Money Management

Why wait to go bargain hunting? Read on to learn about some of the great deals Costco has right now. 

Black Friday is almost here, and that’s something you may be pretty excited about. But the reality is that you don’t necessarily have to wait for the day after Thanksgiving to arrive to score some great deals at Costco. The warehouse club giant has already released a string of pre-Black Friday deals so you can begin saving right away. Here are three you may want to check out.

1. $130 off the Samsung 32″ Class ViewFinity UR90 4K UHD Curved Monitor

If you’ve been looking to upgrade your monitor, now’s a great time to do it. This discounted Samsung model comes with four times more pixels than Full HD for a crisper image on screen. The curved nature of this monitor not only looks sleek, but lends to a better viewing experience to boot.

Plus, when you buy electronics from Costco, you get a second year warranty included with your purchase. You also get free tech support should you need it. And if you’re self-employed and are buying this monitor to improve your efficiency at work, you can ask your accountant if it’s possible to write it off as a business expense.

2. $100 off the Vitamix E520 Blender Bundle

If you’re not familiar with the Vitamix, think of it as a super blender. This model comes with 10 variable speeds plus a pulse feature when you need a lighter touch. The blender also comes with three program settings — smoothies, hot soups, and frozen desserts. The Costco bundle that’s on sale includes a 64-ounce low-profile container and two 22-ounce tumblers with stainless steel straws.

If you’ve been looking to buy a Vitamix, now’s a good time to reap some savings. But you should know that this model is a member-only item. Some online Costco deals are made available to non-members, but this isn’t one of them.

3. $50 off a two-pack of Oral-B Genius Rechargeable Electric Toothbrushes

Many dentists will tell you that brushing with an electric toothbrush is a great way to maintain solid oral health. If you’ve been looking for a pair of electric toothbrushes, consider this bundle from Costco. It features two travel cases and two charging stations. Each brush also comes with six different brushing modes.

If you have a flexible spending account you haven’t used up yet, you may be thinking of buying this toothbrush two-pack to spend down your balance in time for the new year. Unfortunately, though, electric toothbrushes are not considered an FSA-eligible expense. Similarly, if you have money in an HSA (health savings account), you should know that an electric toothbrush will not be considered a qualifying medical expense, either.

These three items are just a sampling of the pre-Black Friday deals Costco has available online and in stores. It could pay to head over to your local Costco in the next week and see what other deals you can spot. In-store prices are often lower than the prices you’ll see online. So if you want to save the most cash on your pre-Black Friday shopping, that’s really the way to go.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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We could all learn a thing or two from the wealthy. Here are some of the most practical bits of wisdom for life and finances. 

There’s always room for improvement in life, and when it comes to personal finances, there are plenty of lessons all of us could learn from the super rich.

Whether you’re looking for a few tips to help you earn more money or are looking for good habits to improve your life, here’s how the ultra-wealthy spend their time and use their money, according to financial planners.

1. They set goals for their dreams

Tom Corley, an accountant, financial planner, and author of Rich Habits: The Daily Success Habits of Wealthy Individuals, says that one thing wealthy people do nearly every day is setting goals for things they want to achieve. Corley says that 80% of the wealthy people he interviewed spent an hour a day doing this.

Sitting down and putting your ideas down on paper is not only easy to do, but you’re also 42% more likely to achieve your goals if you write them down, according to research from Dr. Gail Matthews.

2. They stay out of debt

Certified Financial Planner Faron Daugs told CNBC a few years ago that his wealthy clients — who didn’t inherit money — avoid debt and try to pay off what they owe quickly. This may mean avoiding high-interest credit cards and other forms of consumer debt.

America’s credit card debt topped $1 trillion recently, indicating that many of us would benefit from developing a strategy to consolidate debt and eliminate it.

3. They learn new things

Most rich people Corley wrote about took an hour daily to learn something new or perfect a skill enough to be proficient. It doesn’t have to be related to your job, either. For example, billionaire and Facebook founder Mark Zuckerberg has learned jiu-jitsu and competes in tournaments.

4. They have emergency funds

While most financial experts recommend having three to six months’ worth of expenses in a savings account, the wealthy have six to nine months saved up, according to Daugs. If you need help starting your emergency fund, open up a high-yield savings account and aim to save $1,000.

5. They exercise

While it may not benefit your bottom line — unless you’re a YouTube workout influencer — getting regular exercise is good for your physical health, reduces stress, and helps your mental focus. You don’t need an expensive gym membership either; you can easily meet your fitness goals on a budget.

6. They build relationships

Corley’s research found that 90% of rich people he spoke with spend 30 minutes per day building relationships. Some of it was networking, but others simply made sure to make contact with the people they knew, whether it was for a life event or just to say hello.

7. They have additional income streams

​​The super rich invest their money and diversify their income streams, such as by owning rental properties. You can start following in their footsteps by buying a few stocks, renting out a room in your home, or starting a side hustle.

The super rich take practical steps

You might have noticed that none of these habits are earth-shattering. Much of the super rich’s habits are just simple, practical steps toward improving their lives.

