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Luis Alvarez/Getty ImagesHere's what: Now is a good time save and invest strategicallyThe Federal Reserve hiked interest rates once again this week, by 0.75 percentage points. "Rates reset every six months, but if inflation and interest rates continue to be high, Series I Bonds will continue to pay very attractive interest." "The benefit of a fixed-rate mortgage is that your interest rate will never change, but with an adjustable-rate mortgage, your interest rate can increase if interest rates continue to rise," she says. Now is also a good time to consider balance-transfer offers on your credit cards, since your monthly interest rate may change as the Fed raises rates. "Don't let the Fed's interest rate movements and subsequent equity market volatility scare you into any rash, large-scale portfolio allocation changes."

☆ My friends always want to hang out at restaurants but I can't afford that lifestyle. How can I talk to them about it without ruining our relationship?
▼ + stars: | 2022-09-13 | by ( Olivia Christensen | Stephanie Hallett | Read More | ) www.businessinsider.com time to read: +7 min

For Love & Money is a biweekly column from Insider answering your relationship and money questions. This week, a reader asks how to talk to friends who always want to dine out. Write to For Love & Money using this Google form. If your friends are foodies, and that's why they love restaurants so much, turn dinner at home into a culinary adventure. Rooting for you,For Love & Money

☆ I just moved from small-town Michigan to New York City, and I saved hundreds by selling off my stuff instead of bringing everything in a moving truck
▼ + stars: | 2022-09-12 | by ( Rebecca Vanderkooi | Stephanie Hallett | Read More | ) www.businessinsider.com time to read: +3 min

I'd planned to move my stuff in a truck, but it would have cost over $1,300. Instead, I sold my belongings and made $500, which covered my $470 roundtrip flight to NYC. The cost of driving my stuff was over $1,300If I were to fly to Michigan from New York, a one-way ticket would cost about $200. I decided to sell my stuff insteadHowever, there were still some things in Michigan that I wanted, specifically some important documents, clothing, and other essentials. Back in New York, I had to buy some things I had sold, such as a bed frame and a desk.

Xavier Lorenzo/Getty ImagesHere's what: Biden's student-loan forgiveness plan was more generous than expectedOn August 24, President Biden announced his long-awaited plan for student-loan forgiveness: Individual borrowers earning less than $125,000 would receive $10,000 of forgiveness, and students who received Pell Grants (i.e. low-income students demonstrating financial need) would receive an additional $10,000 for a total of up to $20,000 in forgiveness. "Broad student-loan forgiveness can change the course of my life, and many people's lives. Loan forgiveness is an investment in everyday people whose debt has held them back. Private student loans don't qualify for forgiveness; 3 alternatives to consider if your debt is ineligibleYou can't get forgiveness with private student loans, unlike with their federal counterparts.

My mom has worked all her life to support her kids, and she never thought she could travel to Italy. For her 60th birthday, I decided to save enough money to take my mom on her dream trip. For her 60th birthday, I knew I wanted to take my mom on her dream trip and cover all her expenses. But looking back, these strategies were crucial to making her dream trip a reality. When my budget didn't have much room beyond essential expenses, I took the time to take up hobbies at little to no cost.

Persons: — Organizations: Service, Transportation Locations: Italy, Rome, Vatican City, Mexico, Europe

Our experts choose the best products and services to help make smart decisions with your money (here's how). Now, I spend $725 a month on lawn care, housecleaning, and meal kits, and I wish I'd done it sooner. They taught me that you don't spend money you don't have, a rule I took so seriously I never had a single cent of consumer debt to my name (not even student loans). Spending money this way has given me back a lot of mental space, energy, and hours in the day. This is where spending money looks more like an investment than a waste of funds.

Persons: —, I'd, who'd, I've, I'm, spender Organizations: Service Locations: Wall, Silicon

My 'poverty mentality' was holding me back, but getting rid of those items freed up mental and physical space. But I hadn't dealt with one of the most significant factors underlying my hoarding instincts: poverty mentality. What is 'poverty mentality'? But my poverty mentality kept me living as though I were barely employed and living paycheck to paycheck. The opposite of my poverty mentality isn't to act like I'm rich (I'm not) or spend every dime I make.

Persons: I'd, it's, Laura McCamy, I've, It's, isn't Organizations: Service Locations: Wall, Silicon

☆ A mom of a disabled child receives $5,000 a month through an Oregon paid caregiver program — but she's scared of what will happen when the payments stop this year
▼ + stars: | 2022-07-23 | by ( Leo Aquino | Stephanie Hallett | Read More | ) www.businessinsider.com time to read: +6 min

Her daughter is disabled and requires round-the-clock care, so she's unable to work outside the home. Because their daughter is immunocompromised, the family have been isolating and taking extra precautions even before the COVID-19 pandemic started. Parents themselves are not eligible to be paid as caregivers for their own children through this program. However, according to the Oregon Office of Developmental Disabilities Services (ODDS), paying parents of minor children with disabilities for their caregiving services was "prohibited" under Medicaid rules before the pandemic. Now, through that Medicaid program, the family receive $5,000 a month for their daughter's full-time care.

I want to make sure I have passive income coming in if a recession hits, so I asked experts. Financial planners recommend investing in self-storage and other real estate, including REITs. Over the years, I've made passive income by selling online courses and ebooks, and doing affiliate advertising on content I create for my own website or social media channels. That's why I asked financial experts to share some recession-proof passive income streams that might be worth considering. "The passive income derived from term rents and leases is recession-proof and has a low correlation to market volatility," says Nicola.

Persons: I'm, I've, Susannah Snider, it's, Snider, George Nicola, Nicola, Tammy Trenta, Marli Erickson, Erickson, Joseph Hogue, Hogue, Barnes, Noble Organizations: Financial, Service, Invest, Amazon Direct Publishing, Barnes, Noble Press, Apple Locations: Wall, Silicon

Our experts choose the best products and services to help make smart decisions with your money (here's how). Pulling out of the market or pausing your retirement contributions are also mistakes. To help with that, here are the four mistakes financial advisors say you should avoid when gearing up for a potential recession. Financial planner Brendan Sheehan says that's not always the right move. Financial planner Marlene Erickson says that's especially important when a recession might be looming.

Persons: I've, Brendan Sheehan, that's, Sheehan, it's, Marlene Erickson, Erickson, doesn't, Get, Mark Deering, Deering, you've, Jennifer Garcia, Garcia Organizations: Service Locations: Wall, Silicon

Other bad advice I've heard: don't talk about money, and slash "non-essential" spending. In the years since, financial literacy movements popped up that aimed to empower weary folks with accessible financial advice. Here is all the bad money advice I learned in my younger years that I refuse to pass down. Save, save, saveSince I can remember, most financial advice I received emphasized saving over investing. Open accounts you might not be able access outside of Raisin Check mark icon A check mark.

Persons: I've, —, I'd, it's, hadn't, We've, It's Organizations: Service, FIRE, Mint, FDIC, Chevron Locations: Europe, Asia, Maldives, Mexico, Afghanistan

Adam Masato took out $33,000 in crypto-backed loans to finish his investment property. Some crypto-backed loans don't have monthly payments and require no credit checks. Some crypto-backed loans don't have monthly paymentsUnlike a traditional mortgage or other loan, some crypto-backed loans don't require a set monthly payment. Mitesh Shah, founder of cryptocurrency analytics provider Omnia Markets, Inc., explains that crypto-backed loans are the same as securities-backed loans — i.e. I don't think it's smart to carry a crypto-backed loan any longer than you need to.

Persons: Adam Masato, —, liquidating, Masato, it's, Mitesh Shah, Shah, Weragoda, Says Shah, I've Organizations: Service, Inc

It's painful to watch your portfolio drop, but there are strategic moves you can make during a bear market. Do a Roth conversion now if you've been considering it — you'll end up paying less in taxes. Below are three ways to take advantage of a bear market and position yourself for an eventual recovery. That is essentially what you would be doing by buying more of what you consider to be a high-quality long-term investment during a bear market. Of course, no one knows exactly when the bear market will end and a subsequent market rally will begin.

Persons: Roth, you've, It's Organizations: Service Locations: Wall, Silicon

Adam Masato bought land in Joshua Tree, California, after watching a YouTube video by Robuilt. The property earns an average of $8,400 per month in passive income. While their expenses were low, the couple invested their money aggressively, and Robuilt's YouTube video came into their lives just when they were looking for the next opportunity to invest in real estate. Related: The best personal loans»After commissions paid to their property manager, a monthly payment of $732 for the HELOC, and monthly payments of $370 for the personal loans, Masato earns an average of $8,455 per month in passive rental income. Masato says that if he could learn how to start a passive income stream from YouTube, anyone can figure it out on their own, too.

Persons: Adam Masato, Joshua, Masato, Robuilt, Diana Hernandez, Hernandez, Joshua Tree, it's Organizations: Service, YouTube, Los, Orbit, US News Travel Guides, Roth Locations: Joshua Tree , California, Wall, Silicon, Los Angeles, California, Joshua Tree's

Financial educator Soledad Fernández Paulino joined Insider for our Re/Thinking Re/Tirement Instagram Live event. On Monday, Insider hosted an Instagram Live event focused on early retirement with Soledad Fernández Paulino, a financial educator and founder of the blog Wealth Para Todos. Build a solid emergency fund"Before you start really investing aggressively, you want to make sure that you have an emergency fund. Traditionally, experts have advised that you keep three to six months of necessary expenses in emergency fund savings. "It depends on the financial security that you have in your life," said Fernández Paulino.

Persons: Soledad Fernández Paulino, Roth, —, Fernández Paulino, Roth IRAs Organizations: Financial, Service, IRA

My parents' retired friends take luxury vacations thanks to their dividend-paying stocks. I want to live like them in retirement, so I'm budgeting to invest more in dividend stocks. However, many of their friends (who are around the same age) have been retired for years and they seem to live affluent lives. While I do have some dividend-generating stocks in my SEP IRA portfolio, it's a very small amount. I'm budgeting a certain amount to invest quarterlyCurrently, I'm on a strict budget that allows me to contribute a set amount of cash every month to my SEP IRA.

