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The Best Financial Books of 2021

09.16.2021 by Harry //

There are thousands of books out there about how to become better with finances, how to invest, and how to be okay with talking about money.

Listed below are books that will teach you how to go from living tightly with money to retiring debt and being worry-free. There are many books out there for those wanting to learn about finances!

Retire Before Mom and Dad: The Simple Numbers Behind a Lifetime of Financial Freedom by Rob Berger

Retire Before Mom and Dad is a book that teaches you how to improve your financial future by using psychology, finance, and self-help concepts. This is a great book for those that are just beginning to get into the world of personal finance or those that want to learn more!

Rob Berger is a litigation attorney and the founder of popular personal finance and investing website.

Rob’s goal is to help people achieve financial freedom by helping them live a life free of financial stress and worry by teaching them about wealth and living financially free. 

In Retire Before Mom and Dad, Rob writes about the difference between a Roth 401K and a Traditional 401K, the ins and outs of investing, how to retire debt-free, and how to successfully and carefully analyze long-term decisions.

His simple approach and clear writing will teach you how to become financially wise and efficient, as well as how to invest and self-help. This is a great book for those just getting started in the financial world, or those wanting to learn more!

When She Makes More by Farnoosh Torabi

In When She Makes More, Farnoosh Torabi teaches the reader how to deal with income imbalances in relationships, and how to help women manage these circumstances that can have negative impacts. 

Today, there are more women than ever working as the household’s top earners. However, they face higher risks of burning out, depressions, infidelity, and even divorce. Farnoosh uses her real-life experiences to connect the reader on a personal level.

Sold as a physical book or an audiobook, Farnoosh Torabi outlines rules to help her readers learn how to address financial imbalances that can affect relationships negatively and how to become okay with talking about these problems.

In When She Makes More, readers will learn how to deal with changes in dating and marriage in society, how to know when to let your significant other lead, and how to allow your significant other to become a stay-at-home parent without making their life too easy. 

Broke Millennial: Stop Scraping By and Get Your Financial Life Together by Erin Lowry

Written for Millennials, Broke Millennial gives great insights on how to save money, handle student loan debt, negotiate a pay raise, and how to ‘adult’.

Erin gives humor and empathy a fun twist in Broke Millennials!

No one likes to think about money, especially when money is tight. In Broke Millennial, the reader will learn how to be okay with talking out loud about money and how to deal with it.

Described as refreshing and conversational, Erin relates to her audience in a way that will guide them to a path of financial wellness! 

Written for Millennials, Erin doesn’t use boring language to talk about investing and credit card debt, but rather uses analogies to relate those topics to Tinder, dating, and marriage.

Erin even talks about how to manage student loans and what to do when your dining out with friends and can’t afford to split the bill.

Written by a millennial for a millennial, this is a must-read!

How I Invest My Money by Joshua Brown and Brian Portnoy

In How I Invest My Money, you will learn about 25 experts and how they invest, spend, save, and give their own money.

Joshua Brown and Brian Portnoy will teach you there is no right or wrong way to use your money!

Joshua and Brian talked to 25 different financial experts, including financial advisors, portfolio managers, and venture capitalists, and have turned their stories into essays about their lives, families, struggles, and aspirations.

https://www.harriman-house.com/Howinvestmoney

How I Invest My Money describes how there is no right or wrong way to handle your money, but rather use these stories to teach the reader how to figure out what works best for them. 

You will read about different perspectives on bonds, stocks, funds, charity, and other means of achieving the life you have always dreamed of. How I Invest My Money will also teach your how to create and keep a healthy relationship with money and your values. 

Spend Well, Live Rich by Michelle Singletary

In Spend Well, Live Rich, Michelle Singletary teaches the reader how to support a family while living on a budget.

Michelle also teaches the reader that it’s okay to not feel bad about not spending. 

Michelle Singletary was raised by Big Mama, her grandmother who made $13,000 a year. Big Mama was the one who taught Michelle the “7 Money Mantras for a Richer Life.”

These mantras include “If it’s on your a$$, it’s not an asset,” “Sweat the small stuff,” Keep it simple,” and “Priorities lead to prosperity.” 

How to Analyze Your Financial Upbringing
Check out our article on analyzing your own financial upbringing.

In Spend Will, Live Rich, Michelle teaches the reader how to teach children the value of money, how to become comfortable talking about money in relationships, how to save money as a household, and how to look for and get the best loans for your situation. 

Summary

There are many resources to help you become comfortable with finances.

By becoming comfortable with your finances, you can have conversations about money in your relationships, learn how to save money as a household, and become okay with saying no. Start your journey to financial freedom today!

Categories // Earn Money, Education, Featured, Investing, Money Management, Reviews, Tips

How to Tip in Every Situation

08.16.2021 by Harry //

We all know how important it is to tip the people who provide a service to us. Whether it’s a waiter, a food-delivery person, or a hairdresser, it is generally considered important and ethical to tip in most situations.

