Keni
Cosmic Funnies
"I'm Dorothy Gale from Kansas"
Monterey Bay Aquarium
he wasn't even looking at me and he found me
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I'd rather be in outer space 🛸
hello vonnie
occasionally subtle
PUT YOUR BEARD IN MY MOUTH
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Misplaced Lens Cap
TVSTRANGERTHINGS
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Today's Document
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YOU ARE THE REASON
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@seanpomory
14 ways to save money by thinking like a millennial
http://www.businessinsider.com/apps-and-tricks-that-help-you-save-money-2016-3
Pretty solid article on how to save money and get immediate returns on your investments. I think something we can all realize is that we can save money at just about every turn.
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PHOENIX (AP) — Computers help us decide what route to take to the grocery store, who to date, and what music to listen to. Why shouldn't they also decide how we invest?
“Younger investors, particularly those born in the early 1980s to late 1990s known as millennials, are increasingly adopting apps and what are known as robo-advisers to make their retirement decisions for them.”
This article does a great job highlighting apps such as Betterment, Wealthfront, and Acorns which are used as “robo-advisors”. Betterment grew from 1.1 billion last year to 3.5 billion this year, a huge increase in only one year. They furthermore make the point that the problem is not that Millennial’s are not interested in investing, its that they find investing inaccessible. This is a great point considering that Millennial’s are obsessed with convenience and are likely to not pursue something if they do not think it will be easy enough and create a good return on investment.
Finally, the article notes that traditional wealth management isn’t going anywhere anytime soon. With Vanguard’s total market fund equaling 385 billion by itself and robo advisors equaling only 40 billion, there is certainly room to grow. Although robo advisors certainly seem to be growing at a rapid pace - meaning there is a lot of room to grow.
It’s not a line in your budget either. It’s YOUR money that you’ve lent to the government all year. And guess what, they don’t pay interest.
You could be better off having that extra money in your paycheck throughout the year and using it to pay off debt, OR put it in savings where it can gain interest. The goal is to adjust your tax withholding so that you don’t get a large refund, yet don’t owe anything. It’s a fine line! If you just love getting that large payment every spring, at least consider using it to pay off debt, add to savings, or anything to improve your financial picture! 💵💵💵
#taxes #taxseason #taxrefund #taxreturn #personalfinance #savemoney #savingmoney #quote #quotes #quoteoftheday #qotd #frugal #frugalliving #frugalhabits #debtfree #debt #windfall #financialfreedom #financialindependence #finances #simplysave
Super relevant for this time of year!
So true!
6 Keys to True Financial Independence
Some great tips on how to be truly financially independent.
1. Be Debt Free
2. Have few financial obligations
3. Have a highly diversified portfolio
4. Spend less than you can afford
5. Be emotionally prepared to live on much less
6. Give
Wealthfront - an online financial services start-up targeted squarely and unashamedly at Millennial wallets -...
Finally!
An article dedicated just to Millennial’s and how they track/invest their money. It turns out many Millennial’s like the slow and steady model, opposed to what natural thought may be.
“I love that a generation who's identified with the eroticism of immediacy is choosing slow and steady as an investment theme.”
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The benefits of posting on a public platform.
So I’ve come across about a dozen blogs on based solely around people keeping themselves financially accountable to the public. I even follow a few on Tumblr.
When starting this curation project, I didn’t even consider that blogging or posting goals and progress publicly might be a way that people keep themselves accountable financially - I thought only in terms of apps or websites that track every penny you come across. This of course comes with a significant downside in that you cannot post your data publicly, because that would be very unwise. But, if you blog about your goals and where you are progressing with them you can better control what you put out, and better yet, you do not link any accounts or credit cards that could be taken advantage of.
Given our one-click purchasing power, there has to be an easier way to make quicker, more informed financial decisions.
So far, I’ve had a difficult time directly connecting Millennial’s and how the proliferation of wealth management apps has had any impact on how they save and spend money. I think is because of two reasons:
1. There isn’t enough scholarly research in this area. I have yet to find a table or chart of quantitative data.
2. The rise of these apps aren’t actually helping Millennial’s at all. This isn’t because of the number of the apps or their ease of use, but because Millennial’s simply aren’t saving.
This is evidenced in a recent Time article by Alexandra Mondalek.
“Younger workers still need to step up their savings game, however. Millennials’ retirement preparedness score is 12 points below baby boomers, who are nearing retirement or already there.”
