Finance Globe Blog

U.S. financial and economic topics from several finance writers.

How to Prepare for the Next Recession

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If you survived the Great Recession of 2008, then you know just how bad it can get. Companies layoff employees. Household income declines while unemployment and bankruptcies rises. The country and consumers experience financial hardship in a grand scale. A recession is happens when the economy declines six months in a row. It’s hard to predict exactly when a recession will hit or what will cause it, but knowing there’s a possibility means you should...
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Frank
I would recommend at least 3 months of savings. 6 months is better, but I would recommend at least 3 no matter what.
Monday, 29 October 2018 11:43
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Avoid These 3 Ways of Paying for Holiday Gifts

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With the holiday season approaching, now’s the time to plan out all the gifts you need to buy. In addition to knowing who to buy for, you must have a clear idea of what you can afford to spend. Taking your plan one step further, outline the manner in which you’ll pay for gifts. In a perfect world, you’re able to pay for everything with cash. Not only does this keep you on budget, but...
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Frank
I typically pay with my credit card, but pay off the credit card before the interest is due.
Monday, 29 October 2018 11:41
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Answer These 7 Questions Before Applying for a Personal Loan

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You’re almost positive that a personal loan is exactly what you’ve been looking for. As excited as you may be, don’t jump into this just yet. Instead, take the time to answer a few key questions: 1. How will you use the loan? There’s no good reason to take out a personal loan unless you have a clear idea of how you’ll use the funds. Are you consolidating debt? Taking care of a medical emergency?...
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Frank
Thanks for this consolidated list Chris. A minimum of 3-5 lenders is a good idea, and I would recommend more if you have time. The... Read More
Monday, 29 October 2018 11:40
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5 Tips for Negotiating with Creditors

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There may come a point when you realize you’re unable to pay a creditor in full. While you could default, it’s much better to contact your creditor with the idea of negotiating your debt. As scary as it may be to make this call, once you’re on the right track you’ll realize that it’s not nearly as difficult as you thought. Here are five tips for negotiating with creditors: 1. Know Your Story Go into...
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Frank
I would add to be very careful and document everything in writing. This is a very slimy business so your debt gets traded on the s... Read More
Monday, 29 October 2018 11:37
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Best Personal Finance Apps

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Nowadays you can do so much on your phone, including your personal finances. There are also a ton of options out there and they are not all equal! Below are my favorite budget and personal finance apps. Mint : This is the gold standard app for your personal finance needs. The app is effectively an all-in-one resource for creating a budget, tracking your spending, and monitoring your overall finance needs. Mint lets you know when...
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Frank
I would like to add the majority of these apps can be extracted into Excel if you prefer to use and analysis in Excel.
Monday, 29 October 2018 11:36
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What are Robo-advisors?

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If you have performed any research on the investment advisor industry recently, you likely have seen a lot of companies offering robo-advisor investment solutions. A lot of people might not fully understand what robo-advisors are and how they work. Below is a summary of robo-advisors. Please feel free to comment in the comment section below if you have any positive or negative experience.  Robo-advisors are a new online software that helps you manage your investments....
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Frank
I met with a few rob-advisors last week over the phone. I am going to put roughly 25% of my portfolio into robo-advisors. I will ... Read More
Monday, 29 October 2018 11:19
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What is a 529 plan

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As I discussed last month, a 529 plan is a great way to save for your children’s future. However, many people may not know what a 529 plan is and what kind of benefits it offers to you and your children. Below is a high level summary of what a 529 plan is. Please feel free to include any questions or experiences with 529 plans in the comments section below. A 529 plan is a...
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Frank
I just opened my own account for my future child. When she is born, I will transfer it over to her name.
Monday, 29 October 2018 11:18
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Things to do if Your Credit Card Application is Denied

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When you apply for a credit card it’s your hope that you receive an instant approval. Unfortunately, this may not be the end result. It’s always possible that you could receive a denial, thus forcing you to take a few key steps in the near future. Here are five things to do if your credit card application is denied: •    Read your adverse action letter: the credit card issuer is required to send you an...
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Frank
I would also add to call the credit card company. Sometimes they have give you additional insight on your denial.
Monday, 29 October 2018 11:17
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Credit Freezes Are Now Free for Everyone

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Placing a security freeze on your credit report is one of the best ways to protect yourself from identity theft and thanks to changes in federal law, you can now do it for free. What is a Credit Report Freeze?   Freezing your credit report locks it to new inquiries. Businesses that use credit information in their lending decisions would decline an application when they can’t access your credit report. Would-be identity thieves would fail...
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Frank
I am very glad this is free now, because it can be a great tool for the consumer!
Wednesday, 26 September 2018 14:26
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How Much Will You Spend On a New Car?

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According to Kelley Blue Book , the average cost of a new car is approximately $36,000. For some, this may be the perfect price point. For others, it may be entirely too expensive. As you shop for a new vehicle, it’s important to do so with your budget in mind. If you don’t, you could fall prey to all the bells and whistles, thus paying more than you can comfortably afford. Here are three basic...
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Frank
My philosophy on purchasing cars is to buy used, a car with less than 40,000 miles. I feel this is where you can get the best deal... Read More
Wednesday, 26 September 2018 14:25
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