moneygoals
In hindsight, it makes sense that at the height of the COVID-19 pandemic Americans hoarded more money than ever. In fact, the U.S. Bureau of Economic Analysis (BEA) reported that the personal savings rate hit a historic 33% in April 2020. That does check out between shutdowns and stimulus checks. However, that trend was unlikely to continue. BEA actually notes thatpersonal income decreased by $216.2 billion (1.0 percent) in September 2021. Again, that makes sense as businesses have reopened and there has been a decrease in government spending. While understandable, this is still should raise c...
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While your finances may not cause night terrors, a lot of us are concerned about money. 77% of participants reported feeling anxious about their financial situation, according to a Mind over Money survey by Capital One and The Decision Lab. Furthermore, 68% of Americans worry about not having enough money to retire, 56% are concerned about keeping up with life’s costs, and 44% are worried about managing their debt. In addition, 58% of respondents said finances control their lives. And, 52% of respondents find it challenging to control their money worries. How to Figure Out FinancesDespite thes...
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How much does it cost to start your own business? Well, that depends. However, according to the Small Business Administration, most microbusinesses cost approximately $3,000 to launch, while most home-based franchises cost between $2,000 and $5,000. Yeah — I’d say that’s really conservative. In the scheme of things, that’s not an awful lot of money. But, considering that 56% of Americans have less than $5,000 in savings, and a third have no savings at all, coming up with that amount can be problematic. While you could take a loan or max out your credit cards, you could save money for a busines...
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While the quote above applies to almost any situation in life, I’ve found it to be most useful when it comes to money. For example, if you want to buy a new car, you will need a strategy for the down payment. Want to avoid falling into a retirement trap. You guessed it. You need to have a long-term strategy. But, how exactly can you develop a winning strategy for your money? Well, here are seven ways to get you on your way. 1. Don’t invest in anything you don’t understand.“I’ve worked super hard for my money and don’t gamble it on investments I don’t understand,” says Grant Sabatier, founder o...
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