finance

Key TakeawaysFinancial advice is often given freely by well-meaning friends and family. Though well-intended, much of this advice may not always be helpful.With so many financial strategies floating around, some might not fit your specific objectives. Other times, money management tips can be downright toxic to your financial health. To gain insight into the topic of money management advice and whether it’s helpful, we surveyed over 1,000 respondents. Read along

The world wants you to be vanilla. It has a funny way of trying to make you conform, though. Nobody will come right out and say it. Instead, they’ll say things like:If you’re an IWT reader, you’re probably going to make some unconventional choices in your life. Maybe you’ll rent instead of buying. Maybe you’ll start a business. Maybe you’ll spend an extravagant amount on a personal trainer.As you build your

Tell me how this sounds: … and having enough financial security to make it happen.I’m so excited for this post. Why? Because we’re going to take a deep look at my friend Selena Soo’s Rich Life. Selena is a publicity and marketing strategist running a 7-figure business from Puerto Rico, and she shared REAL numbers with us and tells stories about what living a Rich Life means for her. First, let’s

When I was a kid and our family would take a road trip, my dad would tell us to stay in the car while he checked us into a motel. That’s because, to save money, he would get a motel room with 2 single beds — for a family of 6. Then once he got the key, we would quietly go into the room, avoiding the lobby.When we got up

Becoming a fiscally responsible adult is possible at any age and stage of life. Whether you’re in your 20s and worrying about paying off student loan debt or in your 40s and wondering how to ramp up your retirement savings, better money management can help you achieve your goals.Becoming fiscally responsible is largely about changing your relationship with money — how you think about it, manage it, and spend it.

Creating a budget doesn’t have to mean setting yourself up for a life of restriction. By improving your money management, you can focus on making your money work for you. That means spending more on the things you want while still staying in control so you can achieve your long-term financial goals.The right spreadsheet and budgeting technology can help you create and track your financial budget. There’s no need to

Most people get into debt at some point in their lives — whether through student loans, credit cards, or car loans. Of course, the goal should be to pay off this debt so you can focus on improving your financial stability through successful investing and eliminating some of the fears surrounding money you might be harboring.However, if you have multiple debts — and don’t have the liquidity to pay them

Net worth provides a quick snapshot of your overall financial health. This simple figure is calculated by subtracting the dollar-value equivalent of all of your debts from all of your assets. Knowing your net worth can help you determine where you are in your financial journey — and, just as importantly, where you want to go. Read on for a quick guide to calculating your net worth.Net worth is calculated

The Envelope System is a great method for saving money.It works by allocating money for certain categories like eating out, shopping, movies, and so on in envelopes. Once you spend the money in the envelope, that’s it for the month. You can’t spend more.It’s a great system to use if you’re in debt, because it forces you to be actively aware of your spending — but is it all it’s cracked up

The debt snowball method is a system that concentrates on paying off debts with the lowest balance first. The idea is that you’ll be able to clear your smallest debt the quickest. This allows for a quick win, which can keep you motivated to continue paying off your debts. Once you pay off the smallest debt, you then move on to focus on the next smallest debt.This is a popular