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Top 10 Highly Useful Websites to Learn About Personal Finance for Free

Top 10 Highly Useful Websites to Learn About Personal Finance for Free

Understanding how to manage your personal finances like a pro is essential for paying bills, building savings, amassing wealth, and enjoying a long and comfortable retirement. Although banks and financial advisors sometimes charge clients hundreds or thousands of dollars for personal finance advice, the Internet provides a vast array of free resources for individuals who seek to increase their financial literacy without making a huge dent in their pocketbooks.

Below are 10 highly valuable personal finance websites that offer resources and information to help you reach an array of goals, from living frugally to choosing the right credit products and investing wisely.

1. WiseBread.com

Wise Bread is an extremely popular personal finance community that includes bloggers and experts in its membership. As they like to say, “You don’t have to sacrifice your financial independence to enjoy life.” That’s the driving force behind what they do, and their goal is to help people live well. The most popular areas of the site are the “Personal Finance” and “Frugal Living” sections. It also offers a “Life Hacks” area that covers everything from technology tips to managing an organization.

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Top 10 Highly Useful Websites to Learn about Personal Finance for Free 1

    2. Kiplinger.com

    Kiplinger takes a much different approach, but it’s valuable in its own way. This site is only one of many distribution channels for this D.C.-based publisher, but it’s definitely one of the most popular. In addition to personal finance tips and tricks, Kiplinger gives you solid and accurate business forecasts. It’s seen as a trusted thought leader. One of the greatest benefits of Kiplinger is the variety of content available to the visitor. It has slide shows, videos, quizzes, news columns, special reports, blogs, and more.

    Kiplinger

      3. TheMilitaryWallet.com

      For families in the military, The Military Wallet is a unique and specially tailored personal finance site. The site’s goal is to assist the military community in becoming fiscally smart and informed about the variety of benefits and programs available to it. Financial topics such as investing, insurance, and retirement are covered in detail, as are subjects like military discounts and post-military money management.

      The Military Wallet

        4. BankingSense.com

        Banking Sense is one of the most valuable and instructive resources on this list. It has a unique way of presenting valuable financial news, tips, and advice without using highly technical jargon or phrasing that’s difficult to understand. The site covers such topics as credit cards, insurance, small-business finance, personal finance, taxes, and more. Part of what makes Banking Sense so useful is its community aspect. Readers are encouraged to interact and comment with the content, so they can learn from one another.

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        Banking Sense

          5. CashMoneyLife.com

          Having been featured on top media websites like The Wall Street Journal, The New York Times, Yahoo! Finance, MSN Money, and more, Cash Money Life stands out as a reliable source of advice on personal finance and small business. Set up in a typical blog format without all the bells and whistles that make other sites so confusing, readers can come here to get clear information. One of the most popular sections is the “Free Money” page, which provides information about referral bonuses, free trials, and the like.

          Cash Money Life

            6. Bankrate.com

            One of the most knowledgeable and respected sites on this list is Bankrate. Launched in the pre-Internet area, way back in 1976, this former newsletter has transformed itself into one of the most respected websites in the personal finance arena. As its name implies, Bankrate supplies plenty of information on bank rates, mortgages, and credit cards, but it’s also a source of personal finance advice in such areas as financial planning, retirement, and investments.

            Bankrate

              7. ModestMoney.com

              Modest Money readers appreciate this site for its honest and unassuming approach. Started by an “average guy,” this blog provides an unbiased and simplified look at financial product reviews, credit card deals, and other finance blogs.

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              Modest Money

                8. MyMoney.gov

                The only government-operated website on the list, MyMoney.gov offers its own unique spin on personal finance. It has information about earning, borrowing, saving, investing, spending, and protecting your money. Other popular pages include financial tools and money quizzes.

                My Money

                  9. CreditCardForum.com

                  If you’re really into personal interaction and online communities, check out the Credit Card Forum. The New York Times says it’s “for people who love credit. Its posters are a fount of tips and tricks for acquiring cards.” As you may have gathered, the personal finance information found here focuses on credit card offers and how to use them wisely.

                  Credit Card Forum

                    10. DoughRoller.net

                    The last site on our list is Dough Roller. This blog gives information, resources, and tips on how to make, donate, save, and spend money in fiscally smart ways. People who regularly read Dough Roller are intensely loyal because they appreciate the broad variety of content. Whether you like blogs, podcasts, newsletters, or anything in between, Dough Roller has something for you.

