Car incentives nearly vanished during the past several years, thanks to pandemic-driven supply chain issues for auto manufacturers. As vehicle inventories dwindled and consumer demand outweighed supply, automakers had no reason to offer incentives like rebates or low-rate financing. The good news is that auto incentives, while still below prepandemic levels, are starting to return.
According to Kelley Blue Book, a Cox Automotive company, auto incentives — as a percentage of the average new-vehicle price buyers paid — reached 5.9% in February 2024. That’s compared with a general range of 10% to 11% before COVID-19 hit and 2% in fall 2022. In February, auto manufacturers spent an average of $2,808 per vehicle in incentives, up 88% from a year ago.
With inventories returning to normal and some auto manufacturers again sweetening deals to move vehicles, here’s how you can find and possibly save with car incentives.
Tips for saving with auto incentives
Although new car prices have declined since peaking in late 2022, the average price a buyer pays remains around $47,000. Incentives are one way to whittle down that price tag, and certain strategies can help maximize savings.
Be flexible about the vehicle you buy
Traditionally, auto dealers strive to have 60 selling days’ worth of cars in stock. As auto production has returned, some manufacturers — like Toyota — remain well below the 60-day mark, while others — including Ford, Nissan and Buick — are overstocked and more likely to offer incentives and discounts to move cars.
“The key right now is to be flexible about which vehicle you consider,” says Sean Tucker, senior editor for data company Cox Automotive. “If you had your heart set on something from Toyota, you’re probably not going to find a great deal. They just don’t have trouble selling cars right now.”
Auto manufacturer websites are a good place to research auto deals and incentives — including cash rebates, low-rate financing and lease deals — that are available for various makes and models. Such incentives often vary regionally, so you can usually narrow a search by ZIP code. Also, auto research companies like Edmunds maintain webpages with current car deals and incentives by carmaker.
Tucker suggests that incentives for leasing and electric vehicles are both good sources for saving in the current market. Auto dealerships are trying to restore the leasing cycle that feeds the used car market, so many dealerships are offering lease deals.
“It’s actually relatively easy right now to get a good lease on an EV,” Tucker says. “And that might even be a good idea just from a technology standpoint, because three years from now, when your lease is likely coming up, there may be far better EVs on the market.”
Know what incentives you qualify for
To ensure you receive every incentive available to you, know exactly which incentives you qualify for before engaging with a car dealer. Joseph Yoon, consumer insights analyst at Edmunds, recommends telling the dealer upfront what you expect in the way of incentives.
“The dealer is not going to offer it to you unless they’re deeply desperate to get the deal done,” Yoon says.
As part of your research, be aware of the different types of incentives available, because in some cases they can be combined.
Auto rebates provide a certain dollar amount to reduce your overall cost of buying, financing or leasing a vehicle. The rebate reduction should be on top of any other discount you’ve negotiated.
Low-rate financing is an incentive offered by automaker captive lenders — although you’ll need to have good or excellent credit to qualify and may be limited on loan length. As of March 5, 2024, Cox Automotive reported that 14.2% of new vehicle financing transactions had an APR of 3% or less. Only 3.2% of transactions had a 0% APR. While low-rate offers are available, they aren’t plentiful.
Loyalty incentives may be available if you have a certain car brand and want to buy or lease another one from the same manufacturer.
Demographic-focused incentives — for example, if you’re a recent college graduate, military member or educator — are also offered by some auto manufacturers and dealers.
Stacking more than one incentive, when possible, can help you take advantage of every dollar available to you. If you have to choose between multiple incentives, for example, either a rebate or low rate from the same manufacturer, use an auto loan calculator to run each scenario and see which will save you the most money in the long run. Also, consider whether taking a cash rebate at the dealer and financing elsewhere could save you even more.
About EVs, Yoon says auto manufacturers and dealers are motivated right now to offer savings on top of the federal incentive, because “there’s still a little bit of inventory left from 2023 that they really, really, really want to get rid of as the 2024 models [are starting to] hit.”
Plan to negotiate and comparison shop
If you know you qualify for a $1,500 car rebate, don’t assume that’s the best you can do — even if the dealer tells you it is. The ability to negotiate car prices for some models has also reappeared, and incentives should be in addition to any amount you negotiate off the manufacturer’s suggested retail price. You can use valuation tools on car-buying sites to see what people are paying for the car you want and whether negotiating a lower price is realistic.
Finally, if you can find more than one dealership with the vehicle you want, present the deal you expect to each and let them compete for your business. Dealers receive factory-to-dealer discounts to help move certain vehicles, usually slower-selling ones. They can choose whether to pass these savings on to you and may be more motivated to do so if they know you’re shopping for the same car elsewhere.
Yoon says if a dealership isn’t willing to “play ball,” you shouldn’t hesitate to walk away. “Cars cost literally more than they have ever cost the consumer, and so you should, rightfully so, fight for every dollar that you can save.”
My sister and I have called Westlake and Koreatown home our entire lives, but rising rent priced us out of our own community.Southern California’s high costs of living and limited homeowner support programs made it nearly impossible to find a better housing situation for our family.
Growing up in a predominately low-income immigrant community, we assumed living in an overcrowded apartment was the norm.
For more than 25 years, our family of four lived in a rent-controlled, cramped 450-square-foot studio with a walk-in closet and tiny bathroom. We converted the walk-in closet into a bedroom and our parents slept in a twin-sized bed right outside the kitchen. Our apartment was old, moldy and infested with roaches and hadn’t been renovated since we moved in — hence therent being cheaper than the market rate for L.A. County.
As we got older, we realized that we had lived in two scenarios identified by health and other organizations as threatening housing instability: living doubled up, meaning when adults beyond a head of household and partner have to share a home, and then living crowded, where the number of residents exceeds the capacity of the space, often leading to poor physical and mental health. An L.A. Times analysis published last year found that Los Angeles was the most overcrowded city in America as of 2020.
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Right before COVID-19 hit, we held unstable minimum wage, temporary and stipend-based positions and struggled to pay rent. Then during the pandemic, we found it increasingly difficult to complete remote work and online school in our crowded living situation. As COVID cases subsided, we got our first full-time jobs and considered moving to a bigger place. But the cheapest apartments we looked at were at least half of our combined income.
We were torn. On the one hand, we had stayed far too long in an uncomfortable living situation. Seeing apartment complexes in our neighborhood be demolished and replaced by luxury high-rises also made us fear that it was just a matter of time before we would be evicted. On the other hand, we could not justify spending so much on rent, especially since a rule of thumb is to spend no more than a third of your income on housing. And since we had both been laid off during the pandemic, we feared becoming unemployed again in the future.
After crunching the numbers, we decided to pursue an option we previously considered out of reach: saving up to buy a home. Given the rising local costs of rent, in the long run we’d be better off buying. We also wanted to repay our parents for all the sacrifices they made to ensure we had a roof over our heads, and for their love and support. So we continued to live in our crowded apartment while aggressively saving up for a down payment and for an emergency fund because we feared going back to job instability.
As first-generation Latinahome buyers, we did our best to navigate the process by combing through programs for buyers like us. Those didn’t end up helping.
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The first program we tried was Bank of America’s Community Affordable Loan Solution, which among other benefits provides up to $15,000 in down payment assistance for first-time home buyers in L.A. and a handful of other cities to purchase in a community that is predominantly Black, Latino or both. But we were told we were ineligible for the program because our combined annual income just exceeded the maximum limit of $136,650. At the same time, we are considered low-income in L.A. County, suggesting the program’s cutoff is too strict to help everyone who needs it.
Next we considered applying for the California Dream for All Shared Appreciation Loan program, which provides a loan worth up to 20% of a home’s sale price. However, the program also requires borrowers to pay 20% of the home’s increase in value once it’s sold on top of paying back the original loan. We worried that borrowing this amount would ultimately hurt us by taking away a portion of our future equity. Then that consideration turned out to be moot: The program ran out of funds two weeks after launching, before we could even complete the preapproval process.
We also found significant problems with the equity of these programs. Although the Community Affordable Loan Solution is meant to support Black and Latino communities, which have historically low rates of homeownership, it does not require individuals to identify as Black or Latino to qualify.Similarly, though the California Dream for All program was meant in part to reduce racial wealth gaps in the state, CalMatters found that 65% of the initial recipients were white. Only 34% of beneficiaries identified as Latino and just 4% identified as Black. California’s longtime affirmative action ban restricts the agency’s ability to target funds for people of color.
