My Personal Finance Journey

All posts by Jacob A Irwin

“Save Money” Isn’t A Wise Goal. Here’s What Is.

The following is a guest post by Corey Fradin. Corey Fradin is the Founder of QuickBooost - a blog that helps you attain goal success; a process for setting and achieving goals that result in a fulfilling, meaningful life. Corey's passion for goal success has led to him helping countless individuals finally achieve their goals.

The clouds move across the sky as you stare out the window. Down below, some two or three stories, you can see daffodils starting to bloom.

Ugh... you sigh to yourself.

The daffodils are beautiful, but today they disgust you. Well, disgust is a bit strong. More like taunt. Yes, taunt. That's more like it. Their yellow petals, slowly opening, mock you as the wind ruffles through their stems.

You've always wanted your own patch of daffodils - but you've wanted them in a very specific way. In a way that you're afraid you may never get to experience.

As a homeowner.

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Small Personal Loans Online

The following is a guest post. Enjoy! 

A personal loan is a loan that you pay back in monthly installments. It could be repaid in three months or three years, but it always has a set monthly payment and a date at which the loan is completely paid off. This is in contrast to a line of credit like a credit card, where your payments vary based on your outstanding balance. Most personal loans are unsecured. Let's learn how to get small personal loans online.

Have a Plan Before You Apply

How much money do you need, and why do you need it? Don't take out a personal loan today and then need to apply for a second one next week to cover predictable expenses. Don't take out a new loan to pay for impulse purchases, whether it is going on a weekend trip you can't afford or buying things you merely want. Debt is only justifiable as a tool when there is a good reason for it. For example, applying for a personal loan to consolidate high interest credit card debt or payday loans so that you can afford to make the payments is reasonable. Taking out a personal loan to go on vacation or buy new furniture is not.

Another reason to have a plan before you apply for the loan is so that you can plan how you're going to repay it. How much can you afford in terms of monthly payments? This information may affect the loan term you select. Having a plan on how you'll pay it off can reduce the risk that you're stuck in an endless renewal cycle with higher interest and fees than you expected, as well.

Do Your Research

Personal loans vary based on interest rate, loan terms and conditions. This is why you must comparison shop when you're looking at small personal loans online. And the stated interest rate is only one factor to consider, though it is among the most important.

You might pay a lower interest rate, if the lender doesn't give you the option to pay off the loan early. Or you could find a lender who doesn't consider you a bad credit risk, because they use different criteria than other lenders.

Compare lenders based on the total cost of servicing the loan. For example, paying one to two percent less interest isn't necessarily better if the loan stretches out an additional six months; they'll make more in interest than you'd pay on the shorter loan, if you pay it off.

Most lenders factor the loan administration costs into the interest rate, but you may owe additional charges in other situations. For example, late payments and refinancing charges vary between lenders.

Also take the time to verify that the lender is legitimate before you give them your financial and personal information. Are they licensed to issue loans in your state? Do they have license numbers you can search up in order to prove they're legitimate? Do they have a history of aggressive collections or bad customer service?

Read the Fine Print Before You Sign

Always read the fine print before you sign up for a personal loan. When will they debit your account to take your next payment? What happens if the payment bounces? What else are you agreeing to, from marketing by third parties to insane late fees? How do you contact them, if they accidentally sweep your bank account twice or the promised funds don't appear? You might find unacceptable terms and conditions. Your only choice is to not do business with them, but you have no options after you've signed the contract digitally and given them your bank account information.

Understand what is required of you before you start filling out the paperwork. For example, do they require you to provide a bank account number? If this is where they'll deposit the money, odds are that this is where they'll deduct the next payment, too.

Note that legitimate online lenders do not require you to pay fees via a gift card in order to get a loan. At the same time, many lenders are reluctant to deposit money to an untraceable cash card for the same reason.

Fill Out the Paperwork

Online lenders generally require your name, address, phone number, and Social Security Number. The last one is required to run a credit check, and it aids with debt collection if you're late. They typically require a scanned copy of your driver's license or state ID card. This helps reduce the risk of identity theft and confirms your contact information.

