The most important factor in managing our personal finances is our control over where our money is going. Before we can establish financial goals or move forward with a financial plan, we need to be honest with ourselves about our spending habits. And our spending habits are most often driven by the lifestyle decisions that […]
Author Archives: Chris Simber
The short answer is that it depends on how you answer a few simple questions. Are there family members who will need to be cared for financially when you die? Will your survivors or beneficiaries inherit debt such as a mortgage or a personal or car loan? Do you already have a large policy through […]
What is personal economic value and why is it important? Our personal economic value is our earnings potential or what can we expect to earn between now and when we plan to stop working. As an example, if I currently earn $44,000 each year, I’m 32 years old, and I plan to retire at age […]
Did you splurge a little or a little too much for the Holidays? Did you set a limit this year, and if so, did you spend above it? In the coming weeks, the news will be filled with statistics about whether holiday spending was up or down this year and how retailers were affected. But […]
People buy a lot of things that they don’t need, and in some cases don’t even want, and they often buy them with credit. It’s interesting that people who use cash spend less on average than people using debit or credit cards. Apparently we’re less likely to buy when we see the money that we’re […]
Most of us have a savings account with our bank, but we also tend to have trouble putting any money into it. Here’s a quick and easy way to save a little and get a bonus in the process. If you use a credit card from your regular bank you probably receive rewards when you […]
Most bank savings and money market accounts provide periodic compounding of interest, which is the interest being applied to the balance for a given period (usually monthly). What makes this such a great benefit, is that the interest applied in the current month, is applied to the balance that includes the interest from last month […]
Buying a home is a major event in our lives, and the excitement can easily overshadow the long-term financial commitment we’re about to make. This is especially true when we’ve found a home that we love. The property taxes, maintenance, and mortgage obligation that we’re committing to, often take a backseat to the excitement of […]
The basics of personal finance are a new focus for many people, and sadly for some out of necessity. Across our nation efforts to spend less, save more, and reduce debt are helping individuals to gain some control and stability. For many it’s a long hard road, but forming good financial habits will have life-long […]
The most popular approaches to debt elimination are: paying off the largest debt first, paying off the smallest debt first, paying off the debt with the highest interest rate first, and loan consolidation. In my book “Personal Finance Simply Understood” I walk through a detailed analysis of these approaches using various loan and debt amounts, and […]