Persons: aren't, I've, didn't, Read, I'm, doesn't, Get Organizations: Service Locations: Wall, Silicon

My parents made me save 50% of everything I receivedMy parents started teaching me to save money at a very young age. Pros Check mark icon A check mark. Accounts pay high interest rates Check mark icon A check mark. No fees Check mark icon A check mark. Open accounts you might not be able access outside of Raisin Check mark icon A check mark.

Persons: I've, —, isn't, wasn't, I'm Organizations: Service, Western Alliance, Mint, FDIC, Chevron

But I wiped out my emergency savings years ago and have no regrets. I did that for quite a while, but I depleted my emergency fund a few years ago and have never, ever looked back. My savings account is earning 0.40% APYI opened a CIT Bank account specifically for my emergency fund several years ago, mostly because the interest rate was over 2% at the time. By and large, this is the main reason I depleted our emergency fund. We have multiple income streamsFinally, emergency funds are sold as a backstop you can lean on if you lose your job.

Persons: it's Organizations: Finance, Service, Bank, Vanguard, CIT Bank, Market Index Locations: Wall, Silicon

Welcome to Personal Finance Insider, a biweekly newsletter that connects you with the stories, strategies, and tips you need to be better with money. Rachel Mendelson/InsiderHere's what: We built you a road map to the perfect homeDreaming of homeownership? Last week, Personal Finance Insider published a comprehensive guide to nabbing your first home. Start by taking our quiz to see if you're really in a financial position to buy a house. You can check out the whole series right here.

If you don't have a lot of experience with banking, here are four tips you should know before spending another penny. Marguerita Cheng, a financial planner at Blue Ocean Global Wealth, says opening up a second bank account may be a good option. "Even when you're in school, if it is appropriate for you to open another account, you're not doing anything to disrespect your parents. When you're deciding which bank account to open, Cheng advises Gen Z to be wary of CDs. You'll want to pay attention to monthly maintenance fees, overdraft fees, and out-of-network transaction fees, which are some of the most common charges.

Persons: Gen, you've, Marguerita Cheng, Cheng, Gen Z Organizations: Service Locations: Wall, Silicon

But a conversation with a friend turned things around for me, and now I'm saving more than ever. I've stayed on budget every month this year and even found ways to save an extra $1,000 a month. After that, you can adjust the budget to reduce spending in certain categories to help you save more. Learn to say noHaving a budget allows you to know how much you can spend that month on everything from groceries to activities with friends. This has helped me save money throughout the year and not give into extra expenses that are "nice to have" but not must-haves.

Persons: I've, it's, It's Organizations: Service Locations: Wall, Silicon

My husband's a spender and I'm a saver, and that dynamic has caused fights in our 14 years together. We've developed three rules that help us discuss money and build wealth, starting with honesty. But for the majority of us, the straightforward route to sharing life's burdens with our partners means sharing everything. And that's the thing about sharing finances: Everyone feels bad all the time. Being a saver means my husband is always wary of potential financial hardships.

Persons: We've, spender, I've, Scrooge, they're Organizations: Service, Mutual Locations: Wall, Silicon

WalletHub ranked the best US cities for affordability, activities, quality of life, and healthcare. The best cities for retirement in 2021 include Orlando, Charleston, and Scottsdale. New data from WalletHub looks at the best places in the US for retirement, based on affordability, quality of life, retirement-friendly activities, and healthcare. The activities category factored in popular retirement activities per capita, like fishing, golf courses, recreation and senior centers, and cultural activities. Quality of life included factors like the share of people over age 65, walkability, weather, and air and water quality.

Persons: WalletHub, —, there's Organizations: Service Locations: Orlando, Charleston, Scottsdale, Minneapolis, Cincinnati, Fort Lauderdale, Atlanta

AdvertisementAdvertisementI used to put money into one general savings account, but using sinking funds helps me save more. When I realized that having one savings account was part of the reason that I wasn't tucking much away, I made the switch to "sinking funds" and watched my savings take off. Sinking funds are individual savings accounts that serve different purposes, like a down payment for a home, a vacation, or car-maintenance expenses. Some sinking funds can be permanent and others will come and go as needed. This method has allowed me to save thousands of dollars more each year than I was when I had a general "savings" account.

Persons: Muck Organizations: Service, Ally Bank Locations: Wall, Silicon, Alaska, Alaska Bush

Whether you're self-employed or your employer doesn't offer one, 401(k) plans simply aren't available to everyone. According to financial planners, there are several ways you can keep saving or start saving, even without a 401(k) plan. Financial planner Kenneth Chavis IV of Lourd Murray recommends a Roth IRA for many people who are just starting to save. If you're self-employed, consider a solo 401(k)When you're self-employed, a solo 401(k) should be the first place to go, financial planners say. Advertisement"That's actually one of the best retirement savings vehicles there is if you know how to use it," said financial planner Brian Bruggeman of Baker Boyer Bank.

Persons: Roth, —, Kenneth Chavis IV, Lourd Murray, Chavis, Brian Bruggeman Organizations: Service, IRA, Baker Boyer Bank Locations: Baker

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