Fortunately, we finally found a home for our family in a different part of Los Angeles. Looking back, we’re grateful that our relatively low-cost living situation allowed us to save. Even so, families should not have to live in cramped, small living spaces to afford rent — and tolerating these conditions should not be the only option renters have when trying to save up for a down payment.
Moreover, since we were unsuccessful with first-time buyer programs, we felt compelled to make the risky decision to deplete our emergency fund to place a 3% down payment. Although that enabled us to buy our home, we aren’t sure what the future holds for us. We can’t say it was an easy process.
Federal and state officials should evaluate how first-time homebuyer programs are designed, rolled out and made available particularly to Black and Latino applicants. Providers should consider offering assistance on a sliding scale based on income level rather than using relatively low cutoffs. Other alternatives might be to create down-payment assistance grants rather than loans, or loans that do not accrue interest until a home buyer reaches a small portion of equity (such as 3%). Such approaches may help people get into homes sooner and obtain equity faster.
We hope to see better options for all low-income renters. Homeownership should not be this inaccessible, especially for people who are seeking to become the first in their families to buy a home and build generational wealth.
Jennifer Nazario is a systems administrator at a network of college-preparatory schools and a first-generation college graduate with a master’s degree in economics. Paula Nazario is an assistant director at UCLA and the first person in her family to go to college. She has a master’s degree in public policy.
I graduated from college with a bachelor’s degree in English in business management, so I knew a great deal about metaphors, marketing, and even Russian literature. What I didn’t know was how to manage my money.
Although I’ve learned a lot about personal finance since then, I’ve also realized that many graduates enter the workforce feeling just as lost as I did. “Should I get a credit card?” “How much should I spend on groceries?” “Do I really need to start saving for retirement?”
Providing for your own financial needs and responsibilities can be overwhelming at first, but there are plenty of practices you can implement now to manage your money well! Here are seven healthy financial tips I wish someone had shared with me after I graduated from college.
What’s Ahead:
Consider a Variety of Jobs
After college, my dream was to become a writer. Plan B was “pastry chef” (I watched one-too-many baking shows in high school). And yet, despite my aspirations, my first job was as an admissions counselor—at my alma mater.
For many careers, it isn’t easy to find your dream job immediately after graduating. You might need to start with an internship. Or, perhaps you’ll find an entry-level position in an industry or company where you could rise to the job you want.
Fortunately, there are multiple ways to make a living and pursue your dream job. My position in admissions may not have been a direct step towards a writing profession, but the experience I gained in sales ultimately prepared me for my job today as a writer in marketing. I also gained some “real-world,” office experience, and a clearer understanding of how a business operates—which could help me manage my own bakery in the future!
All this said, don’t be so focused on finding the perfect job that you miss a unique opportunity to advance your career.
Learn to Budget
Early on in our relationship, my husband, Steve, and I were giddy to discover our personalities were quite alike. But, for all our similarities, we did not share the same approach to personal finance. He’s the saver, and I, sadly, am the spender.
Steve and I recognized early, however, that consistent budgeting would protect both our money and our marriage. Every month, we sit down with a cup of tea or glass of wine and review our expenses. It has taken years to nail down a budget and routine that works well for us, but I can say with certainty that the habit has spared us many arguments.
Whether you’re single or in a relationship, budgeting is essential for maintaining financial health. However, thanks to tools like YNAB, you don’t have to be an expert at money management to do it well. YNAB allows you to set up categories to plan and track your spending. It’s unique take allows you to “live on last month’s income” so you can break the paycheck-to-paycheck cycle. You’ll always know exactly how much money you have to spend.
Check out our full YNAB review here.
Start paying student loans NOW
Many college graduates receive a six-month grace period, during which they don’t have to start paying back loans—but that doesn’t mean they shouldn’t.
Experts suggest you start paying back loans immediately, if you’re able—even before graduation! By paying that debt down sooner, you can decrease your principal and potentially save thousands of dollars in interest over time.
You may also be able to save money by refinancing your loan(s) to a lower interest rate. Try researching options through Credible, an online marketplace that lets you compare rates from multiple lenders. Each quote is based on your unique credit profile, and rates are updated in real-time so you can get an accurate assessment of your offers.
Credible Credit Disclosure – Requesting prequalified rates on Credible is free and doesn’t affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.
Build an emergency fund
It’s easy to see the value of an emergency fund, and yet more than half of Americans could not afford a $400 surprise expense.
The trouble is many people don’t understand the significance of an emergency fund until they need it. Only a few months after I married Steve, I got a ticket for running a red light. I was mortified and ashamed and embarrassed—until Steve reminded me that we had an emergency fund. In a moment, all my stress slipped away.
To help you build your own emergency fund, consider a resource like the Wealthfront Cash Account. You can earn 4.55%APY on all of your cash—which is five times the interest from your average savings account! Wealthfront can even get your paycheck to you up to two days early, when you set up a direct deposit, so you can reap the rewards of that rate ASAP! As you start to save towards specific goals, organize them into buckets to track your progress.
Wealthfront is also a great option for individuals who want an easy segue from saving to investing. Many financial advisors won’t even talk with you, let alone manage your investments unless you have tens of thousands of dollars to work with. Wealthfront, on the other hand, lets you start investing with as little as $500 and will diversify your portfolio to match your unique risk tolerance. You can also integrate your Cash Account with your investment portfolio and have any leftover income automatically invested to maximize your time in the market.
Live on less
After receiving your first paycheck, you might assume you need that full amount each month to live comfortably—but every person is different, as is every salary.
My brother graduated from college this year with a degree in computational engineering (nerd alert!). His first job pays nearly three times what my first job paid me! So, before he splurged on a new TV, car, computer, etc., I gave him one small piece of advice: learn to live on less.
Instead of determining how much you can spend based on your salary, start with small budget categories and alter them when necessary. Steve and I began budgeting early in our marriage and thought we would need $200 each month for groceries, based on how much we’d spent on our own. As the months progressed, we recognized $200 wouldn’t meet our needs (and also that I love cooking), so, we added a little more every month until we reached a total that worked for us.
Those first few years out of college will set the stage for your financial health (or lack of) decades into the future, so start by learning to live on less. It will be much easier to increase your budget categories later, rather than limiting yourself in the future.
Begin saving for retirement
If you’re anything like I was at 22 years old, retirement might feel like a topic that’s easy to ignore. However, saving for retirement early can mean thousands of additional dollars for you and your family later in life.
Fortunately, there are companies that understand young people like us. For example, blooom is a retirement management company that provides a free analysis of your IRA and/or employer-sponsored retirement plan—whether you decide to sign up and pay for their services or not. After answering a few questions on their site, blooom offers professional advice on how you can adjust the allocation of your funds to avoid hidden fees and save more for the future.
Another reason blooom is especially useful for 20-somethings is that, unlike many investment management companies, they don’t require a minimum investment to manage your retirement plan. In other words, if you’ve just started your first job out of college and have barely contributed to your retirement plan, blooom is still ready to help. They can also manage your funds no matter where they’re located, so you won’t have to move your employer-sponsored plan to utilize their services.
Get a credit card
Let me be clear: what I am NOT suggesting is that you drive down to your favorite department store and sign up for their fancy rewards card that offers 10% off on your first purchase.
While a credit card can certainly have its perks, the better benefit for college graduates is its effect on your credit score—if you use it well. A good credit score can impact your ability to get a home mortgage loan or qualify for auto insurance. It may even influence a potential employer’s decision to hire you!
Start with just one card, at least for the first year. Search for options with low interest rates that require low spending levels to receive rewards. Finally, once you begin using the card, set up automatic payments with your bank and continue to monitor your transactions and payments often.
Remember that merely possessing a credit card does not improve your credit score; it’s how you use it. Credit cards can have a negative or positive impact on your life, so make sure you choose and use them wisely.
Summary
Taking steps toward healthy money management as a college graduate doesn’t have to be complicated—you just have to start off on the right foot.
As you search for jobs, consider a wide variety of options. Building a career takes time, and your dream job may require some entry-level positions or even an internship for you to get started. Once you’re settled into the workforce and begin receiving paychecks, develop a budget immediately! Be sure to include important goals like paying off your student loan(s) and saving for retirement. Finally, create habits like living on less and saving for unexpected expenses to help you better prepare for situations, expected or not, in your future.
