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I value both saving for retirement and saving for my son's college, but retirement is my first priority. Recently, I spoke with Ashley Rittershaus, a CFP and founder of Curious Crow Financial Planning, a fee-only comprehensive financial planning firm. Advertisement"Some common advice is that it's more important to save for retirement than college because your children can take out loans for college, but you can't take out loans for retirement," says Rittershaus. "Setting your child up for financial success can come in forms other than paying for college," says Rittershaus. Ultimately, I don't want to be a burden on my child later in life, so it's crucial that I continue saving for retirement.

Persons: he'll, —, Ashley Rittershaus, Rittershaus, we're Organizations: Service, Curious, Education Data Initiative Locations: Tennessee

My father-in-law retired comfortably at 63 by following a few simple money rules. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. For me and my family, getting on a budget has been key to paying off debt, saving, and investing more for our future. Since I paid myself first, I already made progress on all my saving and investing goals. Paying yourself first is a great habit that can teach you to mentally prioritize saving, investing, and your personal financial goals.

Persons: —, we've, I've, what's Organizations: Service, Robinhood

I never thought FIRE was for someone like me, from a low-income background and with a history of debt. I'm saving 30% of my income, diversifying my investments, and tracking my future net worth to work towards financial independence. I'm almost 29 years old and plan to reach the FI part of FIRE by the time I'm 45. What we're doing to reach financial independenceI used the "multiply by 25" rule to estimate how much we'll need in retirement. My goal is to reach a 50% savings rate or higher, but I'm not willing to cut my lifestyle any more than we already have.

Persons: —, I've, it's, I'm, you'll Organizations: Service, FIRE, Vanguard

I didn't learn about investing growing up so I was thrilled to read "The Simple Path to Wealth." Thanks to the book, I'm now on the path towards FIRE — financial independence/retire early. I'm thankful that, in 2017, I was able to read a book called "The Simple Path to Wealth." Here's what "The Simple Path to Wealth" taught me about managing money and building wealth. For me, "The Simple Path to Wealth" has demystified the purpose and process of building wealth in America.

Persons: Collins, I'm, —, JL Collins, I've Organizations: Service, Pew Research, FIRE, Vanguard, Market Index Locations: America

I wanted to save more for retirement but needed $3,000 to invest in my chosen index fund, VTSAX. To save that money in two months, I started by selling items online and looking for windfalls. I sold stuff onlineWhenever I need extra money super quickly, I often turn to selling used items online. I saved my windfallsWindfalls are basically extra money, but I rarely ever just spend the unexpected cash without a strategy. Two months really flies by, and while $3,000 isn't a small amount to fork over, it was a nice start to help diversify my retirement savings.

Persons: —, Read, it's Organizations: Service, Vanguard, Market Index, Facebook Locations: VTSAX

My husband and I were ready to sell our home — then our buyer backed out due to an interest rate hike. Reduce your risk when you buy before you sell with a guaranteed backup offer from Calque. In May 2022, my husband and I decided to list our house for sale. We strategically switched RealtorsI can't stress enough how important choosing the right Realtor for the job is. We considered different loan typesAt first, I was afraid to accept offers from FHA loan buyers.

Persons: —, didn't, we'd Organizations: Calque, Federal Reserve, Realtors Locations: Calque

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). Personal loans aren't always the right choice, but I've learned they can be useful in many cases. When we were selling our home, we paid for renovations with a personal loan and paid it off after the sale. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyI used to think that personal loans were always considered bad debt, but then I realized that all personal loans are not the same. It's helpful to use a personal loan calculator so I can estimate costs before getting a loan.

Persons: aren't, I've, it's Organizations: Service, Discover Locations: Wall, Silicon

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). Payday loans and title loans come with high interest rates that trap many people in a cycle of debt. Low interest personal loans. These loans are helpful for home repairs or remodeling where you may need to borrow money as needed. These loans are helpful for home repairs or remodeling where you may need to borrow money as needed.

Now I actually prefer to file later for several reasons. There may be some downsides to filing taxes later or close to the deadline. My tax situation has gotten more complexMy tax situation has gotten way more complex over the years. I appreciate having the time to shift our focus to taxes later on. This option is readily available should I ever need it, and there's nothing to feel bad about if I fall behind when preparing to file taxes.

Disability insurance can also cover mental health illnesses like depression or anxiety disorders, and this means a lot to me. Luckily, it's easy to get an individual disability insurance policy on your own at an affordable rate — I did it several years ago. So if you normally bring home $5,000 per month, disability insurance will probably pay you up to 60% of that amount of $3,000. The fact that I have an individual disability insurance policy brings me a lot of comfort. Having disability insurance is giving me more benefits than the cost, so it's a must-have in my book.

I read a lot about saving and investing and use investing apps that make it easy to build wealth. While these numbers look discouraging, I've never been more encouraged to build wealth as Black woman in America. I have four siblings, and we often talk about how we want to be the generation to build wealth and pass something on to our kids. Editor's Rating 4.36/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.34/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 3.9/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On Public's website Learn more On Wealthfront's website Learn more On Acorns' websiteIn 2017, I opened an IRA for the first time, and just contributed whatever I could. Overall, putting in the time and money to learn more about finances has helped me make wise money decisions and have a better shot at building wealth as a Black woman.

See Insider's picks for the best CD rates »1. The interest rate caught my eyeCDs are supposed to offer better rewards for your savings. In previous years, I never really considered using one since the interest rates always seemed so low. Other online banks are offering higher CD rates right now too, so I definitely shopped around. Our CD money will come in handy whenever we do buy a home again and need extra money to cover various costs.

