When it comes to saving for retirement, the power of compounding interest should never be underestimated. And as a responsible investor, it can be helpful to know how long it would take to double your investment at a fixed rate of return. The Rule of 72 can be used as a quick rule of thumb to help determine this answer.
The Fourth of July is an exciting holiday that marks the independence of our nation with the signing of the Declaration of Independence. As you celebrate with hot dogs, fireworks and pool parties this year, consider this: 2021 could be your year to start finding financial freedom of your own. Achieving financial independence is a goal that almost everyone has. It brings you the personal freedom to do what you want. For most Americans, however, debt is a significant roadblock. In fact, the average adult has around $90,460 in debt.1 This includes all types of consumer debt such as credit cards, personal loans, student loans, mortgages and auto loans. The good news is, there are strategies to pay down debt and work toward financial independence. How can you do this? Here are five actionable ways to start working towards more financial freedom this year.
Money is the second leading cause of stress amongst adults.1 If you find yourself worried about your financial wellbeing, you're not alone - and there are things you can do to make it better. Financial stress can stop even the most productive people in their tracks, causing sleepless nights, avoidance of debt and denial. While it's best to talk to your financial professional about what's on your mind, here are a few tips to start managing your stress on your own.
It’s time for the new year, a new budget and a brighter future for you and your family. 2020 accosted us in a lot of ways that may have you feeling financially unstable, but you can make 2021 the year you have victory over your financial life. Use these resolutions to create a realistic budget that will let you pay down your debts and give you the opportunity to put something away, while not forcing you to be too extreme in order to make it happen.
Student loan debt has reached $37,584 on average per borrower. This debt can be crippling for any recent graduate, but especially for a new educator. Luckily, there are a variety of loan forgiveness programs that educators can use to reduce their debt. These options include: The Teacher Loan Forgiveness Program Public Service Loan Forgiveness Perkins Loan Cancellation State-Backed forgiveness programs Learn more about each program to determine which one may work best for your unique circumstances.
As COVID-19 continues to spread throughout the globe, individuals are adjusting to new lifestyles in an effort to curb the spread. While there are many factors of this pandemic we cannot control, practicing social distancing and creating new routines to remain physically and psychologically healthy are just a few of the actions we can take. Virtually every part of our lives has been affected by the pandemic, including the economy. While we cannot control the fact that businesses are temporarily closed and the market is volatile, we can control our personal finances - adjusting spending or simply being more mindful during these unsteady times. So, how should you mange your money during this pandemic and economic uncertainty?