Procrastination may have served you well in college, but it won’t help you achieve financial health. Act intentionally. Learning to manage your money well now will help you provide for your family, pursue new experiences, and prepare for whatever lies ahead.
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MoneyUnder30 receives cash compensation from Wealthfront Advisers LLC (“Wealthfront Advisers”) for each new client that applies for a Wealthfront Automated Investing Account through our links. This creates an incentive that results in a material conflict of interest. MoneyUnder30 is not a Wealthfront Advisers client, and this is a paid endorsement. More information is available via our links to Wealthfront Advisers.
When bills begin to hide your kitchen table, your mind may scramble for a quick fix.
Can I make money fast on eBay or Craigslist? Should I apply for a personal loan?Maybe I could sell plasma? You could also pull a classic Michael Scott move and declare, “BANKRUPTCY!”… But, I wouldn’t recommend it.
While flipping thrifted goods or selling fluids can certainly help you make more money, another alternative is to make better useof your current income.
If you’re stuck in a cycle of overspending and mounting debt, it may be time to completely rethink your spending habits. Extreme budget methods — like biking to work, moving in with your parents, or even dumpster diving for dinner — can help you free up spare change in your paycheck and make the most of your hard-earned income!
What’s Ahead:
What is extreme budgeting?
If you’ve ever worried about a surprise medical bill, said “no” to a trip due to lack of cash, or purchased a case of ramen to make sure you had enough food till your next paycheck, you’re not alone.
While there is a myriad of ways to achieve temporary peace of mind, extreme budgeting is for the folks who want to stop the I-never-have-enough-money cycle dead in its tracks.
Instead of just eating out only once a week or canceling their monthly manicure, extreme budgeters reevaluate the simplest of routines.
Do I shop at the grocery store or dig through the trash for dinner?
Do I buy a cheaper vehicle at the dealer or consider rideshare instead?
They cut costs down to the bare essentials, adopt habits that protect their savings, and create a lifestyle that anticipates and eliminates stressful financial circumstances.
10 extreme budget methods to consider
Start your extreme budgeting by scanning your most recent bank statements for nonessential purchases: your subscription to Netflix, afternoon Starbucks run, gym membership, weekend vacations, drinks with friends, and so on. Ask yourself whether or not the transaction qualifies as a basic need for everyday life. If the answer is “no,” then next time say “no.”
You can also use a service like Money Patrol to set spending limits for yourself and begin developing new, healthy habits. However, the true extreme budgeter will take penny-pinching to new heights.
Listed below are ten extreme ways to save money on everything from transportation to toilet paper!
1. Become a “Freegan”
Freegans are known for rejecting consumerism and reducing waste by making use of discarded foods and goods.
You might gag at the thought of rummaging through garbage for your dinner, but freeganism has certainly proved to be an effective means of cutting costs. In fact, by dumpster diving instead of grocery shopping, Freddy Freegan has saved more than $2,000 a year on food.
2. Try vegetarianism or veganism
Did you know one pound of chicken breast and one pound of black beans have approximately the same grams of protein per serving? The difference is the chicken costs five times as much as the beans!
Next time you’re at the grocery store, avoid expensive items like meat and buy cheap, whole foods instead — beans, rice, potatoes, eggs, etc. Test out this tip for a month and see how you and your budget fare!
3. Stop driving and start riding
For individuals who truly want to adopt an extreme budgeting mentality, trim transportation costs down to the bone and ditch the car! Consider ridesharing, take the bus, or ride a bike. Not only will you save tons of money, but it’ll also be better for the environment too!
Check out PocketSmith’s budget projection tool to see just how much money you can save without your current auto expenses.
4. Practice military showers
Instead of swapping your shower head for a low-flow alternative — or, inaddition to swapping out your shower head — save big bucks on your water bill by practicing military showers, or navy showers.
Once you’re wet all over, turn off the water to lather up with soap, then turn it back on once more to rinse. You could save as much as 15,000 gallons of water a year!
5. Downsize your home
Downsizing to an apartment, tiny home, or even a van, may seem intense, but this tip has the potential to increase your savings more than any other. In fact, according to data from ValuePenguin, the average American household spends more than a quarter of their budget on housing alone (including mortgage/rent, property insurance, utilities, and more).
6. Move in with your parents
Living with mom and dad is not a glamorous solution; however, it’s more common than you might think.
Instead of spending thousands of dollars on rent or mortgage payments, redirect those funds to pay down debts, start investing, and even pursue the career path you really want, versus a job that merely pays the bills.
7. Water it down
You heard me. Add a little water to your shampoo, dish soap, orange juice, and even milk to save on grocery costs and make products last a little longer.
8. Use a bidet
If you stood in line for toilet paper in 2020 (right there with ya), this tip may not seem as drastic as it once did. Bidets can cost upwards of $250, or you can pick up a water-spraying attachment for $30. Either way, research suggests you could save $182 a year with this tip.
9. Cut your own hair
Depending on your hairstyle, this may be a no-go; however, this tip could save you hundreds of dollars a year in salon costs. If you’re not ready to attempt a trim yourself, consider volunteering to have your hair cut by a stylist-in-training for cheaper or free.
10. Practice “no spend” weekends
No spend weekends — which are exactly what they sound like — can help you steer clear of impulsive habits like eating out and shopping with friends. Instead, this trick motivates you to plan ahead.
Pack your coffee in a travel mug, invite your friends on a walk or a picnic, host a game night, etc. You could also set aside any cash you would have spent during the weekend and save up for a larger goal instead, like a down payment on a home or a summer vacation.
How does extreme budgeting help your finances?
“Couple Pays off $100,000 in Loans in One Year!” “Man Retires at 35: Here’s How he Did it!” The dramatic nature of extreme budget methods certainly grabs our attention, but the real draw is that they offer us a means of accomplishing significant personal goals quickly.
As referenced above, money is one of the biggest stressors for modern Americans, occupying our thoughts and impacting the lifestyle we’re able to pursue. In the midst of this chaos, extreme budgets offer an attractive alternative. They can help you cut down debt, save up for a house, retire early, set aside money for your kid’s college expenses, and more. You reclaim the reins of your financial circumstances and, in the process, set yourself and your family on track towards independence.
How does extreme budgeting hurt your finances?
While extreme budgeting may effectively address your current needs or help you pursue an ambitious goal, sometimes they neglect the big picture.
You may have plenty of money to put food on the table, but you ignore saving for retirement. As you divert spare change towards student loan payments, you forget to build an emergency fund and aren’t prepared for a surprise dental bill.
An extreme budget puts an immediate need or single goal in the spotlight, but a balanced budget accounts for a variety of costs today and tomorrow. Before you adopt any extreme budget methods, make sure you’re prepared for unexpected expenses and future needs.
Who should (and shouldn’t) practice extreme budgeting?
As mentioned previously, extreme budget methods can sometimes distract us from managing a variety of financial needs well.
If you have an “all-or-nothing” personality, for example, extreme budgeting may make you laser-focused on one goal, like stretching your paycheck to cover food, housing, and transportation. In the process, you might struggle to prioritize your student loan debt.
In the same way, extreme budgeting habits may help you make ends meet but also prevent you from addressing a larger problem — like excessive credit card usage. No matter how much you penny-pinch, that hefty bill will continue to find its way into your inbox every month.
With this in mind, extreme budget methods can be particularly beneficial for individuals who want to accomplish a specific goal in a specific amount of time. Biking to work or only buying discount foods, for example, can help a college graduate save money for a down payment on a house. An engaged couple may temporarily forgo dining out to collect cash for upcoming wedding expenses. Or, a young family could put every $5 bill earned into a jar to save up for a Disney vacation.
Remember: the primary goal of extreme budget methods is to help you regain control of your finances. So if your intense financial regime becomes oppressive or distracts you from future needs, those habits may not be a helpful means of achieving financial freedom.
How to start extreme budgeting
The best place to begin your extreme budgeting journey is by developing a clear understanding of your current financial situation.
How much income are you bringing in?
How much are you spending and on what?
What areas of your budget have been neglected?
As you dive into your bank statements, it’s easy to feel overwhelmed. However, there are a variety of personal finance and budgeting apps available to help you get organized.
