Learn from the mistakes of others. Elnur / Shutterstock.com
Editor’s Note: This story originally appeared on NewRetirement. Many retirees complete their last day of work only to find that they can’t afford to continue to live comfortably. Looking back, they point to clear planning steps they could have taken that would have made a dramatic impact on being prepared for retirement. Here are several ways today’s retirees say they would have planned…
Keep busy and earn money on your own terms with these part-time jobs that are perfect for retirees. Monkey Business Images / Shutterstock.com
Editor’s Note: This story originally appeared on The Penny Hoarder. Who even knows what “retired” means anymore? You might have left the career you had in the 40-hour-a-week workforce. But now you don’t exactly want to be glued to your couch watching puppy videos. You want to be active, you want to work, and you want to make a little money to support your fun retirement plans. While “retirement…
They strive to make money easy and understandable for regular people.
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Younger generations of Americans are flocking to mobile apps for financial advice. TikTok, a social media app with over 78 million users, offers youngsters with short attention spans a thriving financial community. It’s quick, easy, and above all, digestible.
The app’s usage isn’t limited to Generation Z. Not by a mile. According to a study by Personal Capital, a whopping 1 in 3 Americans scrolls TikTok for financial advice. Self-styled money gurus have a lot to say on how folks should manage money, and Americans are taking notice.
TikTok scrollers deserve information from trustworthy sources. Here’s what some of the best money gurus have to say, about everything from investing to job interviews.
Ramit Sethi (@ramit.sethi), author of NYT bestseller I Will Teach You To Be Rich, recommends investors beat swings in the stock market by dollar-cost averaging. Dollar-cost averaging normalizes. It also makes investing easy — when you’re averaging, you’re not timing the market, a stressful endeavor.
Bonus: Automate your investments. That way, investors aren’t tempted to spend their money on frivolous purchases. It’s a helpful mental trick and a time saver. The best stock brokers offer investors low fees and perks.
Vivian Tu (@yourrichbff), author of the popular “Your Rich BFF” newsletter, has a hot tip for job searchers with zero experience. She recommends searchers ditch LinkedIn and hop straight onto Google, where you can type your dream job right into the search bar. Google offers a “no experience” filter and brings job searchers a broad range of recommendations across the web.
While Vivian has a point — Google is fantastic for job searchers — it’s worth having a LinkedIn page so recruiters can reach out. I’ve had multiple job offers from recruiters who reached out to me through LinkedIn. Consider leveraging both free platforms.
Humphrey Yang (@humphreytalks), ex-financial advisor and full-time content creator, warns of one common mistake people make when signing up for a retirement account through their employer. It’s simple: Consider the Roth IRA option when opening a retirement account.
Employers typically offer two retirement accounts: the 401(k) and the Roth IRA. Many folks default to the 401(k) option, and Yang considers this a mistake. Opening a Roth IRA might make more sense for people who anticipate making more income (and climbing the tax bracket ladder) before retirement.
Tori Dunlap (@herfirst100k), author of NYT bestseller Financial Feminist, thinks interviewees should not be expected to disclose their expected salary during an interview. She suggests interviewees respond to requests for salary expectations by deflecting.
Stuck on what to say? Tori suggests the following template: “It’s hard to understand the full scope of the role at this stage of the process; I’d like to know your budget.” Hot tip: Stick that into ChatGPT and give it a whirl if you want to change the exact phrasing.
Seth Godwin (@seth.godwin), a personal finance guru with over 1.6 followers on TikTok, thinks credit cards should accommodate your lifestyle, not the other way around. He reasons that no amount of rewards will make up for expensive credit interest charges. If you find yourself paying off credit card debt, ditch the card and switch to debit.
It’s solid advice worth following. That said, using credit cards responsibly can save consumers on fees. The best credit cards maximize perks for responsible users — the trick is staying ahead of your monthly payments.
Curation is essential because the app will recommend similar content to the stuff you follow. Be stingy with follows to keep your content informative, and whenever possible, check sources. The best money gurus make financial TikTok worth checking out.
