Personal Finance Basics Archives - The Ways To Wealth

How to Build an Emergency Fund Quickly

R.J. Weiss — Mon, 12 Jun 2023 09:00:00 +0000

Learning how to build an emergency fund is the first step to getting your finances in order. You’ll sleep better with some cash in the bank and, most importantly, you can start focusing on longer-term (and more exciting) financial goals. In this guide, you’ll learn all there is to know about emergency funds, including: Key Points: What Is an Emergency Fund? An emergency fund is a cash reserve for unexpected costs or financial emergencies. You can use it to pay for things like fixing your car or house, paying medical bills, or surviving a job loss. The primary benefit of […]

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How to Get Free Financial Planning Advice

R.J. Weiss — Wed, 09 Nov 2022 11:45:00 +0000

Often, the people who would most benefit from the help and advice of financial planners are those who can least afford to pay for those services. A knowledgeable financial planner can help you create a plan to consolidate credit card debt, guide you through the process of setting up an HSA, show you how to save money by refinancing your student loans and much more. If you could use some financial advice but aren’t a high-net-worth individual, we can show you how to get free (or very inexpensive) financial planning. Key Points FPA Pro Bono Days The Financial Planning Association (FPA) is […]

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How to Save Money Fast: 7 Scientific Money Saving Tips

R.J. Weiss — Wed, 26 Oct 2022 09:00:00 +0000

Common money-saving tips like bringing your lunch to work, brewing your own coffee and buying generic brands can help you cut your daily spending, but they aren’t powerful enough to make a big difference in your long-term financial picture. In this article, you’ll learn seven money-saving strategies that are backed by data and rooted in human behavior and psychology. Research has proven these strategies effective at helping people make progress towards their financial goals. Tip #1: Focus on the Big Three (Housing, Transportation and Education) Did you know: When TD Ameritrade did a study to figure out how some households […]

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How to Set Financial Goals That Actually Make You Happy (With Examples)

R.J. Weiss — Fri, 19 Nov 2021 03:37:00 +0000

When it comes to money management, it seems like there are dozens of different objectives. Saving for retirement, college, a house, a car, a vacation — and maybe even enjoying life once in a while. All of these things are important. But where should you start? How do you identify the most efficient path? And most importantly, what’s actually going to bring you happiness? This guide on how to set financial goals was designed to help you answer these and other key financial planning questions. Let’s get started! We turned this step-by-step guide into a free workbook, which you can […]

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How to Stop Spending Money (8 Research-Backed Tips)

R.J. Weiss — Fri, 19 Nov 2021 03:00:00 +0000

What’s the difference between those who learn how to stop spending money and those who can’t seem to get their impulse spending under control? In this article, we’ll talk about eight research-backed tips to spend less, stop impulse spending and make better overall financial decisions. Tip #1: Never Say “Never,” Just Say “Not Right Now” Mark Twain once wrote: “To promise not to do a thing is the surest way in the world to make a body want to go and do that very thing.” — Mark Twain in The Adventures of Tom Sawyer That’s certainly true when it comes […]

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How to Start Investing for Beginners [Step-By-Step Guide]

R.J. Weiss — Wed, 13 Oct 2021 15:42:22 +0000

This is a complete step-by-step guide on how to start investing. For beginners, there are many big decisions to make when you’re starting to invest. At first, it can seem overwhelming. But by the end of this guide, you’ll see that successful investing is not complicated. Better yet, you’ll learn the simple strategy that has consistently beat investing professionals for decades. Here’s exactly what we’ll cover in this guide: What Is Investing? Investing is how you allocate existing assets and cash flow for a future desired benefit. Understanding this definition is important because it touches on how you should think […]

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Dave Ramsey Baby Steps Review: A CFP’s, Pros, Cons and Verdict

R.J. Weiss — Wed, 29 Sep 2021 09:00:00 +0000

When it comes to financial planning, one of the most well-known frameworks is Dave Ramsey’s Baby Steps. What makes the framework so popular is its simplicity. You just work through the steps in order, making sure to check off each of the seven before moving on to the next one. But the big question is this: should you follow the Baby Steps formula or is there a better path to pursue? This article will: Overview: The 7 Baby Steps Dave Ramsey’s seven Baby Steps are: Baby Step #1: Save $1,000 to Start an Emergency Fund Summary: Ramsey suggests building a […]

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How to Manage Your Money in Five Simple Steps

R.J. Weiss — Fri, 04 Sep 2020 14:49:32 +0000

How does someone go from a complete novice in money management to someone who considers themselves good with money? On a similar level, how can someone who currently feels they’re bad with money become good? What research has shown us is that when we set the right goals, then take action towards our goals, we change our beliefs about ourselves. That’s why I’m such a big proponent of financial goal setting and creating a financial plan. Done correctly, these two activities can be the first dominos to fall in developing better money habits. Learning how to manage your money — […]

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8 Powerful Personal Finance Questions to Ask Yourself

R.J. Weiss — Wed, 12 Feb 2020 07:00:30 +0000

Asking yourself great questions can help you break habitual thought patterns and discover new ways to get the results you’ve been looking for. I’m a firm believer that this is one of the best ways to upgrade your thinking.t That’s why I keep a running list of powerful questions. They’ve helped me in all areas of my life — from understanding what’s really important to me, to reducing my stress, to making better financial decisions. It’s not always easy to ask and answer these questions honestly. Sometimes it means admitting that you made a mistake, or that you failed, or […]

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