Monthly Archives: March 2020

Are you making this costly retirement plan blunder, too? Who would turn down free money? About 1 in 3 workers, as it turns out. About 33% of workers do not contribute enough money to their 4019(k) plan each year to get their full company match. In essence, one third of workers are turning down free money.

A 30-year-old worker who loses out on just one year $4,300 in matching contributions would lose out on more than $60,000 in retirement savings by age 70, assuming a 7% annual return. Thus, missing a few years of matching contributions can be a life-changing mistake.

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Here’s how to enjoy fresh healthy meals without having to step foot inside a grocery store. As more Americans are trying to stay home as a result of the coronavirus outbreak, using a meal kit delivery service like HelloFresh can help you limit your exposure to crowds at stores. HelloFresh is a meal subscription service that delivers to your door everything you need to cook fast, elegant and healthy meals. You don’t have to think, plan, or even step foot inside a grocery store.

As a HelloFresh customer, you choose the meals you want and then you receive easy-to-follow recipes and all the necessary pre-portioned in an insulated shipping container each week.

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Many people don’t even know how long they’ve been in credit card debt. When you carry a balance on your credit card, interest piles up and you end up paying much more for items than if you’d used case. Doing so can also bring down your credit rating. A big part of how much you owe is your credit utilization ratio – that is how much credit you’re using divided by how much you have available to you. People should keep their usage below 30 percent. If you have, let’s say $5,700 of credit card debt, even if you have a pretty generous credit limit of $10,000, you’re still at a 57 percent utilization rate, which is higher than recommended and would hurt your credit score. Many other moves can lower your score:

1. Paying off an old debt
2. Closing a line of credit
3. Sticking with one type of credit
4. Failing to check your credit report * you can freeze your credit report to protect against identity theft and other types of fraud.

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Young children – preschool & kindergarten about money

• Use a clear jar to save. The piggy bank is a great idea, but it doesn’t give kids a visual
• Show them that stuff costs money
• Set an example

Elementary students and middle schoolers about money

• Show opportunity cost
• Give commissions, not allowances
• Avoid impulse buys
• Stress the importance of giving

Teach teenagers about money

• Teach them contentment
• Give them responsibility of a bank account
• Get them saving for college
• Teach them to steer clear of student loans
• Teach them about the danger of credit cards
• Get them on a simple budget
• Introduce them to the magic of compound interest
• Help them figure our how to make money

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On any given street, some households are likely to be struggling as they live paycheck to paycheck, while others are comfortable, with ample savings and investments. If you want to be the savviest person on your block, financially speaking, and be able to sleep at night knowing that your financial life is in order, there are some key rules to know and follow. Here, then, are 15 vital personal financial rules to learn and act on. There’s a good chance you’re on top of some of them — but see which ones you could do better on or which ones you’ve been ignoring entirely.

1. Get and stay our of debt
2. Have an emergency fund
3. Get life insurance if you need it
4. Shop for cheaper insurance regularly
5. Have a budget
6. Save money wherever you can
7. Use tax-advantaged retirement accounts
8. Invest aggressively
9. Invest effectively
10. Pay attention to fees
11. Maintain a solid credit score
12. Teach your kids about money management
13. Let your retirement accounts grow
14. Make smart Social Security decisions
15. Get professional help if you need it (keep striving no matter what)

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Stashing cash around the house is anything but harmless. It can seem like a fun, creative way to save money – $100 bills stuffed in the bottom of a cookie jar, $50 bills stuck between the pages of a book, even more money buried in the backyard. But it is actually a dumb and unsafe way to hold on to your money. Here are several reasons why hiding cash around the house is a bad idea:

1. You are missing out on ‘free’ money
2. The money is not FDIC-insured
3. You could loose the money
4. The money may not be covered by renters or home insurance
5. You are losing out to inflation
6. A loved one might end up having to search for hidden money upon your death

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Teaching your children about money at any stage is going to take time on your part. It won’t always be easy. But if you want your children to know how to successfully manage their money when they get older, taking the time will be worth it.

One of the best ways to teach your kids about handling money is to give them a chance to make some of their own! With the

Teen Entrepreneur Toolbox you’ll get all the tools you need to help them start their own business and learn real-world skills.

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When is the best time to talk to your kids about money?

Right now.

Your kids will learn about money from someone. If you want to change your family tree, you’ve got to change your mind-set.

Here are five tips for talking to your kids about money:

1. Start slow
2. Be honest
3. Talk values, not figures
4. Set family goals
5. Learn about money together

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