Is bad advice keeping me poor? Advice is guidance or recommendations concerning what future actions should be taken. Typically these tips are given by someone regarded as knowledgeable or authoritative. For instance, we ask doctors for advice on our bodies and we ask math professors how to solve complicated algebraic problems. However, when it comes
What is compound interest? Compound interest refers to the continuous addition of interest to a principal sum. In other words, when reoccurring interest payments are reinvested into an initial sum it results in exponential growth. This is because each reinvested interest payment will be larger than the last. To clarify, compound interest simply occurs when
What is the stock market? The stock market is a collection of markets and exchanges where people buy and sell shares of publicly-held companies. A trade will occur when someone has shares they want to sell for cash and another person has cash they want to use to buy shares. The trade will be executed
What is a 401(k)? A 401(k) is a retirement account that is sponsored by the employer. This account allows employees to prepare for their retirement by dedicating a percentage of their pre-taxed income to a separate account. In other words, every pay period a percentage of the income you earn from your employer will be
What is motivation? Motivation is the general desire or willingness of a person to take action. The initiative to ack can be incited by outside forces (extrinsic motivation) or inside forces (intrinsic motivation). Regardless of where the energy derives from, having this ambition is essential to obtaining goals and being successful. However, studies have shown
What is the best budgeting app in 2021? A budget is a financial plan that estimates income and sets expense limits within a given period of time. Understanding how to create and follow a good budget is essential to building long-term wealth. Therefore, finding a budgeting tool to help aid your financial habits is highly
