Why Your Brain Is Bad with Money

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If I handed you a regular-sized sheet of paper and asked you to fold it in half eight times, do you think you’d be able to? Go ahead, give it a shot—I’ll be over here casually making some tea.   For those of you who actually gave this a go (kudos to you, by the way), you probably realized by the fifth or sixth fold—faster than it took me to casually brew my tea—that getting that thin piece of paper to fold in half eight times is basically impossible (the world record is actually thirteen times, but good luck trying this at home).   Now let’s just say we have an imaginary piece of paper that we can fold as many times as we’d like. How thick would this paper be if we folded it thirty times? Fifty times? A hundred? The answers, respectively, are 1) thick enough to reach … [Read more...]

4 FREE Ways to Entertain Yourself this Weekend

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Boredom has a way of eating away at your finances. The easiest way to spice up an uneventful Saturday evening usually involves spending money. A night out at the movies, going out for a drink with friends, catching a live sporting event—if you want to enjoy any of these you better be prepared dig deep into those pockets.   But entertainment doesn’t have to be expensive. In fact, it can even be totally free. Here are a few ways to keep yourself sufficiently stimulated, engaged, and entertained throughout the weekend without having to drop a dime.   1. Check out a book/movie/CD at the library.   It’s not as old-fashioned as it sounds. The library is a goldmine of free entertainment—it’s like if Netflix and iTunes got married, bought a brick and mortar … [Read more...]

4 credit score factors investors
should watch out for

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If you’re an investor, you know the value of making every dollar work for you. That’s why your FICO® Scores are so important. Since 90% of top lenders use FICO Scores to help make lending decisions, a high score will improve your chances of qualifying for the best rates and offers—which ultimately means more money in your pocket from investments.   On a $216,000, 30-year fixed-rate mortgage, the difference between a 620 FICO Score and a 760 FICO Score could be the difference between a $1,139 and $941 monthly payment. FICO Scores make a difference when it comes to investing.   With that in mind, here are four FICO Score factors any prudent investor should be aware of.   1. Do your rate shopping within a short time period Applying for mortgages, loans, and … [Read more...]

Your Guide to the Different Types of Mortgages

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Home buying is at once an extremely exciting and highly daunting process. One of the most important decisions you’ll need to make right at the start is choosing what type of mortgage to apply for. The first thing you’ll want to do is get familiar with the different types of mortgages so that you can apply for the one that’s right for you.   Common Rate Types   There are two mortgage rate types offered by financial institutions: Fixed-rate and adjustable-rate. Both have their pros and cons, and which type makes the most sense for you is dependent on your unique situation.   Fixed-rate mortgage   A fixed-rate mortgage allows you to choose the term of the mortgage (how long you want the mortgage to last), which is typically 15, 20 or 30 years. As … [Read more...]

5 Totally Painless Ways To Save Money

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  It’s one of those things that sounds easy in theory. Just don’t spend so much on groceries – easy peasy! Next thing you know you’re in a Whole Foods on an empty stomach and nothing sounds better than organic, fair-trade chocolate infused with espresso and shipped directly from Brazil. 15 impulse buys later and you’re walking away with a one-night smorgasbord and 100 less dollars to your name.   Turns out, saving money is hard. It’s like your mother always told you, if it was easy everybody would be doing it. And just to be clear: A lot of you aren’t saving money. According to a study conducted by Bankrate.com1, over a quarter of Americans have no savings at all. Of those that do have savings, 67% don’t have enough to cover 6 months of expenses. If this sounds like you, … [Read more...]

3 Commonly Broken Financial New Year’s Resolutions (And How You Can Keep Them)

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According to Fidelity’ annual New Year’s Financial Resolutions Study, 51% of Americans who made financial New Year’s resolutions in 2014 said they were better off financially today. That means financial New Year’s resolutions might actually work!   Of course, that also leaves the 49% who either stuck to their resolutions and found themselves no better off than they were last year or (more likely) suffered a rare form of acute amnesia affecting the memory centers of the brain responsible for remembering New Year’s resolutions.   A year is a long time. Sticking to your financial resolutions is hard, but it’s even harder if you set impossible-to-reach goals and give up on them altogether. So if you’re determined to improve your financial health next year, resolve to take … [Read more...]

Holiday Gift Guide For Your
Money-Conscious Friend

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They’re known by a variety of names (some more flattering than others): money-savvy, thrifty, cheap. They inspire you to make a budget, they frustrate you by never picking up the check, and they puzzle you when it comes holiday gifting. What do you buy for the person who hates spending? We can help.       1. I Will Teach You To Be Rich Ramit Sethi provides a no-frill approach to financial fitness. The book includes a 6-week plan for getting your finances in shape including sections on banking, saving, budgeting and investing. It’s the perfect gift for someone who’s just starting his/her financial journey and is looking to do a full overhaul.   2. Envelope system wallet To the extreme budgeter in your life, the envelope system is a sacred ritual. … [Read more...]

Black Friday Shopping the Smart Way

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Another Black Friday is upon us. This year some retailers are electing to open their doors to the inaugural waves of holiday season shoppers as early as 6:00 am Thanksgiving morning. Don’t be surprised if in the near future the sheer gravitational force of Black Friday pulls the entire Gregorian calendar a full day ahead.   While every year the holiday shopping season seems to be getting an incremental head start on the holiday season itself, one thing always remains the same: if you want to make it to the new year with your financial health (and sanity) intact, you’ll have to be smart about how you shop.   Here’s your guide to smartly and safely navigating this year’s Black Friday landscape.   Shopping online? Shop safe. Good news! Getting the best … [Read more...]

Word on the web: Prepare to shop!

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  Holiday shopping season is here! Unfortunately, this is also the season of broken budgets, dwindled savings accounts, data breaches and identity theft. We should be enjoying the festivities instead of wallowing in anxiety over the best way to cross off every item on your shopping list. To help you shop smart this season, we’ve rounded up some of the best blogs on the web about data breaches, holiday shopping and more.   5 Ways to Protect Yourself from Credit Card Data Breaches Hackers steal and use all types of identity information including email addresses, passwords, Social Security numbers and more.  But the easiest piece of information for hackers to leverage immediately is credit card numbers. Learn how to protect your accounts with these 5 steps from Wise … [Read more...]

Your holiday shopping credit card guide

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The end of Halloween can only mean one thing: It’s time to start thinking about holiday shopping. Sure, all the merriment and festivities are fun. But let’s be honest, the holidays also have a tendency to strain your budget, rack up credit and cause financial stress.     This year, try to do things differently. Plan ahead and optimize your spending. Having the right credit card for your shopping goals is a good place to start. Here are a few questions to ask yourself.     Do you already have credit card debt? Consolidate and pay cash. If you already have credit card debt that you’re struggling to pay off, then don’t even consider adding to the problem. It’s not worth it. Your goal this holiday season is to spend responsibly and stay in budget. Find … [Read more...]

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