Greatvest Tools

We've all had those scary moments when we're cruising on the highway and suddenly realizing we're driving a little too close to the road's edge or another vehicle.  Emergency lanes and buffer zones are there for a reason. They provide drivers with extra room and a little time to correct themselves before something terrible happens.  Managing money is no different. To reach your destination safe and secure, you need the financial equivalent of seat belts and airbags in place. Do you know how you'd handle an unexpected medical emergency if it came up today? How many months would you be able to keep up with your mortgage if you were to suffer a layoff from your job next week? There's no such thing as an emergency-free life. And when inevitable troubles come up, you can't afford to face them without the shock-absorbing power that can only come from consistent budgeting, wise investing and a big, healthy emergency fund.  How can you tell if you might be living to...

  Technology has had a huge impact on the financial industry; it's completely changed how we spend and manage our money, as well as how we budget. What once used to require a trip to the bank can now be achieved almost anywhere through a few clicks on your mobile. We've gone from cheque books being an everyday essential to today's almost cashless society. While these changes have made managing our finances more efficient it has also raised some new challenges we need to be mindful of.  Seemless spending - the end of cash One of the most direct impacts technology has had on our finances is how we spend and use money. Cashless society We have over time, and in line with the evolution of technology, moved into an almost cashless society. We have seen trips to the bank evolve into trips to the closest ATM, to today where most transactions can be achieved through your closest device. The need for physical cash has become somewhat irrelevant, and through the COVID-19 Pandemic, ca...

 Life as we knew it came to a screeching halt because of the coronavirus pandemic. But now things are slowly starting to open back up again, and that means the quarantine and #QuarantineLife is ending for millions of Americans who have been cooped up in their homes for weeks. Some folks will be getting out of quarantine faster than others, but most states have already reopened or plan to start lifting some of those restrictions put in place to stop the spread of COVID-19 in the U.S.  What does that mean for you? Well, first of all, you're going to have to start wearing pants again. Bummer. But this is also a good time to take a fresh look at your financial situation. Here are six things you can do to get your finances back on track as you emerge from your quarantine cave: 1. Reassess your current situation. When this crisis began, you might have gone into "survival mode" and focused on taking care of your Four Walls -- that's food, utilities, shelter and transportatio...

 Saving 10% of your income every year, is recommended by Greatvest Tools, for everyone.  Why? Over and above paying for your regular living expenses and taxes, saving 10% of your income each year allows for the steady buildup of cash and other assets (home, investments, etc.) that will provide for your financial needs now and in the future.  One recent member was surprised when she received her plan and found that her first step was to top off her savings to 10% this year. We encouraged her to not get too worked up about it because she has two children in college at the time and her life was all about watching cell phone and other costs continue to hit on the monthly Amex bill. She said, "When I die, I want to come back as my kids!" The data shows that if we are careful and save 10% year year, we will significantly reduce the risk that we will not have the money we need in the future. She reported that she had already started to look at all those extra expenses -- the cab...

 College graduation marks the end of one stage in life and the beginning of a new one. The pursuit of a well-paying job and financial independence begins, and life takes on a new trajectory. One common hindrance fresh graduates encounter is the lack of proper financial management skills. This guide seeks to introduce you to common money mistakes you are likely to make and how to avoid them. 1. Rushing to own a home The moment you start getting a steady flow of income, the urge to buy a home becomes virtually irresistible. There is nothing wrong with early homeownership, but it is not a wise decision to rush into. It is costly, engrossing, and time-consuming. You want to be sure you have the time and the money to spend before committing.  2. Not creating a budget It doesn't matter how much money you make the lack of a budget can take a serious toll on your financial progress. You are more likely to indulge in impulse buying and conspicuous consumption, only to find yourself wit...

Credit cards are a few things. They're a means to an end in a tough time, they're a necessary tool for getting a job done (think renting cars or hotels rooms), and they can even help us travel more for way less when we use points and miles.  However, chances are those cards in your wallet carry perks you're not using to their full advantage. It can pay to read the fine print so that you can make sure that not only are you getting what you pay for, but you're not paying for things that you already get for free.  Fraud and Theft Protection Unfortunately, many of us have dealt with unscrupulous companies, faulty merchandise, package theft, or bait and switch operations at some point or another. If you pay for a product or service with a debit card or cash, it is unlikely that you'll get your money back if things go south. When you pay with a credit card, you have the ability to contact the card issuer and report unlawful or unjust behavior and get refunded. Almost all ...

 Credit cards, when used responsibly, can be a helpful tool that can help you come up with funds for unexpected needs such as a car repair, large appliance purchase or even to pay an unexpected medical bill, when savings are thin. But what are the signs of too much credit card debt, and what can you do once a problem is recognized? How much credit card debt is too much? It could be argued that carrying any credit card balances into the next billing cycle would be too much. After all, you go into a purchase deficit once interest fees are accounted for. However, that's not practical, and credit cards can serve a good purpose when used properly.  Instead of focusing on a set dollar amount, since we all have different financial scenarios and debt tolerance, we'll focus on how credit card debt currently makes you feel.  Similar to the smiley face to frowny face, with a scale of one to ten that you would see in a doctor's office, credit card debt can be viewed the same way. The...