Where you live and the personal costs associated with a chosen location greatly impact daily life and your financial future. For example, living in California, where taxes are high and property prices are through the roof, might direct all your money toward owning a home and paying the government. On the other hand, you could move to Nevada, where state income tax costs zero and houses cost about half as much as they do in California — that’s geoarbitrage. Moving to optimize finances could be just the thing you need to transform your life. So, how do you do that?
Bringing in extra cash can help make ends meet or pad savings accounts regardless of the current economy, but adding more work to the day might reduce the time you spend with family. What if you could hang out with your partner while bringing in the extra dough? Side gigs make optimal use of skills and resources in many cases. Let’s look at three interesting side gigs you might start and run as a couple.
People often associate the word debt with something negative. Those looking to build wealth often hear advice suggesting they pay down their obligations to get on track. Yet, debt isn’t necessarily a good or bad thing. What matters is how much you carry compared to your income, what sort of financial commitments you have, and whether it’s a drain on your bottom line.
Checking your net worth regularly is one way to monitor your overall financial health. The calculation goes far beyond the balance in your bank account, incorporating your assets and any debts you owe. Thankfully, the process is simple: capital minus liabilities.
Offers from banks for credit cards with cashback incentives, rewards programs, and 0% temporary rates might overwhelm your physical and virtual mailboxes. Beware! While the perks offered might tempt you to take advantage of applying for accounts, opening multiple credit cards simultaneously can hurt you financially. Here’s why.