Tagged With debt

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Dear Lifehacker, I'm getting on in life and at this point it seems unlikely that my credit card debts will ever be paid off in full. (I can barely afford the monthly interest repayments, let alone the outstanding debt.) I also don't own much in the way of assets. So my question is: What happens to my credit debt when I die? Do I need to worry about my adult son getting saddled with my debt?

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You've seen them. Those sensational online profiles of people who accomplished massive goals that most of us can only dream of in a ridiculous amount of time. How This 30-Year Old Quit His Job and Became a Millionaire or How This Millennial Bought a Mansion on a $30k salary or How This Couple Paid off $200,000 Worth of Debt in a Year.

Predicting the future is near impossible -- but that doesn‘t stop us all from having a red hot go. Human beings have been predicting the future since the beginning of history and the results range from the hilarious to the downright uncanny.

One thing all future predictions have in common: they‘re rooted in our current understanding of how the world works. It‘s difficult to escape that mindset. We have no idea how technology will evolve, so our ideas are connected to the technology of today.

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Read enough financial advice and you can start to get the sense that any mistake or flaw in your financial life is catastrophic. In fact the opposite is true. Not only is it OK to be imperfect, but you can turn even the worst disaster around.

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I had a great lunch today with an old friend of mine. We used to work together and he was a couple of decades older than I was, so today he's actually starting to see retirement on the short term horizon. He was interested in what my life was like as a self-employed person who made a living on a mix of side gigs and contracts, and I shared some of my thoughts on that, but when we got down to the real meat of the conversation, it seemed like he was mostly trying to figure out what the next stage of his life is going to look like.

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If you can swing it, paying off your mortgage early sounds like a smart enough idea. But some prefer to invest rather than throw cash at outstanding, low-interest debt. The idea is, if your debt's interest rate is lower than your investment return, you come out ahead. Here's a simple way to decide if this route is right for you.

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When it comes to financial planning, many Australians are just treading water - despite not really knowing how to swim. According data from the Australian Securities and Investments Commission (ASIC), just two-in-five Australians have a short-term financial plan (3-5 years) and barely a quarter have along-term plan (15-20).

If this sounds like you, it’s not all doom and gloom: there are a number of simple things you can do to help you better understand and get on top of your finances. Here are some tips.

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It's important to read the fine print with just about everything -- especially credit cards. Credit card companies use some pretty sneaky tactics to get you to sign up. They lure you with tempting offers that seem legit, but if you miss one iota of fine print, you're royally screwed. Here's what to watch out for, specifically, when you apply for a new credit card.