US hits $30 Trillion in National Debt. Should We Care?
The gross national debt of the United States just surpassed $30 trillion. The big question is, do we need to be worried? The answer is: yes, we do. Now, let’s break down why.
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Understanding the History of the Gold Standard
For almost 200 years after the founding of the United States, the value of the U.S. dollar was officially backed by gold. This was called the gold standard. In 1933, in partial response to the Great Depression, Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold. In other words, a person could no longer insist on being paid in gold. For a while, at the time, it was illegal for Americans to own gold.
Emergency Reserve
Having an emergency reserve is essential for when unexpected life changes happen. Unexpected events can and do happen. Having some extra cash set aside will help you if an occasion arises.
Managing Personal Spending
Budgeting your money is a great way to control your spending and help you reach your financial goals. If you have never budgeted before, a great way to get started is with the 80/20 rule.
New and Used Car Prices. Why Are They Up so Much?
According to a recent article, in November 2021, used car prices jumped up 44% compared to a year earlier. In December 2021, J.D. Power estimated that the average used car price hit $30,000 compared to about $23,000 the previous year. Amazing. The cost of new cars is also soaring, averaging $46,000.
Leveraging an Automatic Savings Account to Reach Your Financial Goals
An automatic savings account is a type of savings system that allows the account contributor to deposit a set amount of money into a savings account at pre-determined intervals. Most commonly, this would be in conjunction with the contributor’s regular pay schedule. It allows an individual to automatically transfer a fixed amount into a savings account, usually on the same cadence they receive their paycheck.
Building an Excellent Credit Score
Having an excellent credit score can empower you in many ways. As long as you use your good credit responsibly and don’t take on high-interest debt, having a good credit score is critical to a healthy financial portfolio.
5 Tips on Preparing for Retirement
Many of us don’t put enough money away for retirement. Statistics show that most Americans aren’t saving enough and will have to work long after age 65 to make ends meet or reduce their lifestyles significantly to get by in the later years. For that reason, we are always encouraging people to save more.
Compound Interest Rates
Compound interest accelerates the growth of savings and investments over time. The definition of compound interest is – the interest earned on an investment or savings account is reinvested into that same account, earning even more interest.
What’s Happening With Supply Chains?
In early April of this year, more than 700 container ships were waiting to get into the ports of Shanghai, China. The average number of boats waiting to unload in Shanghai over the last few years was closer to 200. A significant reason for this upward spike is the recent Chinese COVID crackdown, forcing people to stay at home again. The graph below was published recently by “Fortune” magazine. The red-colored spike shows the dramatic increase in ships waiting at the port this April.
