6 Ways to Help Your Child Build Credit During College
Good Financial Cents Blog
by Jeff Rose, CFP®
1M ago
College students have a lot on their plate already, including the need to study to get good grades, participating in any number of on-campus activities and potentially working part-time to have some spending money. That said, college students should also focus on their financial future, including steps they can take to build credit before they enter the workforce. After all, having a credit history and a good credit score can mean being able to rent an apartment, finance a car or take out a loan, whereas having no credit at all can mean sitting on the sidelines until the situation changes. For ..read more
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Systeme.io Review
Good Financial Cents Blog
by Jeff Rose, CFP®
2M ago
Systeme.io has emerged as a versatile tool in the digital marketing landscape, often met with initial skepticism due to its bold claim of being an all-encompassing, free platform. This skepticism is not uncommon; many assume that a free, all-in-one software solution might compromise on quality. However, as experienced firsthand, Systeme.io defies these expectations, offering robust functionality that genuinely surprises new users. The platform serves a multifaceted purpose, aiming to simplify the digital marketing process. It’s designed for entrepreneurs and businesses seeking an integrated s ..read more
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Which Debts Should You Pay Off First — Credit Cards or Student Loans?
Good Financial Cents Blog
by Jeff Rose, CFP®
7M ago
Having more than one type of debt is common, and that’s especially true once you graduate from college and start your first “real job.” You may have credit card debt, an auto loan, and a mortgage payment to make once you buy your first home. It’s also common to have other random debts to cover, including student loans. If you’re like many who took out loans during college, you will likely be paying them off after you graduate. In fact, 82% of students who borrowed loans expect to be making payments post-graduation, according to a recent College Ave Student Loans survey.   That said ..read more
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13 Best Investment Opportunities for Accredited Investors
Good Financial Cents Blog
by Jeff Rose, CFP®
7M ago
When I became an accredited investor, I found myself among an elite group with the financial means and regulatory clearance to access investments that many couldn’t. This opened doors to exclusive realms like hedge funds, venture capital firms, specific investment funds, private equity funds, and more. Even though I had this “exclusive access” it took me awhile to start investing in alternative asset classes. The Securities and Exchange Commission states that as an accredited investor, I possess a level of sophistication that equips me to craft a riskier investment portfolio than a non-accredi ..read more
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What is Passive Income?
Good Financial Cents Blog
by Jeff Rose, CFP®
8M ago
Passive income refers to earnings derived from an enterprise in which a person is not actively involved on a daily basis. Unlike active income, where earnings are directly linked to the amount of work performed, passive income flows whether you are working, sleeping, or vacationing. As Robert Kiyosaki (2017) explains in his best-selling book “Rich Dad Poor Dad,” passive income can be a way to achieve greater financial independence. Unlike the typical income that requires constant work, passive income typically flows with less hands-on involvement. However, this doesn’t mean no work is involved ..read more
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9 Figures Is How Much?
Good Financial Cents Blog
by Jeff Rose, CFP®
8M ago
When we mention nine-figure sums, we’re talking about a truly astronomical level of wealth. To put it in perspective, nine figures represent anything from $100,000,000 all the way up to $999,999,999.  This figure surpasses the GDP of several small nations. For instance, Samoa reported a GDP of approximately 843.8 million USD in 2021. Or consider that according to Investopedia, 7-figure wealth is what puts you among the top 0.1% of the wealthiest people on the planet. This means that having nine figures puts someone at an even more elite level, one whose luxury extends far beyond mere fina ..read more
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7 Streams of Income of Millionaires (According to IRS)
Good Financial Cents Blog
by Jeff Rose, CFP®
9M ago
In a remarkable feat of financial prowess, a 28-year-old individual has shattered traditional notions of wealth accumulation. By strategically harnessing the power of multiple income streams, this trailblazer has managed to generate an astounding $189,000 a year while working fewer than 4 days a week. As the rest of us marvel at their achievements, it’s time to unravel the secrets behind their incredible success and explore the seven streams of income that have become the cornerstone of their financial empire. In today’s dynamic world, traditional employment is no longer the sole means to fina ..read more
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27 Signs You Are Financially Stable
Good Financial Cents Blog
by Jeff Rose, CFP®
9M ago
“How do you want to pay for it?” I had recently returned from Iraq and my wife and I were hunting for a couch for our new home. We found one that was on sale we both thought it was perfect. Okay, it was a red couch and she thought it was perfect. I, personally, didn’t understand why anyone would buy a red couch but apparently I didn’t understand home decor. Nonetheless, the wife’s vote trumped mine. When the sales clerk asked how we wanted to pay suggesting we take advantage of their great in-store financing, an exciting thought ran through me – “we can pay cash”. A year prior, that would ..read more
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Canceling Your Life Insurance Policy: A Comprehensive Guide
Good Financial Cents Blog
by Jeff Rose, CFP®
9M ago
Deciding whether to continue with your life insurance policy or cancel it is not just a significant financial choice, it can also have profound emotional implications. After all, life insurance isn’t just a monetary consideration – it’s about ensuring that your loved ones are protected in case of your untimely demise. However, sometimes circumstances may lead you to contemplate canceling your life insurance policy. The question then arises: should you and if so, how do you go about it? Let’s delve deeper. Understanding Life Insurance Policies: More Than Meets the Eye First off, to make an info ..read more
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What Are Your Best Roth IRA Rates?
Good Financial Cents Blog
by Jeff Rose, CFP®
9M ago
One of my most favorite questions that I often get as a financial planner is “What’s your best rates on Roth IRA’s?” Coming in at a close second is, “What’s the best stock to buy right now?” Both of those questions are extremely hard, if not impossible, to answer. In addition, the question I get on Roth IRAs makes almost no sense at all. So, how would you explain Roth IRA rates to someone? Whenever I get that question, I typically start by explaining what an I-R-A stands for:  Individual Retirement Arrangement (emphasis on arrangement). NOT: Investment that Returns  ..read more
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