Nobody saw that coming! Inflation numbers just came out……what in the world happened? Many of us thought we would see this number go down! Gas prices have been declining, so why didn’t inflation go down? 9.1% - That is what the Consumer Price Index (CPI) is right now. This is a 9.1% increase from June of last year. Hourly wages for workers have fallen 1% during the month and are down 3.6% from a year ago. If feels like we are losing money everywhere! Resources: 5 Best Hedges in the Face of Inflation https://www.goodfinancialcents.com/best-hedges-against-inflation/ https://www.goodfinancialcents.com/ask Check out my YouTube channel here. Follow me on Twitter and Instagram.
If you want to watch a movie, you can login to Amazon Prime and click ‘Buy Now’. If you want to read a book, you can download one immediately on Audible. Technology has allowed conveniences at record speeds. Why wouldn’t we expect to raise our credit score overnight? Is it really possible? Can we raise our score by 100 points overnight? This is a question that was posed by a reader, Robert. Robert says he has made some bad choices in the past which has affected his credit. He is working towards paying off credit cards and other debt to improve his score but wants to know if there is anything else he can do to raise his score quickly. 04:29 Check your credit score regularly 05:53 Can this happen overnight 07:45 What affects your credit score 11:22 A great example of credit repair Resources: https://www.goodfinancialcents.com/ask Check out my YouTube channel here. Follow me on Twitter and Instagram.
When most people think about the wealthiest people in the world and the investments they own - real estate is usually on that list. Real estate investing doesn’t always have to be with physical properties. There are different ways and different types of real estate investments. I want to dive in and share the details of some of these ways for you. 01:48 Digital Real Estate 07:40 Niche Sites v Authority Sites 10:02 Buying and Selling Websites 14:43 Building an eCommerce Store 16:30 Digital Products Resources: https://www.goodfinancialcents.com/ask Check out my YouTube channel here. Follow me on Twitter and Instagram.
Inflation…Inflation…Inflation It is still all over the news! With good reason, in May we saw the consumer price index increase by 8.6% over the last year. This is the highest increase since 1981. How do you protect yourself from inflation? I am going to share 4 expert strategies to help you protect yourself from inflation. 02:50 Stocks in companies providing basic supplies 04:15 Dividend stocks 08:13 Commodity Stocks 10:21 Government Bonds Resources: 4 Expert Inflation Protection Strategies To Implement Now https://www.forbes.com/sites/jrose/2022/05/26/4-expert-inflation-protection-strategies-to-implement-now/?sh=1ce33c26639d https://www.goodfinancialcents.com/ask Check out my YouTube channel here. Follow me on Twitter and Instagram.
Choices….choices…choices. I like variety and the option to choose. Sometimes we can have too many choices and end up with analysis paralysis. There are many types of investments strategies you could choose. Today I am going to narrow that down to 4 - to help you avoid analysis paralysis. So what are the basic investment strategies, that you can implement on your own, that we are talking about? 02:54 Value investing 05:07 Growth investing 09:11 Momentum investing 11:47 Dollar cost averaging Resources: 4 Best Investment Strategies to Know in 2022 https://www.goodfinancialcents.com/best-investment-strategies/ https://www.goodfinancialcents.com/ask Check out my YouTube channel here. Follow me on Twitter and Instagram.
Happy 4th of July! Freedom we have as a Country! Freedom we have as individuals! Freedom of Choice! Freedom of Expression! Freedom to listen to this Podcast :) Thank you for being a part of the Good Financial Cents community. What else can I do to help? What types of content would you like to see? Is there anything I can share that will help you reach your financial goals? References: https://www.goodfinancialcents.com/ask Check out my YouTube channel here. Follow me on Twitter and Instagram.
If one is good - three has to be better! We are talking about the Roth IRA, specifically: ‘Can you have more than one Roth IRA account?’ This is not a question from a reader but rather a question that I get A LOT. The short answer is YES. I want to give you a bit more information on why you would want multiple accounts, how to set them up, how you could manage them, and much more. 02:17 Can you have multiple Roth IRAs? 03:20 Rules and Contribution Limits 06:34 How do you set up multiples accounts 09:25 Why use multiple brokerage companies References Roth IRA Rules and Contribution Limits for 2022 https://www.goodfinancialcents.com/roth-ira-rules-contribution-limits/ https://www.goodfinancialcents.com/ask Check out my YouTube channel here. Follow me on Twitter and Instagram.
It is not too often that you associate a 401k with a really sad story. This wasn’t one of my clients but I remember reading about it. The story is about a young man that was working at a grain mill or maybe on a farm. He was in his early 20’s and recently married. He had a 401k plan and at his young age had already saved a large chunk of money. Shortly after getting married he was involved in a freak accident at work and died. He had named his parents as his beneficiary for his 401k and didn’t get around to changing this to his wife before he died. You would assume the parents would give that money to the surviving daughter-in-law, they did not give her a penny of the money. This could have been avoided if the beneficiary form had been updated. So, what happens to your 401k when you die? Do you need to change your beneficiary? Reevaluate your investments? Update any other information? It only takes a few minutes to make these updates. Check out my YouTube channel here. Follow me on Twitter and Instagram.
Do you remember the first time you tried something that was scary? How did that work out? I’m sure there were lots of emotions around that experience. If you are a ‘beginner’ at anything it can be a scary thing. Today I want to share some of the basics of investing. This may help to ease the fears or anxiety around investing for beginners. The 6 most important reasons for investing: 1. Building long-term wealth 2. Preparing for retirement 3. Meeting shorter-term goals 4. Minimizing the need for credit 5. Having money to pass on to your kids 6. Strategy for dealing with inflation Resources: Investing for Beginners: Learn the Basics of Investing in 2022: https://www.goodfinancialcents.com/investing-for-beginners/ How to Invest:https://www.goodfinancialcents.com/how-to-invest/ How to Invest in Index Funds:https://www.goodfinancialcents.com/how-to-invest-index-funds/ How to Invest in Stocks: https://www.goodfinancialcents.com/how-to-begin-investing-in-stocks/ Investing for Dummies: https://www.goodfinancialcents.com/guide-to-basic-investing/ Check out my YouTube channel here. Follow me on Twitter and Instagram.
We all love the idea of making money while we sleep. Regardless of how or when you make money - the IRS is going to want their cut. I am answering a reader question today. The question is ‘How is passive income taxed.’ Let’s dive in and talk about passive income. 02:01 What is passive income 04:59 True passive income sources 05:53 Semi-passive income sources 06:33 Material participation and/or activity Resources 28 Passive Income Ideas To Build Real Wealth https://www.goodfinancialcents.com/passive-income-ideas/ Check out my YouTube channel here. Follow me on Twitter and Instagram.