When it comes to debt repayment, there are two prevailing methods. The first is the avalanche method, which has borrowers pay off the debts with the highest interest rate first. It is the most financially efficient since it results in the least amount of expense. Opposite this approach is the snowball method, which has borrowers[…]
On Monday, there was this crazy article written by CNBC’s Annie Nova suggesting that more that 1 million people default on their student debt each year and, that 40% of borrowers are expected to default on their student loans by 2023! The article was based primarily on two different research papers. The more recent paper, titled[…]
Years ago, my older brother, living in Minneapolis, asked me to walk into the Peloton studio in downtown Manhattan to do some reconnaissance on this fancy bike. After checking out the latest that fitness technology had to offer, I knew it wouldn’t take long for him – an avid cycler and tech junkie – to[…]
Do you think your financial health is good shape? Or are you worried about something? It’s ok to feel nervous about finances. Most people do because they don’t know what there are reading or hearing about. There is a lack of financial literacy among all generations, not just Millennials that keeps everyone on edge about[…]
I came across an interesting article on MagnifyMoney.com titled “Where the Wealthiest Millennials Stash Their Money” that compared the top 25% of Millennial households with Average Millennial households. It compared things like how each group invests money, how their financial assets are structured and how their debts are structured. And like any good Millennial, I wanted[…]
Today, the average college graduate leaves school with more than $36,000 in loans and many Millennials are being held back from achieving their goals because of debt from their college education. And don’t think our goals are just buying avocado toast or tickets to Coachella. No. We have real goals. Big goals like starting a[…]
What does the financial future of Millennials look like? Does it look like a glass of our favorite Rosé or does it look like that half an avocado your forgot in the fridge? We are a generation with mountains of student loan debt, high unemployment for our age group and stagnant wages at the start[…]
Let me share a story with you. Tom and Jane are a Millennial couple who just got married and are looking buy their first house. The have saved up some money but have student loan debt. Unfortunately, Tom just lost his job leaving them with only Jane’s income to pay the bills and the loans. […]
Remember that teasing tune we all used to sing on the playground: “First comes love, then comes marriage, then comes crippling debt!” Is that not how it goes? Maybe I learned the alternate version of the song. I think what was missing between the marriage and the crippling debt parts was a financial conversation between[…]