Below are my favourite personal finance content for the outgoing week. I hope you find them helpful.
- 5 Reasons It’s Smart to Lease a Car Right Now
The situation with the pandemic means many people do not have the cash to pay down on a car purchase. This (among other reasons) is why Philip Reed believes that now is a good time to consider lease rather than an outright purchase. A lease requires lesser upfront fees, shorter commitment, more affordable payments, and provides more manufacturer incentives and protection against depreciation.
Read the article here: www.nerdwallet.com/article/loans/auto-loans/5-reasons-smart-lease-car-right-now
- 16 Best Passive Income Apps To Make Money
Everyone is looking for more opportunities to make passive income. Grant Sabatier, writing for Millennial Money, offers sixteen opportunities to make passive income. Some of these apps include investment management apps, apps that give cash back for purchases, and apps that pay people for simple activities like surveys.
Read the article here: https://millennialmoney.com/passive-income-apps/
- Personal Finance: 10 Money Rules
Everyone should have philosophies and guidelines that drive their financial decisions. Ramit Sethi, author of I Will Teach You To Be Rich, lays down ten money rules that he uses in his personal life. Some of his rules include saving 10% and investing 20% of his gross income, always have 1-year emergency funds in cash, never question spending money on books, appetizers, health, a donation to a friend’s charity, buy the best and keep it for as long as possible.
I learned from Ramit the importance of having specific rules to guide our money decisions. These rules make it easy to deal with the smaller choices we make daily.
Watch the video here: https://www.youtube.com/watch?v=DLU2o96tOu4
- Planning to Delay Social Security Until 70? Here’s Why You May Need to Rethink That
The headline of the article was irresistible. It is conventional personal finance wisdom to delay social security to maximize the monthly payment. Even though you can start withdrawing by 62, some benefits come from delaying the withdrawal (at least until age 70). Maurice Backman’s point in this article is that circumstances can change, leading to retirement before age 70. Therefore, depending on the higher social security benefits at age 70 while relaxing on your savings can be disastrous, given those circumstances.
- Investing for Beginners ꓲ Advice On How To Get Started
When it comes to investing, sometimes it is good to max out tips and strategies from many successful people. In this video, Stefan of the Project Life Mastery gives some good advice on how to get started investing. The video contains tips from his twelve years’ experience. He touches on essential principles like paying yourself first, dollar-cost averaging and starting early.
Watch the video here: https://www.youtube.com/watch?v=lBDhvRYk-OA