However, the amount you tip, how you tip, and when it is okay not to tip, all vary from situation to situation. Plus, it can be an uncomfortable scenario to calculate how much you should tip at the very last minute.

Let’s go through a general guideline on tipping etiquette.

When You Should Always Tip

In some instances, there is no question on whether you should tip or not. Here, a tip is expected and necessary to let the service provider know you appreciate them.

https://www.realsimple.com/work-life/money/money-etiquette/tipping-etiquette-guide

Many of these people depend on getting tipped as they earn a base wage.

Restaurants

Restaurants are one place where you should always tip. Waiters are often being paid less than the minimum legal salary. So, tipping a waiter supplements their income. 

Generally, you should try to tip between 15-20% of your overall bill. While tipping for good service, 20% is recommended.

When in a group, each person can tip some cash according to their meal. 

Many people wonder if they should tip on the overall bill, including the restaurant tax, or the pretax amount. If it is affordable, it is always best to tip on the total amount. 

Bars

When you’re at a bar and ordering drinks, you can just tip a flat amount rather than calculating a percentage. 

You can leave $1 for a beer and $2 for a cocktail. If you order snacks or food and the service is good, you should then tip 20% of the bill. 

Hotels

When it comes to staying at a hotel, you must remember to tip the housekeeper who cleans your room. Rather than tipping a large amount while checking out, you can give 2 to 3 dollars each day to housekeeping. This is because, in many hotels, the housekeeper changes each day.

If you were staying with kids and pets, that means additional work, so you may want to consider tipping a little more in this case.

Hair or Nail Salon

Typically, 15% is a decent rate to tip at salons. It is best to keep some cash aside to tip the person who provided their services to you.

Babysitter

Many people believe in only paying the hourly rate that was agreed upon with the babysitter. However, it is a good idea to round off the figure to a solid number. This is a way of showing appreciation as some days can be hectic or involve additional chores. If the payment amounts to $45, you could pay $50. 

For regular babysitters, you could buy gifts for them on special occasions and holidays, or pay a bonus at the end of the year.

When Tipping Is a Little Tricky

There are some situations where there is a grey area and no standard tipping rule. Let’s look at such services and how you can make tipping decisions. 

Cafes

It’s not necessary to tip at a coffee shop but it’s always considered a nice gesture. If you go to the same cafe regularly, get a special order, or good service regularly—consider tipping!

If they make latte art for you or serve something complimentary, you should try to tip. A good rule of thumb is 20% of your bill.

Food Delivery

Food delivery persons don’t need to be tipped as much as waiters. When receiving your food, handing over 3 to 5 dollars as a tip is a good idea. If the delivery person arrived in less than ideal circumstances like rain or snow, or if the order was large, you should tip some more. 

Movers

Although there is no obligation, it is sensible to tip movers especially if they moved heavy luggage or carried items up or down a flight of stairs. You should try to tip about $15 to $20 for each mover.

Taxi Drivers

Taxi fares are usually so high that it can get tricky tipping taxi drivers. If you have the cash, try to spare 15-20% of the fare as a tip. Uber and Lyft will even calculate tips for you based on percentages.

Doormen

You do not have to tip the doorman of your apartment building regularly. However, giving a monetary gift at the end of the year is a nice gesture.

Unsatisfactory Service

This is a tough area to deal with. Sometimes, your hairdresser or waiter might make a mistake.

This does not mean you should skip tipping them altogether. If the mistake was repeatedly made or caused damage, you can tip them less than you normally would.

When NOT to Tip

In some circumstances, tipping is not necessary. In fact, there are some professions where tipping is considered a bad idea.

Teachers

Usually, it is not allowed for teachers to accept cash from students or parents. It would be wise to consult the school for rules on gifts to teachers. Sometimes, there are also rules on the value of the gift, which cannot be exceeded.

Nurses, Doctors, and Therapists

Workers in the medical profession are often not allowed to accept money as a gift. It is better to give them a “thank you” card or verbally express your gratitude to them.

Employees

It is considered improper and inappropriate to give cash to employees at a workplace. A formal bonus is not the same as giving cash in this way. 

Rude Behavior

Sometimes, the servicer can be extremely rude or ill-mannered towards you. If their behavior is very negative and unacceptable, it is okay to not tip them as a way to express your disapproval for bad customer service. 

Whereas rude behavior falls under this clear category, you should not mistake it with poor or faulty service, which may or may not be the servicer’s fault.

For instance, if your food took forever to arrive, it may be due to a fault in the kitchen. So, in many situations, not tipping at all is not considered a good move.

If the taxi driver is reckless or ill-mannered, you do not owe them a tip in exchange for bad services. Similarly, a hairstylist who is inattentive, rude, or unapologetic after making a mistake also does not need to be tipped. If your room remains untidy or dirty, you can skip tipping the housekeeper. 

