personalfinance
Your decades-long run of morning rush hours, demanding work days, and the pressure to perform is finally over. During those mad-dash days and often headache-inducing projects, it can be hard to imagine retirement, much less dream about it. But before you know it, retirement will come, and once it’s here, you might be surprised by what it’s like; especially in the first six months. You might have thought you’d be jet-setting the globe or donating your blazer collection immediately. Others might find that removing themselves from their life’s work is more challenging than they’d expected. Today’...
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Have you, or someone you care about, been trapped by a financial predator? Don’t beat yourself up too much — you’re far from alone. Financial scams don’t just target the most vulnerable or gullible among us. The best con artists are the ones who know exactly what they’re doing, whether it’s a debt collection, credit card phishing, or imposter scam. According to the Financial Industry Regulatory Authority (FINRA), approximately one in ten adults in the United States fall victim to fraud each year, losing billions of dollars in the process. However, only people who report fraud are included in t...
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As for me, this blog post focuses on something I’m passionate about. What is it? Basically, it’s how to achieve more progress in 90 days than you did last year. How did I become so passionate about this topic? Throughout the years, I’ve embarked on a personal journey of growth and transformation. It all began when everything seemed fine on the surface. My Personal Journey I am not trying to brag here. But I was a successful financial advisor, a co-founder of an investment firm, and had everything I wanted. However, I felt a profound sense of discontent beneath the facade of success. In other w...
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When it comes to retirement planning, much of the focus usually rests on the actions you have to take to prepare a nest egg for your golden years. But what if your retirement savings run out before you do? This is where the concept of longevity risk comes into play. Longevity risk is a growing concern as life expectancies in certain countries and regions continue to rise. Let’s explore the idea that you may outlive your retirement savings, why that matters, and how it can impact your ongoing attempts at building a retirement plan. Most importantly, we’ll discuss various strategies and solution...
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Economic cycles govern our personal and financial lives. Life’s uncertainties—job loss, emergencies, foreclosures, bankruptcies—can severely damage credit. While financial crises can be daunting, they are not the end of the road. With a commitment to bouncing back, discipline, careful planning, concrete goals, and strategic choices, it is possible to recover from financial troubles and rebuild your credit status. Bad credit carries numerous disadvantages. It makes it challenging to qualify for credit cards and loans. It puts you at a disadvantage in the job market. It can complicate simple lif...
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In life’s grand adventure, pivotal moments demand we step beyond the familiar confines of our comfort zones. These are the instances when we’re summoned to leap of faith. Here, faith isn’t a religious notion — but a universal principle that surpasses all limitations. Understanding the leap of faithIt’s the belief in the unseen, the conviction in the unknown, and the trust in life’s process. This piece delves into taking a leap of faith, its importance, and how it can revolutionize our lives. Deciphering the leap of faithA leap of faith is a symbolic journey that involves stepping into the unkn...
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Mortgage rates started to climb in late 2021. As a result, refinance activity decreased gradually and subsided altogether by 2023. During the initial quarter of 2023, the number of new loans initiated for homeowners who refinanced their current mortgages amounted to only $47 billion. The figure is 90% lower than the refinancing originations in the first quarter of 2021. Likewise, mortgage rates are expected to remain high for the foreseeable future, so refinancing is also anticipated to stay relatively low until at least 2023. The upside to mortgage rates is that they’re not permanent. Many ex...
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I am often asked about my journey as a financial educator who aims to help people build wealth outside of the traditional system. Specifically, what were the critical decisions that led me to this point? Success doesn’t follow a one-size-fits-all formula. I can, however, say that two crucial investments led me to becoming a multimillionaire. One is pretty common, and one may surprise you. Before we begin, though, I want you to know that I didn’t inherit a fortune or become rich overnight. I had to learn the ropes the hard way to get to where I am today. I was broke and hungry at the beginning....
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Virtual currencies are common forms of financial activity. A quarter into the 21st century, the average individual has become aware of (and often comfortable using) things like Apple Pay, digital wallets, and cryptocurrency. The influx of these new forms of payment begs the question: how are these new virtual currencies impacting the established, fiat-driven finance system? Here are some of the most important ways digital currencies are shaking up traditional finance. What Is Virtual Currency?Before diving into the details, let’s answer an important question: what is digital currency? The answ...
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Credit cards can be a highly convenient tool for facilitating daily transactions and managing personal expenses. They can also earn financial rewards, get free credit scores, secure payments from fraud, and get valuable benefits like purchase and price protection. However, if they are poorly managed, they can quickly become a financial burden. As bills rack up, cardholders may be unable to pay little more than the minimum required monthly. Paying the minimum required monthly balance on your credit card may seem simple and innocuous to manage your finances. This method can even offer a reprieve...
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