Teach Me How to Money

Credit cards can be valuable financial tools, if you know how to use them correctly. They can also get you into serious trouble if you don’t. Learning the difference between healthy and unhealthy credit card use is key to having a strong financial life. And since credit cards often offer rewards and points that can be redeemed for travel miles or cash back, if you’re diligent, they can help you get the things you want, as well as  build your credit. Brianna McGurran*, a contributor to the financial site Nerdwallet, teaches us how to use credit cards properly so that they work for, not against us. The following are excerpts from McGurran’s recent conversation on Stash’s “Teach Me How To Money” podcast, with our editorial director Lindsay Goldwert, edited for clarity. 1. You should understand why credit is important. Credit is the thing that lenders look at before they issue you a loan or a credit card. It's your financial history--it's who you are as a person, in the financial world…[And determines] whether or not you can be trusted to borrow money or to pay something back on time. You [need credit] for anything from getting a mortgage to getting a credit card. You need credit history in order to get [a travel rewards credit card]. You also need credit, sometimes, to rent an apartment...Landlords will check your credit history, as it's sort of this proxy for how responsible you are. 2. Closing a credit card may not actually help you. Unfortunately, what happens when you close an account [is that] your average length of credit history goes down. Suddenly, all the history that you built up with that account goes away. So, your [credit history is] starting from the first day of your next oldest account opening. Also, say you have a credit limit of $2,000 on [the] card you closed, but the card you keep open has a credit limit of $1,000, and you have $300 of debt outstanding. Your credit utilization ratio now becomes higher because you have $300 in debt on a $1000 credit limit, instead of a $2000 credit limit...That ends up actually making it look like you have more debt compared to your credit line[s]. 3. Applying for credit will likely impact your credit score. There is a penalty if you apply for credit cards. A hard inquiry (when a potential lender looks at your credit history) on your credit report will affect your credit. Applying for a lot of credit cards over the course of a long period of time, you're just going to get dinged over and over...there's really no reason to [do it]. 4. There may not be a “best” credit card--so, look for the right card for you and your goals. We all get so many offers, letters, and ads...My advice is usually to ignore the offers and the letters, and only search for [a card] when you're ready for it. When you are ready to get a financial product, you are more likely to actually apply wisely and find something that is good for you. Think about your goals. If you're the type of person who travels a lot, a travel credit card that gets you rewards based on your spending could be right for you. If you're the type of person who, even if you travel a lot but you just can't be bothered with tracking rewards or knowing how the credit card works, a cashback [card] might be better. Or, if you really need to build credit, there are certain credit cards that are good for that. 5. Don’t forget about fees. It's important to see what fees are associated with every credit card, and every financial product in general. If you are interested in a rewards card, but it comes with an annual fee, you have to do the math to make sure that you're actually going to use enough rewards to offset that fee. [Remember]: There are some cards that do offer rewards with no annual fee. 6. A good way to potentially start paying off your credit card debt is with a balance transfer. The balance-transfer is a really good option for people who have a lot of credit card debt and want to j...

What was your New Year’s Resolution in 2018? Maybe it was to get to the gym more often or to eat more salads. Or perhaps you told yourself you’d put down your phone more often and read more books. But according to many surveys, including this one from Newsweek, financial resolutions are high on a lot of people’s lists. So why are they so hard to keep? On this week’s episode, Jean Chatzky, host of Her Money podcast and the Financial Editor at the Today show, teaches us how to make better promises to ourselves and make New Year’s resolutions that actually stick. Thanks for listening to Teach Me How To Money. Send us your questions at TeachMeHowToMoney@stashinvest.com. Don't have Stash yet? Just go to stashinvest.com/podcast and you can get $5 to get you started on your investment journey.    See acast.com/privacy for privacy and opt-out information.