One option to consider is PocketSmith, which connects with more than 12,000 financial institutions worldwide. Once PocketSmith has imported your personal information, the app presents you with several tools to categorize and organize your finances. You can break your current budget down into more manageable chunks, such as weekly or even daily budgets, and even forecast your spending and saving habits up to 30 years in the future.
Test out PocketSmith’s free Basic Plan today or sign up for the Premium Plan for $9.95 a month to receive automatic bank feeds, transaction importing, and more.
If you want a tool to help you monitor and manage your investment portfolio, consider Empower. Empower provides a “skimmable” version of your investments with a color-coded, visual representation of your asset allocation. Empower also has resources to help you budget, prepare for retirement, develop an estate plan, refinance your mortgage, and more — so you can keep all your finances in one location!
(Personal Capital is now Empower) Empower Personal Wealth, LLC (“EPW”) compensates Webpals Systems S. C LTD for new leads. Webpals Systems S. C LTD is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.
Summary
Extreme budget methods are not for the faint of heart.
You may bike to work in the rain to avoid spending money on gas. Or, perhaps you’ll miss trying that new local bistro with your partner and opt for a dumpster dive out back instead. However, the discomfort you feel forgoing creature comforts and adjusting ordinary routines is a small price to pay for financial independence.
Next time you pull your credit card from your pocket, first ask yourself, “Is there a cheaper way?” Sign up for a budgeting app like Empower or PocketSmith and start reevaluating your spending habits today!
This is a guest post from Sierra Black, a long-time GRS reader and the author of ChildWild, a blog where she writes about frugality, sustainable living, and getting her kids to eat kale. Previously at Get Rich Slowly, Black told us about sweating the big stuff and the pitfalls of buying in bulk.
My mother’s family is Catholic. They’re working class people from Buffalo: nurses, drugstore clerks, steel mill workers. Even though they never had a lot of dollars, they always gave 10% of what they had to the church. Like taxes, that 10% was just something they paid out before spending a dime on themselves.
As an adult I became the first college graduate in my family and adopted the position most of my educated, liberal peers seemed to hold toward charity: give a little, when you can, and feel guilty about not doing it most of the year.
For most of my 20s, I was living beyond my means. With every dollar being spent before it was earned, giving even a few dollars felt like a huge pinch in my messy budget. I was haphazard and frankly not very generous with my giving.
Overall, liberals tend to give less to charity than conservatives. Religious people like the ones I grew up with give more than my secular humanist friends. The working poor are, as a class, the most generous group in America, reliably giving away 4.5% of their income. The middle class are the least generous, giving just 2.5% on average.
In addition to making me and my friends look bad in the conservative press, statistics like that are, as George Will put it, “hostile witnesses” to the idea that “bleeding-heart liberals” actually care more about the poor and disadvantaged than our conservative counterparts.
According to the American Enterprise Institute, the single biggest predictor of a person’s charitable giving is religion. People who go to church every week give more money, more consistently.
I think it’s time to make secular tithing a middle-class trend. Those of us who don’t go to church every Sunday may not have the easy, deeply ingrained tradition of giving my great-grandmother had when she put her little envelope in the offering plate each week. That’s no excuse for not giving our share. It’s not right for the affluent and secure to let responsibility for maintaining the social safety net rest on the backs of those most likely to need it.
Last year, when I got serious about straightening out my spending habits, I wanted to make charitable giving, like saving, a key part of my financial future.
I adopted something akin to the “balanced money formula”. Instead of allocating 30% to wants, though, I drew up my formula like this: 50% for needs, 10% for charity, 20% for savings and 20% for wants.
My money is not balanced. I’m working hard to repay a pile of credit card debt and continuing to fine tune a frugal lifestyle. My needs and debts suck up most of our income. Because all the “extra” money goes into savings and debt repayment, I’m still living as if we were on the edge financially. Giving hurts. I do it anyway. Every week.
I’m not tithing yet, but I am moving towards it. Here’s how:
As our income increases, I spend the new money in a “balanced” way. A year ago, my husband and I were living on one salary — his. As I’ve added income to our household with my freelance work, I’ve allocated 10% of those dollars toward charitable giving, 20% to savings, 20% wants and 50% to needs.
As our debts decrease, I’m beginning to split our debt snowball. Snowballing debts is great. I’ve seen some people argue for splitting the money that’s freed up when a debt is paid off between paying down the next debt and adding to an emergency fund. I’m doing this with giving too. This month, I pay off a credit card that had a $35/month payment. I’ll put $3.50 into my charity fund, $7 into savings and the rest toward the next debt I’m attacking. I do this with frugal changes too: split the saved money between charity, savings and debt reduction.
I make the giving automatic. Remembering to do stuff is not my strong suit. To stay consistent with my giving, I’ve signed up for recurring automatic withdrawals from my bank account. There are organizations, like Just Give, that will help you coordinate automated or one time gifts to many different organizations.
I’m teaching my kids to give. My kids use jars to split their allowance into categories for giving, saving and spending. They’re too young to tell yet what lasting impact that might have, but I’m hoping it will get them into the habit of giving some of their money away every time they get paid. A habit it took me 30 years to grow into.
Giving small counts big. Charities can use their membership rolls and total numbers of donors to solicit large grants from individuals and foundations, and to earn matching grants. Because of this, the difference between giving $10 to a charity and giving them nothing is a lot bigger than the difference between $10 and $20. I make a lot of small donations to different organizations I like, to spread out my impact.
There are many good organizations doing vital work in the world that depend on charitable gifts to run their operations. These range from the Red Cross to the World Food Program to local groups.
The end of the year is often a time charities need dollars most. To encourage holiday season giving, many have created fun holiday gift programs. My favorite is Heifer International’s famous gift catalog, which lets you “give” a cow or a beehive or another livestock animal to a family in the developing world. In reality, of course, what you give them is the money to run their organization, which then distributes livestock to needy families at a local level. It’s fun to read their catalog though, and Heifer has one of the lowest overhead ratios of all the large charities.
In closing, a note: Expressing concern about what a charity is going to do with your money is a terrible excuse for not giving. Very few charities are outright frauds, and even the inefficient ones will put more of your dollars toward a good cause than your bank will. If you want to be sure you’re getting the most bang for your charitable buck, though, you can investigate organizations at a charity watchdog site before giving.
Note: Get Rich Slowly does not take a stand on religious or political issues. Respectful discussion of these topics is fine; please keep the comments up to their usual high-quality standards.
John Whittaker runs Peel Group, a huge British conglomerate with property, media, and infrastructure assets of inestimable worth. The self-made billionaire who got famous for helping to develop some of the UK’s buildings, Whittaker lives on the Isle of Man these days. This report is meant to help all those in business, who figure the coronavirus pandemic has ruined them alone. It turns out, even billionaire property giants are hard-put to overcome this crisis. Here’s a lesson in sticktoitiveness.
The fortune of this Prior Park College graduate, was primarily tied to a bit of luck when Peel Group developed and profited from Trafford Centre, and to the doggedness of the reclusive businessman, of course. Whittaker now has stakes in such brands as Pinewood Studios Group, MediaCityUK, and other ventures, but he’s a property mogul at heart. Unfortunately, the news Peel was liquidating stakes in Peel Ports and Liverpool airport to cover Whittaker’s bets on Intu Properties, reveal the nature of UK property game today. And the COVID mess has amplified an already difficult situation.
Intu Properties, for those unfamiliar, is a British REIT focused on shopping center management and development, a sector hit pretty hard even before the coronavirus pandemic but the brakes on the whole social gathering idea. Peel Group’s stake in the fund became almost worthless even before COVID-19, and there was £4.5 billion in crippling debt before the current crisis. To make matters worse, Intu has properties in the UK and Spain, which is like saying they own malls in the first and second levels of hell for 2020 profits. But Whittaker is widely regarded as a very astute, very clever businessman, and he’s no stranger to the ups and downs of the business.
On the “up” side, John Whittaker managed to convince the BBC to turn down three other sites across Manchester, in order to move into Peel Group’s MediaCityUK in Salford Quays. And even though he’s been forced to slim down his empire to rake in cash to prop up his core businesses. Those unfamiliar with the billionaire speculator might underestimate him. But, behind the scenes is where Whittaker excels at business.
