Gambling with Your Financial Future and Losing
Lottery and our Financial Future
We saw an interesting poll from Bankrate.com that asked how people envision themselves getting financially ahead, particularly in a difficult economy.
Not surprisingly, “Saving and Investing” was the number one answer, at 36%, followed by “Additional Education or Job Training” at 23%. Running your own business (which is actually the most common profession of millionaires in this country) was fifth at just 6%. Continue reading “Gambling with Your Financial Future and Losing” »
Motivated Savings
Happy New Year to all of our clients and friends! Have you, as many people do, considered changing or creating some personal habits this year? Hopefully the development and implementation of an improved savings strategy is among your resolutions. To encourage you to save money and live debt-free, we suggest the following steps that can motivate you to build your savings in the coming year.
Cycling CDs As Your Emergency Savings Fund
We’ve all heard that we’re supposed to have money put away for a rainy day. However, the traditional method of putting “extra” money into a savings account has several drawbacks. First, the typical interest rates on these accounts are lower than inflation, resulting in a new loss on the value of your money. Second, the ease with which you can access your money when “needed” becomes a major drawback when you withdraw money for things you “want.” This can result in frequent “savings account raids” that deplete your emergency funds. Continue reading “Cycling CDs As Your Emergency Savings Fund” »