Give a portion of your money to others. By releasing an anxious grasp on your money, you will open yourself to receive all that is meant to be yours.
— Suze Orman
I'm a big advocate of a work-for-pay setup rather than an allowance that isn't attached to chores - it's a great way to impart the value of money to your children.
Grace is above praise and blame. I never read the bad stuff people write, but I never read the good stuff, either. Ever. I know who I am, and I know that God looks down on me and smiles. I know that - without a shadow of a doubt.
Money you won't need to use for at least seven years is money for investing. The goal here is to have your account grow over time to help you finance a distant goal, such as building a retirement fund. Since your goal is in the future, money for investing belongs in stocks.
Credit unions are often a better deal than banks and tend to pay higher yields on deposits.
We tend to focus on assets and forget about debts. Financial security requires facing up to the big picture: assets minus debts.
I generally encourage people to make good on debts when they have enough money to repay them. But once a delinquency has been reported to a collection agency, paying it off won't help your FICO score. The damage has already been done, and the blemish will remain on your credit report for seven years.
I have never been a fan of bond funds. Unlike a direct investment in an individual bond that you can hold to maturity and be assured you will get your principal back (assuming no default), a fund has no finite maturity date and most funds are actively traded.
If you're not staying on top of your money, you are putting your financial well-being at risk.
No one's ever achieved financial fitness with a January resolution that's abandoned by February.
So many financial dreams are thwarted by the failure to act upon good intentions.
The advantage of online banking is that you can pay bills superfast, and your account is automatically credited or debited for each deposit and payment, making it easier to stay on track.
The foundation of a financial fresh start actually has nothing to do with money or specific financial dos and don'ts.
Every time you overhear something hurtful, I want you to do something kind for someone else.
Take free money. No matter how in debt you are, if your employer offers a matching contribution on a 401(k) or other retirement vehicle, you must sign up and contribute enough to get the maximum company match each year. Think of it as a bonus.
If you pay off your mortgage before retirement, you take a huge financial load off your shoulders. You also become eligible to take out a reverse mortgage once you turn 62.
If you're saving for the long run, it's actually a good thing when the market is down because the more shares you have, the more you can potentially make when markets rise. And over time - decades, not months - the markets rise more than they fall.
You must trust yourself more than you trust others. Pay attention to your inner voice - it will tell you if how and in what you are investing is right for you.
You should keep a copy of your tax return indefinitely, but you need to save supporting documents for only three years.
What I've learned is that the audience is constantly rotating. Just because it feels like I've said it, there are millions and millions of people that have still never heard of it.
Money you know you need or want to spend in the next few years is savings. Money you keep handy for an emergency belongs in savings. Money you hope to use soon for a down payment on a house belongs in savings. And all savings belong in a low-risk bank savings account or money market account.
Raise your auto and home deductibles to $1,000 or more, and your premium cost falls at least 10 percent.
Structured settlements are a common way for people who have been injured to receive an insurance payout. The periodic payments provide ongoing income and reduce the risk of blowing a lump sum through poor financial choices.
When someone chooses to value herself over the things she can buy, true transformation begins.
Like your home's closets, your financial clutter needs an overhaul every now and again, and the payoff will go far beyond the psychic satisfaction of neatening up.
The last thing family and friends want is for you to spend money on them that you don't have or that you can't really spare.
Thoughtful financial planning can easily take a backseat to daily life.
Put your financial life on autopilot as a form of 'forced' saving.
Make this the year you tackle that credit card debt once and for all.
The chances of a bank going out of business are extremely slim, but it's always a good idea to spread around major sums so every penny is backed by insurance.
Rather than saying, 'My checking account is a wreck,' change it to 'I will learn how to track my spending and balance my checkbook.'
Recast your current problems into proactive goals.
The less money you owe, the less income you'll need and the less you'll have to save for tomorrow.
People often panic when the markets go down and sell off their stocks - but then they aren't in the game when the markets are doing well.
If you make time each month to give your money some attention, you'll start the next year in fabulous financial shape.
For all your long-term investments, such as retirement accounts that you won't touch for at least ten years, you need a mix of stocks and bonds. Stocks offer the best shot at inflation-beating gains. But stocks don't always go up. That's where bonds come into play: They have less upside potential, but they also do not pack the same risk.
If there is anyone dependent on your income - parents, children, relatives - you need life insurance.
The foundation of a financial fresh start actually has nothing to do with money or specific financial dos and don'ts. The first, and most difficult, step is to absolve yourself and your spouse or partner of any guilt.
Your credit score affects the interest rates you're offered on credit cards and loans, can be used to vet your job application, and in some states may influence your insurance premiums.
A cash advance on a credit card is one of the worst types of borrowing because the interest rate is typically 21 percent or more.
Even if you were to fall into extreme financial hardship and file for bankruptcy, you need to understand that your student loan debt will not be discharged in bankruptcy. It is the Velcro of all debts.
A pile of bills and statements - whether paid or not - is a sign that someone is clueless about what's coming in and going out.
Here's my gift-giving rule: Respect your current financial situation.
I love the Roth IRA. Tax-free income in retirement is a truly great deal.
I get so frustrated when people tell me it's unrealistic to create an eight-month emergency savings fund, or have money saved for a home down payment, or pay off their $5,000 credit card balance.
It's impossible to map out a route to your destination if you don't know where you're starting from.
Don't let what others think or say get in your way; their actions reflect on them, not you.
Find $50 a month for savings. No excuses!
Once your kids are grown and you know that you're completely healthy, consider canceling your life insurance policy.
Look everywhere you can to cut a little bit from your expenses. It will all add up to a meaningful sum.