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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.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Cole Tretheway has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet. The Motley Fool has a disclosure policy.
Unexpected utility bills can destroy a lot of careful budgeting.
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When you’re buying a new property, it isn’t always easy to know how much house you can afford. You’ll want to get a good idea of your monthly costs, as that, along with your income, debts, down payment amount, and other factors will impact the size of the mortgage loan you can take on.
The challenge is that some of your costs can come as a surprise, especially if you’re a first-time home buyer. For example, if you’re renting, you likely don’t have to think much about property taxes, maintenance costs, insurance, and homeowners association fees. Other costs to consider? Don’t assume your utility costs will be the same as they are in your current home.
Utility costs can vary wildly from household to household and destroy your budget if you’re not careful. Things like poor insulation, old pipes, and leaky windows can push up your monthly bills considerably. You may be able to improve efficiency with home improvements, but even so, underestimating costs could impact your bank account.
There are a few ways you can work out what your utilities might cost. You might ask to see copies of the homeowners’ recent bills once you’re zeroing in on a property. You can contact utility companies directly — there are also some online tools that can help. Also, ask if the current homeowners have carried out an energy audit recently.
A new service from real estate company, Redfin, lets prospective buyers see energy cost estimates for homes as part of their initial property search. Redfin has teamed up with WattBuy to add energy costs for 85 million homes to its search. You can see your monthly electricity costs, as well as how they might change each month and what impact solar panels could have.
If you’re a homeowner, it’s worth looking into structural improvements that will reduce your utility costs, especially as you could qualify for some hefty tax breaks right now. The Inflation Reduction Act incentivizes the installation of solar panels, heat pumps, and other energy-efficient renovations.
If you need to buy new appliances for your home, look for more efficient models. Even if they come with a slightly higher price tag, they may save you money over time. According to the U.S. Department of Energy, as consumers replace their appliances with more energy efficient models, they can expect to save $529 a year by 2030.
It isn’t always possible to buy new appliances or implement energy saving renovations. In that case, there are other steps you can take to slash your bills:
Turn your thermostat up or down: A small change in temperature could translate into lower energy bills either on the heating in winter or cooling in summer. It’s also good to be aware of the temperature in your house at night and when you’re out.Use less water: Take shorter showers and be aware of water consumption in the rest of your home. Things like turning off the water when you’re brushing your teeth or being conscious of your consumption when washing up will all make a difference.Wash clothes in cold water: A lot of the time when you run the washing machine, a cold wash will do the job just as well as hot water — and for a fraction of the cost.Don’t leave devices on standby: It isn’t clear how much energy your devices consume when they’re plugged in but not in use. One study from the National Renewable Energy Laboratory showed so-called vampire loads could cost households an extra $200 a year. Smart power strips can help you cut that unnecessary power suck.
I have a friend in Europe who bought his first house last year. The high ceilings and spacious living areas looked amazing, but also meant it was extremely expensive to heat. Throw in higher energy prices, and he spent most of the winter shivering underneath several sweaters. Don’t make the same mistake — get a clear idea of what your utility costs might be before you buy. If you can find ways to reduce them once you move in, so much the better.
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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.
Grocery prices remain elevated overall, but these foods offer a glimmer of hope. PeopleImages.com – Yuri A / Shutterstock.com
After a couple of years of soaring grocery prices, a glimmer of hope has appeared: The cost of some items at the supermarket is now falling a tad. To be sure, prices remain sky-high on many items, with the overall cost of groceries 11.3% higher in January 2023 compared with one year prior. And even many foods with falling sticker prices are much pricier than they were a year ago. But in the middle…
Don’t let an on-the-spot job offer can take you by surprise. Here’s what to consider — and how to prep — before your next interview. Minerva Studios / Shutterstock.com
Editor’s Note: This story originally appeared on FlexJobs.com. You were prepared to wait a week to hear whether you were moving to the second round of interviews. But the hiring manager surprised you by offering you a job on the spot. On one hand, that’s a huge accomplishment, and you should feel very proud. On the other hand, you might not be ready to accept the offer. Instincts are powerful…
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