This Guardian story, while it’s critical of Whittaker, reveals the businessman’s skill with public political debate, and the inner workings intermediary bodies and corporate coalitions do. Sure, Intu Properties is a money pit, at the moment, but don’t bet against winners. Whittaker is a lot more powerful and influential than the news tells.
According to The Guardian, a 2013 report by Liverpool-based thinktank Ex Urbe found that Peel Group owned or controlled more than 300 companies in the UK. However, Whittaker’s influence and power to make the deal is not limited to controlling assets. Take, for instance, the May 1 Intu appointed of former PwC and EY restructuring officer David Hargrave as a restructuring lead and non-executive director of the faltering company.
I’ve no doubt Hargrave and Whittaker are behind this week’s negotiations to get standstill agreements to pause repayments of debt on account of the pandemic. My point being, Whittaker is a bulldog. Everything he’s doing reminds me of a pit bull unwilling to let go to defeat. Which is why I said, “never bet against winners.” Even if the billionaire’s stake in Intu Properties ends up in the tank, the salvage operation at Peel Group will turn up something positive.
Property owners like Whittaker, British Land, and Hammerson have taken a massive hit because of COVID-19 because thousands of tenants have closed stores or were unable to pay their rents. And while imminent financial collapse is a nagging possibility in these uncertain times, the lesson the Whittakers of the world can teach us is to keep fighting. Keep thinking up big ideas, even while big problems nag at the fabric of existence.
Take Peel Group’s plans to recreate an old exhibition space near Trafford Centre, into a first-ever spa experience for UK patrons. The project to be developed with the Therme Group showed brilliant potential before the current crisis, and could again with the right tweaks. After all, what would wellness enthusiasts pay for a certified safe pampering session after COVID?
My thinking is that Whittaker and others will be thinking on how to innovate out of the crisis. I am also thinking we need to be rooting for the UK billionaires since their failure will certainly mean a really bad “new normal” for most of the rest of us. My money’s on any guy who can lose $350 million dollars in one day and keeps on smiling (breathing).
Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.
Hello! Enjoy this post from a blog friend of mine.
I think most of us would agree that earning more would allow us to save more. Contrarily, SPENDING more is going to save you more, and I’ll illustrate how.
Fact. The average college graduate has $33,000 in student loans at graduation.
In a generation with abundant information, I’m always amazed at how the post-college world is mystified, and how the approach to student loans thus far has not been met with solutions, only an explanation of the problem.
When I finished school, I started making $20 per hour designing logos for friends and family. If I worked just 5 hours per week, I’d make $400 per month. In a year that’s $4,800. That second income, the Side-Stream, was HUGE for me.
In 4 years, I’d have earned $19,200.
So let’s talk about debt and how this $20 can earn and save money at the same time.
With an average of $33,000 and a common 6% interest rate and ten-year term, you owe just under $400 per month. But with interest added, your actual debt becomes nearly 30% higher, assuming you only pay the minimum monthly payment:
Not only are you paying for 10 YEARS (into your early 30s), but you’re paying $11,000 in interest!!!
I didn’t, and you probably don’t, have more money from work to throw on to the loan without eating less steak and more Ramen. So, the only option is to earn more. If that sounds scary, and unfamiliar, you’d be surprised to find that there are people out there that would pay you for what you do well and know, even if it’s weird (read more about skill selection mentality here):
Are you really good with your calendar?
Can you swap broken phone screens?
Are you really good at teaching the binomial equation?
You might think I’m crazy, but these are actual businesses that people are using to Side-Stream.
Related: 20+ Best Jobs That Pay $20 An Hour Or More
So, let’s say you were a Psychology Major in school, and you’re already working. But, it’s not enough, and you’re just treading water financially. You contact your local school and start tutoring at the local high school for kids interested in Psychology degrees. You earn $20/hour for 5 hours per week on your Side-Streaming skill.
You walk with $100 per week, or $400 per month, and apply ALL of it to your loan.
Look at the difference it can make on debt:
By earning on the side, and applying the entire income you’re making, which is just after only 5 hours per week, or $4,800 per year, you effectively:
Drastically reduce your debt period from 10 years to 4
Make 49 payments rather than 120, a whopping 60%reduction
Slice interest by 38%, from about $11,000 to $4,200
Pay a total of $37k versus $44k, seven-thousand dollars less
SPENDING what you earn on your loan, SAVES you big money.
For some of us, scholarships or parents got us through, debt-free…at least for the moment.
Your $33,000 debt could be credit card debt, or the new car you needed. Mathematically speaking, making more and dropping it into loans can save you THOUSANDS.
If the math doesn’t convince you, there’s another perk of Side-Streaming for $20 per hour. When I started meeting with clients, negotiating rates, networking for more work, and finding solutions to other people’s problems, I actually got better at my day job.
There’s beauty in getting paid to do what you love – work doesn’t have to feel like servitude. Because my business was growing, the experience started to bleed over and suddenly I was developing at a faster rate than my work peers.
Here’s my Top 6 reasons Side-Streaming improved my work performance:
1. I was no longer afraid to outreach, network, and find new clients.
When you are operating for yourself, your motives change. At work you can coast, but when it goes directly to your pocket, you WANT to succeed, and you’ll be shocked at how much you can grow on your own just from challenging yourself to do so. When I learned how to find people that would be interested in my service, and do it over and over, I learned how to attract and market a product. No school needed – the education was experience.
2. Creative problem solving became normal for me, and work wanted more of it!
If I was asked to create a logo for a volleyball program, I wasn’t given instructions, a deadline, and a process to get through it – I had to invent it myself and find ways to make it happen. At work, where my large corporation set the stage for me to be moderately successful, I didn’t have to do any of that. When I did it for me, and brought that skill to the office, I quickly became a top performer.
3. Getting feedback from clients, and using that data to improve the service, was a habit.
When someone tells you that they like what you’ve done, and they’d happily recommend you, it’s the best thing you can hear. When someone says they wish the work had been done a little faster, or was a little crisper – it sinks in deep. Learning to evaluate and react to my clients’ needs gave me the platform to understand and collect data and use it to create more value from my service, one that carried over into my 9-to-5.
4. I could assert my skills, knowledge, and ability to an audience of peers with confidence, and politely decline to know expertise without feeling threatened.
As a Side-Streamer, I would often get asked why my service was more than a local competitor charging half. I had to not only express why I was a good use of funds, but I had to do so with confidence, asserting my expertise, speed and performance over someone else’s. I was shy, but when it was directly for me, I learned how to do it and why it was important. From my experience with high level clients, I was better equipped to handle negotiations for raises, which netted in a $16,000 raise on day 11 on a new job.
Contrarily, I’m a graphic artist, but if someone wants me to digitally paint a family portrait, I would likely decline the project, and see if I could recommend someone that would do an excellent job. Doing this in the workplace is always smarter than BS-ing what you don’t know.
5. I became quick to ask for expectations so that I could surpass them.
When I made a few mistakes on my own, I HAD to adjust. One time, I had a project thrown in my face because I didn’t listen to my client. I forgot to ask questions about his expectations (read which questions I ask now). When I sat and digested it, I realized I hadn’t done a good job of hearing, with clarity, what he wanted. In the office, when projects came up and I took initiative, I was proactive and asked for expectations, making it really easy for me to hit the mark, and exceed it.
6. Failure was often; so was Success.
It’s common to get comfortable at work after a while, but when first starting, you’re on edge and feel like you can’t fail. When you fail, you learn, right? When you touched the hot stove, did you do it again?? Failing is how you’ll grow fastest and sometimes work won’t be the place that lets you spread your wings, they just want you to follow the leader (or system). When you Side-Stream, you can learn and learn fast through the things that work and the things that don’t. The more you fail, the more you succeed, and this wasn’t a loss of my job, it was just ‘a’ job.
So maybe it sounds like fantasy?
It’s not, and more and more people are starting a Side-Stream every day. Ordinary just isn’t what we were built for.
$20 an hour, for me, was worth much more than the financial opportunity – it was an invaluable representation that I wasn’t solely reliant on my job for income, and that to me was freedom. Could I quit? No. But I had options, and if work wouldn’t give me another raise, I could go earn it myself. If I wanted to work ten hours this week or none, I could.
School to me held freedom. Freedom to learn, or eat, or meet, or party. That’s the freedom that’s missing after school. So I started chasing that freedom.
Soon, $20 an hour turned into $60, which turned into $100.
