What is a negative interest rate and how do they work? A negative interest rate is an unusual and extraordinary monetary policy whereby a central bank or private bank charges a negative rate. The result is that you will be charged a fee to hold money in the bank. So, why do this? The main…
June has arrived and with it my personal financial update, June 2020. Our pool is open, the garden is planted, and we were able to do our first kayak trip of the season on the river near our cabin. The world is still in turmoil, as the coronavirus is still infecting millions of people, and…
Buying assets that increase your net worth is a key strategy to building wealth. There are nearly endless assets that you can buy that will help you increase your net worth. I’ll narrow it down to a few of the more common ones that the average person has access to and can invest in….
Refinancing your mortgage is an excellent way to save money and shorten the term of your loan. But you need to do your research to see if a refinance is right for you. Interest rates are at historic lows, but a low rate alone is not a reason to refinance. Here is a mortgage refinance…
It’s hard to believe that it is already May. It would appear that things are starting to return to normal, as certain businesses are beginning to reopen. Granted, there is still a long way to go, but it is nice to see some progress. Here is a brief personal update as we head into Spring….
If you are carrying a balance on credit cards and have suffered a job loss or income reduction due to the Coronavirus pandemic, then you may qualify for some relief. Multiple credit card issuers have launched programs to assist customers who may have trouble meeting their payment obligations during these unprecedented times. I’ve compiled a…
April has arrived and with it some welcome warmer weather. I gave my lawn tractor a tune up a few days ago in anticipation of the coming mowing season, and I started to clean out some of the mulch beds around the house. Work on our cabin continues with new electrical outlets and switches installed,…
Coronavirus has consumed our lives right now. There hasn’t been much movement on my personal finances since my last update, so I figured I’d give a brief update on the impact of the coronavirus on my life. Work I am thankfully still working. Several of my friends aren’t so lucky. Everyone at my place of…
Poverty in its most broad definition is a condition where people live without adequate amounts of basic necessities such as food, clothing, and housing. The U.S. Census describes that those living in poverty are individuals who have an income of less than $34 per day or a family of four who earns less than $69…
March is here and with it some Spring-like weather today. As I sit and write this, the temperature touched close to 70 degrees where I live. There will no doubt be some more cold weather ahead before it is all said and done, but it is a nice relief today. It also serves as a…