All Articles Tagged "finance"
Your 20s were the time to splurge on the latest handbags, mess up your credit, rebuild your credit and establish patterns of financial success for your future. Now in your 30′s with kids, a mortgage, a significant other and a better career (or just a little wisdom and a desire to get it together), it’s time to get secure and at-peace with your finances.
Here are a few ways to achieve financial peace of mind in your 30′s.
Remember that medical bill from two years ago you forgot to pay? Or that utility bill that still lingers in limbo? Well, with a few hundred calls from collection agencies on a weekly basis, your memory starts to quickly come back. Collection agencies start to become a tedious routine call in your phone log hen bills are too long overdue. We even label their phone numbers in our contact list as Unknown, ??? or the infamous DON’T ANSWER to duck and dodge their calls. Eventually, debt catches up with you in the form of these pesky employees. What do you do when one of those calls are answered? Here are a few tips on how to get debt collectors off your back and manage the frustration they inflict.
From Black Enterprise
Kanyessa McMahon recognized an opportunity and jumped on it. In 2008, after a frustrating four-month stint working at a video production company, she acted on her entrepreneurial aspirations.
“I was 25 at the time,” says McMahon. “My job wasn’t working out because I wasn’t getting paid on time. My paychecks were bouncing, and my skills weren’t being utilized.”
McMahon left the company and, through an industry connection, acquired her first client—Nike. The 31-year-old now calls the shots as head of her own production company.
“Most people who become wealthy do it through entrepreneurship,” says Lanta Evans-Motte, a financial adviser at Raymond James, a diversified financial services holding company.
A recent study by U.S. Trust, which surveys high-net-worth and ultra-high-net-worth Americans, revealed that 84% of the survey’s 450 wealthy respondents earned their wealth themselves.
Read more at BlackEnterprise.com
Marriage is more than a wedding. It’s the joining of two people physically, emotionally, spiritually and financially. While many people may enjoy their wedding planning experience (it is fun), there is much more to the concept of husband and wife past the “I do.”
Finances may not be a comfy topic to discuss, but is nonetheless one that deserves much attention. As money issues top the reasons why most marriages end in divorce, it is crucial to have a healthy dialogue about you and your boo’s current financial state, and how you both handle money. Rather than wait for surprises down the road, have the hard talk now. Here are some money questions you need to ask your love before you marry.
Your credit score is your lifeline when it comes to getting a great interest rate on a house and car. In fact, it’s used by so many lenders, it can make your days of acquiring the things you want easy or extremely hard. This begs the question: What’s a person to do when they have bad credit they are trying to rebuild?
Thankfully there are things you can do to improve your score. Here are ten ways to rebuild your credit.
While the Great Recession has scarred laid-off workers and struggling businesses, it has had some upsides. The recession forced everyone to grab the reigns on their finances. As a result, there was an upsurge financial literacy, especially among women, to endure the stagnant times, reports USA Today.
The recession proved to be a rude awakening for many Americans with frivolous spending habits. Compelled to pull through the difficult times, women have been making money-savvy investment decisions. Twenty percent of women, according to Allianz Life’s 2013 Women, Power, and Money study, now have a sturdy grip on their cash. Since the first survey Allianz issued eight years ago, “more women in general indicated an increase in financial inderstanding and involvement,” adds USA Today.
Between the 2006 and 2013, the number of women who expressed interest in financial, retirement, and investment planning doubled from 35 percent to 62 percent, according to the Allianz survey.
With the recession causing some women’s partners to become unemployed, it was up to them to be in the forefront of money management. A Prudential study, highlighted by MN, shows that the economic stagnation expanded the “breadwinner” role to more women. Thirty-one percent of married Black women were the main providers last year.
The recession isn’t the only culprit behind women’s increase in financial knowledge. Nowadays, more women are deviating from the traditional structured path of a woman’s life. Now women are “staying single longer, divorcing more frequently, entering into same-sex relationships, and outliving men,” USA Today explains. As a result, the absence of a man has required many women to become more financially independent.
In the study, compared to the average woman who made $48,000, these “women of influence” — as USA Today calls them — make an average of $57,000 a year. The data also shows that majority of the women of influence are White and are between the ages of 45 and 54.
Among financially literate women, only one percent did not save up for retirement; 12 percent of the other respondents are not remotely prepared for their financial future.
“We had a worst-case scenario a couple years ago, and it is a wake-up call to a number of people, women in particular,” said Lisa Hanson, a Philadelphian financial planner, “It’s important (for them) to feel a sense of security.”
If you walk into the office, punch in at 9 am, stay at your desk, then punch out at 5 pm with no communication with the other employees at your company, you are working hard, but not smart. Knowing other workers is more than just “water cooler talk.” It could set you up for a raise, make sure your administrative needs are taken care of and keep you safe from legal and finance issues.
If you think knowing your boss at the office is enough, think again. Here are a few other pertinent people you should know at the office.
If only there was some sort of magic wand to remove any and every debt we ever accrued. Unfortunately, this is far from reality as so many of us in some shape or form are battling the recurring debt demons. Some are seriously trying their hardest to stay on top of their responsibilities while others may throw their hands up in defeat.
The question soon becomes: What can we do to overcome our debt woes? Here are some ways to tackle your debts and hopefully continue (or start) on the road to financial freedom.
Interest rate spikes in the housing market and possibly in student Stafford loan interest rates threaten to drain your wallet and your energy. We hear a lot about interest rates, but how much do you really know about them?
If you are still unsure of what to make of interest rates, here are a few facts you should know about the different types of interest rates, factors that weigh into what an interest rate can be and how it plays into your finances.
As a millennial generation heads into their 20s and 30s, many have had either a great or not-so great example of what it means to manage their money. Although the age of careers, job searches, marriages and first homes are approaching, many millennials still have no clue what it truly means to manage money for their long-term success and comfort. Even parents are sometimes shaky resources for personal finance information.
A 2012 U.S. News Money article finds that Generation Xers (who are now in their 30s and 40s) are the generation with the most financial frustration. Retirees are increasingly responsible for their own savings, income, and financial futures. Let’s face it, we all can use an old-fashioned money management lesson every now and again.
Let’s all learn a little bit from past generations, and keep your money flowing with these old school money management tips.