Even though it appears the number of them saving has gone up, it is still far above par for course. I don’t believe simple apps or nice aesthetics will change anything either. I believe a better solution is parent’s stepping in (although it may be too late for Millennial’s) and teaching their children about saving as well as revamping financial education in schools. My last financial class in public school was in 7th Grade, and the only thing I vaguely remember is how to write a check (which I never use) and a little on how the overall financial system works. Not anything about saving for retirement, difference between types of IRA’s and 401(k)’s, and most importantly - it was just too early. This should become a mandatory class for all Juniors/Seniors who are graded on well they actually budget their real life money.
That is just an idea and obviously overlooks the nitty-gritty of what it would take for that to happen but the problem is not the amount or access of money management apps, but a greater societal issue that shows a lack of teaching.
Dave Ramsey, one of my favorite money mentors and a world renowned teacher, recommends Mint.com to get out of debt - among other things. Although he doesn't talk about Millennials in particular he does say that simple tools makes it simpler to pay attention to finances, meaning it'll be easier to track spending and saving.
Doing the Math: Renting vs. Buying a Home
By Dahna Chandler
One key aspect of the American Dream is home ownership—it doesn’t just mean having a place of your own, but also building equity, building wealth and maybe even having something to pass on to your children. But buying doesn’t always make financial sense.
Here, three experts help determine which factors to think about as you decide whether to rent or buy.
Let a realtor, home inspector and mortgage officer help
Mary LaViolette-Ange, a realtor and certified distressed property expert with RE/MAX Allegiance, Alexandria, VA, outlines the pros and cons of renting and buying, and suggests that choosing the right advisors is the key to finding a home you can both love and afford.
“Renters pay out about one-third of their income with nothing to show for it later. Renting may seem easy: no taxes, condo fees or homeowners’ association fee to pay, some utilities included in rent, no or little property maintenance to be done. But when the landlord decides to raise the rent, to sell or to move back in, renters ponder the long-term.
“Buying would mean no need to move when least convenient, being able to decorate and update to our taste, putting down roots in the community, staying in the same school district, and investing that money with the incremental increases in equity paying off the mortgage before retirement.
“A trusted realtor, perhaps one met at a neighborhood open house, can help determine the type of housing to focus on so you do not over-buy, based on factors such as future earning power, employment considerations, family configuration, the local real estate market, how many years you plan to own before upsizing or downsizing, whether a condo or townhouse with a higher monthly condo fee but less maintenance is preferable to a townhouse or detached home with a smaller HOA fee. A home inspector will be able to estimate the cost of future maintenance and a home warranty will help even out the payment of large repair bills. A mortgage officer can determine which loan programs would be a good fit for the available amount of down payment (0, 3%, 10%, 20%) saved and/or gifted from relatives and what would be the monthly payment.”
Assess your current financial situation
John Damiano, an associate real estate broker with KellerWilliams in Atlanta, Georgia, outlines the key questions you need to ask yourself before you consider buying.
“When making a decision as to renting versus buying a home you should consider your current financial situation. The first question to consider is, “What are the benefits to pay money toward rent each month without any return?” If your answer is, “I don’t know”, then you should consider talking with your financial advisor and see what your tax bracket is and how much money can you could save in income taxes by buying a home. If the answer is substantial then you should consider that making that purchase is to your benefit.
“The other question to ponder is, ‘How much money is needed to buy a home?’ If you don’t have the down payment and the closing costs associated with closing on a home, then you might consider renting a better option until you have enough money to purchase. Truly the decision on purchasing versus renting is based on each individual’s current financial situation and what are the benefits to buying or renting in their current situation.”
How long are you staying? How much do you have? How much will you make?
Don Frutchey, a senior loan officer with Atlantic Coast Mortgage, LLC, McLean, Virginia, considers additional practical questions that go beyond just your immediate financials.
“I suggest that prospective clients considering whether to rent or buy look at several factors to determine which direction to go. First, how long would they likely spend at that location? This is critical, as it will take time to break even on the costs associated with a purchase.
“Also, consider the monthly payment as, although tax deductions reduce the net cost of ownership, the monthly mortgage payment still needs to be made and in their comfort zone. Additionally, would spending the same on rent put the client in a more desirable home—whether the home is the right size, school district, or general neighborhood? Or could they be in the home they want with a purchase considering their credit and financial state?
