Save By Spending
Everywhere you go you hear about the savings rate in the United States being too low. A study in 2016 by Careerbuilder showed that nearly 4 out of 10 people consistently live paycheck to paycheck while another (nearly) 4 out of 10 people sometimes live paycheck to paycheck. This means that at any point there could be up to 76% of people barely getting by and living paycheck to paycheck. The data also confirms a recent study by Bankrate in 2016 showing that 63% of Americans wo
Why You Must Pay Yourself First
“Pay yourself first.” We’ve all heard the phrase. The funny thing is that when done correctly, it actually works wonders. Paying yourself first doesn’t mean to simply take a chunk of your take home pay and do whatever you want with it. It means to set aside a predetermined amount of money each paycheck for future use, such as for retirement or for an emergency fund. The saying has been around for quite some time but with today’s technology it’s easier than ever to implement.
DRIP Your Way to Wealth
Last week I wrote about why tracking your net worth is so important. It’s not just important, it’s actually vital so that you’re able to see your progress. One great way for new savers to build wealth is by setting up a DRIP. What is a DRIP? In the investment world a DRIP is an acronym for a Dividend Reinvestment Plan. This is the process of owning shares in a company that pay out a dividend, but instead of taking the dividend as cash, the investor uses that amount to purchas