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Planning for Vacation

It’s Not Too Early to Begin Budgeting for Your Summer Vacation

Summer vacation is something that we all look forward to. This holds especially true for children as Summer Vacation becomes the highlight of their year and often creates lasting family memories. However, affording a summer vacation can be tough on most of us. Often people will simply put the expense on their credit cards and end up paying massive interest on the debt. A better plan is to start saving beforehand so you can keep the interest in your own pocket.  Here are a few things you can do to budget for your next summer vacation.

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Good vs Bad Debt

4 Tips for Staying on Top of Your Debt

Debt can be an effective means to an end (such as home ownership) but it does need to be managed. Experts like Robert Kiyosaki say that there are two types of debt “good debt” and “bad debt”.  Good debt is debt that “puts money in your pocket” and bad debt “takes money out of your pocket”. Examples of good debt are loans to start a business, buy rental housing, etc. Bad debt is consumer loans and car loans. A home purchase is actually borderline because it is an asset and its value generally keeps up with inflation but it is more like a forced savings plan (that you have to maintain) rather than a good investment. In our article The Wealthy Buy Assets, the Poor Buy Liabilities, and the Middle Class Buy Liabilities Believing They Are Assets we discuss this in further detail. 

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Cash Back Credit Cards

A Guide to: Making the Most of Cash Back Rewards Credit Cards

Let’s face it, there’s hardly a day that goes by where you don’t spend money. Whether it’s putting gas in your car, grabbing lunch with coworkers, or stopping at the coffee shop to get your morning fix. So the question is, if you’re frequently spending on everyday purchases, would you want to earn a percentage back? With cash back reward credit cards, you’ll earn a small percentage back on a variety of items. It’s equivalent to constantly shopping at a percentage discount.

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Credit Score 720

Going from Zero to 720 Credit Score in One Year

your credit score can have a big impact on many different areas of your life. If you have little or no credit history merchants don’t know if they can trust you or not so they charge you big deposits for everything including getting a cell phone, renting a car, renting an apartment or getting the electricity turned on. These deposits can be several thousand dollars! But if you had a good credit rating they would waive these deposits altogether.

If your credit score is not the best at the moment, you could be thinking about taking steps to improve it, but might not know the best ways to do so. Below are some of the things you should think about when it comes to your credit score.

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These Numbers Should Make You Mad and Get You Motivated

It seems like a national epidemic… One of the biggest challenges that people face today is dealing with their personal debt. According to NerdWallet the average American family has $16,748 worth of credit card debt, $176,222 worth of mortgage debt, plus an auto loan debt of $28,948. All of this is on top of $49,905 worth of student loans (almost $25,000 per adult)!

According to Federal Reserve data in 2014 the Median household income was $53,718 and it rose to $56,516 in 2016. Unfortunately, that is the most recent data we have, but even if median household income rose to $60,000 in 2016 that is a lot of debt to be carrying on that amount of income.

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