When it comes to money, expecting the unexpected is easier said than done. That’s why troubling headlines like these should come as no surprise: Bankrate’s 2024 annual survey reveals these statistics, and the findings are even more dire for younger generations. However we look at…
From Crisis to Strength: How to Build Financial Resilience Now
Recession, in simple terms, is a significant, widespread contraction in economic activity over a period of time. In my adulthood, I’ve experienced three recessions: the “dot-com bust”, the Great Recession, and the COVID-19 pandemic-induced recession. Of these, the Great Recession, which spanned from December 2007…
Inflation 101: What You Need to Know
Who’s the richest person in US history? The answer is John D. Rockefeller (1839-1937). By the time of his death, his net worth was $1.4 billion, representing 1.5% of the entire US economy’s output then. Adjusted for inflation, his fortune would be worth $410 billion…
Quick Take on Bankruptcy: Debt, Despair, and New Start
According to Greek mythology, Sisyphus was a very clever man who preferred to engage his brilliant mind on shady and even criminal dealings. His lack of scruples meant he crossed Zeus, king of all the Greek gods on Mount Olympus, many times including two occasions…
The Truth about Debt Relief Company: Helpful or Harmful?
With nearly two decades managing collection strategy for a leading credit card company, I’ve witnessed many economic booms and busts. Riding along these economic waves emerged an industry targeting financially distressed customers with a utopian promise: becoming debt-free. Debt relief companies first put down their…
“Buy Now, Pay Later”… and Regret Forever?
Unboxing shopping hauls. Vacationing at a luxury resort in Maui. Devouring a Wagyu steak sprinkled with gold flakes at the hottest restaurant in town. Meticulously curated flaunts such as these are all over our social media feeds, making us want to have the same experiences. …
Mastering Our Financial Destiny: The Impact of Credit Scores
In school, we get graded all the time. Let’s say if we habitually turn in our homework for Social Science late, we know we are unlikely to get an A+ on the subject. Guess what? Grades matter too even after we put our school years…
Credit Card Company’s True Love: APR
Long gone are the days people paid with cash. Nowadays, we shop online. We buy groceries, get movie tickets, pick up takeout, and pamper ourselves with a serious dose of retail therapy by tapping our phones or smart watches at checkout. Such conveniences are all…
In Credit Card Debt… Now What?
Credit card debt is a big problem in the U.S. How big is it, exactly? According to the results released by the Federal Reserve Bank of New York, our total credit card debt hit $1.129 trillion at the end of 2023. Yes, that’s right: in…
Confessions of An Ex-Corporate Hamster
I quit on February 29th, 2024. My last day as a corporate hamster was on Good Friday, March 29th. For almost 28 years, I was a diligent, reliable hamster, scrambling faithfully along an invisible moving platform called the Corporate Ladder. I didn’t recall when it finally…