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4 Tips to Help Millennials Save for Their First Home

On April 10, 2018

In Career, Finance, Investing, Nicholas Fainlight

There seems to be a prevalent mindset that millennials will never be able to afford a house. While the housing market is inflated in some areas, for most of the country, there are certainly affordable properties. This misconception is certainly not current for many young adults who are working full-time, even if they have significant student loan debt. There are a few steps millennials can take to save for their first home, even if that purchase is ten years down the road. Here are steps you can start taking today to help get you ready to purchase a home.

Boost your credit score

While this tip isn’t directly related to saving up money, it’s a vital one when it comes to purchasing your first home. When you apply for a loan for your mortgage, a big factor for the interest rate and whether or not you’ll get approved is based off of your credit score. If you do not have a great credit score now, you can fix this issue by opening up a credit card and lightly using it; make sure you pay off the balance each month and avoid late payments. Over time, your credit history will improve as you use more of it. Regularly check your credit score as well to make sure there’s no false information or that someone is opening accounts in your name.

Save up a down payment

The best way to make owning a home feasible and less stressful is by saving up an adequate down payment. The rule of thumb is to have 20 percent of the home’s value as your down payment, though many people do not follow this number. You can get approved for a home if you have less than a 20 percent down payment and there are programs out there to help make up the difference and navigate buying your first home, but it’s still best to put as much money down initially as possible.

Do your research

There are major costs associated with buying a home, but you can mitigate some of these costs if you do sufficient research. Make sure you are only buying a house you can actually afford; people often get approved for mortgages that severely strain their budgets. Also shop around for real estate agents and learn what costs you can cut back on and how to get the best deal as you search for your home.

Set regular goals

Buying a home might seem far off, but saving up a down payment takes time. Set goals for yourself to achieve over the next few years. Even putting away $20 a week adds up! You can also schedule automatic withdrawals from your account to go to a separate account for your down payment. You won’t notice the money’s gone and you’ll save up a decent down payment for when you start shopping for a home.

Person's hand holding a locked phone above a blue background, Nicholas Fainlight keep financial accounts secure

How to Make Sure Your Financial Accounts are Secure

By Nicholas Fainlight

On March 24, 2018

In Career, Finance, Nicholas Fainlight, Technology

Whether you like it or not, most of your financial information is available online. While some people avoid using online banking or payment options, most people do. You can pay your credit cards online, check your bank balance, pay off other loans, or manage your retirement accounts. Many people have these apps on their phones and download other financial apps to help them save money or monitor their credit score. These options are incredibly convenient and can help you make informed financial choices and get help if any issues arise, but it can also lead to security issues. However, there are steps you can take to make your financial accounts secure.

Make sure it’s safe

The first step to take when making sure your financial accounts are secure is verifying that the app or website you’re using is actually safe. If you’re considering downloading an app, first look at reviews to make sure people aren’t having a lot of issues with it. Also check out the terms and conditions and find information on how they’re actually protecting your information. Most banks and financial apps are FDIC-insured, which means you can be reimbursed for money up to a quarter of a million dollars. Avoid following any suspicious links as well; only use your institution’s official website when entering account information.

Create complex log-in information

A lot of people reuse usernames and passwords amongst their accounts. However, when it comes to your financial accounts, you need variation. Create unique usernames for each account and randomly generate your passwords. Do not use any information over if you can avoid it. Then, write down your login information on a tangible copy and keep it somewhere secure in your home; avoid keeping any of this information on your phone, no matter how secure you think it is.

Regularly update your passwords

Even with variation, you’ll need to regularly update your passwords. Some people could access your information, but wait to use it. Regularly updating passwords helps make your accounts more secure and greatly reduces the possibility of your information being stolen.

Use a secure connection

If you’re on a public computer or even using a public WiFi connection, avoid checking your financial accounts. It’s much easier than you think to hack into public WiFi and subsequently get onto people’s computers; always use private, secure WiFi when checking important accounts online. Do not save your information in your browser for easier logins in the future. Just memorize your passwords or only access your accounts when you have the information written in front of you.

Monitor your accounts

Finally, once you’ve taken proper precautions with your accounts, continue to monitor them. Instead of waiting for your monthly statement, check your credit card and banking accounts at least once a week to make sure no fraudulent charges were made. While banks have become increasing good at detecting fraud, there is still risk. Always look over charges made to your accounts and make sure every transfer of money and every purchase was actually made by you or another family member who shares the account information.

