Rule #1 Finance Blog
financial control
Why You Don’t Need a Financial Advisor
One of the most commonly held misconceptions in investing is the idea that you must work with a financial advisor in order to be successful.
Perhaps this myth has persisted for so long thanks to persistent marketing on behalf of financial advisory firms.
However, the reality is that investors who manage their own money are often able to perform just as well or better than those who work with a financial advisor and without any high fees eating into their returns. Read more.
7 Tips For Spending Money Wisely
For some people, financial struggles are due to not bringing in enough money. For many others, though, the problem comes from not spending money wisely or from spending more money than they make. Read more.
Invested Book Q&A: Phil & Danielle Your Most Popular Questions About the New Book
Over the past couple of years, I’ve hosted a podcast called Invested with my daughter Danielle. Danielle had spent her life avoiding the stock market for fear of losing the money that she worked hard for and I set out to teach her how to invest.
I’ve never feared investing like Danielle did and through recording the podcast, we realized that many people also share the same fears as her. Read more.
Why is Debt Getting Harder to Pay Off?
Paying off debt is not easy. Trust me, I’ve been there. It can be especially hard if it’s credit card debt. Credit card debt can be crippling to you, and your wallet. It also makes it impossible to invest.
Think about it, you’re paying 18-20% on credit card debt and you’re also going out and doing great as investor making 15% a year. Sadly, you’re still losing 3-5% a year because of the credit card debt.
5 Things Not to Do With Your Tax Return
Tax season is around the corner. This means you are probably starting to think about the best way to use your refund. We have already discussed five things that you should do with your tax return this season, but what should you not do?
Once you get your refund, you may be tempted to spend that big chunk of money. Don’t! Decide to take control of your funds and become financially fit instead.
The Rule of 72: Double Your Money Every 7 Years With Compound Interest
There’s a very easy way to tell the amount of time it will take to double your money and it’s called the Rule of 72. Getting a sense of how compound interest can potentially grow your portfolio is enough to light a fire under you and get you started saving as early as possible. I use the Rule of 72 all of the time, and chances are, if you’ve listened to my podcast or read either of my books, you’ve heard me use it.
Knowing how long it takes to double your money, tells you what your compounded rate of return is over time. Watch the video below to learn more. Read more.
5 Really Smart Things to Do With Your Tax Return This Year
With tax season around the corner, it’s a good idea to start thinking about what are you going to do when the federal government or the state government gives you back some money.
For starters, there are some really bad things you can do with your tax refund and there are some really good things you can do with it. Read more.
5 Step Money Challenge to Prepare for 2018
It’s important that before you actually start investing on your own, that you get your financial house in order. Many people don’t track their spending and many of us haven’t started saving for retirement. There’s always room for improvement when it comes to what we’re doing with our money, which is why I want to give you a financial challenge… Read more.
A Guide to Choosing Your Investment Vehicle
As an investor, you need a place to house your money and actually do your investing.
That’s where choosing an investment vehicle comes into play. What an investment vehicle? An investment vehicle is simply the method by which you invest your assets and control your money. Read more.
Should You Invest in Your Company’s 401(k)?
A 401(k) program can be a very important part of saving for retirement. Especially if the company you work for matches you money. Are there any drawbacks to putting your money in a 401(k)? There could be.
The main thing to remember is to always be informed of where your money is going and if it’s growing enough for you to retire when you want to.
In this video, I’ll explain what a 401(k) is and what options you have when choosing to invest in one. Read more.