Most starting salaries don’t allow much room for increased loan payment – there’s just not enough income to do so. You need to EARN more, to SAVE more.
With zero experience, I started helping friends, or family, with art projects. One day, someone asked me for a logo for a new company, and it wasn’t long before I was teaching others to start up a second income stream.
Often, the skills we have are just untapped. Side-Streaming isn’t about reinvention, it’s about re-connection!
If you could pay off your loans early (worth a celebration I might add), and were still making an extra $4,800 per year, what you would you use it on?
Let’s get lavish – share the luxuries of living well to you! Where would you go, what would you see, what would you buy? Do you have a side income stream? Why or why not?
Aaron Velky is a Side-Streaming educator. Side-Streaming, a website for entry-level professionals who aren’t earning enough or suffer from heavy debt, guides pupils to set up a second income and earn from pre-existing skills. Aaron’s passionate about empowering young professionals to find financial freedom, and coaches them from idea selection to finding clients and setting up business systems. Visit his site, sign up for his email list, and start Side-Streaming today at www.aaronvelky.com.
Last Updated: May 28, 2023 BY Michelle Schroeder-Gardner – 29 Comments
Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.
Are you looking to start refinancing student loans? The average 2015 college graduate has slightly over $35,000 in student loan debt.
And, if you have a law or medical degree, you may find yourself with an average of around $150,000 or $200,000 in student loan debt, respectively.
That’s a lot of money!
One thing I haven’t talked about much here on Making Sense of Cents is that there are many options for paying off your debt, such as by consolidating or refinancing your student loans.
Many don’t realize that they may be able to refinance or consolidate their student loans. I personally know this because I never once thought about either back when I had student loan debt.
Before you make the leap of consolidating or refinancing student loans, though, there are many things to think about. Continue reading below to determine if either consolidating or refinancing student loans is the right decision for you.
Related: How I Paid Off $40,000 In Student Loan Debt In 7 Months
Consolidating Student Loans – Positives And Negatives
Consolidating your student loans is when you combine your student loans into one single loan.
If you have federal student loans, you may be able to do a federal loan consolidation. While federal student loan consolidation most likely won’t help you save money by combining, it may help you to better manage your loan payments. This is due to the fact that you will only have one bill each month after you consolidate (this is why it’s called “consolidation”).
Many graduates have over five different student loans to pay each month, which can cause a huge mess if you forget to pay one!
Disclosure: We receive compensation from the companies below if you click on a link. Amount of compensation does not impact the ranking or placement of a particular product. Not all available financial products and offers from all financial institutions have been reviewed by this website. This content is not provided by Credible or any of the Providers on the Credible website. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by Credible.
Related tip: I highly recommend Credible for student loan refinancing (they are the top student loan refinancing company and have great customer service!). You can lower the interest rate on your student loans significantly by using Credible which may help you shave thousands off your student loan bill over time. Through Credible, you may be able to refinance your student loans to a rate as low as 2.47%! Plus, it’s free to apply.
Refinancing Student Loans: Positives And Negatives
Student loan refinancing is when you apply for a new loan that is then used to pay off your other student loans.
This is usually a great option if your credit history or credit score are better than when they were when you originally took out your student loans.
By refinancing your student loans, you may qualify for better repayment terms, a lower interest rate, and more. This is great because it may help you pay off your student loans quicker.
The positives of refinancing student loans include:
Companies, such as Credible (this is an affiliate link and I highly recommend them), allow you to refinance your federal student loans as well as your private student loans into one. The average person who refinances can save thousands of dollars on their loan, which is a great amount! You can save a lot of money through student loan consolidation such as with Credible, especially if you have high interest federal or private loans.
Before refinancing a federal student loan, though, you will want to think about different federal benefits that you may be giving up. You may give up income-based repayment plans, loan forgiveness for those who have certain public service jobs (such as certain jobs at public schools, the military, Peace Corps, and more). By refinancing federal student loans, you are giving up any future option to these.
However, keep in mind that by refinancing student loans, you may receive lower monthly payments, lower interest rates, and more. This may help you pay off your debt a lot more quickly.
Things you should think about before you take your next step.
Before you take your next step, I wanted to recap the above so that you are clear about what your choices are.
If you are able to take advantage of deferment, loan forgiveness, or some other sort of federal student loan program, you may want to think twice before you refinance federal student loans.
Be careful with variable interest rates. While they may seem appealing at times, remember that your interest rate may fluctuate. If you currently have a variable rate, you may want to refinance into a fixed-rate and this may make refinancing a great decision for you.
Consolidating your student loans usually leads to increasing your loan term, which may lead to lower monthly payments. However, it can also lead to higher interest charges over the life of your loan.
If your credit is better than it was when you first took out your student loans, you may be able to qualify for better terms and a better interest rate by refinancing student loans. I recommend shopping around to see what you can get. Start out by checking out Credible!
Do you have student loan debt? What’s your action plan to pay off student loans? Do you plan on refinancing your student loans?
Inside: Enjoy these millionaire quotes about achieving success! These statements will help you motivate yourself to achieve your goals and become a millionaire.
Success is not a destination- it’s a journey.
When you find yourself stuck, struggling to make progress on your goals, often the only thing that will inspire you to keep going is by reading quotes from other successful people who have been there before. So grab some time and read these meaningful quotes now!
Quoting people is a great way to remind yourself of your goals and stay motivated.
It’s easy to get distracted by the demands of life, so I like reaching for quotes that tell me what I need most right now.
Quotes by millionaires are a great source of inspiration and motivation for anyone looking to achieve success in life. Not only do they offer wise words of advice, but they also remind us that failure is an essential part of learning and achieving greater things.
So don’t be afraid to dream big and work hard towards making those dreams a reality.
In fact, here are the most inspiring millionaire quotes.
The power of millionaire quotes
Millionaire quotes have the power to change your life. If you’re feeling down or unmotivated, reading a few words from a millionaire can give you the boost you need to get back on track.
For example, Tony Robbins is one of the most successful millionaires in the world with a net worth of over $600 million. And he’s not the only one; there are countless millionaires out there who have made their fortune through hard work and determination.
When it comes to making money, these people know what they’re talking about! Their advice is worth listening to, and if you take their words to heart, you’ll be well on your way to success.
So next time you feel like giving up, read some inspiring quotes from millionaires and see how that changes your outlook on life. You may be surprised at just how powerful these words can be!
How to use millionaire quotes to achieve success
There is no one-size-fits-all answer to this question, as the best way to use millionaire quotes to achieve success depends on your personal goals and objectives.
However, some tips on how to use quotes to achieve success include:
Find quotes that resonate with you and inspire you.
Keep your goals in mind when reading quotes and using them to motivate you.
Write your own quotes and keep them in a place where you can see
If you’re looking to achieve success, millionaire quotes can be a great way to get started.
They provide inspiration and motivation and remind you that failure is not an option – which can be a great thing if you’re willing to learn from your mistakes.
The benefits of using millionaire quotes
Quotes by millionaires offer great advice and motivation for anyone looking to achieve success. They provide a unique perspective that can help you focus on your goals and push through any obstacle in your way. Additionally, these quotes can help increase productivity in any context and inspire creativity.
While it’s important to remember that not everyone is able to become a millionaire, following the advice of those who have achieved this level of success can be incredibly beneficial.
As Thomas A. Edison once said, “I have not failed. I’ve just found 10,000 ways that won’t work.”
This type of attitude will help you stay motivated even when things get tough.
Walt Disney also had some profound words of wisdom: “If you can dream it, you can do it.” This quote speaks to the idea that anything is possible if you put your mind to it.
Reaching your goals may seem difficult at times, but with enough determination and hard work, you’ll be able to accomplish anything.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Millionaire Mindset Quotes
These inspirational, motivational, and wise words from millionaires who achieved success despite all odds teach us that determination and perseverance is the key factor in life.
Your mindset will determine your outcome.
