Category "Financial Advice"

Beating Student Loans – How I Am Paying Off $22,371 in Student Debt

Tips for paying off $22k in Student Loans

This post was written by Drew Cloud, founder of The Student Loan Report. Take it away, Drew!

It feels good to beat student loan debt.

It can take some hard work, but it is well worth it to be able to use your income for life’s milestones, such as buying a car or a house. On top of this, many borrowers are completely blindsided by the interest they are required to pay on their loans.

For many, student loan debt hanging over their heads means that they can’t achieve these major steps in their lives. Despite this, there is a way out. I am beating my $22,371 in student debt so I can pursue very important financial goals sooner rather than later. Continue Reading

How Robo-Advisors are Changing Investing

Piggy bank - how roboadvisors are changing investing

This is a guest post from Kayla of ListenMoneyMatters.com

In the past eight to ten years, the financial world has seen the rise of a new way of getting financial guidance through robo-advisors. This relatively new investment concept was not widely used at first, but it has picked up momentum and is now a serious consideration for those seeking financial wisdom and help with investing for retirement.

In a world where money is constantly changing hands, it seems that robo-advisors are here to stay. But just how are robo-advisors changing investing? Are they really making it easier for people to get started investing? Here are just a few of the ways robo-advisors are changing investing.

Cost of Investing

Before robo-advisors made their appearance, investment consultants could typically be found wearing fancy suits and working in expensive looking buildings. If you wanted to talk to one, you first made an appointment with that firm’s young, pretty secretary.

Next, you would come to meet your financial advisor in a huge, luxurious office sitting behind a massive, highly lacquered desk. Finally, your advisor would explain how investing with him, or her, would turn your small savings into much, much more. But of course, there were always some fairly significant fees attached.

Robo-advisors are changing all that. They take the human element out of investing. As a result, robo-advisors can provide financial knowledge for more people at a lower cost. In the future, fees charged by suite wearing investment advisors may be reduced just to keep up.

Accessibility

Not only are robo-advisors making the cost of investing more affordable, they are also making it easier. Everywhere you go you see cell phones and other internet linked devices in the hands of the people you pass. We are connected now in ways we never have been before, allowing us to get information of all kinds, including investment information, almost instantly. Instead of having to go to a land line to call your investment consultant by phone you can simply pull out your phone and check your investments yourself. There is no wait and you can make changes in your portfolio while you are stuck in traffic or in line at the grocery store. Of course, technology plays a part, but robo-advisors are the tool that makes it possible to manage your investment portfolio just about any place and any time.

Ease of Use

One of the wonderful things about robo-advisors is that they make investing much easier. If you want more control over your investment options, using a robo-advisor can help. You can compare services and fees at the touch of a few buttons without having to go through a person. This means you don’t have to wait for someone else to get back to you with answers. Instead you can get them yourself.

When you want to see what is happening with your portfolio right now, pull out your tablet or laptop, go to the website of your robo-advisor, and check to see how your investments are performing. It’s fast and it’s easy to keep your eye on your investments through robo-advisors.

There are many ways robo-advisors have changed investing in the past few years. They’ve made it significantly easier for beginners to start investing by taking a lot of the fear and uncertainty of the equation.

Beginning investors can use robo-advisors to invest based on their risk assessment with a low beginning investment and low costs. Only time can tell us whether or not robo-advisors are here to stay and if they will be able to keep up as technology advances in the future.

Have you used robo-advisors for investing? Do you think the changes are a good thing?

Kayla is a personal finance blogger in her mid-20s who loves to write about money topics of all kinds.

 

*If you’re looking to get started with robo-advisors, Betterment is pretty beginner-friendly and easy to use – using this affiliate link gets you 6 months free. 

Paying Off Loans with My Savings Account? [Reader Question]

should i pay off debt or save money

Since starting this blog, I’ve gotten lots of questions from friends and family about their current financial situations.

I get great questions regarding something they’re thinking about doing, whether or not they should consolidate, etc.

I love being able to help people decide what their best options are, but sometimes, their questions frighten me at first.

Recently, I received a text from a friend that said:

“I either just did something great, or really stupid with one of my student loans.”

My mind started racing – did she consolidate with a shady company, or pay it off with a credit card balance transfer?

Continue Reading

16 Ways to Become Just Another Broke Millennial

become another broke millennial

 

1. Even if you don’t have the money right now, make sure you go to every social function. Life is all about being able to show that you are successful and can hold your own when it comes to pulling out the wallet, right? Here are some reason’s we are afraid to admit that we can’t afford it:

  • FOMO or “the fear of missing out” – This used to plague me… hard. I was always the last one awake at parties to make sure I didn’t miss anything. Who cares how I was going to feel the next day – the adrenaline of never missing something kept me awake and ready to go even when I was utterly exhausted and should have just stayed home in the first place.
  • Appearance
  • Needing to fake your level of success

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39 Financial Gurus Share Their Worst Money Mistakes

financial advice worst mistakes

It’s always a great motivator when you hear from people who are now successfully on the right track after their previous failures and mistakes. We try so hard to compare ourselves to other people and where they are now, but we often forget that many of them started off in the place we are currently in.

Bonus: Download a free checklist that will show you how to avoid the exact mistakes these experts detail here.

I hope this post allows you to stop being so hard on yourself for mistakes that have gotten you to where you are today.

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