Friday | September 7 | 2018

UniFi

UniFi thinking about the day we pay off our student loans...

Debt Free me.png

MARKET WATCH:
*Market indexes are the value of certain stocks which represent the overall stock market. Learn more here.*

S&P 500  (Standard’s & Poor 500): Made up of the 500 most widely-traded stocks in the U.S. -10.55 (0.37%).

This week the bull is still running, but the market’s been fairly stable compared to previous weeks.

IN THE NEWS:

Nike Inc. ruffled some political feathers this week with a new dreamer ad campaign featuring Colin Kaepernick, the National Football League quarterback that led the national anthem protests. Kaepernick has become quite the political target, and Nike is taking fire from Trump’s Twitter for their sponsorship choice. Nike shares dropped 3.2% on Tuesday following the controversy. Don’t take a knee yet though - the campaign has earned the big swoosh nearly $163 million in ad exposure already. No matter who’s keeping score, it looks like Nike’s in the lead.

In other news, where can you buy the running shoes Amazon is wearing? This week they became the second company ever after Apple to be valued at $1 trillion, and they’re moving fast. Really, really fast - the iPhone innovators took nearly 6 months to grow from $9 billion to $1 trillion. In that same time frame, Amazon grew from $6 billion to $1 trillion (talk about being fast and furious). The valuation was based on market value, or the current stock price times all the stocks Amazon has in the stock market. Tuesday when they broke the $1 trill mark, Amazon’s stocks were topping $2,050 each. For those crunching numbers at home, the Zon is worth Walmart, Costco, and Target’s market value combined. Bezos claims the success is due to focusing on keeping investors happy long term and to their forays into health care and grocery delivery. Well, that and lots and lots of toilet paper deliveries.

MONEY TRICKS ANYONE CAN TRY:
*Do you have money tricks to add to the pile? Drop us a line.*

Cash Envelopes: Are lattes destroying your budget? How about 24-hour Target sales? We can help you out. For those sticky budget items that always seem to take over, try cash budgeting. Figure out how much you want to spend on each item, and then pull some cash from your account at the beginning of the month. Make an envelope for coffee, and one for clothes or eating out. Put the cash in and when you run out of cash, that’s it! Time to put your spending on hold, catch up on old Netflix favorites, and wait for the next month to roll around.


LEARN IT:

DEFINITION OF THE DAY

Minimum payment: This is the amount of money you have to pay each month on bills or loan payments. You can find this amount on your credit card statement or on your loan payback dashboard.

Do you ever catch yourself fantasizing about a debt-free life? Maybe you’d drive a Lamborghini, finally visit Europe, or just sleep a whole lot easier? We can’t pay off your debt (sorry, peeps) but we can give you some strategies for how to make managing debt a smidgin less stressful.

  1. Always pay your minimums on time. This gets tricky, we know, but it’s a great place to start with paying off debt. Paying on time saves you money on expensive late fees and improves your credit score (which will save you money down the line).

  2. Make a snowball…The debt snowball is a popular method for tackling debt. The idea here is that paying off debt suuuuucks, but if you pay off your smallest debt first, you will feel like a debt-ninja and be motivated to tackle the next beast.  Here’s how it works: (1) List your debts from smallest to largest, not including your mortgage, (2) Make minimum payments on all your debts except the smallest, (3) Pay as much as possible on your smallest debt, aaaaand (4) Repeat with each debt until they’ve all melted away.

  3. Or an avalanche. The only problem with the debt snowball is that it doesn’t pay attention to interest. Interest is the amount you get charged monthly by the bank or credit card company just for taking out the loan. The avalanche method says that any extra money you have once you pay your minimums should go into whichever debt has the highest interest rate. As long as you stay motivated, this will save you the most money in the long run. The key is to figure out which snow-themed method will keep you motivated and focused on paying off debt.

  4. Mind your investments. We know - we just spent paragraphs talking about debt. But sometimes, if you’ve already paid your minimums, it’s better to put extra cash into your retirement and other investments than it is to pay down debt. If you can get a better return by putting your money in the stock market, it may make more sense to do so. You can read more here.


YOUR TURN:
*This section is not sponsored by any third parties. These are our pure, honest opinions on what we think is easy and works best!*

Want to see how long it will take you to pay off a debt? Check out this calculator that lets you put in the amount of money you owe, the interest rate, and the monthly payment you want to make. It will then tell you how many months (or years) it will take you to get it fully paid off. Still overwhelmed? Take a peek at free resources in your area. If you google “free credit counseling [city you live in]” chances are you’ll discover a nonprofit in your area that can help you get out of debt.

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