Enjoy some of the best millionaire mindset quotes…
1. “I can accept failure, everyone fails at something. But I can’t accept not trying.” – Michael Jordan
2. “Start with the end in mind. If you want to be a millionaire, talk like one, act like one, work like one.”- Bob Proctor
3. “When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.” – Henry Ford
4. “The easiest thing I ever did was earn a million dollars. The hardest thing I ever did, and it took years, was believing I was capable of earning a million dollars.” – Les Brown
5. “There is no monopoly on becoming a millionaire. If you’re jealous of those with more money, don’t just sit there and complain – do something to make more money yourself.” Gina Rinehart
6. “You can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something – your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.” – Steve Jobs
7. “Think like a queen. A queen is not afraid to fail. Failure is another steppingstone to greatness.” – Oprah Winfrey
8. “To win big, you sometimes have to take big risks.” – Bill Gates
9. “Fail trying; don’t fail watching.” – Bob Goff
10. “There are a ton of ups and downs, and many times our highest points come immediately after our lowest.” – Pat Flynn
Motivation is key to success. It is what drives us to achieve our goals and reach our potential.
There are many reasons why motivation is so important, but here are some of the most important ones:
Without motivation, it’s hard to stay focused and push through difficult tasks.
You’ll be more likely to give up if you’re not motivated.
Motivation gives you the energy you need to work hard and achieve your goals.
When you’re motivated, you’re more likely to take action and make progress towards your goals.
Now, here are the best motivation millionaire quotes to keep you going.
12. “When something is important enough, you do it even if the odds are not in your favor.” – Elon Musk
13. “You simply have to put one foot in front of the other and keep going. Put blinders on and plow right ahead.” – George Lucas
14. “You cannot push any one up a ladder unless he be willing to climb a little himself.” – Andrew Carnegie
15. “The future of humanity: a choice between the past and the present, between stagnation or progress.” – Vladimir Vernadsky
16. “If people are not laughing at your goals, your goals are too small.” – Azim Premji
17. “Before you can become a millionaire, you must learn to think like one. You must learn how to motivate yourself to counter fear with courage.” – Thomas J. Stanley
18. “Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition.” – Steve Jobs
19. “I’d rather regret the things I’ve done than regret the things I haven’t done.” – Lucille Ball
20. “Do not be embarrassed by your failures, learn from them and start again.” – Richard Branson
Success Millionaire Quotes
Your goals will help guide your lifestyle and create a more meaningful journey for you.
By reaching your goals along the way, you find success. It is those small milestones that can help you along your journey. Believing bigger is about knowing deep down inside you are successful.
Now, here are some of the best success millionaire quotes to start believing in today!
21. “My dad encouraged us to fail. Growing up, he would ask us what we failed at that week. If we didn’t have something, he would be disappointed. It changed my mindset at an early age that failure is not the outcome, failure is not trying. Don’t be afraid to fail.” – Sara Blakely
22. “Success if not final. Failure is not fatal.” – Teri Ijeoma
23. “It doesn’t matter how many times you fail. You only have to be right once and then everyone can tell you that you are an overnight success.” – Mark Cuban
24. “I have had all of the disadvantages required for success.” – Larry Ellison
25. “It’s fine to celebrate success but it is more important to heed the lessons of failure.” – Bill Gates
26. “Obviously everyone wants to be successful, but I want to be looked back on as being very innovative, very trusted and ethical and ultimately making a big difference in the world.” – Sergey Brin
27. “You don’t have to be a genius or a visionary or even a college graduate to be successful. You just need a framework and a dream.” – Michael Dell
28. “Setting goals is the first step in turning the invisible into the visible.” – Tony Robbins
29. “You can never quit. Winners never quit, and quitters never win.” – Ted Turner
30. “All of us, in a sense, struggle continuously all the time, because we never get what we want. The important thing which I’ve really learned is how do you not give up, because you never succeed in the first attempt.” – Mukesh Ambani
Millionaire Mentor Quotes
Self-made millionaires offer great insight and motivation for those working towards success. They remind us that failure is often a part of the journey, but it’s important to stay true to ourselves along the way.
When you are building a business or starting a new endeavor, wouldn’t you want to have a mentor looking over your shoulder and motivating you?
So, although you may not be able to afford to meet these millionaires in person, you can write their quotes on your planner or near your computer to keep you focused on making your million.
When we spend time with people who have achieved success, their positivity rubs off on us.
We can begin to see the world through their lens and get motivated to achieve our own goals.
31. “The biggest risk is not taking any risk… In a world that is changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” – Mark Zuckerberg
32. “I believe people have to follow their dreams – I did.” – Larry Ellison
33. “If you don’t live your life, then who will?” – Rihanna
34. “Money is just a consequence. I always say to my team, ‘Don’t worry too much about profitability. If you do your job well, the profitability will come.’” – Bernard Arnault
35. “If you want to be successful, find someone who has achieved the results you want and copy what they do and you’ll achieve the same results.” – Tony Robbins
36. “Dedicating myself to actually following through was my single biggest achievement.” – Nick Woodman
37. “Always make a total effort, even when the odds are against you.” – Arnold Palmer
38. “I’m an entrepreneur. ‘Ambitious’ is my middle name.” – Kim Kardashian
39. “Talent without working hard is nothing.” – Cristiano Ronaldo
Strong Millionaire Quotes
Okay, there are times you need to hear the hard stuff. Like the coach whispering exactly what you need to be told when you weren’t executing as you should be.
These strong millionaire quotes are the ones that put us back on track.
They remind us why motivating yourself to achieve great success is necessary.
40. “Swim upstream. Go the other way. Ignore the conventional wisdom.” – Sam Walton
41. “Winning is not always the barometer of getting better.” – Tiger Woods
42. “If you’re afraid to fail, then you’re probably going to fail.” – Kobe Bryant
43. “If you don’t find a way to make money while you sleep, you will work until you die.” – Warren Buffett
44. “If you’re changing the world, you’re working on important things. You’re excited to get up in the morning.” – Larry Page
45. “Be thankful for what you have; you’ll end up having more. If you concentrate on what you don’t have, you will never, ever have enough.” – Oprah Winfrey
46. “As long as you’re going to be thinking anyway, think big.” – Donald Trump
47. “Confidence is the most important single factor in this game, and no matter how great your natural talent, there is only one way to obtain and sustain it: work.” – Jack Nicklaus
48. “You have to be able to accept failure to get better.” – LeBron James
Millionaire Quotes about Life
Successful people are usually happy because they have found a way to be content in life while still reaching for more.
Regardless of the type of millionaire they are, they all find happiness in some form or another from their work. This in turn leads to greater motivation and a desire to keep growing and achieving more. Additionally, small challenges help to keep these levels of happiness and motivation high.
Here are the best millionaire quotes about living life to the fullest!
49. “I’d rather be optimistic and wrong than pessimistic and right.” – Elon Musk
50. “A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.” – Jeff Bezos
51. “Everybody has equal opportunity, and I think that is true for everything.” – Mukesh Ambani
52. “If you are born poor it’s not your mistake, but if you die poor its your mistake.” – Bill Gates
53. “Treat your life like a game.” – Ray Dalio
54. “Self-praise is for losers. Be a winner. Stand for something. Always have class, and be humble.” – John Madden
55. “Being rich is a good thing. Not just in the obvious sense of benefitting you and your family, but in the broader sense. Profits are not a zero sum game. The more you make, the more of a financial impact you can have.” – Mark Cuban
56. “People should only profit to the extent they make other peoples lives better.” – Charles Koch
Future Millionaire Quotes
Success is a tricky thing to quantify.
This perspective can help you stay motivated as you work towards your goals- knowing that things are always changing and evolving. Additionally, it’s important not to compare yourself with anyone else in this world. You’ll only end up insulting yourself!
So from one millionaire to the next millionaire (you), here are the future millionaire quotes to memorize.
57. “You can’t just wish to be a millionaire; you have to figure out how to earn it.” – Dolly Parton
58. “Sometimes life hits you in the head with a brick. Don’t lose faith.” – Steve Jobs
59. “The key to life when it gets tough is to keep moving. Just keep moving.” – Tyler Perry
60. “Have fun. The game is a lot more enjoyable when you’re trying to do more than just make money.” – Tony Hsieh
61. “Education is the most important for our children, and it’s also the best investment.” -Bill Gates
62. “I never took a day off in my 20’s. Not One.” – Bill Gates
63. “At the end of the day, you know yourself best.” – Abigail Johnson
Millionaire Quotes about Money
Millionaire quotes are a great way to get motivated and inspired to achieve success. They offer a glimpse into the mindset of millionaires and what drives them.
Money is often seen as the key to happiness.