The best way to go about these incidents is to keep an open heart and always judge the person fairly. As a general rule of thumb, always try to tip the person who provided you a service. In grey areas, trust your gut and try to give some extra cash if your budget can accommodate it. 

You should also look up the tipping norms in other countries when you are traveling. For instance, most countries in Asia are relaxed and many restaurants there include service charges within the restaurant bill. In Europe, it is considered normal to leave the change as a tip or giving 10% or less in many situations.

Image credit: [KAROLINA GRABOWSKA]

Categories // General, Spending, Tips

Cash vs. Debit Card | Which Helps You Save?

07.20.2021 by Harry //

wallet

Do you desperately want to save but just can’t seem to manage it?

Then you’re in the right place. Whether it’s a holiday, a house, or future endeavors, this article is going to help you save money with both cash and debit cards. 

Using Cash for Everyday Purchases | Advantages and Disadvantages

The main difference with using cash is that you can physically see the money that you are spending. Studies show that people spend up to 80% less when using cash over debit cards. So why is this?

Firstly, being able to see exactly how much you’re spending can reduce how much you spend. It makes people more aware of how much money they’re handing over. As a result, they will consciously make an effort to limit it. 
The second reason is that debit cards have fewer limitations than cash does. Generally, if you’re going to buy something expensive, you do it via card.   Cash helps you buy things that are cheaper and more in proportion to your budget. More than half of all purchases made by cash in America are less than $10.   

On the downside, carrying money around is less secure than having money in your bank. If this is the method, make sure you’re careful not to lose it.

Using a Debit Card for Everyday Purchases | Advantages And Disadvantages

Debit cards are an easy way to pay for things quickly. Counter to the above, the issue with paying by card is that you cannot see the money you are spending, making it feel a little less real. Often, this can lead to spending more than you intended to and regretting it later. 

Nonetheless, using debit cards for payments is the most secure way to pay. Plus, even though you cannot see the payments you’re making at the time, it will be deducted from your bank immediately, which means it can’t go unnoticed and you have time to make up for any over-spending you may have done. 
Using a debit card can prevent you from getting into debt, as even though the horizons are broader than when paying by cash, you do still have a limit, as you will not be able to buy more than you currently have in your bank. 

How can I save money using cash?

3 ideas for saving using cash.

Withdraw a Weekly Budget

Withdrawing only what you want to spend for that week means that you don’t have the option of overspending.

Once the money is gone, it’s gone. However, it’s also a good way of keeping you on track. For example, if you know you spent extra on one day, you can make sure you spend less the following day. 

https://www.cnbc.com/select/cash-debit-or-credit-for-everyday-purchases/

Often, saving money is about separating what you want from what you need. This method helps you prioritize the essential things, from the things that can wait. 

The Envelope System

The envelope system involves withdrawing all of the money that you need at the start of the month and putting it into different labeled envelopes. For example; rent, food shopping, social life, bills, car expenses.

For this to work properly, you’ll need to work out all of your finances and accurately calculate your payments. Keep in mind though, that surprises can happen. It is always useful to have a separate envelope in case of an emergency.

If this is not something that you can afford, then it’s okay to take money from other envelopes to help you get to the end of the month. 

How Can I Save Money Using a Debit Card?

3 ideas for saving using a debit card.

Open a Separate Account 

Something that many people find helpful when budgeting is to open up a separate bank account to use for everyday purchases.

With this method, you can transfer only the amount that you aim to spend, whether you do this weekly or monthly is up to you. 

This helps people by monitoring if they are on target for their maximum spending allowance. Keeping bills separate is a helpful technique when it comes to saving.

Therefore, having your main bank account for bills and essentials, then the second one for luxuries and daily needs makes it clear how much you can spend. 

Set Up Account Alerts

Some bank alerts are aimed at protecting privacy and data. Others are used for warning signs.

Some of the banking alerts you can set up to help you budget your money are ‘low balance alert’, ‘large ATM withdrawal alerts’, and ‘big purchase alert’. 

If you’re very serious about saving, you can even set up an alert for every debit card purchase you make, although this option isn’t for everyone. 

Conclusion

Whilst cash can limit the amount of overspending you do, it’s not suitable for every form of payment. It is possible to budget with either option. If you are overly susceptible to overspending, using cash for everyday needs will benefit you the most.

Budgeting with debit cards can be made simple and easy by setting up separate accounts and monitoring your finances on online banking, and often this is the best option for making larger payments, such as bills.  

Image credit:[KAROLINA GRABOWSKA]

Categories // Credit, Savings, Tips

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Disclaimer

Content on Debt Free Adventure is for entertainment purposes only. Rates & offers from advertisers shown on this website may change without notice: please visit referenced sites for current information. Per FTC guidelines, this website may be compensated by companies mentioned through advertising, affiliate programs or otherwise. We respect your privacy. Privacy policy.

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