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What can a financial advisor do for you?



1. Financial advice cost




2. Where to get financial advice?



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Related: 5 Mistakes People Make When Hiring a Financial Advisor

4. Questions to ask your financial advisor



5 Reasons You Need to Hire A Financial Consultant




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  • How to Choose A Financial Advisor
  • 5 Signs You Need A Financial Advisor
  • 5 Mistakes People Make When Hiring A Financial Advisor





Gratitude in a Difficult Year

This year took so many twists and turns we havenât been able to keep countâ often leaving us in complete overwhelm with a whirlwind of thoughts and emotions. Grief, anxiety, and sheer disappointment are just a handful that comes to mind when we reflect on the endless amount of curveballs life has thrown over the past year. Tragedy and loss plagued the entire world, leaving us speechless day after day. Despite the darkness that loomed for what seems like an eternity there has been an outpour of positives that we canât forget to remember. As 2020 quickly comes to a close, letâs take the time to decompress and reflect on the happier moments we were lucky enough to live through and witness. Even though Thanksgiving may look less traditional than previous years, we still can readily name some things that shift our hearts to a place of gratitude.

Family first

Letâs face it â the hustle and bustle of life impact our family and friends more than weâd like to admit. Competing schedules, conflicts, and not making enough time for those that matter are often reasons why we are unable to nurture the people we hold near and dear. Because of restrictions on travel and other entertainment, we were forced to become more creative with our time indoors; in turn, helping us to restore the meaning of family and work-life balance. Quite frankly, it allowed us to hit the pause button on everything that probably was unintentionally too high on the priority list in the past. Our families served as the safety net itâs supposed to be when the weight of the world (and social media) became overbearing with less than desirable news. We utilized technology to a new degree when scheduling virtual happy hours, catch up sessions with our loved ones, and birthday celebrations in other geographic areas. It made us truly appreciate the very thing we took for granted; all the people that make up our family tribe. Â 

Curating and developing passions

2020 generated a newfound level of introspection, leaving our minds to really consider what it is that we really cherish the most. Whether it be career-related or new passion projects, this year made room for some much-needed self-reflection, making us reassess where our fulfillment really comes from. Leveraging books, social media outlets, and various streams of consuming knowledge-based information sent us on a path of rediscovery. Remember that âotherâ to-do list thatâs filled with the things you really donât want to do around the house? It even made that list appear fun-filled! Home improvement projects and DIY tasks were done with enjoyment while being budget-friendly. Adulthood can be full of things that arenât as exciting, but mustering up the courage to take ideas from ideation to execution served as a second wind. New business ventures and side hustles were birthed with unmatched creativity, a place many of us havenât been in quite some time. Existing businesses were able to thrive despite the unprecedented events occurring nationally. Funding was also provided to various business owners which granted many small businesses to increase their visibility while positively generating profit.Â 

The importance of sustainment

There are a countless number of families that were impacted by job loss and/or unexpected expenses. It doesnât matter if things started off rocky financially â what matters most is youâre still standing. Getting caught up on bills, eliminating some debt and saving are all things to be very proud of. Temporary hardships donât have to turn into permanent problems. Creating a plan of action and sticking to it no matter what arises will always be rewarding. Celebrating the small wins should never be overlooked. Weâve all handled this year in different ways â but whatâs most important is discovering what works for you. Rule of thumb for those that are battling with the ânot enoughâ emotions: donât believe the hype. While there is a multitude of people accomplishing great things, there are also many imposters. Social media is a highlight reel, a virtual platform where people can share whatever information they choose, at their discretion. People are more likely to share their highs versus their lows, so be sure to keep in mind you may only be getting a small piece of the overall story. Donât look at someone elseâs life and fail to recognize what youâve done on your own. Financial progress, no matter how insignificant you may think it is â is still progress. We all make financial missteps and life has a way of making things very difficult that hit us where it really hurts. Keeping your head above water, remaining afloat, maintaining your health, and providing for your family should never be considered a small feat. Grant yourself some grace and reflect on the dedication it took for you to get (and stay) where you currently are.

Back to the basics

This year forced us to really hone in on what matters and prioritize accordingly. This applies to our lives, but most importantly our finances. Pulling back the curtain to really take a look and evaluate where money was going served as a constant reminder that we should be doing this more than the occasional once or twice a year. Itâs never too late (or too early) to create new money habits! Financial stability is essential â and maybe the cushion we imagined should be enough proved itself to be untrue. Our willingness to make changes at a faster rate to ensure the financial security of our families felt less painful and so much more intentional. The uncertainty of everything occurring allowed us to complain less while redefining comfort levels with our contingency plans.

No matter what has transpired this year, what are you most thankful for? As things come to mind be sure to jot them down. Reference them when your days seem laborious or when your feelings try to force you to reflect on things that arenât as positive. Itâs clear we donât know what the future holds, but we do know (and have been reintroduced) to the moments, things, and people that continually keep us hopeful and thankful â no matter what lies ahead.



How to Pay Off Debt – Fast!



tricks to getting out of debt fast




  1. Preparing your Net Worth and Debt Paydown Forms
  2. Understanding your Money Attitude
  3. Creating Your Budget
  5. Setting up Your Emergency Fund









Debt Payoff Forms Bundle





Citibank – $500 owed — minimum payment $10
Visa – $875 owed — minimum payment $15
Ford — $10,475 owed — required monthly payment $375


Visa – $875 owed — minimum payment $15
Ford — $10,475 owed — required monthly payment $375


Ford — $10,475 owed — required monthly payment $375











1/3 towards the past — use to pay off debts
1/3 towards the present — have some fun
1/3 towards the future — savings















get out of debt



A Parent’s Guide to Setting a Successful Budget for a College Student

The post A Parent’s Guide to Setting a Successful Budget for a College Student appeared first on Penny Pinchin' Mom.

Â You are getting ready to send your child off to college. Before you start helping them pack their belongings, there is one thing you need to do.

You need to help them create a budget. You need to teach them how to manage their money so they can learn the tools theyâll use long after they graduate.


The truth is everyone needs a budget. It does not matter your age. If you are dealing with money, a budget is necessary.

  1. Allows you to control your money. Rather than your money telling you what it wants to do, you get to tell your money where it needs to go. You are always in control when you have a budget.
  2. It teaches financial skills. A budget helps ensure that expenses such as rent, tuition, food, insurance, transportation, and housing are paid â before spending money on the fun stuff. (It also helps to make sure you donât spend more than you make.)
  3. Makes you aware of where your money goes. When you use a budget, you see how you spend. It is very simple to see if too much is going toward dining out when you should be building your savings.
  4. Helps you track your goals. You need to cover expenses but you should also work on building savings at the same time. Your budget allows you to not only see those goals but track them in real time.


Not at all! If anything, your budget will allow you to have guilt-free fun.

For example, the budget may allow you to spend $50 a week dining out. That means you can go to dinner with friends once (possibly twice) a week and enjoy yourself. You wonât be left wondering how you are now going to make rent.


There are various methods of budgeting such as the 50/30/20 and the zero-based budget. For most college students, the zero-based is the simplest and easiest to follow.

The reason is that you track everything. You give every penny a job. That means if you earn $1,500 for the month that you âspendâ the entire $1,500.

You will first cover the needs (food, shelter, transportation) and then your wants. If there is money âleftoverâ after this is done, it can be added to your savings.

You can use other types but if you have never budgeted before, using this method is the simplest.


The budget will vary for each person, as the income and expense will be different. However, these are the most common categories that need to be included in a budget:

  • Rent
  • Renterâs insurance
  • Car payment
  • Car insurance (also saving for annual renewal fees)
  • Food
  • Clothes
  • Utilities (phone, electricity, gas, water, etc.)
  • Tuition
  • Fees
  • Entertainment (movies, games, concerts)
  • Dining out
  • Emergency fund savings

Again, you may have items that are not included above or see some that you do not need.

However, the most important thing of all is that every penny is given a job. Account for everything you will spend each month so you never have too much month and not enough money.


For most college students, apps or digital trackers are the best options.Â  But, before you rush and sign up, keep the following in mind.

  1. Cost. Many apps are free and they will work perfectly fine. Other apps have a monthly fee attached to them. If you plan to use one of them, make sure you include that as one of your regular expenses. However, do not let the cost alone be a single factor when it comes to clicking the sign-up button.
  2. Security. Your security trumps all else. You need to make sure the app uses encryption as well as two-factor authorization.

Some of the best apps include:

  • Mint
  • You Need a Budget (YNAB)
  • PocketGuard
  • Mvelopes

However, your student may also like the traditional paper and pencil method â and that is OK as well.

Find the right one that works best for your student. That is all that matters.


Knowing you need a budget and where to track it is just the beginning. You need to teach your child how to budget.

Start by looking at each category that they need on their budget. You may already know the cost for each category but if not, you may need to make phone calls or do research to know.

For example, you know the rent for the apartment is $850 a month but how much are the average utilities? Ask the manager for these costs so you can include them in the budget.

Next, decide how much they want to allow themselves to spend on food. Show them how much a meal costs for a single person at each restaurant you eat at so they can create an average.

You will then have them decide how much âfun moneyâ they want to include as well. You can base this on them wanting to go to the movies two times a month, one concert a month, or attending three events.

Now you can see the expenses for your student. Add their income to the budget and deduct the expenses. They will see if they are operating in the black (money left over) or in the red (spending more than they make).

Show them how to adjust the numbers by increasing their savings or lowering the amount they can spend on clothes â until the budget equals zero. Zero meaning they are spending every penny they earn.

And making them keep track now will help ensure they stay on track well into the future.






What Is Considered a Good Return on Investment?

hand holding smartphone on yellow background

People invest with one goal in mind: To earn a good return on their investment. Returns can be determined by the type of investment, the timing and the risks associated with it. That means returns can vary wildly, often making it hard for investors to plan for their financial future. So just what exactly is a good return on investment?

Buying stocks has traditionally been considered a risky but high probability way to earn a good return. Looking at the performance of a market index like the S&P 500 can help lend a sense what kind of return an investor can expect during an average year.

Dating back to the late 1920s, the S&P 500 index has returned, on average, around 10% per year. Adjusted for inflation thatâs roughly 7% per year.

Hereâs how much a 7% return on investment can earn an individual after 10 years. If an individual starts out by putting in $1,000 into an investment with a 7% average annual return, they would see their money grow to $1,967 after a decade. So almost double the original amount invested.

For financial planning purposes however, investors should keep in mind that that doesnât mean the stock market will consistently earn them 7% each year. In fact, S&P 500 share prices have swung violently throughout the years. For instance, the benchmark gauge tumbled 38% in 2008, then completely reversed course the following March to end 2009 up 23%. Factors such as economic growth, corporate performance and share valuations can affect stock returns.

Why Your Money Loses Value if You Donât Invest it

Itâs helpful to consider what happens to the value of your money if you simply hang on to cash.

Keeping cash can feel like a safer alternative to investing, so it may seem like a good idea to deposit your money into a savings account–the modern day equivalent of stuffing cash under your mattress. But cash slowly loses value over time due to inflation; that is, the cost of goods and services increases with time, meaning that cash has less purchasing power.

Interest rates are important, too. Putting money in a savings account that earns interest at a rate that is less than the inflation rate, that money loses value every single day as well. This is why, despite the risks, investing money is often considered a better alternative to simply saving it, as it can grow at a faster rate.

Pay a little, invest in a lot.

Distributor, Foreside Fund Services, LLC

What Is a Good Rate of Return for Various Investments?


