The Concept of Time Value of Money is Important to Financial Decision Making Because … “A bird in the hand is worth two in the bush” This medieval proverb still holds true today. In modern terms, it’s better to have a certain payoff today than an uncertain one in the future. After all, who knows what the future holds? By understanding the importance of time value of money, you can find out how to hack the TVM concept for your own benefit. What is TVM? Time Value of Money Real Life Example What if someone offered you $10,000 today...
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How to Manage Money Wisely – The Personal Financial Planning Process Everyone wants to improve their financial situation, but many people are stuck in the same habits that prevent them from thriving financially. Unfortunately, it’s hard to improve when the same old financial advice is repeated ad nauseum: budget, budget, budget! “What does that look like in my life?” you might wonder. “And aren’t there any other ways to improve my financial life?” You might wonder, “How to manage your money when you don’t have any?” *This article contains affiliate links to help pay for this website. The secret...
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Guest Contributor, Tina Roth Developing ‘good habits’ has become an industry. From Charles Duhigg of The Power of Habit to Gretchen Rubin’s, Better Than Before: What I Learned About Making and Breaking Habits–to Sleep More, Quit Sugar, Procrastinate Less, and Generally Build a Happier Life, creating good habits is important across the spectrum or our lives. This article will show you how to be financially successful with a few good financial habits. Simple financial success is not rocket science. Start early, start small and with practice you can learn how to become financially successful. Financial Success Definition Simple financial success is defined as...
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A millionaire by the time you turn 40? It sounds unbelievable, right? But if you are in your early 20s, fresh out of college, starting a new job, and have the will to become a millionaire as soon as possible, you can make that happen before you turn 40. It will require some self-discipline. *This article contains affiliate links to help pay for this website. You can learn to mentally and emotionally commit to the goal. This means you may have to give up on certain experiences and possessions that many young people enjoy that early in their lives....
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Finance and investing success is for all, not just for a priviledged few who grew up in the “right” communities and went to the “best” schools. With the connectivity of the global community and the democratization of information, there still exists a divide between the “haves” and the “have nots.” One way to level the financial playing field is though education and mentoring. These outstanding people of color are teaching others smart money practices. To create financial success, learn the money rules early and follow those who are successfully creating wealth, from all realms of society. With that in...
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Borrowing Money Today – How to Decide if You Should Borrow Money or Not Unemployment is rising and interest rates are low. Seems like a good time to borrow money to help get through a rough patch, maybe. Smart borrowing can be part of an overall wise financial plan or a decision that will lead you down a path of financial ruin. Learn the pros and cons of borrowing money now, how to borrow money, whether this is a good time to refinance your mortgage and more. Borrowing money to finance life expenses is a big decision and should...
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