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Why Financial Literacy Should Be Taught in Schools

By Nicholas Fainlight

On March 12, 2018

In Career, Finance, Nicholas Fainlight

Financial literacy is important no matter what point of your life you’re at. However, the younger you begin learning how to manage your finances, the better you’ll be at managing money throughout your life. There are studies that show financial literacy education has a significant impact and affects students far past their school years. Students in high school who take at least one financial literacy class show themselves to be much more financially responsible as they grow older. With far too many Americans shouldering hefty credit card debt and the rise of immense students loans, it’s more important than ever before for people to understand their financial choices.

Better understanding of life choices

Nearly any aspect of life requires some kind of financial knowledge and means. If you want to go to college, buy a house, get married, have kids, etc., you’re going to be spending money. There are options to take out loans for nearly anything, but is that the best option for you? When you’re researching student loans or working on purchasing your first car, understanding basic financial ideas like interest rates, down payments, and financing is vitally important in order to make the best financial decisions. Being financially literate helps you make informed choices on these topics.

Successfully avoid debt

Most people living in the United States have some kind of debt and that number isn’t going down. People eagerly charge credit cards for purchases, slowly paying off the bill over years and spending more than they would have initially thanks to huge interest rates. Taking out loans for college or a mortgage simply adds to this debt. With financial literacy, it makes it much easier for adults to avoid excessive debt and helps educate them on how to strategically pay off any debt they do accumulate.

Find greater happiness

While money cannot buy happiness, concerns over money cause excessive stress. The number one topic couples argue about is money and people who have to live paycheck to paycheck often feel stressed out, wondering if they’ll be able to pay their bills each month. With financial knowledge, it makes becoming financially secure much easier and lowers levels of stress. WIth less stress, you’ll lead a healthier life. You might not have as large a house or as nice a car as other people, but you won’t be using up all of your money paying off debt you didn’t need to have in the first place.

Increase monetary gains

The better educated you are about finances, the more likely you are to have financial security and increase monetary gains over your lifetime. Understanding the basics of investing and the importance of saving for retirement leads to people being more financially stable as they get older. If you understand the importance of making a fair salary, you’re more likely to advocate for a great starting salary and fair pay increases.

Create a secure future

Like I mentioned above, students who are taught financial literacy early in life are more likely to understand the importance of many financial decisions, such as saving for retirement. The younger someone realizes they should be saving up for their future and making wise purchasing decisions, the sooner they’ll start investing and saving. Planning for your future early helps create a secure future that leads to less monetary concerns.

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5 Reasons You Should Continue Your Education After College

By Nicholas Fainlight

On March 1, 2018

In Career, Investing, Nicholas Fainlight

Up until your college graduation, a large portion of your time has been spent furthering your education. While post-graduation feels great because you can stop worrying about attending classes, paper deadlines, and finals week, it’s important you continue your education in some other way. You might be done with a formal education, but you need to keep learning even after graduation. There are plenty of invaluable reasons to continue your education; here are just a few of them.

Career advancement

One of the biggest benefits of continued education after official graduation is how it can help your career. No matter what your job is, there’s more you can learn and there’s someplace to advance to. Maybe you want to get promoted, but lack management skills or another business skill. You might want to pursue an entirely new career, but lack some of the necessary skills. Luckily, by continuing your education, you have opportunities to learn more skills and pursue a new direction in your career. It also showcases your work ethic to your boss and proves that you care about your job and can work hard.

Improves your mind

Plenty of studies have shown the benefits reading and continuous learning have on your mind and overall health. You strengthen your mind, which can help reduce memory loss. You’ll find it’s easier to recall facts and teach yourself other skills if you make a point to keep learning. While general learning is also helpful, you can teach yourself specific skills that help prevent other health issues, such as reducing stress or learning about proper exercise and nutrition.

Makes you interesting

The last kind of person you want to be is someone others find boring to talk to. Whether it’s a conversation with your family, friends, or strangers, continually educating yourself provides you with insightful ideas and interesting topics to discuss. You never know when some interesting fact or skill you learned could come in handy. Being able to hold an interesting conversation improves your personal and professional lives as well.

Discover new passions

You might not realize you’re incredibly interested in photography or the history of Australia until you begin teaching yourself about it. Even if a topic doesn’t seem like something you’d really want to learn about, try reading a book or taking an online class about it. You never know what strikes your interest or where it’ll take you.

Learn useful skills

Unfortunately, most schools do not teach students basic life skills. Once you graduate, you’ll realize you need to know a lot of information no one told you about, like signing a lease, filing taxes, opening a credit card, or maintaining upkeep on your home. Take time to read books, blogs, or watch videos that address these issues. Any question you might have about a certain life skill can be found either in your local library or online, so teach yourself these skills and make your life that much less stressful.

