What is Financial Independence
Practically Independent
by Jay Rigler
2y ago
Financial Independence is a journey, not a destination. Taking control of your money allows you to increase your financial freedom a little more every day. Financial Independence is a Journey not a Destination “Voila! I’m Financially Independent! I can check that box and never think about money again!” Said no one, ever. There are hundreds, or maybe thousands, of personal finance bloggers that all have a different approach for increasing wealth and freedom. Some are good, some are nonsense. But, more importantly, they prove that there is more than one way to achieve financial success. There is ..read more
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Why Student Loans are More Dangerous Than Other Types of Debt
Practically Independent
by Jay Rigler
2y ago
Learn the three unique characteristics of student loans that make them more dangerous than almost all other kinds of debt. Student Loans are Everywhere In a single generation, student loans have ballooned out of control. In 2006 the total amount of outstanding student loan debt was less than $500 billion in the US. Then, in the last 14 years that number has more than tripled to around $1.6 trillion in mid-2020. And, that doesn’t even include new loans that have been taken out as schools started all across the country in August and September. Americans carry more student loan debt ($1.6 trillio ..read more
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How to Break the Paycheck to Paycheck Cycle
Practically Independent
by Jay Rigler
2y ago
Living paycheck to paycheck is horrifyingly stressful. Learn exactly how to break the cycle by separating your income from your spending. Living Paycheck to Paycheck Sucks According to research from CareerBuilder, approximately 4 out of 5 Americans were living paycheck to paycheck even before the pandemic. This is a terrifying statistic. I don’t want anyone to have to live this way any more. So, I’m going to share my system to break the paycheck to paycheck cycle. It is surprisingly simple. You don’t even have to create a detailed budget. To break the paycheck to paycheck cycle separate your i ..read more
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How ETFs and Mutual Funds Build Diversification Into Your Portfolio
Practically Independent
by Jay Rigler
2y ago
Find out how investing in Exchange Traded Funds (ETFs) or Mutual Funds builds more diversification into a portfolio than buying individual stocks. The Benefit of Diversification People love investing in individual stocks. I know, I’ve done it. There is a thrill of doing research, identifying trends, and placing a bet. It gives you a high, much like placing a bet in Vegas. However, over the last two decades I have determined that there is no place for individual stocks in my portfolio. If I want to gamble, I will go to Vegas. When it comes to investing, I want a strategy. I want to profit from ..read more
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Learn How to Eliminate Car Payments Forever
Practically Independent
by Jay Rigler
2y ago
Find out how to turn your current car loan into the last car loan you will ever have. It’s time to make a plan to eliminate car payments forever. Car Payments are not a Lifetime Commitment If you have an auto loan, you are not alone. According to data from Experian, US Consumers carry over $1.2 trillion in auto loans! The average new car payment is $554, and for a used car it is $391. But, car payments don’t have to be a lifetime commitment. You can break the cycle and eliminate car payments from your life, forever. You just have to hold on to your car for a bit longer than normal. This does n ..read more
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Becoming Financially Independent is Hard but it should not be Complicated
Practically Independent
by Jay Rigler
2y ago
Becoming financially independent takes discipline, determination, and a lot of hard work. Adding unnecessary complexity doesn’t help. Finances and Fitness Getting your finances in order is fairly similar to dieting or exercise. There are a million super complicated ways to get in shape. But, every single plan that exists includes two parts: eat less and exercise more. If you want to lose weight, you need to burn more energy than you consume. If you want to take control of your finances you need to spend less than you earn. For more detail, check out an article I wrote about how the shortest pa ..read more
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Fully Fund a Roth IRA Every Year and You Can Retire a Millionaire
Practically Independent
by Jay Rigler
2y ago
Fully fund a Roth IRA every year, build a diverse portfolio, and you can become a millionaire in time for retirement. As long as you start early enough. A Roth IRA Can Make You a Millionaire I have been having conversations about money for a few decades now. One subject that comes up over and over is the “fact” that it is impossible to get ahead in this country. The argument often goes: “wealth inequality is so bad that the rich keep getting richer and the poor keep getting poorer.” Parts of that are true: wealth inequality is not only increasing, but accelerating in the US. However, that does ..read more
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How to Decide if a Balance Transfer or Debt Consolidation Makes Sense
Practically Independent
by Jay Rigler
2y ago
Low-interest balance transfers and debt consolidation can be tempting. Learn how to determine if a balance transfer or debt consolidation is right for you. Balance Transfers vs Debt Consolidation Interest rates are super low right now. So, you may be tempted to shop for deals and move your debt around. Before you do, you need to know how to determine if refinancing your personal debt is a good idea. You’ve come to the right place! Keep reading to learn how to determine if a balance transfer or debt consolidation make sense for you. Before we dive in to whether they are right for you, we need t ..read more
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How Reward Credit Cards Lead to Accidental Overspending
Practically Independent
by Jay Rigler
2y ago
Using Reward Credit Cards for everyday purchases leads to overspending. Try the 90-day debit card challenge and see your overspending for yourself. Why I Stopped Using Rewards Credit Cards I used to use a rewards credit card for everyday purchases. Then, I would pay the balance in full every month. Just like everyone else, I believed that I was in control of my spending, and I was getting cash back for purchases I was going to make anyway. It’s free money, right?! I used to recommend this approach, with a caveat. The basis of my old Reward Credit Cards recommendation was that you should only u ..read more
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Ignore All Predictions: Investing, Economics, Weather, and Everything Else
Practically Independent
by Jay Rigler
2y ago
Ignore all predictions. Instead: spend less than you make, have emergency savings, have diverse investments, and rebalance regularly. Predictions are Based on Probabilities As someone with a degree in Economics, I have heard a certain truism a million times: Weather forecasters and economists are the only ones who can be wrong all the time and keep their jobs. Sure, it’s kind of funny and feels like it may be true. But, there are a few realities about how predictions work and how the human brain interprets them that make people very bad at understanding predictions. So, in essence, it is not t ..read more
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