These are guidelines for "wise" use of your money. They apply to many people's situations, but you should always think for yourself.1. Spend no more than 30% of your income on housing. You don't want to be "house poor" with little money left for other needs.2. Save 10% of your paycheck.3.Spend 3 months salary on an engagement ring. The linked … [Read more...]
7 Rational Things to Do When Financial Panic Hits
This seems like good advice from Trent at the Simple Dollar to someone who lost his job. It's about getting the family finances back on track as soon as possible and how to decide which bills to pay first. He says to make payments on any debts that have collateral, like your house or car. It's a helpful article on how to be rational when you … [Read more...]
Life Advice to a Graduating College Student
What advice would you give to someone just graduating from college? My advice would be to pay themselves first with money into a savings account. Not new, but certainly sound. Second piece of advice is to try to learn about finances by reading online and in books. Don't just guess.What would you tell a family member who asked you for … [Read more...]
How Debt Fools People
It's not that people intend to take on too much debt. It's just that they take on an amount of debt that they can afford. Then when they have a drop in income or unexpected expenses they are unable to make all their payments. They are in debt up to their eyeballs & didn't know it. It's too easy to have problems escalate into a debt spiral at this … [Read more...]