Blank white piece of paper with a small leaf on it, cup of coffee next to it, both on a table, Nicholas Fainlight blog about how to develop a great morning routine

6 Ways to Create a Better Morning Routine

By Nicholas Fainlight

On February 8, 2018

In Career, Nicholas Fainlight

No matter what you’re doing, whether you’re working full-time or still in school, it’s important that you craft a great morning routine. In order to have a successful day, you need to start off well. Unfortunately, many people do not have much of a morning routine at all and try their hardest to get a few more minutes of sleep in, even if it means they’re rushing to get ready and feeling stressed out. Here are tips on how you can create a great morning routine that improves the rest of your day and pushes you down the path to success.

Get up with your alarm

The biggest mistake most people make in their morning routines is continuously hitting snooze. Though you might feel great in the moment getting ten minutes of extra sleep, it doesn’t actually help you throughout the rest of your day. That small amount of sleep does not make a difference in your energy and can actually make you feel sluggish since you’re disturbing your sleep. You’ll find you have more time in the mornings if you get up with your first alarm.

Make your bed

Right now, you might not have time to complete this step, but if you stop hitting snooze, you will. It only takes a few minutes and making your bed ensures that you don’t get back into it to take a nap later in the day or waste time while you’re getting ready. It also makes your mind feel at peace because everything in your room looks more organized with your bed made and makes moving forward with your day easier.

Eat healthy

Most people have the best intentions when it comes to healthy eating, but find it’s much harder to put into practice once you’re competing with your busy schedule. While you should be eating healthy your entire day, the meal you eat in the morning is vitally important. Make yourself a protein rich breakfast and take time to slowly eat it; do not eat something full of sugar that leaves you feeling hungry and tired a few hours later.

Do some activity

Some people find it’s incredibly effective to work out in the morning, though this routine isn’t for everyone. You might not want to hit the gym, but do a few exercises in your room right after you get up. Take time to stretch, do some pushups, or something else and you’ll find you’re more alert and ready to face the day.

Go over your day

Staying organized is important to your daily routine so start the day by going over what you need to accomplish in the next 24 hours. Just quickly reading through a planner or making a short to-do list helps you focus and get ready for the day ahead. You’ll stay focused and avoid forgetting important meetings or tasks.

Avoid your phone

A lot of people reach for their phones as soon as they wake up, but this habit can lead to you wasting time in the morning scrolling through social media. Instead, go straight to your routine and wait until after you’re fully awake before you check your emails and the weather. The less time you spend looking at your phone, the better.

6 Tips for Dealing with Life After College

By Nicholas Fainlight

On December 13, 2017

In Career, Nicholas Fainlight

No matter how ready you think you are, graduating from college and firmly entering the adult world can be jarring. You might be heading off to grad school, but even then, you’ll eventually be done with school and no longer in such a structured environment. While being a full-fledged adult is exciting, there are also a lot more responsibilities you’ll realize and you’ll have to take complete control over planning your own future, since you no longer have a clear goal like graduation to work toward and set steps on how to get there.

Accept the changes

The first step to adjusting to life after college is accepting that it’s happening. You’ve been spending most of your life working toward graduation and everything else likely seemed fairly distant. Now, you need to seriously think about a job, your career, professional opportunities, what you want to do in the near and far future, and how to achieve those goals. You’re soon going to be financially responsible for yourself (if you aren’t already) and you may be getting married and starting a family sooner than you think. Acknowledge these changes are all possible and begin planning.

Find a routine

Something that’ll keep you sane now that you’re out of college is creating a solid routine. Try to go to bed and get up around the same time, make consistent plans with friends, and consider regular workout times or something else. As long as you have a routine, you’ll have something to rely on and keep you focused.

Make a plan

After you’ve gotten used to no longer being in college, it’s time to make a plan about what you want your next steps to be. What kind of career do you want in the long run? Where do you want to live? Do you want to buy a car or a house? Begin crafting one, five, or ten years plans and you’ll feel a bit more in control of your future.

Prioritize

While in college, it’s completely normal to frequently multitask and juggle various responsibilities like class, work, socializing, video games, and clubs, but once you’re out of college, it’s harder to do so many things. One big reason is you are now spending a significant amount of time each day at a job (hopefully), so you don’t have the short breaks you used to enjoy between classes. Realize this reality and instead prioritize what you want to do outside of work. Do you want to go to the gym or go home and watch television? Do you want to get dinner with your friends or run some errands? These decisions are very real out of college.