Certificates of deposit (CDs) are considered a very safe investment because thereâs a fixed rate of return. That means thereâs relatively little riskâbut investors also agree to tie their money up for a predetermined period of time. CDs are illiquid, in other words.

But generally, the longer money is invested in a CD, the higher the return. Many CDs require a minimum deposit amount, and larger deposits tend to be associated with higher interest rates.

Itâs the low-risk nature of CDs that also means that they earn a lower rate of return than other investments, usually only a few percentage points per year. But they can be a good choice for investors with short-term goals who need a relatively safer investment vehicle.

Here are the weekly national rates compiled by the Federal Deposit Insurance Corporation (FDIC) as of Jan. 4, 2021:

Non-Jumbo Deposits

National Avg. Annual Percentage Yield

1 month 0.04
3 month 0.07
6 month 0.10
12 month 0.16
24 month 0.21
36 month 0.25
48 month 0.27
60 month 0.33

Jumbo Deposits (â¥$100,000)

National Avg. Annual Percentage Yield

1 month 0.05
3 month 0.08
6 month 0.11
12 month 0.17
24 month 0.22
36 month 0.26
48 month 0.28
60 month 0.34


Bonds are considered to be safe investments. Purchasing a bond is basically the same as loaning your money to the bond-issuer, like a government or business.

Hereâs how it works: A bond is purchased for a fixed period of time, investors receive interest payments over that time, and when the bond matures, the investor receives their initial investment back.

Generally, investors earn higher interest payments when bond issuers are riskier. An example may be a company thatâs struggling to stay in business. But interest payments are lower when the borrower is trustworthy, like the U.S. government. Government bonds, on average, return around 5% annually.


Stocks can be purchased in a number of ways. But the important thing to know is that a stockâs potential return will depend on the specific stock, when itâs purchased, and the risk associated with it. Again, the general idea with stocks is that the riskier the stock, the higher the potential return.

This doesnât necessarily mean you can put money into the market today and assume youâll earn a large return on it in the next year. But based on historical precedent, your investment may bear fruit over the long-term. Because the market on average has gone up over time, bringing stock values up with it. As mentioned, the stock market averages a return of roughly 7% per year, adjusted for inflation.

Real Estate

Returns on real estate investing vary widely. It mostly depends on the type of real estateâif youâre purchasing a single house versus a real estate investment trust (REIT), for instanceâand where the real estate is located.

As with other investments, it all comes down to risk. The riskier the investment, the higher the chance of greater returns and greater losses. Historically, the rate of return on average properties has been similar to that of the stock market, according to one study. That study found that the return on homes have been between 8.6% and 10% per year .

High or Best Return on Investment Assets

For investors who have a high risk tolerance (theyâre willing to take big risks to potentially earn high returns), some investments are better than others. For example, investing in a CD isnât going to reap a high return on investment. So for those who are looking for higher returns, riskier investments are the way to go.

Remember the Principles of Good Investing

Learn more â

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SoFi InvestÂ®


The post What Is Considered a Good Return on Investment? appeared first on SoFi.


What Is “Accessible Income” on a Credit Card Application?





What is accessible income?




  • Income paychecks
  • Tips
  • Bank checking accounts
  • Savings accounts
  • Income of a spouse
  • Grants, scholarships, and other forms of financial aid
  • Investments income
  • Retirement funds
  • Trust funds
  • Passive income
  • Checks from child support and spousal maintenance
  • Allowances from your parents or grandparents
  • Social security payments or SSI Disability payments


What does not count as accessible income


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Accessible income on the credit card application




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How Much Should I Spend on a Car?

How Much Should I Spend on a Car?


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The True Cost of Buying a Car





Related Article: The True Cost of Cheaper Gas

How Much Should I Pay?

How Much Should I Spend on a Car?




How to Buy a Car Without Busting Your Budget




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The Takeaway

How Much Should I Spend on a Car?




