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How To Calculate What To Save And What To Spend

**How To Calculate What To Save And What To Spend**



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Sallie Krawcheck, co-founder and CEO of Ellevest and a former Wall Street executive, breaks down a simple formula to help you figure out how much of your income you should spend and save.

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How To Calculate What To Save And What To Spend
even if you don't know what your goals are try to start as soon as you can and what you should shoot for is of your take-home pay 50% of it should go to needs it's your rent that's the car that you need to drive to work that's your work wardrobe 30% to fun because we're only on this earth a short amount of time we need to have fun and 20% goes to future you whether that's grandma Esther you or whether that's 10 years from now buy the home you beginning to sock that away now for a lot of folks that can be difficult to get to so start with 1% goes to future you 2% do what you can start where you are but you know support grandma Esther in some way because you know at some point you're not gonna be able to support yourself

Easy Ways To Save On Insurance | CNBC Make It.

**Easy Ways To Save On Insurance | CNBC Make It.**



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NerdWallet lays out seven ways to save on homeowners insurance to get the protection you need at a better price.
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Easy Ways To Save On Insurance | CNBC Make It.
tip number one bundle your auto and home insurance policies many providers such as estate progressive and American family offer discounts which could save you as much as twenty percent tip number two make your home more secure you can qualify for cheaper rates by upgrading systems like plumbing and electrical or by adding features that make your house tougher to penetrate like storm shutters and deadbolt doors tip number three look for more obscure discounts simply setting up automatic bank payments or being a new homeowner could qualify you for discounts so make sure you ask tip number four raise your deductible a common deductible is between 500 and a thousand bucks making that number higher could bring your rate lower tip number five shop around since your provider may no longer be offering the best deals it always pays to browse around and compare you

How To Manage Credit Card Points And Debt

**How To Manage Credit Card Points And Debt**



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Chris Hutchins has over 10 million credit card points. He started his journey more than a decade ago with an initial goal of 1 million points. For Chris and his wife Amy, credit card rewards allow him to indulge in travel, something he loves but would never otherwise splurge on. Here are his top 3 tips for managing credit cards.

1) Pay off your credit cards in full each month. Chris stresses that before getting into the credit card rewards game you should make sure you’re comfortable paying your debt off in full every month. According to Chris and other personal finance experts, “There’s no amount of points that is worth taking on interest payments for your credit cards. Most of these points earning credit cards have pretty high interest rates.”

2) Don’t overspend just to earn points. According to Chris, “earning credit card points isn’t free,” but assuming you’re already spending money and you aren’t spending more than you would to get points you are getting a return over spending with a debit card or cash.

3) Don’t close older credit cards. Two factors that impact your credit score are the amount you’re spending relative to the total amount of credit available and the average age of your accounts.

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How To Manage Credit Card Points And Debt
I think credit card rewards the magic is finding the thing that you care about that you can use them to maximize so before anyone gets into the points game if you will make sure you are comfortable with paying down your credit cards and paying them off in full each month there's no amount of points that is worth taking on interest payments for your credit cards most of these points are any credit cards have pretty high interest rates and so if you can't pay the bills at the end of the month no points are worth it earning points is not free in that you have to spend money but to the extent you're already spending money and you're not increasing the amount you're spending in order to get more points and you're spending within your means and you're not you know going overboard okay you are getting three points and that you know if you just use your debit card you would not be getting anything and if you use your credit card with points you would be getting something but if you go buy a bunch of stuff you don't need just to earn more points you're actually gonna be sometime when you open up a new card you end up having more total credit and so your utilization or the amount of dollars you're spending relative to the total amount of credit you have actually ends up going down because you have a much bigger denominator in terms of more credit so more cards actually helps you in a couple camps but you know other factors like having an average history if you open up three new cards that are all you know one month old it really brings down the average age of your credit history having a few cards for a really long time and keeping those cards around because they help improve your average history is is helpful so when you open up a new card don't close your oldest card to get your new card maybe downgrade it to a card with no fee even if you're not using it

How To Spend The Money From Your First Job

**How To Spend The Money From Your First Job**



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“The first thing you need to do is pay yourself first,” says co-founder of AE Wealth Management and best-selling author David Bach. For Bach, this means you …

Kevin O'Leary: The Biggest Gen Z Credit Card Mistake

**Kevin O'Leary: The Biggest Gen Z Credit Card Mistake**



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“The biggest mistake teens make is the assumption that debt is free,” says Kevin O’Leary, financial expert and star of ABC’s “Shark Tank.”

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“People use credit cards in a way that’s really extraordinary. They assume that it doesn’t cost anything to put anything on credit.”

The truth is, however, most credit cards carry hefty interest rates if you don’t pay off the balance every month. In October, CNBC reported that the average credit card interest rate spiked to 17.01 percent from 16.15 percent a year earlier and 15.22 percent two years ago.

“The fact is, the interest rates on credit cards are astronomical. The returns there are so high, even I can’t make that when I invest,” he says, “which is why I invest in credit card companies.

“Don’t let me make money on you.”

Paying so much interest “is crazy,” says O’Leary.

Instead, “Don’t spend more money than you bring in. Very simple concept,” he says.

And instead of giving a teen a credit card, give them a debit card. “That way, they can buy things with a card — they don’t have to carry cash — but they can constantly check online how much money is left in the bank account. When there’s no money left in the account, they can’t buy anything, and that’s a good thing,” says O’Leary.

“That’s how you start to understand: Don’t spend more than you have.”

A 2017 T. Rowe Price survey found that 44 percent of parents are extremely reluctant to discuss money with their kids. But talking about money and teaching kids the basics should start way before their teen years, O’Leary advises.

“I think kids should be taught at the age of 5 onward where money comes from,” O’Leary says. “We do a very poor job in North America telling kids about finance. We teach them sex education, geography, math, reading, all kinds of learning skills, but we don’t tell them about debt. No wonder they get into trouble as soon as they get a credit card.”

“Debt is a bad thing. Understanding where money comes from is important,” O’Leary says. “Make money a part of the family at the dinner table. Talk about where it comes from, how you make it and how hard it is to have.”

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This is why teens should avoid credit cards, according to Kevin O’Leary | CNBC Make It.
the biggest mistake teens make is the assumption that debt is free people use credit cards in a way that's really extraordinary they assume that doesn't cost anything to put anything on credit the fact is the interest rates and credit cards are astronomical paid twenty one percent interest is crazy don't spend more money then you bring in very simple concept if you do spend more than you bring in it ends up on your credit card and you pay sometimes over twenty percent interest I would never let anybody charge me 20% interest on anything maybe it's not a good idea to give a teen a credit card here's a better idea give them a debit card that way they can buy things with the card they don't have to carry cash but they can constantly check online how much money is left in the bank account when there's no money left in the account they can't buy anything and that's a good thing that's how you start to understand don't spend more than you have