Many loan applications are rejected because of mistakes or incomplete fields. For example, putting a dummy phone number in the form can lead to a rejection, because they want to be able to call you if there are problems with the application or the loan itself. Typographical errors when entering an address can lead to rejection, if it doesn't match other sources of that information. Making mistakes when entering your birth date or SSN can cause a rejection, too.

Sometimes the omissions are intentional, though they can lead to rejection. For example, refusing to list your employer or not stating your income can lead to rejection, because they're concerned you may not have a job. And as lenders, they don't want to loan money to someone who could not possibly repay it. Overstating your income can lead to rejection, as well.

Go Through the Process

It isn't uncommon for lenders to require you to verify your identity or bank account information before the loan is processed. For example, you might have to perform a liveness check where an app scans your face and compares it to the picture on your driver's license. Or they verify that the checking account is valid before they deposit the money. Expect to have to verify your phone number via a text or email by clicking a link, so they know they can reach you.

The money may take hours or days to deposit into your account. Once it does, use it based on your prior plan instead of treating it like a cash windfall. Then you won't find yourself strapped for cash despite having just taken out a loan.

Top Financial Tools and Strategies to Break The Chains of Credit Card Debt

The following is a guest post. Enjoy!

Credit cards are financial tools designed to help individuals acquire things that cost more than they can pay upfront. When used and managed efficiently, credit cards also help improve credit ratings, increase loan approvals, and save money. While most people are aware of these advantages, many mismanage their cards or find themselves in an unexpected circumstance that results in an enormous amount of debt. The worst part is that this debt comes with many financial consequences that can be hard to overcome.

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Here Are 3 Things You Really Can Live Without, and One Thing You Can’t

The following is a guest post. Enjoy! 


We are constantly measuring ourselves against a standard that is unreal and ill-defined. We are told that the good life is a house with a white, picket fence, and 1.7 kids. What a crock! That completely leaves apartment dwellers out of the good life. What if you only have a chain-link fence in the backyard? Does that count? Are you disqualified if you cannot or choose not to have kids?

It is hard to tell what is to blame. We could blame TV and movies. But those stories are written by people who already had those views. Still, we have to shake the persistent cultural narrative that we are somehow incomplete if our skin isn’t smooth enough, or our hair not full enough, or our vacation isn’t exotic enough, or our car isn’t new enough, or our clothes aren’t designer enough. We are made to feel like bad parents if our kids aren’t rocking the latest fashions and highest tech.

Sometimes, we just have to be reminded that this is all garbage. We can live the good life without the vast majority of things we believe are necessary because the vast majority of happy people around the world don’t have those things. It might be time for a recalibration. Let’s start with the one thing you absolutely need, then review a few things you can, and probably should live without:

A College Education

Somewhere along the way, we, in the U.S. decided that a high-school education was all that was required. As a result of that decision, about 2/3 of Americans 25 and older do not have a bachelor’s degree. That is startling considering the percentage of people with a college degree has never been higher. Just look at the person to your left, then, to the right. If you have a degree, chances are that neither of them do. If you don’t have a degree, you are in good company with at least one of them.

A dramatically lower percentage has gone on to get a graduate degree. That means that if you are interested in architecture, a masters in architecture puts you at a distinct advantage over the vast majority of the population. You automatically land in the upper echelon by just putting in two more years of university. Even if you only get a two year degree, you cannot compete for the best opportunities without it.

A Second Car

The two-car garage suggests that your single car is insufficient. It is not. A couple really can live without a second car. There is no shame in your kids walking to the school right there in the neighborhood, or biking to school, or (heaven forfend) taking the school bus. They do not have to be chauffeured in the latest Beemer. You can get to work taking public transportation. All too often, the second car is more status symbol than actual need.

A $7 Coffee

You don’t need a $7 coffee every morning, or ever. That $35 every work week is more than your power bill. What would happen if you poured that money into your child’s college fund. They would have a lot more than a caffeine buzz and sugar high at the end of graduation. They would have a real shot at that graduate degree that would set them apart in the world.

A New Smartphone Every Year

Did you know that Apple provides major updates to the iPhone for at least four, and sometimes five years? That means your iPhone 12 will still likely be running the latest operating system when the iPhone 17 comes out. Perhaps you would be better off keeping all of your tech on the five-year plan instead of the installment plan that has you making monthly payments on tech for the rest of your life.

You already know these things. This is just a reminder that the good life is love, health, and wholeness, and nothing to do with multiple cars, $7 coffees, and the latest tech. 

How to Make Sure You Make Money with Your Small Business

The following is a guest post. Enjoy!


Launching a business is one of life's most significant accomplishments. That business will help you increase your wealth and make your dreams come true. But there is a catch. You have to be a competent manager and leader if you want your small business to make money. The following is a list of tactics you can use to make that happen.

Use Selling Tactics

To amass great wealth, you have to sell more. One way to do that is to give the buyer a discount on complementary purchases. For example, if you’re selling office furniture, you can add a filing cabinet as an added item. Your main aim is to get the customer to buy both items at a reduced price. That way, you can clear the stock and make more money at the same time.

Another selling tactic you can use is subscription services. For example, if you run a gym business, you can offer spa services and free yoga classes to those that subscribe to a one-year membership plan. You have to make the subscription look more valuable than other services.

Lower Shipping Expenses

Shipping logistics optimization is essential if you want to cut down transportation costs. Consider your options before shipping products. You can use air transport for urgent orders and sea transport for other orders. It will help you save money because air transport is more expensive. Combining the two modes of transportation allows you to split the costs between an expensive and a more cost-effective alternative.

Another way to lower your shipping expenses is to store goods closer to the customer. Look for a warehouse you can use closer to the market. That way, you won’t compromise on order delivery times and shipping expenses.

Lower Administrative Costs

Administrative expenses are there to run daily business operations. They include maintenance costs for equipment and stationery expenses. You can lower maintenance costs by leasing instead of purchasing equipment.

Lower business travel expenses by video conferencing instead of attending all meetings in-person. Go paperless so that you don’t spend money buying printing papers.

You don’t have to buy computers for all employees. Encourage your workers to bring their devices to work. It helps you save money and improve productivity at the same time. According to research, employees are more comfortable and productive when they use their devices at work.

You can also make money by subleasing part of your office space instead of paying rent on a half-empty room.

Take Advantage of Online Marketing Platforms

Since most of your customers are online, why should you waste money on billboards and television advertisements? Make the most of online advertising by increasing your presence on social media and search engines. Don’t just open a social media page and post things. Take advantage of paid advertising to boost conversion rates. Online paid ads are more flexible and affordable.

Research keywords and maximize your online content for top rankings. Register for affiliate programs so that you can get referrals and boost sales.

Give Customers a Memorable Experience

You can only make money if you have return customers. Unfortunately, buyers can be unpredictable and hard to convince. The best way for you to guarantee their return is to give them an experience like no other. Train your employees to be excellent at customer service. When assisting the client, they should be as polite as possible. Your employees should go above and beyond when serving the customer.

4 Alternatives to eBay

The following is a guest post by Jason Butler. Jason is the owner of My Money Chronicles, a website where he discusses personal finance, side hustles, travel, and more. Jason is from Atlanta, Georgia. He graduated from Savannah State University with his BA in Marketing. Jason has been featured in Forbes, Discover, and Investopedia. Enjoy! 

The online commerce giant eBay is one of the options to launch into online commerce, given its great visibility. But, like most online businesses, this is far from the only solution. Despite its gigantic presence, eBay has a few competitors out there. There’s money to be made on those sites too. Check out these 4 alternatives to eBay and branch out your online presence!

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One of These Graduate Degrees Could Advance Your Career

The following is a guest post. Enjoy!

Today’s job market is very competitive. It’s no longer enough to have a bachelor’s degree; employers are looking for experts in their field. The best way for you to sell yourself as an expert in your field is to earn a master’s or doctorate. Taking that extra step could get you that promotion or land you your dream job.

Here are a few master’s degrees to help you get ahead in your career.

Nursing Leadership & Administration

If you’re a registered nurse, a master of science nursing, or MSN in Leadership and Administration can prepare you for a more senior role. The program will teach you about healthcare policies. You will be in a better position to influence decisions made by hospital management because you understand the process. Your job will be to make sure that those policies favor both nurses and patients.

An MSN in leadership and administration can help you become the head of your hospital’s nursing department. You can also work for an institution of higher learning and share your knowledge with nursing students. You can also work for a pharmaceutical company. This graduate degree opens up lots of opportunities in the medical field.

Accounting

As the economy grows, the demand for certified accountants and auditors increases. It takes years and many hours of accounting practice to become a certified public accountant (CPA) or a certified management accountant (CMA). A master’s in accounting can help reduce the amount of time it takes to become certified.

When you become certified by the professional body, you can venture out on your own and open an audit firm. A master’s in accounting can also get you the CFO position or head of the finance department in your organization.

Teaching English

With the world becoming more globalized, the demand for learning English has increased. To be part of this change, you should consider a Master of Arts in Education in Teaching English to Speakers of Other Languages (or MA in TESOL). This graduate degree is one of a kind because it includes research from all parts of the world. 

To teach someone a new language, you must know where they’re coming from. The course will help you learn how different cultures are interrelated. You’ll also learn about language acquisition techniques used by other cultures, and how you can use those methods to teach English. Potential career opportunities include working with an international humanitarian organization to help them bridge the communication barrier or teaching English at the university level.

Computer Science

The demand for computer scientists is increasing because of the need for better technology. Big tech companies need computer scientists to make artificial intelligence and self-driving cars a reality. With so many self-taught programmers in the field, these companies are prioritizing candidates with masters’ degrees for managerial roles.

On average, you can earn $100,000 per year in a management role if you have a master’s in computer science. You can also specialize in a variety of disciplines: namely, cybersecurity, software engineering, robotics, data science, and other high-demand roles.

Clinical Nutrition

A master’s in clinical nutrition goes deeper into the subject. Through this program, you’ll learn how to recommend diets for patients suffering from acute illness and undergoing recovery. You’ll learn the ins and outs of under-nutrition, especially in developing countries. You’ll learn how you can help your community eat healthier. If you have a postgraduate degree in clinical nutrition, you can become a nutrition consultant. You can also work with hospitals, nonprofits, and the government.

Mathematics and Statistics

The world revolves around numbers and statistics. A master’s in mathematics and statistics will help you understand the real-world application of numbers in various industries, science, and economics. You’ll also learn different modeling techniques. Since math is everywhere, your career options are unlimited if you have a master’s in mathematics and statistics. You can be a consultant or researcher. You can also become a lecturer.

6 of the Best Places to Retire

The following is a guest post. Enjoy!

Life after retirement is something people look forward to all of their lives. People love the idea of settling down and relaxing. Part of the process of retirement for many people is finding a new place to live. In many cases, they have a home that is too large for their present circumstances. In that case, moving to a whole new area is a great option. If you’re looking for a place to retire, you’ll find lots of cities and even countries that are happy to welcome retired Americans. Now is the time to investigate your options. Cities like San Diego and Boston or countries such as Hungary and Costa Rica have much to offer. 

#1: San Diego, California

San Diego is one of the places people love very much. The mild year-round climate offers lots of chances for outdoor activities. Conveniently located in Southern California, the city provides easy access to many places, including Mexico and Arizona. Keep in mind that San Diego can be expensive, so it helps if your financial advisor is on board with your plan to retire in a place where the cost of living may actually be higher than where you currently live. Bonus points if you go with a financial planner in San Diego to help you with the transition.

#2: Boston, Massachusetts 

Historic Boston has so much for any retiree. One of the nation’s oldest cities, Boston is a lively place. This is a good choice for those who want to consider relying on mass transit. The region’s extensive bus and train services go from the city to the suburbs. That makes it very easy to get around. Boston’s brisk climate offers pleasing seasonal changes, so you can hit the gardens in the spring, head for the city’s many beaches during the summer to cool, admire the autumn leaves, and hit snow trails during the winter. Boston has it all for the retired person today. 

#3: Costa Rica 

This lovely Central American nation lies on the landmass that connects north and south. As such, it makes the perfect stop off for many migrating birds. Many other species make their home here, including hummingbirds. Costa Rica is a nature lover’s place. It’s also a good place to stretch your retirement budget. Housing options are varied. Choose the capital San Jose for in-town living with lots of access to the rest of the country. Consider living on one of two coastlines. Spend your days lounging on the beaches and the nation’s renowned parks. At night grab a glass of wine and watch the stars come out. 

#4: Miami, Florida 

Miami, Florida, is one of the first places people think about when it comes to thinking about retirement. There are so many good reasons people have flocked to this part of the country in search of the ideal retirement. The year-round climate is always warm. That makes it easy to get out and about. The region caters to retirees with many kinds of communities devoted to their needs. Senior housing is abundant and easy to arrange, and it’s a great place to welcome the grandchildren when they want to go on vacation in the middle of the cold winter elsewhere. 

#5: Hungary 

Want to retire a little further afield? Charming Hungary sits in the heart of middle Europe. Whether you’re of Hungarian heritage or you just love the culture, this is the place to be. Housing here is much cheaper than in the rest of Europe, yet the country offers a convenient location to visit as much of Europe as you like. Budapest is an ancient city that has been an integral part of European affairs for centuries; you can walk the city’s streets and marvel at the views from Buda Castle. The city has plenty of apartments that are right for any retired American senior couple. 

#6: Denver, Colorado

Denver is one of those most American of places. The Mile High City has been thriving in recent years; people come here looking for freedom and fresh air. The entire state has a youthful feel because it has many state university branches, and that makes it easy for seniors to continue their education and interact with young people of varied backgrounds at the same time. If you hold a teaching certification, you can share your knowledge and earn extra money by teaching a course; the universities are always looking for qualified staffers. Colorado is a great place to admire the land and remain active during your golden years. 

What the Average Investor Can Learn from Venture Capitalists

Most of us need all the help we can get when it comes to personal finance and investing. But who do you turn to besides high-commission brokers and the talking heads on financial news channels? One idea is to emulate a venture capitalist (VC). 

Venture capital firms offer money to startup companies that may not be able to secure traditional financing through banks and other institutions. In exchange, the VC firm receives an ownership stake, usually in the form of a percentage. 

Because a new company may not have the ability to produce a track record of success, the venture capitalist takes on much more considerable risk. For this reason, only the best VC firms survive in the long term. 

So what lessons can the rest of us learn from VCs about personal finance and investing?

For most venture capitalists, getting to “yes” is not easy

Unlike most consumers who choose their purchases and investments based on emotion, venture capital firms base their decisions on logic. As a result, the majority of VCs only fund about one percent of all startups pitching their ideas. 

For example, Doug Leone, senior partner at Sequoia Capital, a venture capital firm based in Menlo Park, California, uses four basic tenants when making a decision concerning a startup:

a) Listen intently to the idea being presented

b) Get all the details

c) Challenge everything

d) Seek out only the best opportunities

They enlist the help of great people

When a new company founder presents an idea, there is not just one person listening, but rather a whole team of experts tempered in their experiences as entrepreneurs and business professionals.

For example, a married couple may fight over who gets to take credit for a brilliant purchase decision. The people at Sequoia are more interested in working as a team to exercise discretion in the decision making process. Everyone gets to share in all of the successes, as well as the occasional failure.

VC firms learn from their mistakes

Like the rest of us, venture capitalists occasionally make bad investments, which is part of the business. However, instead of brooding over losses, or worse yet, rushing into another bad investment seeking revenge, they instead find out what went wrong and attempt to correct it. 

Some VC firms have had to learn the hard way that saying no can also cost a lot of money. For example, in 2007, Sequoia had the chance to own a 10% stake in Twitter. Instead, their investors insisted on a 20-30% stake in the fledgling company. As a result, they missed a phenomenal opportunity. 

The rest of us can learn something from the investors at Sequoia: Don’t get too ambitious regarding personal finance and investing. If the math is good, take the opportunity when it presents itself. 

For example, it may not be wise to delay the closing on a personal residence simply to squeeze another $1,000 out of the current owner. Conversely, waiting three months for crude oil to drop another dollar when it’s at a 10-year low may not be the best idea, either. 

The best VC firms offer more than just capital

In a recent interview with Bloomberg online, Peter Chernin of The Chernin Group (TCG), a venture capital firm based in Los Angeles, echoed the idea of offering more than what is normally expected. 

Unlike the disgruntled employee doing just enough to keep from being fired, the people working with Mr. Chernin go out of their way to offer more to their partners than just money:

  • Help with staffing 
  • Finding the right product interface
  • Increasing content quality
  • Marketing and promotion ideas 

The TCG professionals believe that the quality of the work performed is of much higher importance than the quantity. By offering more than what’s expected, Mr. Chernin has positioned his company as one of the most sought after venture capital firms in today’s rapidly changing world. 

5 Signs That You’re Ready to Invest

The following is a guest post. Enjoy! 

Once you start feeling a strong desire to be a good steward of your money, that’s a sign that you’re ready to invest. But before you start, you need to understand that investing is a risk you must be willing to take, and a necessary one if you have long-term goals. Once you feel that need to invest, avoid doing it blindly and instead watch out for the following signs that you’re ready:

1. You Have Cleared All Your High-Interest Debts

Investing in stocks gives you higher refunds, around 7%-8%, making it a worthwhile investment over time. It’s also nowhere near the interest charged on high-interest loans such as car titles, payday loans, and credit card loans. Sometimes, these loans have ARPs amounting up to 300%, which is way more than what you save.

It makes sense to pay these loans before you start investing in the stock market. When investing in the stock market, check the stock analyst ratings to help you make an informed choice.

2. You Have Emergency Funds Set Aside

The stock market is a good investment plan as it fetches you good returns in the long run. That means that if you have some money stashed somewhere, and you plan on using it in the next five years or less, then you shouldn’t put it into stock.

Instead, make sure that you have an emergency fund set aside to cater for anything that might come up within the next five years without getting into debt. The funds should cater to your daily expenses for the next three to six months. Saving that much money may take you a while, especially if you have little income. In that case, you can start by saving a little, about $1,000 to $2,500, and build it over time, while at the same time contributing to your long-term investment.

3. Your Cost of Living is Lower Than Your Earnings

If you’re making enough money to foot all your bills and still manage to save, you’re ready to start investing. You can increase your earnings by getting part-time gigs. The most important thing is to make sure you’re chipping in something to both your savings account and your long-term investments.

4. You Have Your Goals Clearly Outlined

Investing in long-term projects is a wise idea, but you need to ask yourself why you want to invest before you do it. Also, make sure that you have the money you plan to spend within the next five years. You should never invest that money in the stock market.

The stock market is quite unpredictable, and it’s possible to buy stocks at a fair amount this year hoping that the price will go up, only for it to drop. If you need to use the invested cash in such a short time, then you might end up incurring losses based on the current stock market conditions. That’s why it’s crucial to view the stock market as a long-term investment plan.

5. You Understand What Asset Allocation Means

While investing is a smart move, you must do it wisely. Before starting, you need to consider various factors, including:

  • Your goals
  • Time horizon
  • Risk tolerance
  • The type of investment to undertake

The above factors help you determine the best way to invest your money, with some of the best options being:

  • Precious metals
  • Real estate
  • Stocks—both in the U.S. and international markets

You can purchase stocks through index funds, exchange-traded funds, or mutual funds. If you’re not sure how much to allocate various asset investments, subtract your age from 110. The number you get should be the percentage to invest in the stock market while the rest should go to fixed-income investments.

Bottom Line

When making your investment, it’s essential to understand that investment is a journey and requires direction. You can define which path to take by having a clear goal on why you want to invest in the first place. For instance, you may decide to invest in having a happy retirement or securing your kid’s future. Whichever goal you choose, be sure to stick to it and you will succeed in long-term investing.

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