6 Simple Steps To A Solid Financial Foundation (Infographic)

MoneyTips

There’s a lot of financial advice out there, from the Wall Street Journal to podcasts to your brother-in-law’s stock tips to “A penny saved is a penny earned.” The infographic above, developed in collaboration with the Common Cents Lab at Duke University, shows six simple steps to get your finances on sound footing.
The Common Cents Lab is a financial research lab that creates and tests interventions to help low- to moderate-income households increase their financial well-being. The lab is part of the Center for Advanced Hindsight at Duke University in Durham, North Carolina.

After you have finished with the first 2 steps, tackle step 3. When that’s accomplished, try Step 4, and so on. With only six steps, it’s a lot easier than trying to read the 3000+ articles on MoneyTips!

You can check your credit score and read your credit report for free within minutes by

Less Than 1 In 3 Parents Teach Their Kids About Credit Scores

MoneyTips

Your kids are growing up fast. Soon, it will be time to have … the talk.

No, not that one. We’re referring to the talk about responsible use of credit. If you don’t drive home the importance of good credit practices while your children are young, they’re more likely to learn about credit the hard way – by racking up more debt than they can pay off.

A new survey by Chase suggests that many parents are not giving their children sufficient understanding of credit and how to use it wisely. The Chase Slate Credit Outlook found that while 56% of parents have talked to their children about money, only 32% of parents explained credit scores to them.

A greater percentage of parents (38%) encouraged their kids to get their first credit cards – thus, at least 6% of parents directed their children toward credit cards without giving them a full understanding of how they work.

When should you start a credit discussion with your children? According to Rod …

Americans’ Biggest Money Mistakes

MoneyTips

You’ve made some life decisions that you’ve regretted, and some of those decisions surely involve money. What sort of money mistakes have you made?

Don’t be shy about admitting your financial mistakes. According to the latest version of Finder.com’s annual America’s Biggest Money Mistakes survey, you have 192 million fellow Americans to keep you company. More than three-quarters (78.3%) of respondents claimed to have made a money mistake in their lifetime. We’re surprised that number isn’t closer to 100%!

As Finder.com Consumer Advocate Jennifer McDermott says, “It’s understandable that so many have made a money mistake in our lifetime – we’re only human! However, while a slip-up doesn’t need to derail our entire financial wellbeing, it’s important to recognize the triggers to make better choices in the future.”

What’s the most cited financial mistake? By far, the winner …

Who Lives At Home?

MoneyTips

We know the stereotype of the unmotivated millennial, living at home with their parents without any long-term plan or concern about their situation. Is that a fair representation? Do millennials disproportionately live with their parents? If so, is this from necessity, lack of motivation, or part of a grander strategy?

It’s logical that younger generations are more likely to live with their parents in a non-caretaker capacity, even in the best of times. Millennials suffered the added indignity of coming of age during one of the worst recessions in history while dealing with prohibitive student loan debt.

Previous information from the Pew Research Center found that in 2016 – after years of economic recovery – 15% of millennials surveyed still lived with their parents. That’s well above previous generations at that same point in their lives (10% for generation X, 11% of late ba…