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Star Money Articles for the Week of Sept 11

Welcome to this week's edition of Star Money Articles.

Mr 1500 lists six phrases that will doom your finances.

The Retirement Manifesto is prepared

The White Coat Investor has a tale of two budgets.

Bigger Pockets details the first month of early retirement.

Retire by 40 lists ten enjoyable side jobs during retirement (and here are more side hustle gigs worth considering).

How America Pays for College

Here are some interesting stats on how America pays for college from SallieMae as well as my thoughts on them:

  • 35% of costs covered by scholarships and grants
  • 23% covered by parent income and savings
  • 19% covered by student borrowing
  • 11% covered by student income and savings
  • 8% covered by parent borrowing
  • 4% covered by relatives and friends

A few things to comment on here:

Where You Live Can Kill Your Finances

I always find these sorts of pieces entertaining.

Here's a piece from MSN about a couple who finds it difficult to make ends meet even though they earn $125k per year.

The overview:

Sharon Winick, 49, and her husband Michael have three children and own a home in Chevy Chase, Maryland, where Michael is a network administrator. Sharon is a paralegal turned stay-at-home mom. Between his work, her occasional side jobs and their investments, they bring in roughly $125,000 a year. Yet they struggle to make ends meet.

"The amount of money we spend every month is more that we make, it's been that way since we had our first daughter," Winick said.

The main reason they are struggling: they live in a high cost-of-living area.

Star Money Articles for the Week of Sept 4

Welcome to this week's edition of Star Money Articles.

Physician on Fire lists the ultimate hedge against future uncertainty.

Life Zemplified tells how to recover after a setback.

ESI Money offers a great example of working the ESI scale.

Money Q and A suggests a retirement rehearsal.

Retire by 40 asks if your risk tolerance is too high.

How to Come Back from Bankruptcy

The following post is from FMF contributor Jess Holmes.

After spending several years fighting with creditors, you decided to file for bankruptcy. You never thought to find out how long bankruptcy can affect your credit score. And now that your credit score and confidence have taken a hit, you feel hopeless. But don’t fret because there’s a light at the end of the funnel. Keep reading to discover how to start rebuilding your financial life. 

Ways to Recover From Bankruptcy

1. Shift your mindset

If you’re going to pick up the pieces and rebuild, a mindset shift is paramount. It’s normal to feel like a failure. But the goal is to focus on getting to the root of the problem so you can move forward.

2. Create a spending plan 

Once you’re committed to improving your financial situation, create a budget. A few factors to keep in mind:

Reach Your Goals Together

The following is a guest post from Mr. Xyz from Our Financial Path.

We met about 4 years ago and from day one, it was love at first sight. We have a lot in common and enjoy spending time together but what quickly found out, is that we had very different finances. I enjoyed spending and used to go shopping just to pass time while she, to my great surprise, had a healthy savings account.

I was brought up in a very financially savvy, frugal, middle-class family who thought me about the importance of savings at a very young age but when I started making good money, I did spend every penny I earned.

Why Americans are not Saving for Retirement

Here's a piece from GoBankingRates on how Americans are saving for retirement. The highlights:

The most common reason survey respondents gave for not having any retirement savings is, "It is not a priority for me." About 40 percent selected this option, which suggests everyday expenses are likely taking priority over saving for the future.

"We're so focused on today," said Tom Zgainer, CEO of America's Best 401k, a workplace retirement plan provider. As a result, many people aren't thinking about how they'll be able to cover their expenses in the future when they stop working. "It's astounding that we're not thinking forward," he said.

Star Money Articles for the Week of Aug 28

Welcome to this week's edition of Star Money Articles.

ESI Money wonders if travel hacking is worth it.

Financial Samurai suggests you conform or perish.

Picky Pinchers hates 9-to-5.

Budgets are Sexy asks if you're saving like the Titanic.

Money Boss is enjoying his time freedom.

Starting a Small Business: From Idea to Reality

The following post is from FMF contributor Brad Richardson.

Do you have a brilliant idea you’ve always wanted to turn into business? Whatever your product or service, transforming it into a reality may be a more straightforward prospect than you think. In this article, we’ll explore the various options that are available (and recommended!), if you’re considering starting a small business:

Do your research

Time spent conducting market will reap dividends in the long run. Find out where your idea might be placed in the market; are there competitors doing exactly what you do, or do you have a unique selling point? If there are already established players in the game, it’s important to differentiate yourself. Whether that a distinctive feature or a lower price point, researching the market will allow you to explore how you will set yourself apart from the pack.

Gather your initial investment

Five Ways to Cut Retirement Costs

CNN Money lists five ways to cut retirement costs as follows:

1. Downsize your living space
2. Give up a vehicle
3. Enroll in Medicare on time
4. Dine at home
5. Lower your tax bill

Here's where I stand on each of these: