As a homeowner, you’ve likely grappled with this dilemma: Should you pay off your mortgage early or invest your extra cash? On one hand, mortgage freedom brings emotional satisfaction and reduces financial stress. On the other hand, investing could yield higher returns. Let’s explore the pros and cons of each approach.
Many homeowners feel trapped in their homes because of their low mortgage rates. But there are ways to overcome this challenge and move to a new home when the time is right. Learn how to factor in home values, income, savings, and interest rates to make the best decision for your future.
Mint, the leading budgeting app for many years, is shutting down on January 1, 2024. If you are one of the millions of Mint users, you might be wondering what to do next. Don’t worry, there are plenty of other great budgeting software options that can help you manage your money. In this article, we will review some of the best ones and how they compare to Mint.
A financial advisor is more than just an investment manager. They can also help you with insurance, estate planning, and referrals to other professionals. Learn how a financial advisor can listen to your goals and dreams and help you achieve them.
Life insurance is often more affordable than you might think, particularly when compared to car or home insurance. If you have a family or dependents who rely on your income, there's really no reason not to consider life insurance. Unless you have substantial savings that can sustain your loved ones for the long term, a term life insurance policy is essential. Fortunately, good term life insurance is budget-friendly. The reason for its affordability is that it only pays out in the event of the policyholder's death, and the likelihood of that happening is relatively low, especially at a younger age. For instance, when I was 29, I obtained a $1 million 20-year term life insurance policy for just $33 a month. Even for individuals in their 30s and 40s, monthly premiums typically range from $40 to $50 for coverage amounts of $500,000 to $700,000. Considering the substantial coverage you receive, these premiums often amount to just one less day of dining out.
If you have extra money at the end of the month, you may wonder whether you should use it to pay off your debt or save it for the future. This is a common dilemma that many people face, and there is no easy answer. However, there are some general principles that can help you make a smart decision. In this article, we will share some tips from Dave Ramsey, a renowned financial expert, on how to prioritize your money goals and follow a plan that works for you. You will learn how to get rid of high-interest debt, save for retirement, and decide what to do with any remaining money. By following these steps, you will improve your financial situation and achieve peace of mind.