And while it can certainly bring a level of comfort and ease, it is not the only thing that can bring happiness. Hard work and dedication are essential for success, and it is important to believe in yourself and your dreams.
So, enjoy these millionaire quotes about money…
64. “Never depend on a single income. Make investments to create a second source.” – Warren Buffett
65. “If you do not see riches in your imagination, you will never see them in your bank balance.” – Napoleon Hill
66. “Most people fail to realize that in life, it’s not how much money you make. It’s how much money you keep.” – Robert Kiyosaki
67. “Rule No. 1: Never lose money. Rule No. 2: Never forget rule No.1” – Warren Buffet
68. “Why pay a dollar for a bookmark? Why not use the dollar for a bookmark?” – Steven Spielberg
69. “I want the last cheque I write to bounce.” – Chuck Feeney
70. “It’s not about the money, it’s about what you can do with the money.” – Thomas J. Stanley
Which Thing will You do to Result in More Wealth Opportunities?
So there you have it, 70+ powerful millionaire quotes to help you motivate yourself to achieve success.
These are people worth at least 7 figures – maybe even 10 figures.
If you want to become a millionaire, it all starts with taking action towards your goals.
Use these quotes as inspiration and fuel to keep you going on your journey to success.
Remember, it’s not about the destination, it’s about the journey.
Enjoy the process and don’t stress too much about the outcome. As long as you’re taking action and moving forward, you’re on the right track. Who knows, maybe you’ll be the next millionaire!
Know someone else that needs this, too? Then, please share!!
There are literally thousands of legitimate checking accounts to choose from, and more spring into being all the time as online banks emerge and grow. There’s no way you can evaluate them all.
If you’re under age 25 and don’t care about loading up on potentially generous features, you can safely narrow your search by limiting your choices to basic checking accounts built for young, unfussy people. One account that should still be among those choices is the BMO Harris Smart Money™ Account.
The BMO Harris Smart Money Account has no monthly maintenance fee for users under 25 and relatively few other account fees. It comes with a Mastercard debit card accepted by millions of merchants worldwide. And it could be right for you — but be sure you understand its capabilities and limitations before opening an account.
What Is the BMO Harris Smart Money Account?
The BMO Harris Smart Money Account is a basic checking account designed for younger people and those seeking the peace of mind that comes with fee-free overdraft protection.
Smart Money has no monthly maintenance fee for anyone under 25 and no overdraft fees for anyone. Otherwise, it has the same basic features as BMO Harris’s two other consumer checking accounts — Advantage and Premier — including a vast fee-free ATM network, a robust mobile app, and no ongoing minimum balance requirement.
What Sets the BMO Harris Smart Money Account Apart?
The BMO Harris Smart Money Account stands out from competing checking accounts in a few key ways:
No overdraft fees. Smart Money has no overdraft fees. This is less generous than it sounds because BMO declines most Smart Money transactions that would result in an overdraft. Still, BMO may allow some transactions to go through even if they result in a negative balance. If and when it does, there’s no charge.
No maintenance fee for younger users. Smart Money has no monthly maintenance fee for users under 25. It qualifies as a free checking account for younger folks.
No way for older users to waive the maintenance fee. Smart Money does have a maintenance fee ($5 per month) for users 25 and older. This is low as checking account maintenance fees go. But it’s also unusual (in a bad way) because there’s no way to waive it. Most checking accounts waive maintenance fees if you maintain a minimum balance or incoming direct deposit.
Key Features of the BMO Harris Smart Money Account
The BMO Harris Smart Money Account is a straightforward checking account for people who don’t need many bells and whistles.
Age Restrictions
Smart Money has no official age restrictions. Kids under age 18 can open an account with a parent as a joint owner, and anyone 18 or older can open an account as the sole owner.
However, Smart Money does make an important distinction between account holders under age 25 and those 25 and older. While there’s no monthly maintenance fee for users under age 25, users 25 and over must pay a $5 monthly maintenance fee. There’s no way to waive this fee, either.
Minimum Deposit & Balance
The minimum deposit to open this account is $25. Once opened, there’s no ongoing minimum balance.
ATM Network
BMO Harris belongs to the Allpoint ATM network, which has more than 40,000 fee-free ATMs across the United States. These ATMs are relatively evenly distributed across the country, including in many locations where BMO Harris has no physical branches.
Smart Money doesn’t reimburse out-of-network ATM fees, however. Be sure to use Allpoint ATMs to the extent possible.
Possible Account Fees
Smart Money has no maintenance fee for users under 25 and an unwaivable $5 maintenance fee for users 25 and older. It has no overdraft fee for any users, though BMO Harris declines most transactions that would result in a negative balance.
Other possible fees include:
A $2 paper statement fee per month
A $3 fee for each out-of-network ATM transaction
A $3 fee for each check image if you’re not opted into paperless statements
Mobile Features
Smart Money users get access to BMO Harris’s user-friendly mobile app. Notable capabilities include:
No BMO user fees for person-to-person Zelle transfers (though other fees may apply)
Free mobile check deposit
Free budgeting and expense-tracking tools
A single view of all your BMO accounts, including bank accounts and credit cards
Advantages
Like the account itself, Smart Money’s advantages are straightforward: no maintenance fees for younger users, no ATM fees if you stay in-network, and excellent mobile features, to name a few.
No monthly maintenance fee for younger users. BMO waives the $5 monthly fee for account holders under age 25. That makes Smart Money an appealing choice for college students and recent college graduates.
No overdraft fees. Though it declines most transactions that would result in negative balances, BMO waives overdraft fees and insufficient funds fees for such transactions anyway. If it allows negative-balance transactions to go through at its discretion, it still doesn’t charge an overdraft fee.
Big fee-free ATM network. As part of the Allpoint ATM network, BMO Harris has more than 40,000 fee-free ATMs in the United States. You can find these machines in every corner of the country, including places far from any physical BMO Harris branches.
Excellent mobile features. BMO Harris has a comprehensive, user-friendly mobile app with useful, time-saving features like mobile check deposit and Zelle transfers.
Disadvantages
Smart Money’s biggest downsides include an unavoidable monthly fee after age 25, unavoidable ATM fees outside the Allpoint network, and no sign-up bonus for new account holders.
No sign-up bonus. Unlike the BMO Harris Premier Account and the BMO Harris Smart Advantage Checking Account, the BMO Harris Smart Money Account has no sign-up bonus for new account holders. If you’re looking to pad your balance early on, consider one of those instead.
Can’t waive the monthly fee after age 25. Most checking accounts offer a way around their monthly maintenance fees, and sometimes several. Often, maintaining a minimum balance of a few thousand dollars or receiving a recurring direct deposit does the trick. Smart Money is different — in a bad way. There’s no way to waive the $5 monthly fee after you turn $25.
No out-of-network ATM fee reimbursement. Smart Money doesn’t reimburse out-of-network ATM transaction fees. These can really add up, so if you expect to use non-Allpoint ATMs often, consider an account with a more generous reimbursement allowance.
How the BMO Harris Smart Money Account Stacks Up
The BMO Harris Smart Money Account is one of three BMO checking accounts. Before you open yours, see how it compares to the highest-end account in the BMO family: BMO Harris Premier.
BMO Harris Smart Money
BMO Harris Premier
Monthly Maintenance Fee
$5, limited waiver only
$25, but can be waived
Waiver Requirements
Only waived if you’re under 25
Yes, required $10,000+ balance
Overdraft Fee
$0
$0
ATM Fee Reimbursement
None
Up to $25 per month
Credit Card Benefits
None
Up to $75 in quarterly spending bonuses
Mortgage Benefits
None
Closing cost and interest rate discounts
Interest on Balances
None
0.01% APY
Final Word
If you’re a college student or recent college graduate looking for a basic checking account that lets you spend as you please, wherever you please, the BMO Harris Smart Money™ Account makes sense for you.
Just don’t expect Smart Money to be anything more than it claims. With no sign-up bonus or perks beyond fee-free in-network ATM withdrawals, it’s not a lifelong checking account. Better to use it as you work to build your net worth, then trade up to a more generous product — whether with BMO or another bank of your choice.
The Verdict
Our rating
BMO Harris Smart Money™ Account
The BMO Harris Smart Money Account is a no-frills bank account with few fees and an above-average mobile experience. It’s ideal for people under age 25, who pay no monthly maintenance fee no matter what.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.