Then, I started receiving gift cards from people occasionally and found that I love this idea as a gift. 5 practical reasons I like to give gift cardsSome people may think gift cards are losing their charm, but I disagree. I can get gift cards at a discount that stretches my budget furtherI love to get gift cards from Amazon, Walmart, and Target at a discount thanks to holiday sales. Walmart also has discounted gift cards for popular retailers and restaurants, like buying a $25 gift card for $20. I don't buy gift cards for everyoneThe truth is, most people want cash or gift cards for Christmas, but may not admit it out loud.

I'm a former life insurance agent, and I bought a policy to protect my family in case I die unexpectedly. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyAs a former life insurance agent, I've heard many reasons people get life insurance. This is why, a few years ago, I got a term life insurance policy worth $500,000. I knew I needed to get an independent life insurance policy that I could keep long-term. Insider's Featured Life Insurance Companies Lemonade Life InsuranceNationwide Life InsuranceGuardian Life Insurance Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

By using a zero-sum budget and planning my work strategically, I earned more than I had in 2019. Homeschooling my son in 2020 and 2021 was one of the best decisions I could have made for my family. The solution involved me working from home and homeschooling our son, which not only worked well for our family but also our finances. One of my favorite methods is zero-sum budgeting because it helps you give each dollar a specific job. Zero-sum budgeting also helped me make sure we were putting any extra income to good use to not only stay afloat financially but get ahead.

After a surprise $5,000 expense, I used a balance transfer credit card to consolidate the debt. Why I considered a balance transfer credit cardI used a credit card interest calculator online to determine how much extra I'd pay if I kept the $5,000 balance with my current credit card. This prompted me to consider applying for a balance transfer credit card, so I started researching different credit card offers. A balance transfer is when you take your credit card balance from one card and transfer it to another card. A few other features I liked about this card included:No annual feeNo balance transfer fee (so long as you transfer your old credit card balance within 60 days)Free credit score monitoring and updates (powered by TransUnion)Extended warranty, fraud protection, and purchase protectionHow to transfer a credit card balanceThe process of transferring a credit card balance is actually easier than I thought.

I was pleased to know that my husband didn't have any credit card debt at that time. We understood how credit worksIn order to help my husband get his credit score to 800, which is considered an excellent score, I first had to help myself and understand how credit works. He used the credit card — wiselyOnce he got the credit card, the next step was to focus on using it wisely. My key strategy in building my own credit was to use a quality credit card because it provides ongoing credit history. I've found that using a credit card wisely is one of the best ways to build positive credit history.

☆ I spent only $400 on an all-inclusive honeymoon thanks to the IHG One Rewards Premier credit card, and it continues to save me money on travel
▼ + stars: | 2021-01-15 | by ( Choncé Maddox | Jasmin Baron | Read More | ) www.businessinsider.com time to read: +12 min

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). In addition, we each signed up for a Southwest Rapid Rewards credit card and easily earned the welcome bonus. The benefits of the Chase IHG card justify the annual feeThe IHG One Rewards Premier Credit Card has an $99 annual fee, but it's well worth it in my opinion. Is the IHG Premier Rewards credit card worth it? The IHG One Rewards Premier Credit Card may not be the most premium credit card available, but it's a strong contender and certainly a card that's worth keeping around.

Persons: Choncé Maddox, —, We're, Chase, IHG, you'll, — IHG Organizations: Card, Read, Service, InterContinental Hotels, Resorts, Crowne Plaza, IHG, Chevron, Hotels, InterContinental ®, FDIC, Reading Chevron, Rapid, Disney Locations: Jamaica, Holiday, Orlando

Saving for retirement is a long process, but many retirees have shared their top tips with Business Insider. Retirees suggest investing in real estate to create income in retirement, and saving 15% of your income from a young age. Start saving 15% of your income while you're youngFinancial planner and writer Chloe A. Moore shared the retirement advice her uncle used to retire at 56. Saving for retirement works best when start young — retirement savings rely on time and compound interest to grow. Owning these properties was important when both of her parents retired, and especially after her father died.

Persons: —, it's, Chloe A, Moore, Donna Fenn, Fenn, Choncé Maddox, Maddox, They've, Robin Kavanagh's, Olivia Christensen, Ellen Young, Christensen, Young Organizations: Business, Service, Social

☆ After hearing from a colleague who lost work to a brain aneurysm, I was happy to pay $25 a month for disability insurance to protect myself and my family
▼ + stars: | 2020-08-26 | by ( Choncé Maddox | Read More | Read Less | ) www.businessinsider.com time to read: +10 min

After attending a conference and hearing from a speaker who had to take a year off work after a brain aneurysm, I decided to get disability insurance for myself. She had to take a year off from work to recover from the aneurysm, but mentioned how grateful she was to have had disability insurance. And disability insurance protects your income in the event that you can't work for an extended period of time. Disability insurance, both long-term and short-term, protects your source of income if injury or illness limits your ability to work. To obtain $3,630 per month of disability insurance for five years, I'd pay around $47 per month.

Pros Check mark icon A check mark. Competitive APY Check mark icon A check mark. No opening deposit or minimum account balance Check mark icon A check mark. Easy to save for various goals Check mark icon A check mark. Easy to save for various goals Check mark icon A check mark.

In just a few months, I've saved $400 towards a used car purchase and I've hardly noticed the money leaving my account. AdvertisementAs someone who prides themselves on living by a budget, I wasn't always the best at taking care of my spare change. I often viewed spare change as a nuisance, and even threw pennies away because I didn't see their value. AdvertisementAcorns is a micro-investing company that offers two options:I chose to start with the spare change roundup option. Earn Found MoneyThis feature helps you earn rewards for regular purchases that can be deposited directly to your Acorns account.

Persons: I've, Read, —, you've, It's, Dow Jones, Swagbucks, I'm, who's Organizations: Service, Walmart, roundups Locations: roundups

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