As they grow older and advance in their careers, many professionals start to find that they have more money in their pockets. If you’re in your 30s or 40s, this might sound like you. Those long nights and sacrifices you’ve made to move up the corporate ladder have finally paid off. For the first time…
Do You Really Need Six Months’ of Expenses in Your Emergency Fund?
The first half of 2022 has not been great. Inflation has hit a 40-year high, experts are predicting a recession, and buying a home doesn’t appear to be getting less expensive any time soon. Naturally, people are preparing for the worst, and many consider the country to be sitting on the precipice of a recession….
‘Where’d the Money Go?’ How to Handle a Windfall
Tax refunds. Child tax credits. COVID-19 relief checks. We dream of the next unexpected bundle of money that lands in our lap. Perhaps it’s a few hundred dollars earned from a garage sale, maybe even more from a job bonus, or hundreds of thousands from a winning lottery ticket or inheritance. Our minds race with…
Personal Finance Dilemma: Should I Save My Money or Pay Off My Debt First?
You’ve made a little extra money with your last paycheck and have some leftover after paying for your mortgage or rent, plus any other necessary bills. Rather than spending the money frivolously, you want to stash it in a savings account or use it to knock out some of the debt that’s been weighing heavily…
How Can I Stop Living Paycheck to Paycheck?
Dear Carrie: I’m a single mom with a decent income, but I’m always living paycheck to paycheck. How can I break that cycle and start to save, not only for an emergency but also for my bigger goals like retirement and maybe even a home?—A Reader Dear Reader: Living paycheck to paycheck isn’t uncommon these…
What Farmers Can Teach Us About Finances
April 7, 2021
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AdvicebudgetingBusinessdebtemergency fundFarmersfinancial plangoalsmoney-managementpersonal financesavings
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Dear Readers: In the fast-paced financial world we live in, with its focus on trading trends, online platforms, and market movements, it’s easy to get lost in the weeds and lose sight of the grounding principles of managing money that are essential to long-term success. So with spring in the air and buds on the…
As You Build Your Financial Future, Heed the Advice of Richard Thaler
April 2, 2021
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Adviceasset allocationBusinessdiversificationemergency fundInvestmentpersonal financeRichard Thalerstock market
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Dear Readers: I’ve been promoting the tried-and-true principles of smart money management for so many years it can be hard to come up with fresh ways to share their important message: Spend less. Save more. Diversify your portfolio as you invest for your long-term goals. As old-fashioned as this advice may sound, it remains the…
Not Really an Emergency
Dear Dave, My husband and I are close to having our home paid off and being completely debt-free. Can we dip into our emergency fund to pay off the house? Enid Dear Enid, I’m not sure I’d recommend doing this. I might think about it if your emergency fund is way too big, plus you have a very small amount…
When Does Insurance Make Sense?
Dear Readers: The question posed in the headline is a great one because insurance can be one of the most confusing areas of finance. Now is a very good time to be asking this question, given the extreme challenges we faced in 2020—from the pandemic to hurricanes to wildfires. To me, the lesson from these…
Starting Over: 5 Ways to Reset Your Money Goals in 2021
One time, Mama Hogan looked at me and said, “Christopher”—she had my attention when she said my full name—“I don’t ever want you to be a ‘been’ brother.” I said, “Huh?” She explained: “A coulda been, shoulda been, woulda been kind of person. You have an opportunity to change some things and make progress.” Listen…
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