Financial Habits

When Is It Time to Cut Your Kids Off From Your Finances?

Deciding when to let your children stand on their own can be tough, especially when they’re contending with student loans, underpaying jobs, or sky-high rents. But easing your kid’s entry into adulthood could be undermining your own financial security.

According to a December survey from CreditCards.com, three-quarters of parents are providing financial support for their adult kids.

But at a time when the majority of Americans haven’t socked away nearly enough for retirement—the median retirement savings for all working families in the US is just $5,000, according to the Economic Policy Institute—it makes sense to do a little less for our offspring, so we can think a little more about ourselves.

So, how do you figure out when and how to cut your kids off financially?  Learn more below. 

Don't bother wondering why your friends seem to have nicer homes, cars, and vacations — there's only one measurement that matters

Basing your spending off how your friends spend their money is a huge mistake to make.  Large spenders may also be building crippling debt.  

You won't find a real answer to how you're doing in a Federal Reserve survey or a social media feed.  You will find it by measuring yourself against rules of thumb, refined over decades and endorsed by financial pros  that point the way toward true financial health. 

Start with these:

9 Ways to Build Wealth in Your 50s

Midlife is filled with challenges and opportunities. Yes, you might be in the thick of paying for college, but soon all those other costs that come with kids should be behind you—or so you hope. You're also likely in your peak earning years and when you're making the most is also when you should squirrel away the most.

Some 40% of successful savers—those who built nest eggs equivalent to 10 times pay—did so by saving 15% or more of their incomes for at least 10 years.  Here's how...

How much money you need to save each day to become a millionaire by age 65

Becoming rich is nothing more than a matter of committing and sticking to a systematic savings and investment plan.

If you want to get rich, start investing- and start as early as you possibly can.  

To illustrate the simplicity of building wealth over time, Bach created a chart detailing how much money you need to set aside each day, month, or year in order to have $1 million saved by the time you're 65.   

Next time you consider running to Starbucks for a $4 latte, think about this chart and consider redirecting that coffee cash to your savings.  Check it out. 

Black Friday Shopping: The 9 Worst Items to Buy

Surprising to some, the average retailer discount for Black Friday and Cyber Monday in 2015 was 2.5% across the board.  This means that customers should be strategic when it comes to what to buy – the 60% discount may not apply to what you actually need. 

So which purchases should you skip this Thanksgiving weekend? Click below to discover nine of the worst items to buy on Black Friday. 

Tony Robbins’ 10 Tips for Living Rich

If you want to be happy, but you’re having a tough time in life due to personal or financial issues, it’s important to take whatever steps possible — even small ones — to progress and grow.

This best-selling author’s advice has been featured prominently in magazines, digital media and in national televised media. He travels all over the country every month for events to inspire people in their lives and in business. 

Click the link below for some of Tony's top pieces of advice on how to change your mindset in ways that can have a positive impact on your life and your finances.

6 Surprising Money Habits of Millionaires

Most millionaires aren’t driving Lamborghinis and eating caviar. They’re driving reliable used cars and eating mashed potatoes and meatloaf. Millionaires aren’t wealthy because they’re lucky. They’re wealthy because they follow simple money habits year after year. Click below to learn more about Dave Ramsey's 6 Surprising Habits of Millionaires.  

What not to buy at Target and Walmart

Despite their low-price and convenience-oriented reputations, you may want to rethink what you buy at these stores. 

You can find great deals on clothes, shoes, and most household items,  but here are five items that you may want to consider purchasing elsewhere, experts say.

9 places you should never use a debit card

Debit cards are exposing people to fraud every day! And in many cases, if your money is stolen, you can’t get it back.   Here's how to make sure you and your wallet are protected.   Never use your debit in these places or instances, if you'd like to hold onto your funds, that is.

How Cars Affect Your Financial Freedom

It’s not that I don’t want a really fancy car, it is just that there is something I want a bit more: financial freedom.  Car payments are many times the #1 obstacle that causes the average family not to achieve financial stability. Spend some time thinking about your current car situation.  Are your car purchases making your bank richer or you? 

Below is a great read about "How Your Car Affects Your Financial Freedom."

The Boring Secret to Getting Rich

Many people dream of becoming rich but don't have any idea how to make it happen. There's no magic formula, but there are many steps you can take to gain an advantage.  The secret to getting rich is simply doing what most people can't.

Click below to learn Money Magazine's boring secret to getting rich.  

Here’s Why You Should Start Investing Now

Investing is the most important element of our financial future.  Tony Robbins and Clark Howard recommend that people who have yet to invest in the stock market should ‘get in the game.’  Experts believe the financial market is still ‘winnable’. We agree.  Don’t wait to invest. Get started with whatever you have.  

You can put off some small things in life without consequence, but when it comes to investing, sticking your head in the sand simply won’t cut it. If you don't know how to start investing, when to start investing or why you should invest, now's the time to learn. The sooner you get started, the more time and interest can help grow your money.  

To learn more click the link below.  

10 Ways To Prevent Money From Ruining Your Marriage

Arguments about money are by far the top predictor of divorce. It's no secret that fighting about money puts a huge strain on a relationship. Money issues are so troublesome that people who say they're experiencing stress in their relationship cite "finances" as the number one reason.   

This may seem like a grim prognosis for married couples, but it doesn't have to be.  There are various steps that experts say couples can take to avoid letting money matters get the best of their marriage.  

So whether you're about to say "I do" or money problems have you thinking maybe "I don't anymore" the following tips can help prevent money from destroying  your relationship.  

Click on the link below. 

The 10 Richest People of All Time

Who had more money, John D. Rockefeller or Genghis Khan?

This ranking of the richest people of all time is based on hours of interviews with academic economists and historians.

Click on the link below for Time's list of the wealthiest historical figures in order of their economic influence.

In Your 20s? 30s? 40s? 50s? 60s? The Best Financial Goals for Every Age

We've devised a little roadmap of goals that everyone can follow to make sure they are meeting the right financial goals for their age.  Of course, you can accomplish any of these goals sooner, but this is a good general map of where you should be at any given age:  

6 'Must' Things To Have Before You Turn 40

Thus they say “life begins at 40.” It is true in a sense that most people should be stable, ideally, in all aspects of their life when they turn 40—the “prime” stage in a person’s life.

It is when you are 40 when you can do and be in your greatest potential—and at least, have already achieved the following:

10 Reasons You'll Never Be Rich

No matter how much you earn you could be creating your own barriers to financial success without even knowing it. Here are 10 things you might be doing that are preventing you from acheieving financial freedom.   

Survey Finds Smart Financial Habits Make You Sexier!

 

In a recent survey about relationships and finances, MONEY found that both baby boomers and millennials agree on the three most attractive traits in a potential mate: a sense of humor, compassion, and—yes—financial responsibility. For both groups, those qualities all rank higher than physical chemistry, diligence, and even intellect.

Click below to find MONEY's survey results on the most attractive traits.