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In honor of Financial Literacy Month, we created a microsite that offers 30 simple steps to financial wellness–one for each day of the month. To enrich the experience, we asked some amazing people to guest post during the month on a topic that is related to the day’s step. Their dedication to financial literacy is truly inspiring! Today, Wise Bread blogger Julie Rains talks about the cost of credit.
Calculating your net worth is the best way to know exactly what your starting point is, in any financial plan you develop. It's essentially the foundation of your financial plan and goal setting, and needs to be updated at least several times a year so that you can track all of your progress. Putting together a balance sheet is quick and easy, even if you aren't a finance expert!
A while back, I participated in a televised call-in show about kids and money with members of the Jump$tart Coalition . In preparation, I posed questions to a group really talented, dedicated people from organizations like Young Americans Bank , The American Institute of Certified Public Accountants , and the Financial Planning Association . The result is one heck of a resource on kids and money with topics covering budgeting, credit, cars, school/college, and jobs.
I recently met a 30-something woman who was selling her home so that she would have more money to repay her student loans. As she put it: "I finally realized that this debt was not going to go away." She's right—there is no statute of limitations on government-guaranteed student loans, giving Uncle Sam unlimited time to collect.
While there are many downfalls to our country’s current economy, it presents us with the opportunity to not only learn how to get our finances in order for a healthier future, but also to teach our children the necessary financial skills to fully prepare them for their adult lives.
Our steadfast commitment to paying off our debt and raising our credit scores actually made us stronger as a couple. And, as a result, we feel like there's nothing we can't accomplish.
College roommates may share space, but they should not share poor money habits.
Everyone dreams of success and everyone defines success differently, but one thing we can all agree on- things aren't so simple anymore. But it's not all bad- things are starting to look up.
Measuring your self-worth by your credit limit can lead to financial turmoil.
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