No Money, No Marriage? Mary’s Solution
Posted by Mary Caraccioli | Filed under Videos
Check out this sneak peak of an upcoming episode of my show “We Owe What?” on ABC’s LiveWell TV. This episode had our entire crew holding back the tears!!
Tags: caraccioli, money confidante, we owe what
Doubling Your Money
Posted by Mary Caraccioli | Filed under Confidence Project, Lifestyle
I had the chance to play teacher for a few days with a terrific group of middle schoolers. What did I teach? You get one guess. Yep- money! While keeping the attention of 6th and 7th graders was a real lesson for me- I also discovered how interested this age group really is in figuring out how to earn, grow and save money.
Today I want to share the lesson they loved – Doubling Your Money using the The Rule of 72.
A long time ago a math wiz discovered that if you use the number 72 in certain mathematical equations, you can figure out two things:
• How long it takes to double your money
• What interest rate you need to double your money
Creating the Rule of 72. BTW you don’t have to be a genius to put these equations to work for you. But if you like equations- here they are!
72 ÷ interest rate = the number of years it will take to double money
OR
72 ÷ the number of years you want to double your money = the interest rate you need
You can use these equations with whatever the going interest rate is. And, you can use the answer to figure out how to double any amount of money.
Examples:
Dividing 72 by the interest rate
72 ÷ 4 (the interest rate) = 18 (years)
At a 4 percent interest rate, your money will double in 18 years.
If the interest rate is 8 percent, how long will it take for your $50 to double?
72 ÷ 8 (the interest rate) = 9 (years)
So you can see, the higher the interest rate, the faster your money doubles.
I know what you are thinking, “I have to wait 18 years to turn my $50 into just $100? Seriously!”
Chances are you’re going to save a lot more than $50 over the course of 18 years. Each time you make a deposit into your account, it, too, will double in value in 18 years if it earns 4 percent interest.
Ok, let’s use the second equation to find out what interest rate we need to double our money. Again, you can use any amount of money. In my example below, we used $50 again.
So you want your $50 to double in four years so you can use it toward college expenses. What interest rate will you need to double your money?
Example:
Divide 72 by the years in which you want to double your money.
72 ÷ 4 (years) = 18 (the interest rate)
You think, “Wow, 18 percent is pretty high, I don’t think I can earn that rate right now.” So you decide to wait 8 years for your money to double. What interest rate do you need now?
72 ÷ 8 (years) = 9 (the interest rate)
You need 9 percent interest to double your money in 8 years.
Tags: caracioli, money confidante, rule of 72
Allowances: Do’s and Don’ts
Posted by Mary Caraccioli | Filed under Videos
So many of the parents I speak with are looking for ways to educate their children about finances. My favorite way to get the family talking about money is to create chores tied to allowances. Giving your child an allowance allows you to determine the flow of cash in your household. It is a very powerful tool – so I encourage you to use it, but use it wisely.
Tip: If chores are done well, then give the allowance, even if your child misbehaved in another way. Deal with the behavior issue with a separate response or punishment.
For more on chores check out this video
http://maryandmoney.com/videos/kids-and-money-structuring-chores/
Kids and Money: Structuring Chores
Posted by Mary Caraccioli | Filed under Videos
My do’s and don’t for chores. They are a great way to teach kids how our economy works- if you structure them the right way. Here are a few of my tips. What money lessons work in your household?
Tags: caraccioli, chores, money confidante
What Hiring Managers really Want
Posted by Mary Caraccioli | Filed under Videos
Okay- you landed the interview- now what? How do you make sure you win over the hiring manager? The best answer is to understand what they are really looking for and make sure you show off those skills and attributes in the interview. Understanding how they look at you will give you a better opportunity to close the deal.
Tags: impressing hiring managers, money confidante
Great Design – Better Pricetag
Posted by Mary Caraccioli | Filed under Videos
I cannot wait for the flowers to grow, the trees to bloom and the birds to sing once again. I am over winter. Really over it. Winter has taken its toll not just on my mood- but on my home. It is shabby without the chic! So I turned to some pros to get some great design ideas that are priced right. I loved their tricks of the trade. Share your ideas with me too!
Tags: budget room makeover, money confidante, room design
Don’t Call Me Rich! Why Women Are Afraid of Money
Posted by Mary Caraccioli | Filed under Videos
As a woman working to make ends meet and to raise a family, I understand the challenges and the relationship between the two. That is why I have a personal commitment to help other women become more financially fluent and responsible. Having a money smart mom, helps all of society because she will teach her children. But to have the breakthrough- you have to want to learn. For the money student it needs to be a “want” not a “should.”
Before that “want” can take root I have discovered that women need to work through some money myths first- otherwise the life change will never really take hold. This story is a good start. Stay tuned- there is more to come.
Tags: confidence project. women money myths, money confidante, money myths
Paycheck to Paycheck: The New Normal
Posted by Mary Caraccioli | Filed under Confidence Project, Featured, Lifestyle
My job takes me around the country talking to people about their financial health. What I have heard over and over is that there is nothing left at the end of the month. No matter how big or small the paycheck- most families couldn’t stay afloat financially if they lost just one week’s pay.
