What Would Frida Do (About Finances)?

This week I'm reading a book called What Would Frida Do?. Subtitled "A Guide to Living Boldly," Arianna Davis's book isn't specifically about finances. Instead, it's a book about the life and inspiration of artist Frida Kahlo. However, I've found over the years that you can get financial insight from almost any genre or medium. Therefore, as I read this book, I thought about how it applies to personal finance. What Would Frida Do? What Would Frida Do? is a really interesting book. It's a biography Read more [...]

5 Major Changes When Transitioning to Single Income

Why Are You Transitioning to Single Income? There are two situations in which you might find yourself transitioning to single income. In scenario one, you're getting a divorce or separation. Therefore, you're going down to one income but you're only supporting yourself (or potentially you and your children.) As a result, your income will change but so might your financial needs. On the other hand, in scenario two, one person in a two-income household won't be working for a little while. Perhaps Read more [...]

Putting Money in a Roth IRA Even Though I Have Debt

In the past few years, I've worked hard to contribute the maximum amount allowed to my Roth IRA. I have done this in spite of the fact that I have debt to pay off. Am I making the right decision? It feels like it's the right choice for me. What Is a Roth IRA? In case you're not familiar with it, the Roth IRA is a retirement plan. I am self-employed. Therefore, I don't have a 401(k) through my work. As a result, I need to take responsibility for my own retirement planning. The Roth IRA is the Read more [...]

Should You Focus on One Bill or Make Multiple Minimum Payments?

As we've discussed often, debt can feel so overwhelming. If you owe money to multiple lenders, the situations gets even trickier. You only have so much money to use each month. Should you focus on one bill or multiple minimum payments? What's the best way to get the debt down? Always Make Your Minimum Payments One of the most important things that you can do to maintain good credit is make sure that you always make your minimum payments on time. It's not always easy. Sometimes it requires juggling Read more [...]

What My Financial Personality Says About Me

I recently received an email from Marcus by Goldman Sachs. It gave me the opportunity to take a quiz to determine my financial personality. I'm always intrigued by these types of things, so I went ahead and answered the ten questions to see if I could learn a bit more about my financial self. About the Financial Personality Quiz The quiz is actually really interesting. It's a collaboration between Marcus by Goldman Sachs and the Myers-Briggs Company. The Myers-Briggs is one of the most well-known Read more [...]

What Are Your Rights When Your Salary Is Delayed?

One of the perks of having an employer is that you get a steady paycheck. You show up and do the job every day. In exchange, you get a paycheck every week, every other week, or every month. But sometimes things go awry and your employer can't pay you. What are your rights when your salary is delayed? The State You Work In Makes a Difference We will go over some general guidelines about what your rights are when your salary is delayed. However, before we do, it's important to understand that these Read more [...]

Simplify: 7 Areas to Reduce Spending

Recently I mentioned that I was reading 7 Days of Simplicity by Jen Hatmaker. In this book, the author explores seven different areas of life to simplify. Simplifying in each of these areas can also reduce spending. Here's a closer look at how I can apply this to my own life: 1. Reduce Spending in the Kitchen It's appropriate that the book starts off with kitchen spending. After all, I spend a lot of money on food. If I can reduce spending in my kitchen, then I'll save myself a lot of money. Read more [...]

How To Settle Debt With Credit Card Lender

Do you have too much credit card debt? If so, you're not alone. The average American household has well over $5000 of credit card debt. The exact numbers vary by study but $8000 isn't uncommon. Of course, that's cold comfort if you're stuck trying to make payments that you can't afford. Don't worry; you have options. Have you ever tried to settle debt with a credit card lender? It's possible. Here's how. Call Your Credit Lender It all starts with a call to your credit card lender. Note that the Read more [...]

Should I Go Back to Using a Checkbook?

A book that I'm reading makes a pretty solid argument for a return to the days of using checkbooks. I haven't written checks in well over a decade. Would it make any sense to go back to using a checkbook? The Inspiration for The Idea I've been reading "7 Days of Simplicity: A Season of Living Lightly" by Jen Hatmaker. It's a book about simplifying your life in a variety of ways. In the chapter on simplifying your spending, Hatmaker makes a good point. She notes that back when you had to write Read more [...]

When Is It Worth Dropping Out of College To Work?

There are many good reasons to go to college. However, college isn't right for everyone. And it might simply not be right for you at a given time in your life. You might find that it's worth dropping out of college to work. But how can you know if you're doing the right thing? Here are three big signs that it's worth dropping out of college to work instead: 1. Your Employer Will Eventually Pay For College There are many ways to get paid to go to college. While people often look only at grants and Read more [...]