As all workout warriors and diet veterans can affirm, these are core requirements of any successful fitness plan. Without these characteristics, most physical fitness journeys fail before they’ve truly started.
Similarly, becoming financially fit and achieving financial freedom requires a game plan possessing all of these same attributes. Crafting such a plan is a tall order, but after reading this article you’ll be well on your way to answering the bell.
Today we’re peeking through the keyhole at how online banking can open the door to your path to financial freedom.
If you’ve ever attempted to follow a map to a given destination while unaware of your exact location, you know how frustrating and fruitless of an endeavor this can be.
Whether as a tourist, road-tripper, or mall-shopper, most of us have found ourselves in this situation at least once before. We all know the uncomfortable feeling of uncertainty that ensues – the second-guessing, the traveling in circles, the lost time and frustration.
It’s no mere accident that standard navigation software such as Google Maps, Apple Maps, and MapQuest require users to either input a starting location or enable the automatic tracking of their current location prior to providing directions to the selected destination. Continue Reading
Saddle Up, Rodeo Cowboy: Time To Master Your Money Bronco
Now comes the fun part – it’s time to start putting all of this new-found knowledge to work.
I’ve been letting you off easy in terms of practical application of the topics covered so far. But like a rodeo cowboy fast losing his grip, that’s all about to change in the blink of an eye because it’s time to saddle up and master your money bronco.
This is the fifth and final installment of a series on compound interest and the impact it can have to both speed and sabotage your journey to financial freedom.
In part four of this series, we reviewed how the power of compound interest creates a hidden, deadly cost of debt in the form of opportunity cost, which can effectively double the interest you pay on your credit card and easily triple the original cost of a mortgage. Continue Reading
Compound Interest, Part 4: The Hidden Opportunity Cost Of Debt
By now you should be familiar with how to calculate the total amount of interest incurred over the life of a loan when you purchase something on credit, whether that be in the form of a credit card, auto loan, student loan, or a mortgage. Continue Reading
Compound Interest, Part 3: History’s Best Double Agent
This is the third installment of a 5-part series examining the massive impact compound interest can have on your journey to financial freedom.
In part two of this series we reviewed how the power of compounding accelerates over time and can serve as your rocket to riches, making it possible to break the sound millionaire barrier by simply saving and investing $46.00/week over a period of 50 years.
In today’s article we’ll be detailing how compound interest can actually work AGAINST you by going undercover and acting as a double agent to thwart your financial goals.
You may view the concept of compound interest as simply a boring financial term that you (fortunately) only have to deal with a few times in your life, such as while applying for a credit card or slogging through mortgage origination paperwork.
But if you’re reading this article, it’s probably safe to assume that you’re interested in either ending the stranglehold your finances have you in, increasing your bottom line, or becoming independent of a paycheck. Maybe even all three.
If that’s the case, we need to revisit this concept of compound interest. It is one of the most powerful forces in the universe, and it has the potential to change your life. Continue Reading
Financial Intentionality: The 9th Wonder Of The World
We also learned that nearly half of all Americans already meet this criteria and that the average adult is only $1,301/year ($.63/hour at 40 hours/wk, for those counting) from doing the same. Lastly, we reviewed some troublesome statistics regarding the money situation of everyday Americans:
Up to 78% report living paycheck-to-paycheck
As many as 72% identify as being stressed by money
57% have less than $1,000 in savings
39% have no savings at all
The obvious question remains: why this stark discrepancy between high average income and extremely low levels of personal prosperity? Continue Reading