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                    Dough Roller

                      If you’re looking for reputable resources and solid information on personal finance, start with these 10 sites. You won’t be disappointed, and best of all, they’re free!

                      Featured photo credit: photopin via photopin.com

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                      Published on May 7, 2019

                      How to Invest for Retirement (The Smart and Stress-Free Way)

                      How to Invest for Retirement (The Smart and Stress-Free Way)

                      When it comes to stocks, I bet you feel like you have no idea what you’re doing.

                      Everyone who’s not a financial expert has been there. I’ve been there. But, time is passing and you need to be crystal clear with how you’re investing for your retirement.

                      Otherwise, it’s back to work until you can afford not to. So, how can you invest for retirement when you’re not a financial expert?

                      You take the time to learn the fundamentals well. If you do, you can grow your wealth and retire happy. The best part is that you don’t need to be a financial expert to make smart investment decisions.

                      Here’s how to invest for retirement the smart and stress-free way:

                      1. Know Clearly Why You Invest

                      Odds are you already know why should invest for retirement.

                      But, maybe you know the wrong reasons. It’s time you get clear on why you’d like to retire. Here are some questions to help you get started:

                      • Will you spend more time with your family?
                      • What does retirement mean to you?
                      • Are you looking to launch that business you’ve been holding off for years?

                      Everyone wants to retire but not for the same reasons. Once you’re clear for why retirement is important for you, you’ll focus on making it happen.

                      Investing in the stock market allows you to take advantage of compound interest.[1] All this means is that your money earns money on top of its interest. A reason why investment in the stock market is one of the best ways to plan for retirement.

                      2. Figure out When to Invest

                      “The best time to plant a tree was 20 years ago. The second best time is now.”– Chinese Proverb

                      It’s true if you’d had started investing when you were 10 years old, you’d have a lot more money than you do today.

                      The reality is that most people don’t start investing until it’s too late. So, if you’re currently waiting for the perfect time to start an investment, it would be today. Open your calendar and block out 2 to 3 hours to choose how you’ll invest for retirement.

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                      A quick way to get a snapshot of where you stand is to use Personal Capital. Input all your personal information and spend some time setting your retirement goals. Once completed, you’ll know where you stand with your retirement.

                      Having a savings account for retirement isn’t planning for retirement. Why? Your money loses value when you factor in US inflation.[2]

                      3. Evaluate Your Risk Tolerance to Create the Perfect Portfolio

                      Investing your money well depends on your emotions.

                      Why?

                      Because when the market drops most people panic and withdraw their money. On average, the US stock market yields an annual 6% to 7% ROI (return on your investment.) But, this won’t happen if you’re worried about short-term loses.

                      Before you invest your next dollar, know your risk tolerance.[3] Your risk tolerance determines the number of risky and safe investments you’d have.

                      Regardless of your investing style, you need to view investing for retirement as a long term game. Know that some years you’ll lose money but recoup this in the long-term.

                      Avoid watching market-related new. Also, create a double authentication to log in your investment account. This way you’re less likely to withdraw your money.

                      4. Open a Reliable Retirement Account

                      Depending on your circumstance, you may need to open a new brokerage account. This is the account is where you’ll invest your money.

                      If you’re currently working for a company, odds are that they offer a 410K investing account. If so, here’s where you’ll invest most of your money. The only problem with this is that you’re limited to the stock options that are available.

                      You do have the option to open a separate IRA (individual retirement account.) Here are some of the best brokers:

                      1. Vanguard
                      2. TD Ameritrade
                      3. Charles Schwab

                      5. Challenge Yourself to Invest Consistently

                      Committing to invest for retirement is hard, but continuing to do so is harder.

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                      Once you’ve started investment for your retirement, you run at risk from stopping. Often you’ll want to contribute less, so you’d have more money in your pocket.

                      That’s why it’s important that you create a budget that allows you to invest each month. If you’re working for a company, you can set a percentage for the amount you’d like to contribute each month. Most people by default contribute 1% but aim to contribute 10% to 15%.

                      Be the judge for how much you can afford to contribute after covering important expenses. To stay motivated, use Personal Capital to view your net worth.

                      A benefit to contributing money to your retirement account is not taxed. For example, if you earn $100 and invest 10%, you’d contribute $10, then get taxed on the remaining $90. As of 2019, the most you’re able to contribute towards your 401K is 19K but this can change.

