Growing up, my parents didn’t teach me much about personal finance or model good money behavior. Emergencies hit our family hard because my parents didn’t have much savings despite their high household income. Since I was never exposed to concepts like budgeting and compound interest, I felt unprepared to manage my finances as a young adult. Although I don’t have kids of my own yet,
3 Behavioral Tendencies That Could Hurt Your Finances
Behavior plays a big role in personal finance. In fact, there’s a whole field of study called behavioral finance that’s dedicated to figuring out how psychology affects our money decisions. Although we all have different personalities, there are some negative behavioral tendencies and biases humans share that influence how we approach personal finance. Here are 4 psychological principles that could be working against you if
3 Ways to Avoid Financial Information Overload
Since knowledge is power, you may think it’s important to consume as much financial news and educational content as possible. However, taking in too much information about money can make it harder to make good financial decisions. For example, investors who listen to lots of negative stock market news during recessions may be tempted to sell off their investments in an attempt to limit their
5 Workplace Benefits You Should Take Advantage Of
One of the things my partner and I are trying to work on this year is making better use of workplace benefits. Your benefits are part of your total compensation package, so you’re basically leaving money on the table by not taking advantage of them. About 30% of employees say they’re confused by their benefits package. If you’re one of them, it’s time to break
4 Signs You’re Being Too Financially Generous
Growing up, my parents were always generous with everyone around them. My mom would give my teachers Christmas gift bags that were almost as tall as I was. My parents bought a house with a guest suite so my mom’s sisters could live with us to save money. Whenever we’d go out to eat with family or friends, my parents would always grab the bill
Should You Trust Financial Advice From TikTok?
Lack of financial education is a big problem in the US. According to a recent survey, only 57% of American adults are financially literate. Although more and more schools are offering personal finance classes, that doesn’t help older generations who have already graduated like millennials and Gen Z. Because young adults have a gap in their personal finance education, many of them are turning to
5 Ways to Recover From Holiday Overspending
Today I learned the third Monday in January is called “Blue Monday” because that’s when we get the bills from our holiday spending. If you opened up your credit card statement and were surprised at how much you owed, this article is for you. It’s easy to get carried away and spend too much money on Christmas gifts. A recent survey showed that more than
4 Unpopular Personal Finance Opinions
There are lots of controversial financial topics that money experts haven’t come to a consensus on. Is it better to rent or buy? Should you buy a used car or a new one? Should you pay off your house or focus more on investing? Because personal finance is personal, the right answer to these questions will be different for everyone. But today I thought I’d
3 Tips to Help You Keep Your Financial Resolutions
The beginning of a new year is a great time to analyze your finances and set new money goals. About 65% of Americans are planning on making a financial New Year’s resolution for 2023. Setting resolutions is relatively easy, but seeing them through to completion can be extremely difficult. Statistically, only about 9% of people keep their New Year’s resolutions. How can you ensure you
My Favorite Personal Finance TV Shows
Believe it or not, you can learn a lot about personal finance just by relaxing and watching TV! Personal finance TV shows can teach you about budgeting, paying off debt, and investing in real estate from the comfort of your own couch. These shows may feel like entertainment, but you’ll absorb a ton of valuable knowledge that will help you make better financial decisions. Here