Saving

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What Do You Think it Really Means “To Be Rich?”

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What Do You Think it Really Means “To Be Rich?”

If We Set Unrealistic Expectations for Ourselves, We Never Reach True Wealth.

What does it mean to be rich? Some people live by the balance sheet, some die by it. Others don’t even know what a balance sheet is. How do you define wealth for yourself? A recent article on CNN reported that “a whopping 70% of those with at least $1 million in assets that are invested or available to invest, excluding home values, don’t consider themselves to be wealthy – only when they hit the $5 million mark (did) millionaires begin to feel wealthy.”

Our feelings about wealth stem more from our life decisions and social circles than from the numbers we see on our statements.

Teddy Roosevelt once said, “Comparison is the thief of joy.” Feeling wealthy means feeling you have enough, of wanting what you have rather than being consumed with what you want.

Is Money a Supporting or Driving Element?

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What Your Kids Won’t Learn in School

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What Your Kids Won’t Learn in School

It's back-to-school season, which means it might be a good idea for parents to think about something their kids won't be learning in the classroom this year: how to manage money.

While there has been a growing movement in some states to include financial literacy as a high school graduation requirement, most kids head into adulthood without a good understanding of money and don’t have the knowledge to create good financial habits. Finance is often a taboo topic for many parents. They may not want their kids to worry about money or get a distorted view of the family's wealth. Sometimes parents don’t have very good money management skills themselves.

Our advice: start small. Here are three easy ways that parents can teach children the value of a dollar and start them on a path towards a greater Return on Life.

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Borrowers to See New FICO Scoring System

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Borrowers to See New FICO Scoring System

Goal is to account for a borrower's cash transactions and banking history

When it comes to our credit score, Americans are doing better than ever.

Since bottoming out with an average FICO Score of 686 in October 2009 – one year after the stock market crash of 2008 – scores have risen steadily since, including for the past 8 years.

Currently, the average FICO score in the U.S. has reached 704, a new record that will hopefully continue to rise.

New Credit Score Coming in 2019

In the fall of 2018, FICO, Experian, and Finicity announced a new credit score called UltraFICO Score, which is when the consumer – you and me – agrees to contribute information from our checking, savings and money market accounts in order to provide an “enhanced view” of our financial behavior.

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How to Save Money Fast

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How to Save Money Fast

Check out the recent article from GoBankingRates.com on June 4, 2018 written by Gabrielle Olya where we were quoted on How to Save Money Fast: 3 Ways to Save $1K in a Month

To save money fast, start by challenging yourself to save $1,000 in a month. Shifting your focus to saving for a 30-day period can help you make saving an everyday priority, and can set you on the right track to build up a healthy emergency fund or retirement nest egg.

Here are three ways to save money quickly.

In order to save money fast, you’ll need to follow three basic rules. Here are the three ways you can save $1,000 in a month: