Questions About Child Rearing Costs, Laundry Services, Unused Media, Aldi, and More!

What’s inside? Here are the questions answered in today’s reader mailbag, boiled down to summaries of five or fewer words. Click on the number to jump straight down to the question. 1. $250K to raise a kid? 2. Long term care? 3. $20 bill budgeting 4. Expense of laundry service 5. Backlog of unused media 6. 403(b) risky? 7. Cheap or expensive bag? 8. Thoughts on Aldi 9. […]

Why Having a Positive Money Mindset Can Help You Become Wealthy

The following is a guest post from DollarSprout. When it comes to building wealth, there are many technical steps and strategies you can follow. And if those technical strategies are what you are lacking, there is no shortage of expert information available. One piece that is often forgotten, however, is the impact an optimistic money mindset can have on your financial success. […]

How Habit Boredom Makes You Abandon Your Goals

Earlier this year, fueled by a trip down the rabbit hole that is Pinterest's bullet journaling suggestions, I found a new way to make a habit of cleaning my house: habit tracking. I set up my new habit tracker like a game board, with each of my daily housekeeping chores shaped like a different... […]

Some Further Thoughts on the One-Bag Challenge

Jeremy writes in: My group of friends has been kicking around an idea and I wanted to get your take on it. Let’s say you had to live out of a suitcase or a big duffel bag permanently. That’s all the possessions you could own. What would be in that bag and why? I actually wrote about this a few years ago when I discussed a month-long period where I did this as a 30-day challenge. […]

Is a Gap Year Better Financially Than Going Straight to College?

Nathan writes in: I am entering my senior year in high school next fall. My parents want me to go to college in the fall right after graduation. They have some savings for me but I will have to add some student loans. I want to take a gap year or two and work full time. I would put that money aside for college and figure out what I want to do because I don’t know what I want to study. […]

Outsourcing my life: Why I pay others to do tasks I could do myself

When people talk about saving money, DIY is one of the first things that comes to mind. Learn how to fix things around the house! Change the oil in your Prius! Make your own cleaning supplies! Do all of this (and more) and you could save hundreds of dollars a year. And that’s great. […]

What Really Goes into Creating a Credit Card

Link for teaser title: A peek inside the development of the Bank of America Cash Rewards Credit Card. […]

The Million Dollar Question

What would you do if you had a million dollars? This question seems to come up regularly as a conversation starter. I’ve found that the answers tend to fall into two groups. In one group, you tend to have answers that involve radical life changes. […]

5 Personal Loan Fees You Should Never, Ever Pay

Even if taking out a personal loan isn't on your list of goals, there are situations where these loans make sense. You may need to borrow money to pay for a major home repair, your kid's braces, or a new car to get to work, for example. Personal loans are also popular for debt consolidation since... […]

Join Our Tweetchat on Thursday 5/16, 12pm Pacific for a Chance to Win Prizes

Join our Tweetchat this Thursday at 12:00 pm Pacific for lively conversation and a chance to win one of two $10 Amazon GCs! Use #WBChat to participate. This week's topic: Keeping Graduation Season Frugal! Learn about saving on attire, travel, gifts, and more! Let us know if you are attending... […]

The psychology of passive barriers

A surprising thing happens to people in their forties. After working hard, buying a house, and starting a family, they suddenly realize that they'd better start being responsible with their money. They begin reading financial books and trying to learn how to set up a nest egg for themselves and their families. […]

Some Thoughts on the Cost of Eating Out

A few weeks ago, I found myself in a situation where I was really hungry but there weren’t many food options around. I decided to keep my costs as low as possible, so I went into the only restaurant I could find, a nice little diner. I want to be clear during this article that I am not picking on this diner. […]

Adjustable-Rate Mortgages Are Making a Comeback – Is That a Good or Bad Thing?

Years after their fall from grace amid the subprime mortgage crisis, adjustable-rate mortgages (ARMs) are making a steady march back toward the mainstream. According to a December 2018 report from Ellie Mae, a software company that process mortgages, the percentage of home purchases that used adjustable-rate mortgages ticked up to 9.2%. […]

Think. Wait. Fast.

“Everyone can perform magic, everyone can reach his goals, if he is able to think, if he is able to wait, if he is able to fast.” — Siddhartha, Hermann Hesse My high school English teacher passed away several years ago. Before he passed, I had the chance to tell him that he had a profound impact on my life. […]

Book Review: I Will Teach You to Be Rich (2019 Edition)

When I started Get Rich Slowly in 2006, I had no idea other money blogs existed. I'd been blogging about cats, computers, and comic books since 1997 — before blog was even a word! — and I thought my new venture might be the first blog about personal finance. I was wrong. I learned quickly that there were already dozens (dozens!) of people blogging about money on the interwebs. […]

Ask the Readers: Do You Plan to Go Back to School?

Going back to school as an adult may not have appealed when you in school, but there are many good reasons to do it. Maybe you want to advance in your career, or maybe you want to change your career — or maybe you just want to learn something new in a classroom setting. Do you plan to go... […]

Questions About Extra 529 Money, Online Banks, Hoarding, Auto Insurance, and More!

What’s inside? Here are the questions answered in today’s reader mailbag, boiled down to summaries of five or fewer words. Click on the number to jump straight down to the question. 1. Trusting online banks 2. What are capital gains? 3. Evaluating a hoarder’s shed 4. Auto liability insurance help 5. 401(k) or 403(b)? 6. Turning weekends into vacations 7. Vegetarian and saving money 8. […]

How to Use Financial Anchors to Make Better Money Decisions

The cognitive bias known as anchoring gets a bad rap. This universal mental accounting quirk causes us to rely on the first piece of information we hear to make decisions. For instance, let's say you're thinking about saving up for a down payment on a house when you learn that a coworker just... […]

The pink tax: The hidden cost of being female

Women working to achieve financial independence face an extra hurdle: the hidden cost of being female. Though it’s cheekily referred to as the “pink tax”, the additional cost women incur for personal-care products, toys, clothing, dry cleaning, health care, mortgages, and vehicle maintenance is no joking matter. […]

How to Pick Your First Homeowners Insurance Policy

Purchasing your first home can be an overwhelming process, one fraught with emotion and a seemingly endless stream of paperwork and documentation. For many people, a home is the most significant purchase of a lifetime, making it even more critical to protect this investment with a thoughtfully chosen homeowners insurance policy. While homeowners insurance isn’t mandated by law the way car insuranc […]