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Would You Pass a Financial Stress Test?

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In Managing MoneyLendKey

When was the last time you really took a close look at your finances? If it’s been a while, now might be a good time to reevaluate with a financial “stress test”. Generally, financial stress tests determine whether you’re financially secure enough to get through an emergency. Of course, no two people have exactly the same financial background and circumstances, so there’s no “one-size-fits-all” method. Still, there are some general ways to assess and evaluate your financial health. No matter what your situation, there are likely changes you can make to increase your financial security and enjoy greater peace of …

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How to Pay Off Your Student Loan Debt by Freelancing

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In Managing MoneyLendKey

Paying off student loan debt is an ongoing challenge for many people. Many find that it’s difficult to keep up with their monthly payments, especially if they aren’t able to find work in their chosen fields. If you’ve landed in this boat, you’re not alone! Many people go to college, only to discover that changing circumstances have made it difficult for them to seek employment in their preferred field. Once your grace period ends, it’s time to start paying off your student loans- but you’re struggling to do so. Maybe you have a child and have decided to stay at …

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15 Simple Ways to Save Money While in College

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In Managing MoneyLendKey

College can be an enjoyable time for many students, but it can also be accompanied by financial stress. In fact, one survey found that 36% of college students (and 46% of community college students) struggle to pay their rent and utilities while in college. A similar number might not have enough money to eat on a given day. While not everybody’s situation is that extreme, keeping track of your finances should be a priority early on. Don’t worry; it is entirely possible to have a great college experience without breaking the bank. You might even be able to build up …

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10 Bad Spending Habits and How to Break Them

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In Managing MoneyLendKey

It may seem that the only way to save more money is to earn more money. But let’s face it: most of us could do more to control our spending, too. Don’t worry, this isn’t one of those articles that assert that millennials could all buy homes tomorrow if they stopped buying lattes and avocado toast. Rather, it’s a compilation of the ten common ways that many of us (millennials or not) overspend and tips to help you break these financial vices and spend smarter. The Habits and Breaking Them For Good 1. Spending Without a Budget Setting up a …

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Why Am I Getting So Many Credit Card Offers?

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In Managing MoneyLendKey

As soon as you turned eighteen, it seemed like credit card offers started flooding your mailbox. Offers appeared even if you did not apply for a credit card. Do you find yourself dropping multiple credit card offers, many of them pre-approved, into the shred pile? Are you tired of dealing with the letters–not to mention all the wasted paper that comes along with them? Are you worried that your information may have been shared with more companies? This guide can help you understand and handle those offers. Why Are You Getting So Many Credit Card Offers? The three major credit …

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How to Start a Small Business When You have Student Loan Debt

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In Managing MoneyLendKey

Millennials may very well be the “small business” generation. Approximately 30 percent of millennials have already started a small business of their own, compared to 19 percent of baby boomers and 22 percent of generation X. This generation has a can-do attitude and they are strongly attracted to the individualistic nature of small businesses. Unfortunately, millennials are also a generation defined by student loan debt. Approximately 42 percent of millennials have reported that they, or someone in their household, has student loan debt in their name. This makes the millennial generation something of a paradox: these young people are go-getters …

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Credit Freeze – What, How, Why, and Other Things to Consider

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In Managing MoneyLendKey

Identity theft is one of the biggest concerns in the modern world – especially given the relatively recent high-profile breaches. If you have had your identity stolen, getting it back can be a nightmare. Even if you have not, then the fear of somebody racking up thousands of dollars of debt in your name can be paralyzing. Because of this, some experts are suggesting freezing your credit as an effective way to protect yourself from identity theft. What is freezing your credit? If you freeze your credit, you prevent anyone other than you and your existing creditors from accessing your …

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Your Basic Guide to Credit Freezes

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In Managing MoneyLendKey

Following the Equifax data breach in 2017, many customers started talking about the possibility of a credit freeze: a simple step they were hoping would prevent identity theft. Understanding how to perform a credit freeze, when you might want to perform one, and how to return your information to its normal state will help you navigate these often murky financial waters, better preparing you for future credit catastrophes. What is a Credit Freeze? During a credit freeze, you close off your credit accounts with the three key credit agencies. Thanks to the freeze, no one–specifically creditors–is able to access information …

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Buying A Car With Student Loan Debt: Things to Consider

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In Managing MoneyLendKey

Buying a Car When You Have Student Loan Debt You’ve just graduated, with a crisp new diploma you’re ready to take on the world and are excited for your first day of work at your new “adult job”. You want to drive to work in your own car rather than your parent’s old ride – but can you afford it? Statistics overwhelmingly say no. Today, in addition to their exorbitant student loans, graduates are sliding further into debt due to rising car prices. The average new model costs in excess of $31,000, with even small sedans approaching the $20,000 mark …

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Buying A House with Student Loan Debt: Things to Consider

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In Managing MoneyLendKey

When Can I Buy a House If I Have Student Loans? There are many reasons that millennials find owning a home appealing. In fact, a recent survey found that 33 percent of millennial home buyers’ decision to buy a home was driven chiefly by their dog.1 Dogs outranked marriage as well as the birth of a child as top motivators for buying homes. Whatever the case, becoming a homeowner is a goal for many recent graduates. But how does a home loan fit into the picture when you have student debt? If you’re a recent graduate who’s ready to get …

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Till Debt Do Us Part: Love, Marriage, and Paying Bills with Student Loan Debt

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In Managing MoneyLendKey

So, you’ve decided to tie the knot — congratulations! This decision likely came after careful thought and deliberation on multiple fronts by both you and your partner. However, of all the considerations you’ve made in advance of deciding to get married, did you remember to take into account your financial status? Most young graduates fail to talk about finances upon deciding to get married, a mistake which can lead to major disagreements and a hefty dose of unhappiness in the future. It’s vital to have a serious discussion with your partner about all facets of their financial matters, from student …

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Millennials Think About Personal Finance Differently

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In Managing MoneyLendKey

By Dave Rathmanner When it comes to personal finance, millennials aren’t like their parents. In fact, they’re a generation that has very distinct views and behaviors when it comes to their finances. These beliefs sometimes lead them to make decisions that can seem counterproductive, but they also offer proof that millennials are progressive and more open than other generations to things like technological change and examining the social impact of their actions. Here are some things that might surprise you about what millennials think about personal finance. Millennials Like Financial Technology Millennials love technological solutions and are often among the …