Is it Ever too Late to Start Investing?

The short answer is no. It is never too late to start investing, particularly if you have access to a defined contribution plan, such as a 401(k), through your employer. These types of plans offer at least one distinct benefit and one potential benefit. First, the money you contribute to a defined contribution plan is done so on a pre-tax basis, meaning your annual tax liability is reduced. Second, if your employer provides matching contributions, that is free money. Why would anyone pass up free money? However, I would offer Read the Full Story

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Living Frugally: Savvy Shopping

If you are determined to live a frugal lifestyle it is essential that you learn the art of purchasing items at the lowest possible prices. Doing so allows you to keep a higher percentage of your paycheck; therefore, allowing more for paying off debt, saving, and investing. How do you accomplish frugal spending? First, pawn shops. These stores are very underrated. My wife and I frequently shop at a pawn shop next to our apartment. Since we both love buying movies we were thrilled that this shop sells DVDs & Read the Full Story

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My Mountain of Debt

Application Game: My Mountain of Debt (2014). I have discussed debt on numerous occasions – here, here and here - because it is an insidious beast which negatively impacts retirement plans. Therefore, I was pleased when I discovered My Mountain of Debt, an ios app that looks at debt reduction in a new way. It brings visual fun to debt reduction! I’m pleased that Chris, from Fun with Data, has taken the time to discuss this week’s recommendation. If people have fun working out, will they be more likely to stick to their fitness goal? If people Read the Full Story

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Maximize 401(k) Contributions

One of the first SavvyRecommendations was the PBS Frontline documentary, The Retirement Gamble, which notes that retirement is big business in America and wonders if the system is costing workers and retirees more than what they are getting in return. More recently, I offered The Failure of the 401(k) written by Robert Hiltonsmith of Demos, which concludes that retirement security has deteriorated in the past generation and that workers retiring in the next two decades can expect to receive only 65 percent during retirement of what they made during their Read the Full Story

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A SavvyInterview – Tyrell

I was first introduced to Tyrell through social media and we soon realized we share a mutual passion for personal finance and connecting with others to spread the word on financial freedom. I’m glad he has taken some time to sit down with me and share some of his personal finance insights, beliefs and practices. What person – known to you personally or via a book, website, etc. – has had the most profound impact on the way you view and interact with money? The person that had the most Read the Full Story

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Living Frugally: Dollar Shave Club

If you are like me, and spend any amount of time cruising around the Internet, you have likely come across an advertisement, in one form or another, for the Dollar Shave Club — Shave Time. Shave Money. I have used the Gillette Mach3 for as long as I can remember. And while I have always been satisfied with the quality of the handle and blades, the price is ridiculously high! The catchy viral campaign – and the reasonable price and convenience for blades delivered to my doorstep – were enough to Read the Full Story

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Spent

Online Game: Spent (2014). Created by the ad agency McKinney for Urban Ministries of Durham, this innovative game about surviving poverty and homelessness was named the best game or app at the 16th Annual Webby Awards. This online, simulation game strives to present the challenges of making money choices for those on the edge of, or mired in poverty. The setup is pretty straight forward. You have lost your job, you have a child to care for, you are a single parent and now you are down to your last $1,000.00. Read the Full Story

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More Money Philosophies

Last week we looked at a couple of  philosophies – Do Not Loan Money and Do Not Raid Retirement Accounts – that I have adopted and have served me well. This week we look at two more philosophies that SavvyReaders might consider adopting as their own: Disregard the Naysayers Regardless of the endeavor you are undertaking, no matter what it is that you might be trying to accomplish, there are likely to be those that tell you that you cannot achieve, you will not achieve, or you should not pursue Read the Full Story

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