Step Two: Define Your Goal You’re probably thinking, “That’s easy! My goal is to be debt free. Why is this even a step?” Hold your horses there! This is probably the most important determinant of how successful you will be in becoming debt-free! We need to take a few minutes and properly outline what the goal is. Well-defined problems have well-defined solutions and “I want … Continue reading Becoming Debt-Free: Defining Big Goals
To paraphrase Tolstoy: “All debt-free families are alike; each indebted family is indebted in its own way.” There are many ways to get out of debt, but the key is to find the one that works for you. So what’s the game plan? Step One: Don’t Be Intimidated No matter how you came to be in debt, don’t be intimidated by it. You can do … Continue reading Becoming Debt-Free: Confronting Debt
You inspired me to start this blog. For the longest time, I had kept all of my discoveries and struggles in navigating personal finance to myself, unless someone brought it up. Unfortunately, in society broadly, there is a large reluctance to discuss personal finance with anyone, so my interactions were limited to a few friends. I believe this reluctance arises because money seems like a … Continue reading Dear Sister
Note: This article applies to federal student loans. Different advice applies if you have taken out a private student loan, mortgage, car loan, or payday loan. Compound interest has garnered a reputation for being a force for good if you’re saving, but a force for doom if you’re taking out a loan. In broad strokes, this is true, but we should be careful before we … Continue reading When to Worry About Interest
I remember my journey to investing for retirement. It was a stressful and anxious experience because I had no idea where to start or what to do. However, as I made my own way through the investing landscape, I discovered that I had gone through several stages before I was comfortable enough to invest. Hopefully, knowing about these stages and recognizing them as normal will … Continue reading The 5 Stages of Investing (Retirement Version)
First, buy something for Mom and Dad as a token of your appreciation for their support (flowers, lunch, take them to the mall, etc.). Now that the easy part is over, let’s get down to business. Know Thyself Financial stability is all about you. Unfortunately, we as a society do not talk about personal finance as much as we should and that hurts everyone. I … Continue reading First Paycheck, Cha-Ching! Now What?