Utilizing a home equity loan or line of credit (HELOC) is surprisingly less popular these days despite record levels of homeowner equity (see chart). Mortgage interest rates are still hovering near all-time low levels after a few rate decreases from the Federal Reserve. The big banks are eager to lend money, but they’ve raised their […]
Debt is the boogie man of personal finance. It doesn’t get much love from most bloggers, probably because most people do stupid things with debt instead of smart things. High-interest credit card debt is foolish. Payday loans are ludicrous. But a mortgage is a solid financial tool if you’re prepared to buy a home and […]
Now that we’ve sold the condo and the mortgage is gone, we’re down to one debt in our family, our primary mortgage. What irks me about owning a home with a mortgage is that I need to have a full-time job to cover the payment. No duh, right? That’s a typical situation. But I look […]
Over the years, I’ve been indebted many times for one reason or another. Mostly car loans and a few mortgages, but a few personal loans too. After college, my parents lent me $5,500 to buy a used Mazda. The interest rate was better than a traditional car loan, so I was grateful to take the […]
If you want to get serious about taking control of your financial life so you can build wealth, it’s time to eliminate car payments. Car payments are a persistent nag on the lives of U.S. consumers. But they don’t have to be, and shouldn’t be even with low interest rates. Because they crush your monthly cash […]
One of my new favorite podcasts is the Animal Spirits Podcast hosted by bloggers Michael Batnick and Ben Carlson of Ritholtz Wealth Management. These guys are prolific writers and tweeters who often poke fun at investment pundits and fund managers who try to predict future market returns. Turn on CNBC and there’s always someone who claims to know […]
Are you living paycheck to paycheck? Screw that! If your monthly budget is tight now, just wait until the next recession. You’re gonna be screwed much worse. Now is the time to break the paycheck to paycheck cycle and start building wealth. For years, I’ve assumed most of my readers don’t live month to month. […]
Most of us aren’t looking for extravagant wealth. We simply want sustainable and long-lasting wealth that provides financial security for our families and enough money to fund the lifestyle we desire. That kind of wealth is more attainable than most people think. But there are no shortcuts. By consistently following a tried and true strategy over […]
About twelve years ago before starting a family, I met up with an old college friend for happy hour at a bar in Washington D.C. called The Big Hunt. I remember the booth, nachos, and the conversation like it was not so long ago. My friend was a new Dad. He told me about the college […]
A few readers recently expressed a lack of confidence in their investing. They are uncomfortable with where their money is and unsure how to make changes. I sensed some fear because of the recent downturn, maybe for good reason. So today’s post is about how to invest money more confidently by increasing your financial security […]
Imagine a life free of obligations to anyone. Sounds great, right? That may never come true when it comes to family, friends, and work life. But you can choose to be free of obligations to banks and lenders by being debt-free. The temptation to borrow is ever-present in our society. Some retirees choose to be […]
Very few decisions during your time on this earth actually change the trajectory of your life. After a party in 2007, I scanned the huge Evite email list to try to find a woman I met there. Then I ‘stalked’ her on Facebook and asked her out. We have three kids together now. Though truly […]
If you own a home, you might be contemplating how extra mortgage payments may or may not fit into your overall financial plan. As is with all personal finance choices, your mortgage payment strategy is personal based on many factors. You don’t find many people who paid off their mortgages and regret the paid off debt. […]
This money post references Sunday’s Game of Thrones Season 7, Episode 4. You don’t need to be a viewer to appreciate the personal finance lesson. However, if you aren’t caught up on your episodes and want to stay in the dark, this is your spoiler alert. Season 7 of Game of Thrones is here […]
