Tomorrow. Tomorrow is the worst day to start investing, let me explain.
One of my favorite quotes from Warren Buffet is “Never depend on a single income. Make investments to create a second source of income.” You want the money you are able to save to be put to work, ultimately increasing in value.
Continue reading The WORST Day for Millennials to Start Investing
I’ve seen a few posts online about people experimenting with frugal living. Most articles suggest the person should attempt to save 50% of their paychecks for a month. I have always been tempted to try this, but have never done so. Until now! I feel like I do a pretty good job with saving money already – on average saving roughly $1,000 a month. However, I want to save more. That’s what lead me to crunch some numbers to see how much I realistically could save in a month. The number I got was 58% of my income after taxes .
My fixed expenses for a month include:
- student loan payments
Continue reading Experiment: Saving 58% of my paycheck for a month
Being in debt can be a very scary feeling. Always feeling like you are behind, and never able to get ahead. Student loans, Car payments/repairs, hospital bills, credit card debt, the list only goes on and on. One big question I hear a lot is: what debt should I pay off first? There are a few basic rules I have when it comes to paying off debt.
#1 ) If a debt payment is approaching being late for 90 days this takes top priority. Continue reading What Debt Should Millennials pay off first?
No matter how much you cut expenses, there is a 99.9999% chance millennials will have a cell phone. And there is a very good chance you are paying a premium for your cell phone coverage. Verizon, T-Mobile, Sprint, and all the other big companies charge people crazy amounts of money despite their advertisements on how great they are.
An example of this, my girlfriend (prior to dating me) was paying $107.42 a month for her cell phone. She received unlimited texts, calls, and internet (up to 3gb at full speed). This also included a $25 a month charge for her phone. Essentially she was paying $82.42 a month for her phone coverage. Nearly $3 a day! Continue reading You’re probably overpaying for your cell phone
Saving more money is often a new year resolution for millennials. Coffee is one area to easily save money. Despite being one of the cheapest things to produce, plain old coffee gets real expensive, real quick. I’ve never been able to figure out adding some milk and a couple pumps of syrup makes the price of coffee shoot up so much. Here are my five biggest tips for saving money on coffee, without having too sacrifice much.
#1) Buy whole bean coffee and grind it in the store
Continue reading 5 Ways to Save Money on Coffee in 2017
I saw this picture on social media, and it struck a chord with me. In just a few sentences it explains that by prioritizing what you spend your hard earned money on can make the difference between seeing the world, or staying at home.If traveling isn’t your forte, then perhaps between you and the next gadget you desire.
People spend way too much money on many things:
- Eating Out
- Cell Phones
- the list goes on and on
Continue reading Prioritizing Your Spending
Millennials and coffee go together like macaroni and cheese. In college I worked at a coffee shop for about three years, and I was constantly amazed at how much people were willing to spend on coffee. Every single day. However, buying coffee from a big coffee chain on a daily basis is a huge waste of money. It doesn’t matter if it’s from Starbucks, Dunkin Donuts, Peet’s, or any other coffee chain. From a financial standpoint coffee is similar to or even more expensive than buying a pack of cigarettes a day.
Let’s do some math. Let’s say on average you spend $5 per coffee, and you get it about 6 times a week. So you spend $30 a week on coffee. This doesn’t sound like a lot, but it adds up quickly. $30 a week x 52 weeks is $1,560 a year. Ok, so this amount of money won’t make you rich. But what if instead of buying coffee from Starbucks you invested that money, what would that do for your financial future? Continue reading Why I don’t drink coffee from Starbucks