How much rent can I afford? The 30 percent rule explained
When I got my first full-time job, I remember being overwhelmed by a lot of financial questions. One of the pressing issues was finding an apartment. Specifically, I wanted to know how much rent I could afford to know which neighborhoods and areas were within my budget. I did a bunch of ...

An intriguing gas discount
Mike emails me about a curious promotion and asks me to analyze it: I noticed this interesting discount where a grocery store teamed up with Sunoco to give rewards to frequent shoppers. Here is the link with the details Basically, for each $50 spent at the grocery store, you can redeem for ...

The 3 biggest obstacles to getting rich
Why am I not happy with my finances? I hear this question from many people. Some people blame not enough education, and schools are responding by increasing financial education classes. But will more information help? I used to think so, but here is a story that really got me thinking. My friend ...

Where did you get your financial education?
The answer to that question may soon be school. I was thrilled to read that more schools are starting to offer personal finance classes. Recently John Hopkins decided to include an introductory class for the following reason: [Graduates] were handling the job fine but they weren't prepared to make decisions about ...

Say no to ATM fees and improve your finances forever
Suppose you need $100 to pay a tab at a cash-only bar and your friends are gone. Which of the following options would you choose to get cash? (a) Withdraw money from the nearest ATM, which is not owned by your bank ($3 fee from your bank, $3 fee from ATM ...

Understanding opportunity costs
Two roads diverged in a wood, and I--I took the one less traveled by, And that has made all the difference--Robert Frost Opportunity cost is one of the most important concepts. Opportunity cost is the true way to measure the cost of something you are doing. To be specific, let us read ...

Preferences, not money, dictate personal finance
Tell me what you eat, and I will tell you what you are--Brillat-Savarin Preferences are the key to starting your personal finances. I don't think financial websites emphasize this enough. For example, consider the articles "Skip Graduate School" and "Unpaid Internships are a Waste." While these articles make valid points, their ...

The most important lesson: personal finance is not really about money
If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability -- Henry Ford In my opinion, personal finance is about financial independence. It is about having the proper knowledge, ...