Create a support system

You might no longer live next door to your best friends and you might work somewhere far away from your family. However, it’s important to create a strong support system. Make new connections with coworkers or other people where you live or reconnect with people in the area if you moved back home. Regularly talk to your friends from college and your family, even if you can’t see them often.

Take care of yourself

Finally, make sure you’re taking care of yourself. You’ll have to adjust to a new schedule and phase of your life and it’s going to be stressful. Give yourself time to sleep each night, eat healthy, drink lots of water, and get regular exercise. Avoid becoming burned out or too stressed at your job and take some time to do something you enjoy each day.

How to Use Credit Cards the Smart Way

By Nicholas Fainlight

On December 13, 2017

In Finance, Nicholas Fainlight

Credit cards are something we’re likely all familiar with. You’ve probably gone shopping to a larger store and had the salesperson ask if you want to open a credit card account specific to that store. It’s likely you always brush it off, knowing you don’t shop there that often or don’t want to deal with more debt. However, many people open credit cards, whether a store card or a regular one. The average household in America carries nearly $6,000 of credit card debt. Other studies show that about a third of Americans have at least one credit card.

You’ve probably heard horror stories of people getting into insane amounts of credit card debt they’re never able to pay off. Many people completely swear off of credit cards and believe they’re sure ways to get sucked into overwhelming debt. However, if you handle credit cards in a smart way, you won’t have to worry about dealing with outrageous amounts of debt. Here are tips on using credit cards and actually benefiting from them.

Online shopping

One of the best uses for credit cards can be to use exclusively for online shopping or somewhere else you think information could get compromised, such as a small stand or other place that appears to have low security. All too often, we make online purchases and then see that our account information has been compromised. It’s much easier to freeze and cancel credit cards and get the purchases taken off your statement than it is to do the same with getting money back into your bank account. By using a credit card for a purchase you would have made anyway, you can protect yourself from fraud.

Designated purchase

Sometimes, credit cards can be useful for a designated purchase. You might receive a lower car insurance rate if you set up an automatic payment, but don’t want to save your bank information, using a credit card becomes a great alternative. It’s also easier to track spending if the only purchase you’re making on that card is one kind.

Gain rewards

You can easily find credit cards that claim they have incredible rewards programs. Nearly every card now offers some type of reward. It’s important to avoid being drawn into promises of rewards and going for every card offered; take the time to research different cards and find out which ones offer the best rewards for you. Then, use that card regularly to make purchases you can afford and build rewards that are actually beneficial.

Build credit

A very smart reason to use credit cards is because they allow you to easily build your credit. By regularly using a credit card and not making late payments, you’re able to improve your credit score. This benefit is especially useful to younger people who don’t have any kind of credit score and need to create one in order to make larger purchases or rent an apartment. Spend smartly and avoid creating debt so you can improve your credit score.

Pay on time

Finally, the smartest way to use your credit card is by paying it off on time. If you carry a balance over from month-to-month, you’ll likely have to pay large amounts of interest, often around 20 percent of whatever the balance is. If you can’t pay off a large purchase in a month (or very shortly after), do not use your credit card. The problem with credit cards is people avoid paying off the balance each month, so it just accumulates and interest builds, which results in outrageous amounts of debt and you paying more than you spent in the first place.

A credit card isn’t something you have to be scared to use, as long as you’re following these tips and being smart in your spending. It could actually be something that benefits you.

Top FinTech Companies of 2017

By Nicholas Fainlight

On December 11, 2017

In Finance, Nicholas Fainlight, Technology

Financial technology companies are growing all around the globe, especially in the United States and Europe. Many of these companies make managing your finances much easier and help people get started with money management. So many fintech companies are startups seeing immense growth within their first few years of operation in the account management, payment processing, financial assets, capital, and lending markets. During 2017, there are some major fintech players that stand out way ahead of the rest.

Stripe

In the payment processing market, Stripe is becoming a major contender for the well-known PayPal. Stripe currently operates in 25 countries around the globe and allows for both business and personal transactions via the internet. With the addition of many major retailers adopting the use of Stripe for the first time in 2016, the business has grown to be a major market leader in the payment processing industry for 2017. Most people are grateful for anything that makes paying for purchases simpler.

Prosper

Prosper is a peer-to-peer lending platform that allows those in need of financing access to investors. This takes traditional bank funding and puts it on a new level. With Prosper, borrowers can find investors that are interested in funding them with unsecured personal loans for fixed terms and rates set by the platform itself. This makes lending simple for investors and borrowers alike.

