What came first, the hammer or the nail? The question is less complicated than the chicken and the egg riddle. We’ve mentioned many times before on this site that money is a tool. We have never specified what type it is because the type of tool does not matter as much as understanding the concept that money is a tool….
Merry Christmas and a happy new year! Yes, Christmas was almost three months ago, and we are entering the second week of March 2024, but it is still the new year. By now, “80 percent of people abandon their New Year’s resolution by Feb. 1,” according to a study done by Forbes reported by an article in the Houston Chronicle,…
Not many of us can purchase whatever we want whenever we want without considering how we are going to pay for it. Most people are limited to their income, and after covering basic necessities such as food and shelter, not much is left over for large purchases. Credit cards and loans do provide an opportunity to increase your purchasing power,…
Having a plan for your life is very important. Knowing where you want to go and how you’re planning to get there can be the difference between living a fulfilled, meaningful life and wandering around aimlessly without a purpose. Unfortunately, there are many people who do not know what they want to do and believe purpose will eventually fall into…
When thinking about financial fitness, it is beneficial to perceive it similar to physical fitness rather than as an inherent quality that only a few individuals possess. Not many, if any, are capable of running a marathon competitively without any prior training. The same is true for personal finance. Not many are able to meet large financial goals or emergencies without…
On March 10, 2023, the 16th largest bank in the United States failed due to a run on its bank. To be fair, many factors led to the collapse of Silicon Valley Bank, but the run on the bank was the final factor that led to the bank’s demise. As an aid in understanding bank runs, we will briefly describe…
The IRS is disproportionately targeting low-income households due to budget cuts. A study by Syracuse University’s Transactional Records Access Clearinghouse (TRAC) shows that households making $1 million and more are audited 1.5% of the time, those making $200,000 – $1 million are audited 8.9% of the time, those making $25,001 – $200,000 get audited 35.2% of the time, and those households…
As of today, the national average gas price is $5.01, with California having the highest at $6.43 and Georgia the lowest with $4.48. Compared to a year ago, the national average was $3.08, which is a 62.66% increase. With inflation currently around 8.6%–up 3.6% from a year ago in May–the gas pump isn’t the only place consumers are experiencing higher…
We are all familiar with money. It is part of our everyday lives. We use it to buy food, clothing, shelter, and entertainment. Money impacts all aspects of our lives one way or another, but how does it work? Money is defined as a medium of exchange. This is a basic definition of money that tells part of the story….
Are you familiar with the word “externality“? Don’t be alarmed; even if you are not familiar with the term, there is a great chance that you have encountered it in one way or another. The problem with the finance media is that they use niche jargon to communicate to a wide and diverse audience. It is the audience’s responsibility to…
Rohman Rory Hemley