Let’s say you’re running a bank. You need to get some new customers signed up for checking and savings accounts so that you have more money to lend out for mortgages and the like. How do you get those new customers? Well, one option would be to offer better interest rates, or perhaps lower your
Each week, I highlight ten things each week that inspired me to greater financial, personal, and professional success. Hopefully, they will inspire you as well. 1. Walter Elliott on perseverance The hardest challenges in life seem like incredibly long slogs through difficult terrain. However, almost all things can be conquered if you focus on nothing
When I wrote 365 Ways to Live Cheap in 2007, a person could easily find a bank CD that offered a 6% return. All you had to do was lock up your money at the bank for a year or so and they’d give you back six cents on every dollar. That’s a pretty good
Personal finance articles often state “rules” of various kinds for people to follow when it comes to their money… You should be saving 10% (or 15%) of your pay for retirement. Don’t buy a home unless you have a 20% down payment. Don’t sell when the market is going down, and don’t buy when the
Whenever I’m asked for a single piece of financial advice for someone, I usually offer up “spend less than you earn.” When they inevitably ask me for something more specific, I tell them “start an emergency fund and stick with it.” An emergency fund is one of the best financial tools a person can have.
Reader Mailbag: Personal Projects Undone What’s inside? Here are the questions answered in today’s reader mailbag, boiled down to five word summaries. Click on the number to jump straight down to the question. 1. Is more retirement savings necessary? 2. Netflix streaming series 3. Imminent financial disaster 4. Loan debt and house purchase 5. Paper