Every year it’s the same: As you go to sign on the dotted line to renew your lease, you think, “Dang, I really should just buy a house and stop throwing money into the rental abyss.” And then you think, “Wait, what? I’m not sure if I’m ready for homeownership!”
When you rent a home, your landlord deals with the headaches of home ownership. But when you buy a home, you’re investing in your future. Unfortunately, there is no one right answer on which is better — but here are some important things to consider.
Head to the link in our bio for help deciding which one is right for you right now.
2 days ago
Four years ago, at 22 years old I made the decision to move across the country to be with my then boyfriend. Although we’ve known each other since middle school, we had been dating less than a year before I packed my bags and headed west for Camp Pendleton.
People thought I was crazy, but it was easily one of the best decisions I ever made. So the military gives young people some great incentives to get married and have children like a housing allowance and the ability to leave the barracks for example.
All things they should have, but when I moved we purposely decided not to get married as soon as I got there in fear of doing it for the monetary benefits. Obviously, that shouldn’t be a reason anyone gets married.
We struggled a lot, a marine corporal salary is ~$25k/year and I worked part-time for minimum wage while going back to school. We paid $650/month to rent a room and $550 for my room back home that I didn’t wait the lease out on. That was $1,200 on rent while we brought in around $3,100/month – almost 40% of our income.
We ended up getting married after realizing our relationship was for the long haul (and still is 2 years out of the military). After we got married our monthly income rose to about $6,700/month.
But guess what? While we thought we’d be in better shape financially it wasn’t until February of 2018, almost two years later, that we actually got our shit together.
We didn’t make more money and save more money, we made more money and spent more money. Does more income help? Of course, but only if you let it.
Four years ago I’m truly not sure how we managed in California on $3,100/month and no budget. As Leo’s contract was ending I wasn’t sure how we’d manage with no housing allowance or consistent income in California.
Now, two years out of the military and we are in better financial shape than I could’ve imagined, while I work two jobs and we are on track to pay off $76k in 24 months.
I share all this to say, keep pushing, work hard and budget your income. That’s really what it took for us and I want everyone else to feel as secure as we do now. It wasn’t always this way, but it’s been worth every single hard thing I’ve had to do.
“It’s guaranteed football is going to be over one day,” New York Jets linebacker @bcope51, says. That's why he's planning ahead.
The Wharton School graduate, who spent two summers interning at the investment bank UBS in college, took an off-season job on Wall Street in 2017.
And now his latest side hustle brings him back to the classroom teaching a financial literacy seminar at his alma mater.
The class, which Copeland nicknamed “Life 101” covers “the realities of life we all have to deal with,” he says, like how to invest, plan for retirement and build credit.
“I don’t care if you’re an engineering student, a nursing student, if you’re going to build rockets when you grow up or if you’re going to sweep floors,” he says. “You’re going to have to use something in this class.”⠀
What do you think? Share your thoughts with the community👇🏼⠀
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Idea taken from @cnbcmakeit⠀
1 week ago
Here’s a budgeting method for couples who want to have their cake… but are willing to avoid touching half of it. The starve and stack method might sound scary, but it’s doable –– one of our writers paid off $78K using the method. Are you and your partner up for the challenge?
To get tips like this delivered to your inbox, subscribe to The Penny Hoarder Daily at the link in our bio!
#lessmoneystress #savemoney#personalfinance#finances#moneytips #managemoney
6 days ago
“The more you learn, the more you earn.” Warren Buffett .
Wise words from a wise man. He also happens to be the 3rd richest person in the world ($83 Billion), so ya im gonna take his advice. 🤑
Here’s a fat stack of business books to help you on your road to riches. 💸 Which one of these have you read? 💰📚
3 days ago
For many N1 million is the golden mark. Once they attain that, it feels like they've arrived.
Yet to many, it seems unachievable. It's kept for a certain class of people. That's not true.
You can start step by step, with as little as N30,000 and achieve that in about half a decade.
Let's help you on this journey, by walking you through the steps.
In our community, we take different asset classes and explain simply.
Do you know we have a community? I’ve always thought of a closed community where like minds can share real problems on investing, get the 1st up to date investment opportunities and get their questions answered real time.
For just N5,000 per 6 months
That’s like N830 less than the cost of a smoothie or shawarma
Knowledge is key
Link to join in bio.
1 week ago
Where do I start? But how do I get out of debt? I get asked these question a lot. Sometimes it’s from a new follower and other times it’s from folks I’ve messaged back and forth a few times with the same answer. In general, I think people tend to over complicate something that is pretty simple. They get overwhelmed or are simply lazy and just don’t want to do the work so they keep asking the same question, maybe to the same person or to different folks but it’s not that difficult of a process.
The important thing is that you start. ⭐️Get out a sheet of paper and start writing out all of the money you owe (this may or may not be pretty time consuming so make sure you have plenty of time to get it done). Include the current amount due, who you owe the money to (Navient, MasterCard, etc), and the interest rate. Once you have a list of ALL of your debts listed in spot, proceed to #2. ⭐️Google “Debt snowball” and “Debt Avalanche” read about them and understand what they are. ⭐️Signup for Undebt.it and plug in your list of debts from step one, play around with different scenarios and figure out which one will work best for you. You can also plug in the date you want to pay all your debt off and see what that will look like. ⭐️Attack your Debt according to the schedule Undebt.it lays out for you or in accordance with the debt method you picked (debt snowball etc.) Up next- How do I create a budget and incorporate the above.
