Smart money habits will help you reach your financial goals, with patience. Most of us aren’t looking for extravagant wealth. We want sustainable and long-lasting wealth that provides financial security for our families and enough money to fund our desired lifestyle. That kind of wealth is more attainable than most people think. But there are…
Viewing category: Debt
Is it Smart to Use a Home Equity Loan to Invest?
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 lending standards since the banking crisis of 2007-2009. After a period of real estate appreciation like we’ve seen over the past decade, home equity…
6 Things I Love About Debt
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…
7 Strategic Ways to Lower Your Mortgage Payment
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…
Never Regret a Paid Off Debt
Over the years, I’ve been indebted numerous 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…
Eliminate Car Payments from Your Life (and Never Go Back)
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…
Steak Dinner for Vegans
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…
Living Paycheck To Paycheck? Here’s How to Break the Cycle
Are you living paycheck to paycheck? If your monthly budget is tight already, any recession or economic fallout will make matters 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. But according to a recent…
A Three-Pronged Approach To Funding Your Child’s College Education
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…
How To Invest Money With Confidence And Competence
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…
6 Steps to a Debt-Free Retirement
This article was originally published on US News & World Report and republished here with permission. Head over to the “Featured on” page for a list of other RBD articles on US New & World Report and featured around the web. Imagine a life free of obligations to anyone. Sounds great, right? That may never come…
10 Life-Altering Money Moves You Can Start Today
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…
Are Extra Mortgage Payments Smart When Interest Rates are Low?
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….
The More You Own, The More It Weighs You Down
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…