Rule #1 Finance Blog
financial control
Understanding The Pros and Cons of Credit Cards
The average United States household now carries more than $16,000 in credit card debt.
Can you relate? Read more.
Start Early With These 5 Tips for Investing in Your 20s
When it comes to investing, the earlier you start the better. Compound interest will help grow your money exponentially, meaning that if you start investing in your 20s, rather than later in life, you can end up with many times the amount you saved as a young person. When it’s time to retire, you will find that a few hundred dollars invested at age 20 has grown into a valuable asset.
If you are in your 20s and want to get a head start on investing, here are a few tips to help you out.
6 Money Traps to Avoid in Your 30s
Getting to middle adulthood demands a shift in priorities. Once you stop needing to count the days to your next paycheck, it’s time to start really planning out your financial future. There are so many money traps that can get in the way, and you may not even realize it. Read more.
5 Tips to Help Improve Your Credit Score
Learning how to improve your credit score is essential for financial and investing success.
It’s no secret that your credit score can have a major impact on your ability to get approved for financing—but did you know that your credit score can even affect your ability to rent an apartment or secure certain jobs? Read more.
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.