                      6. Consider Where to Invest Your Money

                      The most common way to invest your money is in stocks, but it’s not the only way. Here are other ways to invest:

                      Robo Advisors

                      Robo-advisors[4] are fancy algorithms that’ll choose the best investments for you. Sites like Wealthfront make it easy for first-time investors to invest their money. You’d input information about yourself and set your risk tolerance.

                      Then, set your monthly contribution amount and your robo-advisor would do the rest. Robo-advisors charge a fee to manage your money, but less than regular advisors.

                      Bonds

                      Think of bonds as “IOUs” to whomever you buy them from.

                      Essentially, you’re lending money and charging interest. Like stocks, not all bonds are equal. Some will be riskier than others depending on their rating.

                      Here are the different types of bond categories:[5]

                      1. Treasury bonds
                      2. Government bonds
                      3. Corporate bonds
                      4. Foreign bonds
                      5. Mortgage-backed bonds
                      6. Municipal bonds

                      Mutual Funds

                      Picture a group of people dumping all their money in a jar that’s managed by a professional. This is how mutual funds work. The fund manager manages the money looking to earn capital gains (interest.)

                      One of the best types of mutual funds is index funds. Since these funds don’t try to beat the market and instead follow it, they need less research. Because of this they often charge the lowest fees and yield the best long-term results.

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                      Real Estate

                      Yes, buying a home is an investment when done correctly.

                      Imagine buying a home and using it as a rental property. After repairing it, you receive a monthly surplus check of $100 to $200.

                      This may not sound like a lot, but repeat this process enough times and you’d earn a large amount of passive income. That’s why real estate is one of the best investments to not only retire but become wealthy.

                      But, it requires a lot of money to start and you should expect losing money along the way as you learn the process.

                      Savings Accounts

                      Your money can still grow in a savings account. Nowadays most online banks offer a 2% annual return. Although the average inflation is higher your money will be available when you need it.

                      7. Master Disincline to Dodge Short Success

                      Investing for retirement is a long-term strategy. That’s why you need to master delayed gratification. All this means is delaying short-term pleasure for something bigger in the future. Research shows that those who have delayed gratification are more successful.[6]

                      So how can you master delayed gratification?

                      By building your discipline.

                      Think back to what retirement means to you. A clear purpose will help you avoid withdrawing your money during a market downturn. It’ll help you contribute more towards retirement when you’d want to waste it instead.

                      Your journey towards retirement will be long, so reward yourself along the way. Choose a reward that’s relevant and meaningful, so that you reinforce positive behavior. For example, after contributing more towards retirement, treat yourself to dinner.

                      8. Aggressively Invest on This One Investment

                      I’ve mentioned several types of investments but haven’t covered the most important one.

                      It sounds cliche but here’s why you’re your best investment towards retirement. The more you know, the more money you’ll be able to make. The more good habits you adopt, the more secure your retirement will be.

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                      More importantly, investing in yourself is an investment that no one can take away. There’s no market downturn nor tragic circumstance that’ll wipe your knowledge and experience.

                      But, how can you invest yourself?

                      Reading books, blogs, and anything that’ll help you learn new topics daily. Listen to podcasts and audiobooks on your commute to/from work.

                      Save money to buy courses and hire coaches. I used to believe hiring coaches was a waste of money when I could learn the subject alone.

                      But, coaches see your blind spots and hold you accountable. Hiring the right coach will help you achieve your goals faster than you would’ve alone.

                      Retire Happy with Excess Money

                      The key to a secure financial future doesn’t only belong to financial experts.

                      It’s possible for you and I. What if you were able to retire earlier than most people and weren’t a financial planner? What if you were able to focus on what you enjoy doing the most while your money was working hard for you?

                      I know this sounds impossible now, but the truth is you’re capable of taking charge of your retirement. I’m not a financial expert but I’ve learned how to invest my money by reading books and learning from others.

                      Investing your money is scary. So start small and invest a small amount of your money with a robo-advisor. Feel your money drop and rise for a month or two. Then, invest more and keep this up until you’re aggressively saving for retirement.

                      One day, you’ll wake up with a net worth you’re proud of – confident about your retirement. You now know a few strategies you can use to invest in your retirement. Will you take action to retire happy?

                      More Articles About Making Wise Investment

                      Featured photo credit: Matthew Bennett via unsplash.com

                      Reference

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