50 Ways to Save Money in College and Maintain a Social Life
College can be overwhelming for students. Paying back tuition can be a hassle, and, for most, itâs the first time theyâre financially independent. Unfortunately, the cost of college has increased more than 150% over the past 30 years, making it crucial for students to cut costs on expenses like housing, food, and entertainment. Cutting costs
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5 easy money-saving tips
Wondering where you can cut costsâand boost savingsâin your everyday life? Weâve got some ideas.
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This Is the Cheapest New Car You Can Buy in 2023
What we talk about when we talk about risk
Everybodyâs financial situation — age, income, saving rate — is different.
But every retiree, early or late, aspiring or actual, has the same, simple investing imperative: We must preserve and grow our purchasing power in real terms in order to finance decades of future consumption.
This sounds simple (which it is) and obvious (which it isnât).
The Declining Value of Your Dollars
Let’s assume you’re forty years old. Every week, you buy a six-pack of your favorite microbrew for $10. You have $520 in savings that will buy you your weekly six-pack for all of 2019. Life is good.
Here, for instance, is GRS founder J.D. Roth with a $10.19 six-pack of his favorite beer, which he’s drinking while he edits this article:
Now, let’s assume that the cost of this six-pack increases by 3% annually — which is a reasonable estimate of inflation. Every year, your $520 in savings buys you 3% less beer.
In thirty years, when youâre seventy and still enjoying your suds, that six-pack that costs you $10 now will cost you $24.27, which is a $1,262 annual expense if you continue to buy a six-pack a week.
In other words, your $520 in savings has to increases by nearly 145% to $1,262 over the next thir[s]ty years to merely maintain — let alone increase — your current beer consumption.
It gets worse.
Even if everything goes according to plan and your beer money grows from $520 in 2019 to $1,262 in 2049, youâll need to sell $1,262 worth of your investments to get the cash for your beer. That will trigger a $750 taxable gain, and at a 25% federal and state tax, you’ll have to pay approximately $188 in taxes. Your beer money is now approximately $1,074. This only buys you 44 six-packs of beer in 2049, whereas you were consuming 52 six-packs in 2019.
In other words, due to inflation and the taxation of nominal gains, youâll be poorer, with a lower standard of living, thirty years from now.
This bears repeating: A 3% pre-tax return on your investments will not preserve, let alone grow, your current standard of living.
How to Create a Realistic Retirement Budget
Sevier County, Arkansas VA Home Loan Information
Table of Contents What is the VA Loan Limit? How to Apply for a VA Home Loan? What is the Median Home Price? What are the VA Appraisal Fees? Do I need Flood Insurance? How do I learn about Property Taxes? What is the Population? What are the major cities? About Sevier County Veteran Information […]
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Mindful shopping: Learning to be deliberate about the things we buy and own
The older I get, the less I want or need. The older I get, the less I like to spend money. And when I have to buy something, I try to practice mindful shopping.
When I was younger, I wanted (and/or needed) all sorts of things. I wanted new clothes. I wanted tech gadgets. I wanted books. I was convinced that I needed a fast computer to be happy, not to mention a big house and lots of furniture. None of my shopping was mindful. It was mindless.
Now, at age fifty, buying things seems more like a hassle than a reward.
For one, buying something means I have to spend money — money that I’d rather keep for more important things, such as retirement. Or travel. Or beer. (Best of all: Travel and beer!)
Plus, there’s the entire shopping process. It’s a chore. If I need to buy a chainsaw, for instance (which I actually did this week), I have to research the best option. Then I have to find the best price. Then I have to order it or, worse, take time out of my day to go pick it up in person.
Then, after I buy a new thing, I have to store it. I have to dispose of the packaging, then add whatever I bought to my collection of Stuff. It becomes clutter in my life. (This is true whether the thing is actually clutter or not.)
I use my laptop computer all day every day, for instance, yet it still acts as mental (and physical) clutter. It’s always here in the living room, sitting next to my recliner. I see it whenever I walk by. It’s always on my mind.
I know I sound like an aging curmudgeon, but all of this is true. The older I get, the less Stuff I want — and the more I want to get rid of the Stuff I already own.
Now, I don’t want to pretend that I don’t buy things. I do. There’s no question that I do. I even spend frivolously if I’m not diligent. But I’m far less likely to buy things than I used to. And when I do buy things, I tend to be purposeful about my purchases. I try to be a mindful shopper.
Let’s use the chainsaw as an example.
Why Home Inspections Are Good For Buyers And Sellers
When it comes to real estate transactions, there can be many unknowns for both the buyer and the seller. The solution? Home inspections. Home inspections are popular in real estate because they uncover and resolve property issues prior to the final sale. For buyers, knowing about any structural issues in advance is a huge advantage that… View Article
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The Best 8 Scholarship Sites to Find Your Money Match
College is expensive and the cost is only increasing. Let’s look at the top sites available to help find the best-suited scholarships and track due dates.
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