Sign Up for Our Newsletter:
Email: (required)

Are You a Member? (required)

Product

First Name(required)

Last Name(required)



Personal

 

Make Your Money Work for You

Make Your Money Work for You

Every day you hustle. Nose to the grindstone getting through the workday. You’re working hard for your money, but have you ever stopped to think how your money can work for you? Making your money work for you goes beyond an emergency fund or simply being debt free – although, both concepts are a necessity in this instance. It’s about taking the money you’re already making and making it generate returns for you. But, how? There’s no simple answer or even a single way to do it, but these tips can help you get started. Get out of debt First things first, if you have debt get rid of it. After all, you can’t invest in you and your future if you’re giving your money to other people. The first step to a debt-free life is figuring out exactly how much you owe. Most people don’t even know how much debt they’re in, according to a study from The Federal Reserve. Once you know how much debt you have, decide how you’re going to pay your debt. Budget The most important way to change the way you handle your money is to budget. By creating a budget, you are telling your money what you want it to do. When you assign each dollar into a category, you’re controlling where your money goes and what it does. It’s a great first step in reaching your financial goals. Think about it this way: your budget is like a fitness tracker in that it helps you monitor your money. When you monitor your money and know where it is and what it’s...
Don’t Let High APR’s Hold You Hostage

Don’t Let High APR’s Hold You Hostage

Actor Hill Harper said it perfectly: “Credit card interest payments are the dumbest money of all.” This year wasn’t kind to credit cardholders’ wallets. In 2019, cardholders paid an average of 17% APR – the highest level recorded by the Federal Reserve since 1994. To put it into perspective: in 2009, the average APR registered just under 13% and in 2016 it hovered around 12.5%. (See chart below) Even the maximum APR has climbed significantly. Financial institutions typically over a wide range of APRs. As a result of the increase, maximum APRs are around 25% with the media standing at 21%. So, what does this mean for you? Well, it means you’re likely paying more in interest than you’ve ever paid. But, don’t worry. There are several ways around paying high interest rates that will actually help you in the long run. Avoid balance carryover Ultimately, the best and most responsible way to use a credit card is to pay off the balance monthly. By paying your balance in full each month, you avoid paying interest while reaping the benefits a credit card has to offer. Plus, it helps improve your credit score. Avoid spending more than you have We’ve all done it. We have a credit card for emergencies only, but something comes up we really want, and it finds its way to the credit card. Next thing you know, there are multiple unnecessary purchases on there that you’re trying to pay off. The best habit to get into is not spending more than you can pay off monthly. The more you put on a card, the more...