A juice cleanse is supposed to reset your diet. Can a money cleanse reset your budget? Yes, says Ashley Feinstein Gerstley, a money coach and “financial nutritionist.” Gerstley, the author of the 30 Day Money Cleanse, believes that taking care of one’s money is similar to taking care of one’s body. It’s all about resetting and create new and possible habits, whether it comes to your weight or your wallet. But while crash diets can lead to failures, the same can go for austerity measures. Subtle changes can make a big difference over time. You just need to find the right balance. Thanks for listening to Teach me How to Money. Send us your questions at teachmehowtomoney@stashinvest.com and we'll try to answer them on a future episode. Don't have Stash yet? Just go to stashinvest.com/podcast and you can get five dollars to get you started on your investment journey.  See acast.com/privacy for privacy and opt-out information.

What does it mean to be a smart shopper? Here’s the thing: It’s not always being an extreme couponer, buying in bulk, or stacking your gift cards. Being a smart shopper can mean using technology to get discounts on things you need, buying sunglasses or winter coats at the end of the season, or avoiding being tempted by sale items (just because they’re on sale). In this episode, Trae Bodge, a shopping expert who has appeared on the “Today” show and “Oprah” talks about shopping lists, bad deals, smart strategies, avoiding aggressive ads, using credit cards wisely, and how to shop at big box stores without wasting your money. Thanks for listening to Teach Me How To Money. Send us your questions at Teach me how to money at stashinvest.com and we'll try to answer them on a future episode. Don't have Stash yet? Just go to stashinvest.com/podcast, and you can get $5 to get you started on your investment journey.  See acast.com/privacy for privacy and opt-out information.

We all need advice from time to time. But when do you need a financial advisor? There are financial advisors for everyone, from middle-class Joes to multimillionaire Jills. But how do you know if your advisor is serving your best interests? Trusting someone with your money is no joke. How do you know what to look for? Douglas Boneparth, the coauthor of The Millennial Money Fix, tells us what to look for in a financial advisor and what questions you should ask. Thanks for listening to Teach Me How to Money. Send us your questions at teachmehowtomoney@stashinvest.com and we'll try to answer them in our future episode. If you like what you're hearing, leave a survey on the iTunes Store, Stitcher, or wherever you listen to your favorite podcasts. Don't have Stash yet? Just go to stashinvest.com/podcast and you can get $5 to get you started on your investment journey.  See acast.com/privacy for privacy and opt-out information.

Being broke is no joke. Living paycheck to paycheck can cause a never-ending feeling of anxiety, a delay in planning for the future, and a fear of opening the mail (bills, collection notices, ack!). If you’re broke, can you ever fix it, for good? On this week’s episode of Teach Me How to Money, Kristin Wong, the author of "Get Money: Live the Life You Want, Not Just the Life you Can Afford", talks about the difference between being broke and being poor, paying your bills now, and the tiny habits that can turn your attitudes about money around for keeps. Thanks for listening to Teach Me How to Money. Send us your questions at teachmehowtomoney@stashinvest.com and we'll try to answer them on a future episode. Don't have Stash yet? Just go to stashinvest.com/podcast and you can get $5 to get you started on your investment journey.    See acast.com/privacy for privacy and opt-out information.

Got money anxiety? The panic isn’t all in your head. We all know that avoiding our finances can cause us serious stress. But did you know that there’s a specialized field of psychology to help you cope with your financial fears. A financial therapist can help patients cope with their anxiety and negative feelings around money, debt, and budgeting. And these feelings aren’t just mental. They can cause real physical symptoms. You don’t have to be “good with money” to get a handle on your money. This week, we have Amanda Clayman, a Los Angeles-based financial therapist and clinical social worker on the podcast. She talks about avoidance, anxiety, and how to dig out and start making real changes to your habits. Thanks for listening to Teach Me How To Money. Send us your questions at TeachMeHowToMoney@stashinvest.com and we'll try to answer them in our future episode. If you like what you're hearing, leave us your review on the iTunes store, Stitcher, or wherever you listen to your favorite podcasts. Don't have Stash yet? Just go to http://www/stashinvest.com/podcast, and you can get $5 to get you started on your investment journey.  See acast.com/privacy for privacy and opt-out information.