“And lastly, one of the biggest considerations for home ownership is the ability to increase, over time, household net worth. Comparing a home valued at $400,000 and a rental payment for a similar home of $2,100 (real world examples in this area), back of the envelope calculations put the increase in net worth of nearly $80,000 in the first five years. This includes an assumed appreciation of 3% annually as well as an accumulation of monthly savings between the mortgage (net after taxes) and a rental payment.”
Doing the Math is a series where we ask three experts to weigh in on common financial decisions.
I wonder how this relates to saving and particularly with saving via personal finance apps.
Is there a connection between higher home ownership among Millenials who use these kinds of apps?
If an employee is happy with their job then they will be more motivated to perform and perform well. What better way to help encourage employee satisfaction than with an employee recognition program?
If an employee is happy with their job then they will be more motivated to perform and perform well. What better way to help encourage employee satisfaction than with an employee recognition program?
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Recognized as one the ‘50 Best Websites of 2010’ by Time Magazine, Mint.com is probably the best personal finance manager on the web. The site tracks everything from all bank account transactions, personal spending goals, and even current loans and investments.
For the longest time, I used to keep track of my finances by hand; but this is far better! I use it religiously. It’s that good. And did I mention that it is FREE?
The First Step to Solving Your Financial Problems
We have all been told at one time or another that money is the key to happiness, but is it really? I have always been a strong believer that stability is the true secret to happiness, but you can go crazy trying to control and predict the future. It is especially difficult to predict the future with finances, since anything could happen to make your personal financial situation better or worse. Of course, the unpredictability of our financial situations should not be an excuse to give up. Making good financial decisions can actually make you very happy, not only because you will have more money, but because you can find pride in accomplishing financial goals.
The first step in solving your financial problems (or preventing them in the future) is through tracking your money. This is incredibly easy to do through www.mint.com Mint is a free website that tracks your spending through credit cards, debit cards and manually tracked transactions. You can include your assets (investments, property, etc) and debts to get a clear idea of your financial situation, and mint will help you make a plan to become debt free! Mint has a budget feature that allows you to set spending limits in a variety of categories such as groceries, shopping, fast food, and entertainment. The best part about this is Mint notifies you if you have gone over budget! Also, you can set your budgets to roll over to the next month, so if you over spend you can balance this out in the next month by spending less in that particular category, or if you underspend you can spend more in that category the next month! Mint also tells you if you have spent more than you earned, which is an important thing to keep track of if you want to be successful financially.
Over time, Mint can tell you which areas you spend the most on, and which areas you need to cut back your spending on. Each month Mint provides you with a pie chart (that changes throughout the month based on your spending) that breaks your spending down into categories so you can easily see where your money is going.
At first, the information Mint shows you about your spending habits can be shocking, but the first step to making changes is admitting you have a problem, so it is important to see where these problem areas are! Tracking my money on Mint has actually become a hobby of mine, it is definitely a positive activity! It is great to see your money grow, especially if you are saving up for something important. Being financially savvy with Mint is the meaning of happy!
Oftentimes Mint.com and I have a philosophical disagreement as to what constitutes a "low" balance
$50 in my checking account? Shit man, that’s gas & tacos for a week.
That’s hilarious...I feel the same way
Your twenties are hard enough already: matriculating from college, finding your first "real" job, moving out on your own, learning how to pay bills for the first time and learning how to navigate a...
I feel that an important aspect to utilizing budgeting software such as Mint is actually creating a budget. This article does a fantastic job highlighting this fact.
If you do not create a budget, when you look at your budgeting software, you’ll end up seeing a nice collection of graphs and and charts that really don’t mean much except that you’re spending money.
This article does lack though on stating any statistics on whether utilizing software helps Millennial’s spending.
Are there any resources out there that either proof or disproof this point?
INFOGRAPHIC: How the millennial generation will transform the economy – based on research from Goldman Sachs
Pretty awesome infographic from Goldman Sachs on Millennial Market Research.
I find it so interesting that the average age of marriage has gone way up since only the 1970′s.
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Why Millennials Are Saving at a Younger Age Than Any Other Generation
http://time.com/money/4108562/millennials-saving-retirement-compare-generations/
Are they saving only because of the recession or because of wealth management apps?
Correlation Between Personal Capital and Increase in Savings
https://blog.personalcapital.com/financial-planning-2/paradox-saving-enough-money-retirement/
I use this app to track my increase (hopefully) in wealth over time, and Mint to track day to day to expenses. I know when I get the summary email every week from Personal Capital, it has the strong possibility of changing my spending habits for the coming week.
