Your income is one of the most critical aspects of Personal Finance. Income is the fuel that creates the movement to propel you on your journey to being Financially Grounded . Income, or the lack thereof, tremendously affects what you can and cannot achieve at any given moment in finance. Can I afford to go on vacation this year? Do I have enough money to go to dinner rather than cook tonight? Do I have the means to replace something that has broken? These are the questions you ask yourself that consider income. If the answer is “No,” you must wait to save up for them, or you may put them on credit. There are many forms that income can take. Look at the following to determine which you have. You may be surprised that you have multiple income streams available to you that you may not have been aware of. Earned Income All of the wages, salaries, bonuses, and tips you receive for performing services as an employee of an employer are Earned income. Most of us accept (or have) this type of ...

Interest rates significantly affect how things work in the exciting world of money and economics. Higher interest rates could be problematic, but they can benefit our economy. Let's dive into why higher interest rates aren't just something we need but can help our economy grow and stay steady. We'll explore the top 10 reasons why higher interest rates are like a helpful friend, ensuring things like prices and spending are kept in check. So, get ready to walk through the money world and discover why higher interest rates can be good for our wallets and our country. 1. Control Inflation: One big reason they might raise interest rates is to brake on rising prices, which we call inflation. When things get too expensive too quickly, the folks in charge (like central banks) might decide to increase those interest rates. It's like making borrowing money pricier for regular folks and businesses. When loans, home mortgages, and credit card swipes cost more, firms and people usua...

Day 2 I am currently going through the process of transporting my deceased father from Colorado to Texas. Dad had a massive heart attack yesterday morning, March 15th, at 7:30 AM. My brother, Chris, and I performed CPR until the police arrived. EMS arrived shortly thereafter. Everyone worked to resuscitate Dad, but after 30 minutes, there was still no pulse. Dad was pronounced dead at 7:30 AM. The Deputy Coroner arrived and began a preliminary investigation to determine the cause of death. Based on the described behavior of the previous day since we arrived in Winter Park, CO, the initial consensus was a massive heart attack. Dad had fluid on his legs and ankles, a sign of a heart not performing well. He had complained of his heart working hard whenever he walked, especially upstairs. He stated that he was alright when sitting down. In hindsight, we should have taken him to the ER to have his heart checked out. My Dad was Catholic, so I requested a preacher to perform Last Rights for h...

Debt is a problem that many people face. It causes problems for people and families and is one of the most significant problems facing our government, from the national to the city level. Personal debt is one of the causes of many problems facing our society. Debt can cause worry, stress, and anxiety, which can lead to serious medical problems and relationship issues. In fact, fiscal problems are a leading reason for arguments in marriages. Almost half of all marriages end in divorce, and 30% of those divorces are caused by the stress that fiscal problems bring to the marriage. Finding a way to pay off debts will significantly enhance your health and relationships, not to mention allow you to achieve other financial goals on your journey to Financial Grounding . Budget To start paying off your debts, you need to know what you owe and how much the minimum payment is. You will also need to know where your money is going each month. The process of tracking your money is called budgeting. ...

 My target retirement age is 60, just over seven years away. When I reach retirement, I would like $10,000/month in Passive Income streams. As it stands currently, I have the following in place. Rental Property  I own a rental house in Texas, which I own in an LLC with my brother. My profit from this property is currently $500/month. As rental prices tend to increase upon renewals, this will grow to $1,000/month in the next seven years. Rental Property I own a rental house in Oregon, which I own in an LLC with my wife. The current profit from this property is $500/month. As rental prices tend to increase upon renewals, this will grow to $1,000/month in the next 7 years. Dividend-paying account This is a brokerage account I am building out myself with high-yield, dividend-paying stocks. The annual dividend payout is just north of $200/year. A far cry from $1,000/month. This is an ongoing project; the proceeds to grow this come from the Texas rental house. https://us.etrade.com ...

What is Debt? Debt is the obligation to pay money (or other agreed value) to another party, such as borrowing money from your brother to buy a car. The debtor is the one who owes the debt; you are the example. The one to which the debt is owed is called the Creditor, your brother in the example. Debt can generate value, increase your net worth, or be a weight upon you if misused. Knowing how to handle debt can mean being financially grounded or drowning. The following section will discuss some of the more common types of debt. We will also show how these debts can be appropriately used to be financially grounded or misused to cause anxiety and regret.   Secured and Unsecured With secured debt, an asset, such as the car in the example, is used as collateral for the debt. Thus, the debt is secured by the asset. If the debt is unpaid, the Creditor will take the asset to cover the remaining debt. With an unsecured debt, there is no asset attached to it. This is the most com...