What do we want from our financial news? Just the facts, ma’am. If you get dizzy reading the daily onslaught of tweets, posts, and headlines, we get it. It can be hard to know what’s real and what’s an emergency? The media has a knack of making everything seem like a crisis. How can you stay cool but still be informed? How can we begin to follow the news when it can seem so overwhelming? Well, you can start with reading Stash Learn (shameless plug) or you can listen to Dan Primack, the business editor of Axios and author of the Pro Rata newsletter and podcast, where he offers his advice on how to get started reading business and money news and where to start. Dan talks fake news, analysts, taking the long view, and how to get started learning about financial news. Thanks for listening to Teach Me How to Money. Send us your questions at teachmehowtomoney@stashinvest.com, and we’ll try to answer them on a future episode. Don’t have Stash yet? Just go to StashInvest.com/podcast and you can get $5 to get you started on your investment journey.  See acast.com/privacy for privacy and opt-out information.

You went to college. You took out the loans. Now you’re struggling to pay them back. How are you supposed to build a future when, straight out of the gate, you’re buried in student debt? Student loans are a trillion-plus dollar problem in the US. But that doesn’t mean you have to have the weight of Fort Knox on your shoulders. There are options that you may not be aware of when it comes to dealing with your student loan debt. There’s refinancing and consolidation. But what do those terms even mean? Who do you trust? What does all the fine print mean? And how can we make better financial decisions about our continuing education? On this week’s episode, Vince Passione, the founder and CEO of LendKey, teaches us all about student loan refinancing. Send us your questions at teachmehowtomoney@stashinvest.com, and we'll try to answer them on a future episode. Don’t have Stash yet? Just go to StashInvest.com/podcast and you can get $5 to get you started on your investment journey.  See acast.com/privacy for privacy and opt-out information.

Budget travel doesn’t have to mean staying in student hostels, eating fast food, and living out of your backpack. And you don’t need to know “secrets” to get the best deals. Traveling on a set budget requires planning, flexibility, and a little savvy. There are a lot of ways to vacation within your means without sacrificing quality--or getting suckered by a bad deal. Holly and Greg Johnson, the founders of the budget travel blog Club Thrifty, left their jobs in the funeral industry (really!) to embrace the joys of global adventure. Holly shares her tips, hacks, red flags, and all the ways she learned to follow her dreams while taking her family around the world Thanks for listening to Teach Me How to Money. Send us your questions at teachmehowtomoney@stashinvest.com, and we'll try to answer them on a future episode. Don’t have Stash yet? Just go to StashInvest.com/podcast and you can get $5 to get you started on your investment journey.  .  See acast.com/privacy for privacy and opt-out information.

You don’t have to be in the military to learn valuable lessons about discipline and risk. That said, the military can offer a lot of insights in how to invest for the long-term. Think about it: The military trains you to identify a desired objective, implement a plan to achieve it, and launch a mission to enact that plan. When it comes to investing, the lessons are similar. Your objective is to build a portfolio that will help you achieve the goal that you’ve set at the specific time in the future (think retirement, a down payment on a home, or a college fund). To achieve it, it starts with planning and then following through. Keep your eye on your objective and don’t let emotions get in your way. That’s good advice for everyone. Zach Iscol, the CEO of Task & Purpose, knows a lot about managing one’s money and career after a life in the military. He talks career, investing, and all the ways that getting one’s money life in order is more of a marathon than a sprint to the finish line. Thanks for listening to Teach Me How to Money. Send us your questions at teachmehowtomoney@stashinvest.com, and we'll try to answer them in our future episode. If you like what you're hearing, leave us a review on the iTunes store, Stitcher, or wherever you listen to your favorite podcasts. Don't have Stash yet? Just go to stashinvest.com/podcast and you can get $5 to get you started on your investment journey.  See acast.com/privacy for privacy and opt-out information.