1 week ago
One of the hardest questions to ask yourself is if you can afford _______. You might just look at the initial price and find a way to “make it work”. But can you afford the hidden costs on top of that? This is a little more tricky to answer, since we don’t always have the list and prices for those items right in front of us.
For my family we stick to the Jay Z quote of “if you can’t pay for it twice you can’t afford it” or something like that. Especially, since I’m married and my husband probably wants something of equal value for the less pricy items. Okay okay it’s me, I’m the one who always wants something at an equal price point of what my husband buy. Lol But when it comes to the pricy items like a car and a house well...those are the top items we all want, but don’t necessarily always know if we can afford completely.
A small tip is to do your homework, yes like when you were in school all those years ago. You have to know what the monthly hidden costs are and the sometimes hidden costs. For the here and there costs I personally create a sinking fund for them in my short term goals. But for the scary month to month hidden costs, this is something you can’t play around with, you want to add that to your budget. What I don’t like is when sales people don’t tell you “clearly” about all the hidden costs. They probably need a presentation and video like they do in the airplanes. Maybe that will wake us up while we are signing up for paycheck-to-paycheck to pay these items.
How do you guys prepare for hidden costs?
Follow ——> @Poisedfinancelifestyle
Una de las preguntas más difíciles de hacerse es si puede pagar _______. Puede mirar el precio inicial y encontrar una manera de "hacerlo funcionar". ¿Pero puede pagar los costos ocultos además de eso? Esto es un poco más difícil de responder, ya que no siempre tenemos la lista y los precios de esos artículos frente a nosotros.
Para mi familia nos apegamos a la cita de Jay Z de "si no puede pagarlo dos veces, no puede pagarlo" o algo así. Especialmente, dado que estoy casado y mi esposo probablemente quiere algo de igual valor para los artículos menos caros. Per
One of my greatest joys is when I have an opportunity to share my story with audiences. I feel such freedom when I speak, and even more so when I connect with an audience who finds value in what I present.
I only wish that I would have more opportunities to to get on stage with mic in hand, but until then I’ll just relish every opportunity I get.
1 day ago
As we move towards wealth preservation, we are slowly increasing our positions in investments that can generate steady modest growth.
I came across this particular vanguard fund in my reading and thought it would be a good investment for us to include in our portfolio. It’s 60% stocks and 40% bonds and should help smooth out the bumpy road ahead!
Whether you are preparing for this season or the next, don’t miss out on our $1.00 down fast approval financing on mowers! We have a lending team ready to help you today! Check out the link in our bio!
Having money solves a lot of problems, but it can also cause unforeseen issues. ✨We highly recommend reading “I’m Finally Making Money, But It Doesn’t Feel Great” by @charlottecowles for @thecut (link in bio)
Reposted from @livingwithogo (@get_regrann) - This post is dedicated to three kinds of people; .
Doubting Thomas😏- the ones who believe that investing is for “rich people” .
Procrastinator🤫 - The ones who know that these investment options exist but are waiting for another reminder – Aha! Today is your lucky day😂
Learner☺️- The ones who have taken advantage of some, but are looking to diversify
I hover within all three stages, at different times, so welcome😁, welcome😁
There are a thousand investment opportunities in Nigeria, but this post is focused on some "Passive" investment options in Nigeria which require between N5,000 -N100,000💵
Every investment opportunity has a risk (low/medium/high) of failing, but that shouldn’t be enough reason to deter you from investing. Due to the word limit on Instagram, I’ll have to split this post into 2 parts...
Let's get right to it🤸♀️
1️⃣ The FGN savings bond is tailored and targeted at retail investors with guaranteed quarterly interest payment and repayment of principal at maturity. Minimum subscription amount is N5,000. The bond earns an investor a coupon or interest income that will be paid quarterly, and directly into the investor’s bank account. You can invest through a recognized Stockbroker such as Stanbic IBTC Stockbrokers
2️⃣Treasury Bills (T-Bills) - The government raises money from the public to finance its expenses or to mop up excess cash in the economy. T-bills are considered low risk because the government guarantees it. They are sold at a discount and redeemed at par- i.e. you buy at N950 redeem at N1000 (face value). The minimum investment is N50 million to Banks/financial institutions, however many financial institutions create a secondary market where individuals can invest with N50,000, or more.
3️⃣Mutual Funds - This is a professionally managed investment fund that pools money from various individual and institutional investors to invest in accordance with the fund’s investment objectives. It is a convenient way for an inexperienced ..... To be continued in next post Part 2👍
#personalfinance #financialliteracy#Education#growth #finance
1 day ago
SOUNDS LIKE AN AMAZING DEAL RIGHT?!!⠀
This are the tricks companies use to make you think like you’re getting a deal.⠀
But this is just another form of debt.⠀
You owe equity in the phone while you use it. ⠀
You’re basically financing your phone, and your phone is something that depreciates really quick!⠀
Now why would you finance something that is losing value faster than you can say “depreciate”⠀
I mean you shouldn’t.⠀
Don’t do it...⠀
The old proverb “He who fails to plan, plans to fail.” unfortunately comes into play with a lot of people when it comes to their retirement. Most people think that they have time,so planning for their own future always gets pushed aside. Let's not put it off anymore and start planning today by just having the conversation.
#eAZysolutions #financialfreedom#peaceofmind#financialsecurity#lifeinsurance #personalfinance