According to Investopedia, Boomers only have an average of $150,000 saved for retirement. Plus, nearly 70% of Boomers believe they’ll have a harder time achieving financial security in retirement than their parents. Why have some Boomers fallen behind on investing? Here are 11 reasons that help explain their lack of savings. 1. Unemployment During The Great Recession The Great Recession caused many Boomers to lose
3 Ways Lowering My Standards Improved My Finances
In some areas of life, having high standards will propel you forward and help you achieve your goals. For example, holding yourself to a high standard at work usually leads to career advancement and raises. But sometimes perfectionistic tendencies can hold you back and cost you money and time. Here are 3 instances in which lowering my standards improved my finances. Letting Go of an
What Rate of Return Should You Use In Your Retirement Plans?
Ensuring that you have a solid retirement plan in place is crucial. Pensions are largely a thing of the past, and the future of Social Security is up in the air. So if you don’t save enough in your 401k over the course of your career, you may not get to have a retirement at all. Knowing this, I’m being conservative with my retirement planning.
How Much Of Your Income Should You Save?
I recently read a Nerdwallet article that claimed to sum up all the personal finance advice you need in just 6 words. Those words were: “Live off of 80% of your income.” However, I’d argue personal finance is a bit more complicated than that! And depending on your goals, saving 20% of your income may not be enough. Here’s why I save more than 20%
How I’m Planning To Use My Tax Refund
It’s that time of the year again — tax season! Since I’m a freelance writer and take deductions for business expenses, my taxes tend to be more complicated than average. I’ve made the mistake of waiting until the last minute to file, which as you can imagine was super stressful! I’m determined not to repeat that experience, so I sorted everything out last week and
Why I Don’t Use Budgeting Apps and Prefer Paper and Pen
Many people swear by paid budgeting software like You Need a Budget. They say YNAB helped them get in control of their finances and save thousands of dollars, so it’s worth the cost. But I can’t justify spending money on budgeting software, no matter how many useful features it has. Budgeting is all about eliminating unnecessary expenses and saving more money for the future. So
4 Ways To Reign In Summer Spending
It’s probably no surprise that summer is the most expensive time of the year. The cost of road trips, outdoor concerts, and summer camp for the kids adds up. A study by MassMutual showed that half of Americans spend more money during the summer than other seasons. Women were more likely than men to report that they spend more in the summer months, especially due
6 Things I Won’t Cut Back On To Save Money
In order to save money, you have to exercise financial discipline and eliminate some luxuries. It probably isn’t possible to meet aggressive financial goals while ordering takeout every night and shopping on Amazon all the time. I’m willing to live a simple, modest lifestyle to have financial security. But there are some things I won’t do to save money because they’re too much of a
4 Best Places to Live for Financial Independence
It’s possible to achieve financial independence no matter where you live if you save and invest the majority of your income. But if you move to a place with a low cost of living, you won’t need as big of a nest egg to exit the workforce. Here are five of the best places for financial independence around the world. 4 Best Places for Financial
4 Budgeting Tips for Your First Apartment
Moving into your first apartment is an exciting time in your life. You’re striking out on your own and getting a space that’s all yours. But renting and budgeting for a first apartment is a big financial responsibility, and there are lots of hidden costs you may not think about. It’s important to plan and save for all of those expenses so you don’t end