The Millionaire Next Door. In this newly updated book, authors Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D. attempt to debunk the myth that most American millionaires have inherited their wealth. They even go as far as to identify seven common traits that are shared among many of those who have accumulated significant wealth. By demonstrating how hard work and smart investing have made millionaires out of average Americans, this book shows us that we too can be among the ranks of the wealthy. The book makes for a very interesting and motivating read.
If your credit card issuer calculates your balance using the average daily balance method, tou can minimize your finance charges by paying your balance down earlier in the billing cycle. The daily balance method is similar to the average daily balance method because it uses the balance each day of your billing cycle. Instead of averaging the balance, each day’s balance is multiplied by the daily rate for a ”daily finance charge.” Each day’s finance charge is totaled for the finance charge for that billing cycle.
Are arguments about money affecting your relationships? So whether you are deeply in debt, financially comfortable, or already wealthy, this book can transform your relationship with money and may transform your life. The Family CFO: The Couple’s Business Plan for Love and Money. Co-authors Mary Clair Allvine, CFP (who is a Certified Financial Planner) and Christine Larson (a journalist) take financial concepts familiar in the corporate world and bring them into the family household.
Because there are so many finance magazines on the market, selecting the right ones to read regularly may seem daunting. I have compiled a short list that will get you headed in the right direction on your path to mastering the basics of investing and personal finance. Spend a few hours per month and you’ll pick up knowledge at a fast pace. Browse through the selection below and find one that fits your reading style.
If you want to calculate your own finance charge, you have to know your credit card balance for each day of the billing cycle. While your credit card statement won’t list each day’s credit card balance, you can use your statement (or your online transaction log) to figure out the balance. Start with the balance at the beginning of the billing cycle. Then, add or subtract from the balance each day you have new transaction. Let’s say your APR is 12% and your billing cycle is 25 days long. You started the billing cycle with a balance of $100. On Day 4, you made a $100 purchase. On Day 20, a $25 payment was credited to your account. Your daily balance for each day during the billing cycle would be: Day 1 – 3: $100. Day 4 – 20: $200 ($100 purchase). Day 20 – 25: $175 ($25 credit)
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