These first-time homebuyer tips will help your home buying journey follow a financially responsible path. Purchasing a home is a complex process with many steps, and it’s one of the biggest financial decisions you will ever make. Homeownership is a big part of the American dream, but it seems like a stretch these days. I’m …
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Life insurance is a marker of financial adulthood, but it can be hard to know how much life insurance you should have. Your needs depend on your personal situation. Luckily, there are some guidelines to help you decide if you need life insurance and how much you need. What is life insurance anyway? Simply put, …
Do you find yourself struggling to work out how much money you’re spending and where it’s going? We all know that budgeting is an important part of financial stability, but many people don’t know where to start. With so many different budget methods, which one will be the best for your life and money situation? …
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Listen to the podcast episode The final step toward financial security varies from person to person. You can choose the next financial goal to pursue after Paying off debt Saving 6 months’ expenses and Increasing retirement contributions Depending on your choice of goal, you can accomplish multiple over the years. You can, and likely will, …
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Listen to the podcast episode Early, monthly retirement contributions are the single most important part of your long-term savings plan as you prepare for life after work. Waaaaay back in FSS Step 2b, you started saving for retirement. When you are saving a mini emergency fund or have debt (other than a mortgage), retirement contributions …
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An emergency fund is a critical tool in the journey of staying debt-free. You won’t need a credit card to pay for emergency expenses. Listen to the podcast episode Step 7, paying off debt, is probably going to take at least a year. For many people, it will take even longer. Keeping that in mind, …
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Pay off debt to free up money every month and feel financially free. A strategic debt payoff plan will help you stay focused long-term. Listen to the podcast episode Plan to pay off debt If you haven’t already, go back to Financial Security Step 5 and create your debt payoff plan. Make sure to download …
Create a budget to intentionally take control of your finances. Adjust your budget every month to better reach your goals as you pay off debt. Listen to the podcast episode In Financial Security Step 1, you tracked your expenses. The steps since then have been gathering financial information to use to create a budget. Your …
Create a debt payoff plan to take advantage of every extra cent and build momentum to get out of debt more quickly and strategically. Listen to the podcast episode Debt payoff is usually the longest, hardest part of the path toward financial security. It can take years to pay everything off, especially if you don’t …
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Calculate your net worth to track your financial progress. Net worth goes up as assets increase and debts decrease. Listen to the podcast episode: Calculate your net worth to measure your progress toward financial security. Over time, you want your net worth to increase. Once it hits $1 million, you’re officially a millionaire, even if …
Financial Security Step 4: Calculate your Net Worth Read More »