Millennials Are Spending Less and Saving for a Rainy Day

While waiting in line last week at Starbucks, I realized that I was the only “guest” ordering black coffee — not a grande, no-foam macchiato concoction — and the only person using cash. The mostly millennial customers were flashing a smartphone app or swiping credit or debit cards. The way our adult children spend and save money is very different from their boomer parents. “I want it fast, and I want it now” is the millennial mantra when it comes …

Where to Stash Your Cash This Spring

If you want to make a hundred bucks or even thousands for just an hour of your time, then this post is for you. All you have to do is pick the right place to stash your cash and perhaps change your thinking on certain certificates of deposits (CDs). Read on, and you’ll see that CDs which appear too good to be true really do exist. The power of inertia often has us leaving large sums of cash at our local …

Few African Americans Take Advantage of Retirement Planning Products

Recent research shows that most African Americans/blacks age 50-plus use financial products, such as checking accounts and savings accounts. But only 1 in 10 use retirement planning products, such as a 401(k) plan or individual retirement account (IRA). Millions of Americans haven’t saved any money for their golden years, and millions of others haven’t saved nearly enough. According to the Federal Reserve, the median balance of retirement accounts totals less than $60,000, and many African Americans/blacks have saved even less. >> AARP …

Save Me!

Everyone wants to save money. As this Chicago Tribune article says, many times, “it’s not the desire that’s lacking, it’s the money.” And not surprisingly, the article also points out that the less a person makes in salary, the less likely they are to even have a savings account. So how can we build up a savings account these days? Check out the article for the full list, but there are a few I have found to be particularly successful. …