All was fine this morning until I got the dreaded email:
An update on your Online Savings Account
That’s been the fifth email I’ve received from my bank telling me the interest rate on my savings account is decreasing.
Remember the good ‘ole days when high-yield savings accounts had interest rates over 2.00%? Because I sure do.
Now, the APY on my account is a measly 0.80%. If banks keep lowering the interest rates, what’s the point in keeping my money there in the first place?
More importantly: why are they doing this?
If interest rates are only getting lower, it might be time to look for new places to put my money to work. Even though I’m still making a little, it’s never enough. …
When I first started investing, I had no clue what I was doing.
Which stock should I pick?
More importantly, which type of stock should I pick?
It can be quite confusing when it comes to picking stocks, especially for retail investors like us.
I’m not a stock market pro, but I can definitely tell you about the differences between the types of stocks you’re buying.
Stocks are individual shares of a company. The goal of buying a stock is to get a return on your money, and there are several different objectives for each stock.
Companies have different strategies for how they want to expand, so the way shares are issues varies between them. …
The past two days have been bad. Not fun at all.
I’m in a funk, you could say.
I don’t know if I’m only speaking for myself, but one little thing can turn your day upside down. You don’t intend for it to ruin your day — sometimes it just happens. I found the worst way to deal with a bad day is to force a good day to happen. Sometimes, it’s just not there.
I can’t necessarily give you the advice to “wake up and smell the roses” because I’m terrible at it. We all know going for a walk and breathing fresh air can make your day better. How can I give you advice I cannot follow myself? …
I lost my scholarship two years ago, and I needed to pull out $5,000 in student loans to cover next semester’s tuition.
I wouldn’t need it for another six months, so I figured I’d put it in the stock market and earn a little money. Nothing could go wrong, right?
But when tuition came due, the market wasn’t looking so good. I had to withdraw the money and take the loss. I couldn’t wait for the market to go back up.
In the end, I lost about $300. It doesn’t sound like a lot, but it was a decent amount for a college kid with barely any savings. …
Is making money a goal? Think about it.
How much money? For what? When do you reach the goal? What happens after?
“Making money” is not a goal because it’s open-ended and too broad.
Money is the tool you use to reach your goals.
Making money can be an objective, but if that’s all we feel like we’re working towards, that’s not very exciting. Why are you making money? We all have our aspirations, but we need goals and action plans to get there.
There are three things a financial goal needs to be:
When making a financial goal, you need to get down to specifics. Without being specific about what you want, it’s hard to keep track of your progress. …
When you first start investing, it can be easy to skip over the fundamentals. We jump right into the market without knowing what we’re doing.
But if you’re putting your money at risk, you want to be able to make informed decisions.
There are several things I wish I would have known before I started investing. Understanding these different aspects of investing has made me a smarter investor, and I have more confidence in where I’m putting my money.
Dividend reinvestment plans automatically reinvest the dividends back into the stock or ETF. …
The holidays are always a fun time, but it can be easy to overspend.
Last year I spent way too much money, and it could have all been avoided if I was more prepared.
During the holidays, we always think we need to go all out and impress everyone. Whether we’re buying too many decorations, too many gifts, or not shopping for deals, we can still stay within our budgets.
Christmas shopping is unreasonably expensive — especially for cards. Who decided it was reasonable to charge $6 for a card?
Spending $100 on Christmas supplies isn’t necessary, and the stuff at the dollar store is just as good. No one cares if your card is fancy, and it’ll probably be thrown out anyway. …
I’ve seen some negativity about Medium's changes, so I thought I’d give my two cents on the issue.
I want to provide a different point of view — a positive one.
Many changes have gone underway the past few weeks, but the most notable changes I wanted to discuss are:
While these changes were unwanted at first, I’ve started seeing the benefit.
After a story gets published, usually we’re used to seeing a message telling us to “hang tight.” …
Got a little too excited on Prime Day?
I don’t blame you. There were some great deals.
Whenever there are big sales promotions, it can be easy to overspend on stuff you may or may not be able to afford. You think you’re getting a deal, but there’s always a catch.
Amazon will show a countdown, how many items already sold, how long a product will remain on sale and the limited number of items in stock.
Seeing the numbers and countdowns makes you think you need to buy the item right away. This aspect of Prime Day is most troublesome. …
I’ll admit it — I hate budgeting.
I want to spend my money on what I want.
And trying to keep track of every single cent is a headache.
But even though I hate budgeting, I still have to manage my money somehow. I need to find a new way of budgeting that works for me. I wanted to be able to spend without having to obsess over my spending.