Greatvest Tools

Throughout school, students learn advanced mathematical and chemical equations, American history, art, music and English. But most Americans never learn how to properly manage money. Debt is an accepted part of most people's lives. Thirty percent of Americans have no long-term financial plan. Some have a tendency to spend money when and where they want with the mindset that will pay it back later. The widespread financial illiteracy this country faces is the biggest failure of the U.S. education system. A bill - SB 808 - was introduced Jan. 8 to the S.C. state legislature that would require universities to provide a financial planning course for all athletes. So let's expand this idea to all high school students, where all students would be required to have a personal finance course credit to graduate. Wando already offers personal finance classes, which students can choose to take. All students graduating from a S.C. public school must pass on economics class so they ...

Ready to finally tackle that debt? Here are some insider tips from an expert. And remember, no matter how bad you think it is, there is always hope. Every journey starts with the first step. Make A Battle Plan Start with looking at exactly how much you owe, says Accredited Financial Counselor Laura Walton. "A lot of times I talk with people who are feeling totally discouraged, but once we sit down and look at the numbers, it's not so bad." Write down all of your expenses and income. Then determine how much money you can set aside each month to pay off debt. If you can only make minimum payments, then that is your plan. If you have even $10 extra a month, put it toward your debt. "Written plans are generally more successful than plans that are just in your head," says Walton. "Plus, once you have it in writing, you don't have to constantly rewind the problem. As long as you stick to your plan, you know you're going to be okay." Fina...

On warm summer weekends, people are advertising yard and garage sales in neighborhoods across America. It can be hard to drive anywhere this time of year without seeing a sign posted on a telephone pole or hung up on the local community board. And there is good reason -- summer is a great time to clean out your home and possibly make a profit in the process. Decluttering can be stress relieving, and bringing in extra cash can help you reach upcoming financial goals (a vacation, perhaps?). Follow these steps to help you get started. Clear out the excess. This may be the toughest part of the process - identifying items to possibly sell. Try tackling one room at a time and sorting through all the clothing, kitchen gadgets, books and tchotchkes, asking yourself if you really need each piece or if you have used it in the past year. If the answer to either question is no, you've found a good candidate. Sort items into three categories: Trash - These are items in poor condition ...

Aside from cooking, if there's one important lesson I learned from my parents it would have to be about budgeting. I grew up in a large family of 6, and we enjoyed delicious home cooked Vietnamese dishes, so I've had my fair share of trips to the Asian market to pick out the dinner ingredients. We couldn't always get the pre-packaged American snacks from the commercials, but now that I think about it, learning those lessons about budgeting for our family really came in handy for me now that I'm a parent - way more handy than any fun snacks or juice boxes would have been! With twin teens, a hungry husband, and now my parents in my household, budgeting is still important when it comes to food, except now it seems easier. My parents might have taught me how to balance a checkbook, but those days are long gone because now I've been using software to balance everything and track my spending. I love how my expenses are automatically categorized and I can even set go...

Compound interest sounds pretty fancy in the world of financial planning, we often talk about how earning interest on your money - either through a high-yield savings account or through investing -- can be a game changer as you try to grow your wealth. Even though compound interest might seem complicated, or unattainable, the truth is that it is a benefit that anyone can take advantage of if you start saving now. How Does Compound Interest Work? Compound interest is actually more straightforward than most people realize. That best analogy I've heard goes like this: Picture you're standing at the top of a hill, and you've just made a snowball. The snowball is pretty small at first. In fact, it might not even make an impact when you go to throw it at your husband (sorry, Brian!). But what would happen if you took that snowball, and started rolling it down the hill? With every revolution, the snowball would pick up more snow. The bigger the snowball gets, the more s...

Budgeting Isn't Glamorous (But You Will Be) Let's face it. Budgeting does not sound very glamorous. But creating a budget will slow you to get your spending on track to reach your financial goals. We know you want to live your best life, and a budget can help get there. Set Your Priorities Everyone has different values when it comes to their finances. Your values will change throughout your life depending on experiences and personal circumstances. Now that you know what values drive your spending decisions, it's time to create your budget. First, make note of your after-tax income. This is how much money you have to work with when planning your monthly budget. Then, subtract your fixed expenses, such as your rent or mortgage, utility bill, cellphone bill, credit card bill, student loans - whatever is applicable. Next decide how much money you are willing to put towards your financial "wants," including money for food and entertainment. Consider putting ...

You know when you need to save money. You try to look for the best deals. But are you really going about it the right way? Maybe not. In a new CNBC and Acorns Invest In You Savings Survey, a majority of respondents fell for this trick question: Would you rather get 10% off a $100 item or drive five miles out of your way and get 20% off a $50 item? Of those polled, 51% chose going out of their way for what they thought was a better deal. However, the savings were the same. Females were more likely to go for the 20% savings, with 55% of them choosing that option, versus 50% of men. The number was higher for single women who never married. Financial psychologist and certified financial planner Brad Klontz said people tend to make money decisions from their emotional brain, not their rational one. "We have a very hard time understanding and being motivated by abstract ideas," he said. So when you start throwing percentages around, "it's really easy for use to make a dumb...