getting out of debt is the #3 goal Savers select when they pledge to save. That does not come as a surprise since a 2012 survey showed that 45% of families with annual incomes under $50,000 rely on credit cards to pay for basic needs such as rent, utilities, insurance and food. Large consumer debts…
When should you do a budget check up? Around this time of year is especially good. Every year, millions of households file their federal tax returns. For many, the process involves digging through shoe boxes or manila folders full of receipts; gathering mortgage, retirement, and investment account statements; and relying on computer software to take…
Does home ownership increase homeowner wealth? It absolutely does. First, simply by paying off a home loan, builds wealth. And, you are doing this each month in a regular and disciplined way. Second, it is likely though not certain, that the market value of your house will increase over time. Nationally for several decades, housing…
Basic skills and attitudes form early and lay the foundation for later financial well-being. When children are ages 3 to 5, help them learn to stay focused, make plans, follow directions, complete tasks, and solve problems. Help your child build key skills with: Building money habits and values Kids in middle childhood begin to absorb…