Not sure when to have the “big money talk” in a relationship? Here’s the thing, you should consider having little money talks all the time. And while the thought of talking about credit scores and savings strategies on a first date may make you want to call for the check and run for the door, you can start picking up context clues very early in a relationship. These clues can give you an idea of whether or not you might be financially compatible with someone. After all, money changes everything, especially love. Who makes more money? Who pays the cable bill? To have or not having a big wedding or put money toward expensive vacations? We all enter relationships with some financial baggage, real or emotional. How you handle it as a team can really make a difference in making love last. Everyone has their own financial style and it can help to find someone who matches (or compliments) yours. On this week’s episode of Teach Me How To Money, Erin Lowry, author of Broke Millennial: Stop Scraping by and Get Your Financial Life Together, talks bills, debt, engagement rings, and more. Don’t have Stash yet? Just go to StashInvest.com/podcast and you can get $5 to get you started on your investment journey.  See acast.com/privacy for privacy and opt-out information.

Ah, your 20s. You’re young, you’re enthusiastic, and yeah, not making a lot of money. Unless you’ve got a trust fund or lucked into a high-paying job right out of college, your 20s can be a time of cheap dinners, roommates, and the feeling like you’re going to be broke forever. In our 20s, our lifestyles are in flux. Our rent, debts, relationships, and salary at 21 might not work for us at 29. Here’s the good thing: Because you’re young, you can be open-minded about changing your financial habits. The older we get, the more locked-in our fears and ideas of what our budgets should be become. Taking care of your money when you’re young won’t just prepare you for retirement. It can pay dividends every day of the year. This week, we have the first in a series of two episodes from Erin Lowry, the author of ‘Broke Millennial: Stop Scraping By and Get Your Financial Life Together.’ She offers real tips and tricks (think cash diets, curbing emotional spending) to help you get your money together in your 20s and beyond. Thanks for listening to Teach Me How to Money. Send us your questions at teachmehowtomoney@stashinvest.com, and we'll try to answer them on a future episode. Don't have Stash yet? Just go to stashinvest.com/podcast and you can get $5 to get you started on your investment journey. Stash, it's your money simplified.  See acast.com/privacy for privacy and opt-out information.

You took out student loans. You graduated (or didn’t) from college. Now you’ve got bills to pay and you wonder if you’re ever going to get out from under it all. Student loans are a big part of our post-graduate financial lives. And a lot of us didn’t plan on how we were going to pay them off when we took out those loans when we were seniors in high school. How are we doing at paying off our student loans? According to a recent study issued by the Federal Reserve, while most borrowers are current on their payments or have successfully paid off their loans, those who failed to complete a degree and those who attended for-profit institutions are more likely to have fallen behind on their payments. Here are some more sobering stats from the Federal Reserve: - Over half of college attendees under age 30 took on debt to pay for their education. - Among those making payments on their student loans, the typical monthly payment is between $200 and $300 per month. - Nearly one-fourth of borrowers who went to for-profit schools are behind on their loan payments, versus less than one-tenth of borrowers who went to public or private not-for-profit institutions. On this week’s edition of Teach Me How to Money, college financing expert Jodi Okun offers us real talk about how we can manage our student loan debt while still building our financial futures. Thanks so much for listening. Send us your questions at TeachMeHowToMoney@StashInvest.com, and we'll try to answer them on a future episode. If you like what you're hearing, leave us a review on Apple Podcasts, or wherever you listen to your favorite podcasts. Don't have Stash yet? Just go to StashInvest.com/podcast and you can get $5 to get you started on your investment journey. Stash. It's your money, simplified.  See acast.com/privacy for privacy and opt-out information.

We’re getting back to basics. We’re talking funds, diversification, and all things that can go into your portfolio.  In this episode, we talk about mutual funds, index funds, exchange-traded funds (ETFs). What do those terms even mean? If you’re new to all this, relax. Our very own senior financial writer Jeremy Quittner is here to explain it all. We also tackle active vs passive management, diversification, and why you never want to put all your eggs in one basket.  Don’t have Stash yet? Just go to Stashinvest.com/podcast and you can get $5 to get you started on your investment journey.  See acast.com/privacy for privacy and opt-out information.