Robinhood

As we see the numbers of individuals interested in becoming more hands-on with their financial investments rise, Robinhood fills the need for a free stock-trading platform. This mobile application is built with an easy interface that allows any average joe the ability to fund their account and trade stocks and learn a little bit more about investing. There are no maintenance fees or other agency costs that are traditionally required from brokerage firms.

Lending Club

Another leading fintech company in the financing market, Lending Club, has made its mark by offering both individual and small business financing options. This peer-to-peer platform assigns borrowers willing investors who can help them out. These investors can purchase notes backed by the payments made on each loan by the borrower. There are options to purchase a diverse portfolio of notes to ensure the best financial stability possible.

Fintech companies are becoming an essential part of our society’s new digital age. People want faster ways to manage their money and businesses want faster ways to receive their profits and technology has become a part of every industry. As technology continues to advance you can expect to see massive growth in the number of fintech companies popping up around the globe to satisfying the needs of individuals and businesses alike.

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The Importance of Having a Great Mentor

By Nicholas Fainlight

On December 7, 2017

In Career, Nicholas Fainlight

It does not matter what you are doing in your life, you could always be improving. To seek out the help of another is a sign of maturity and can make a serious difference in your future. Put another way, having a great mentor is a real sign of maturity and a great way to grow in whatever area of life you need to, particularly in your professional career.

Mentors provide you with new knowledge

The first inescapable benefit of having a mentor is the fact that they can provide you with knowledge that you do not currently possess. They have walked in your shoes in the past, so they know what it means to do what you are attempting to do, even if you don’t work in the same industry. You can bounce questions off of them and see what knowledge they can pass on to you.

Motivation is key

Inc.com wants all of us to make sure we fully appreciate the fact that mentors can provide us with the motivation we need to keep going and crush our goals. Simply motivating a person to stay on the right path and keep striving for greatness is a huge asset in and of itself.

No one gets to climb a mountain all by themselves. They need others who to push them along towards the summit. If you attempt to do it all yourself, you will likely not make it very far. Having a mentor means that you can get over the difficulties and struggles to see things through to the end because you have some guidance along the way.

Get unbiased opinions from them

Mentors may provide some people with unbiased opinions about the things they are doing. We all have ideas that are interesting from time to time, but we may not know what to do with that creative energy. Is the idea a good one or not? Is it actually sustainable? These are questions that can only be answered by someone who provides honest and unbiased feedback.

A mentor is a person you can rely on when it comes to getting the feedback you seek. They provide insights about the ideas and thoughts you have that you may not have been able to think of yourself. Only when you hear those thoughts can you grow and expand on the ideas you previously had. Even better, when you have an idea that is not a good one, it is a great thing to have a mentor in your pocket who can tell you that.

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6 Great Professional Sites for Networking

By Nicholas Fainlight

On December 3, 2017

In Career, Nicholas Fainlight

No matter where you are in your professional career, networking is a vital part of ensuring success. Whether you’re looking for a new job, new employees, or advice, networking is the way to meet new people. Building an online presence and creating a professional look can be incredibly beneficial to your professional career, especially if you’re just starting out in your field.

LinkedIn

Obviously LinkedIn is the most obvious on this list. LinkedIn has almost 500 million members, so you know you’ll have the opportunity to connect and follow some of the most influential thought leaders from all over the world. This website allows you to fill in plenty of relevant information on your profile about your job and education history, any publications you’ve appeared in, and various other categories. There are also lots of sites that allow you to connect your LinkedIn, including lots of job search platforms.

Levo

While this website was originally started and directed toward young professional women, anyone can join and utilize it. Like LinkedIn, you can provide a variety of information about your professional and educational background, but there’s also more room for creativity and creating a unique look to your profile.

Beyond.com

This site isn’t nearly as large as LinkedIn, but it’s definitely useful when it comes to making connections and finding job opportunities. You can search positions by industry and also check out industry-specific content. You can make an account for free and enjoy many of Beyond.com’s benefits, but you can also purchase a monthly premium membership that features a few extra features.

Google+

You may have thought Google+ was not longer relevant, but for many industries, this website is their preferred platform. Whether you use Google+ as a social site or for more professional pursuits is up to you, but you can join various communities and contribute to collections on specific topics.

AngelList

This website is geared toward investors and those looking for investments, but anyone can join and use AngelList. If you have projects you’ve worked on and significant professional experience, AngelList is a great site to utilize.

Facebook

Facebook may be the last social network you’d expect to see on this list, but it can certainly be useful for networking. There are lots of groups and pages you can follow on Facebook that encourage networking, often for specific industries and niches. Take time to explore the groups and see what fits your professional career and interests. Just remember, if you’re using Facebook for professional reasons, make sure your profile is professional!