And while most of us don’t have access to the same resources as the ultra-wealthy, it doesn’t mean we can’t learn a few good habits from them. For example, I’ve been considering signing up for an online learning platform, like MasterClass, just for fun. When I came across the research about the super rich learning new skills, it reminded me I should follow through with the idea.

There’s likely one habit on this list you might not be putting into practice that you can learn from. I chose learning something new because it was already on my mind…and, maybe, because exercising is hard.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Black Friday is coming. Read on to make sure you don’t end up with a world of regret once it’s over. 

If you’ve been padding your savings account in anticipation of Black Friday, the wait is almost over. The big shopping event will be here very soon. And from there, you and consumers like you will no doubt be privy to an almost overwhelming number of limited-time deals.

Late October data from Finder reveals that a whopping 132 million Americans plan to shop over Thanksgiving weekend to take advantage of events like Black Friday and Cyber Monday. And consumers are expecting to spend an average of $708.

But while you may be excited to shop on Black Friday, the reality is that the biggest shopping day of the year can be a dangerous one. It’s easy to rush to scoop up deals because you don’t want to miss out on low prices. And in some cases, you don’t even have time to think about whether a given Black Friday buy is a good one or not, such as if you’re headed to a store early to snag a doorbuster item before it’s gone.

That’s why it’s important to take a strategic approach to Black Friday that doesn’t involve grabbing every single sale item off the shelves. If you fall for too many of those discounts, seriously negative consequences could ensue.

You could wind up loaded with debt

It’s hard to say no to Black Friday deals because if you do, you might worry that you’ll never see that low of a price again. But one thing you have to realize is that if you wind up with credit card debt as a result of too much Black Friday deal-hunting, your purchases are going to cost you more in the form of interest. Plus, then you’ll have that debt to contend with.

Credit card debt can be stressful. And it can hinder other financial goals. Even if you’re able to make your minimum payments on your credit cards, carrying too large a balance could hurt your credit score. So if you’re trying to do something like buy a home in the new year, believe it or not, a giant Black Friday tab could stop that from happening.

There may be better deals down the line

Many people are wired to believe that the absolute best deals of the year can be found on Black Friday. But if you’re patient, you may find that there are better bargains at different points during the year.

Let’s say you’re hoping to buy a TV on sale. You might see numerous ones marked down on Black Friday. But many experts will tell you that January and February are better months to buy a TV, as discounts tend to be even deeper at that point in time due to a certain major football event happening.

All told, Black Friday FOMO can really wreak havoc on your finances. So do your best to shop carefully that day.

Set a budget ahead of time so you know how much money you can afford to part with. And make a list of the items you really want, so you know how to prioritize your shopping. There’s nothing wrong with taking advantage of Black Friday deals — as long as you don’t end up overspending and landing in debt as a result.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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You’re more than your mistakes. Learn what makes a “bad investor” from someone who made poor investment decisions. 

My first investment ever was also my biggest failure. What happened: I purchased a stock. My shares rose 5%, and I sold on a whim. That stock became one of the best-performing stocks of the decade, and ended up worth more than 10 times the value I sold it for.

It was a brutal introduction to the investing universe. I felt bitter about it.

The stock I sold was Tesla. Talk about a terrible investment decision — in hindsight, I wish I’d held. The whole fiasco made me question my worth as an investor. Maybe I was doomed to be terrible. Maybe it was a sign I was bad with money, a lousy investor.

It wasn’t. Years later, I know that for sure. Read on to discover why a single bad investment does not make you a “bad investor” and what that means for you, a potential buyer of stocks.

One common saying

“Past performance is not indicative of future results.” It’s a common saying that floats around the financial universe. It’s often used to defend poor-performing investments. Sure, they’re performing poorly now, but their future returns could be excellent. And it’s true.

The saying is used so often that it can feel like nothing more than a jumble of meaningless mouth sounds. But in our case, it gives us a big clue as to what a bad investor isn’t: Someone who has made one or more poor investment decisions.

Famous investor Warren Buffett lost billions of shareholder dollars on ConocoPhillips, one of his worst investments. Ouch. But many investors still trust Buffett and company to make investment decisions for them. What does that mean for potential investors like you?

“Bad investor” is a choice

A “bad investor” is someone who decides that’s what they are. It’s a choice. That’s good news! It means that to be a “good investor,” I only need two things: the decision to be a “good investor” from here on out, and the commitment to prove it to myself.

Example: I made poor investments, and I decided to be a good investor regardless. To do so, I refer to myself as a good investor who has made poor decisions. Over time, I prove to myself I’m a “good investor” by investing consistently in stocks that match my risk tolerance.

Becoming a successful investor takes more than wishing it into existence. I can’t fool myself into believing something I’m not. To become a good investor, I must first identify as one; then, I must prove my commitment to it by practicing good investment habits.

Three habits of good investors

Good investors vary in terms of habits, strategies, and lifestyles. But there are a handful of habits practiced almost universally by successful investors. Since my initial rough entry into the stock market, I’ve updated my investing habits to match those below.

Here are three good investing habits advocated by financial experts at The Motley Fool:

Determine your investment horizon. I’m investing for at least five years.Measure risk tolerance. I’m highly tolerant of risk.Invest consistently. I invest monthly.

You can prove to yourself that you’re a good investor by determining what to invest in, measuring how likely you are to panic sell, and investing what you can afford consistently. Do this long enough, and it becomes clear that “good investors” make themselves.

Perks of being a “good investor”

Good investors make smart investment decisions, and they forgive themselves for making poor decisions. It happens. But good investors learn from their mistakes and move on. It doesn’t define them. Their brokerage holdings grow, and they often make money.

I’m choosing not to be defined by my very first investment decision. It was horrible, and because of it, I’ve learned a lot. Setting a long-term time horizon has helped me weather similar situations (like the 2020 stock market crash). Investing consistently helps me remain calm under pressure.

Made poor investment decisions? Maybe lots of them? It is what it is, and it doesn’t have to be that way from now on. Investors have a clear roadmap to making good investing decisions. Past performance is not indicative of future results. And for that, I’m grateful.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Cole Tretheway has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.

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There was a time when I had perfect credit. Read on to see how I pulled it off. 

Some people don’t really think much about their credit scores until they’re gearing up to apply for a large loan, like a mortgage. But your credit score is a good number to keep tabs on. It tells different lenders how risky a borrower you are (or not). And the higher your credit score, the more likely you are to not only get approved for a loan or credit card, but snag a more competitive interest rate on the sum you’re borrowing.

When we talk about credit scores, we’re usually referring to the FICO® Score, which is the most commonly used scoring model in the U.S. A FICO® Score ranges from 300 to 850, and if you have a 300, you can pretty much assume that no one’s going to loan you money. If you have an 850, or perfect credit, you can pretty much bank on getting approved for a loan as long as there’s not another restricting factor, like an income that’s not high enough to qualify for the mortgage you want.

An estimated 1.7% of the scorable U.S. population has perfect credit, reports FICO. So if you have an 850, you’re in the minority.

But there was a point in time when I had a perfect 850 credit score. Here’s how I pulled it off.

1. I was never late with a bill

When I went off to college, I got a credit card of my own. And I made sure to pay off that card in full on time every month. I also owed money in the form of educational debt, and I paid that debt on time, too.

Your payment history carries more weight than any other factor when calculating your credit score. So it’s important to be timely with bills. If you can’t pay off your credit card in full, for example, but you make your minimum payment by its due date, you’ll be considered timely with your payment.

2. I always paid off my credit card in full

Once I started working, I was able to get my credit limit increased on the one card I had. I also tended to charge expenses judiciously, and when I did have a balance at the end of the month, I paid it off in full.

Your credit utilization, or the amount of available revolving credit you’re using at once, also plays a big role in calculating your credit score. Keeping your utilization to 30% or less can help your score, while going above 30% can be damaging. This means that if you have a $10,000 credit limit, you’d ideally never want to owe more than $3,000 at once.

I don’t remember exactly what my credit limit was at the time I had perfect credit. But I doubt my utilization ever got close to 30%, even temporarily. And because I paid my balance in full every month, any slight rise in my utilization was immediately negated.

3. I was an authorized user on a long-standing credit card account

My parents added me as an authorized user to one of their credit cards when I went to college. That card was only to be used in a real pinch, and I made a point to not abuse that privilege. Instead, I charged my essential bills and unplanned ones on my own card, and I made sure to have cash in my savings account to pay off my balance even during those times when it was unexpectedly higher than usual.

But because I’d gotten added to that account and it was one that had been open for many years, it boosted the length of my credit history. That, too, is another big factor in calculating your credit score.

In fact, it’s a good idea to keep long-standing credit card accounts open even if you’ve since qualified for better rewards credit cards. As long as those older cards aren’t charging you an annual fee, keeping them around could work wonders for your score.

No longer perfect

At this point, my credit score is no longer perfect. But because it’s still above 800, that’s not a problem. The reality is that it’s really difficult to get and maintain perfect credit, and it’s something that’s almost not worth pushing for.

Something as innocent as applying for a new loan or credit card will automatically ding your score by a few points. But it doesn’t make sense to not take advantage of a great offer that could help you snag loads of credit card rewards.

You don’t have to stress out about not having perfect credit. But it’s always a good idea to work on boosting your credit, or maintaining a score that’s already strong. And a big part of that is knowing what goes into a credit score.

So to that end, the three main factors you want to focus on are:

Your payment historyYour credit utilizationThe length of your credit history

But there’s one more consideration on top of these factors, and it’s your credit report. Believe it or not, the credit bureaus that put these reports together make mistakes all the time. And you don’t want an error dragging your score down.

So make a point to check your credit report a few times a year — it’s free (as long as you do it through AnnualCreditReport.com). That way, if you spot an error, you can raise the issue with the reporting bureau in question and, ideally, get it erased so that your credit score doesn’t sustain needless damage.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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