Today new statistics reaffirm what I have seen; more than four in 10 Americans are living paycheck to paycheck and nearly one in 10 doesn’t earn enough to pay for essentials. The study done for Allstate insurance by FTI Consulting, also revealed 8% of Americans don’t have enough cash to make it through the month. They can’t afford everyday essentials.
So 41% of us live from one paycheck to the next- that is where we are in this country. How we got here is important, but it is a story for another day. Today I want to address the reality of this new normal.
If you find you are part of the 41% here are some steps you can take immediately to start changing your situation. Read the rest of this entry »
Tags: money confidante, paycheck to paycheck
Your Questions: Family Money Strategy
Posted by Mary Caraccioli | Filed under Videos
If you want to improve your family’s bottom-line the best way to do it is- as a family. Here is why.
If you have a question for me – hit the comment button or the contact button at the top of the page.
Tags: family money, money confidante
What is the Best Time to Buy?
Posted by Mary Caraccioli | Filed under Budget, Featured, Lifestyle
When I was growing up my dad worked for a popular department store. He taught me that there was discount season for everything. Bed linens were discounted in January white sales. Winter coats were marked down in February, etc. From that exposure I learned that if I wanted to get the best deal, timing is everything. Here are just a few
Smartphones: If you are patient you can save 30-60% new model smartphones by not rushing to buy the latest model. With the exception of Apple, most smartphones drop in price by at least 30% within 6 months after being released. The less-than-hot sellers dropped about 60%. If you want an Apple product the best time to get a deal is just after a new model is released. After the iphone 5 was released the iphone 4s could be found for $99.
Laptops: Computers are cheapest on Mondays, when manufacturers apply their rebates. Also do some shopping in August when back to school sales are available and manufacturers and retailers off some of their best deals of the year. April is another great month for laptop deals. It could be they are looking to get some tax refund dollars. Whatever the reason you can save hundreds of dollars.
Golf clubs: The best time to save big on a set of clubs or replacement clubs is in June and July. The start of the season means last years models get marked down- sometimes as much as 50%. 2nd best- the holiday shopping season. Big holiday markdowns plus retailers desire to shrink end of season inventory – can often result in big savings from 25-60% if you combine deals (markdowns plus store coupons).
Major home repairs like new roofs or furnaces: The number one answer is to make home repairs when you are not experiencing an emergency. That is when you can shop around for the best product at the best price. For HVAC updates consider having your systems changed in Fall or Spring before the busy seasons of Winter or Summer. Once you know what kind of system you want do an online search of the manufacturers for coupons or rebates and also ask the installers if they are offering any specials. When you aren’t in a pinch you can ask for a deal.
Boats: The boat show season is in February. That is when the new models are unveiled. It is a great place to climb aboard and get to know what you like. But you may want to hold off buying for a few more weeks. Soon after the shows wrap up- the dealers are looking to clear out last year’s models to make way for the new vessels. That is when you can sail off with quite a bargain for last year’s model.
RVs: Most RV trade shows happen in the first quarter. The shows may be a time for you to strike the best deal. But most experts suggest if you are new to RVing consider renting or buying second hand to save the most. Make sure you are mindful of the added costs of RVing from fuel to hook up and fuel costs.
Digital cameras: Look for black Friday and cyber Monday deals for some big savings offered by retailers and e-tailers. If you missed out on those deals you get a second chance in January when new models are released during the Consumer Electronics Show in Las Vegas. Last year’s models will drop 20-30% as retailers make room for the new models.
Toys : The best time of year to get deals on toys in the holiday shopping period which runs before Black Friday (early November) straight through New Years Day. You can even sign up for email notification of flash deals from big retailers like ToysRus. The flash sales can be as much as 40-50% off.
Plants/landscaping/garden supplies: The best time to buy supplies is often in clearance after the growing season (November thru January). But the best time to plant is April-May and September-October. The best deals for plants come just before those seasons and right at the end.
Cruises: April is a good month to get off-season deals on cruises. It is not a big vacation month so often last minute deals saving you 35-40% off your trip are available.
Airline tickets: If you are buying tickets for Holiday travel- the best time to buy is September. But for other times of year- Wednesday at midnight great last minute deals are released by the airlines. These are worth monitoring as they can shave hundreds of dollars off of a roundtrip ticket.
Mattresses: New Mattress season is in the summer so just before that in May you can often find the best deals on Mattresses- you maybe able to save as much as 40%. Tip: Know exactly what you want before you start comparing prices to make sure you are really getting a deal- not just a lesser model.
Exercise equipment: January is when you will find the bets deals at the big box and fitness specialty stores as they try to take advantage or New Year’s resolutions.
You can make anytime the best time to buy virtually anything if you give yourself time to shop around and get a strategy. Much of that shopping can be done from the comfort of your home using the internet to compare prices. Lastly, don’t forget to check into store coupons. Once I narrow down the stores that have the best price for what I want- I check to see if they have online coupons or if they put out weekly circulars. Often I get an additional 10-20% off of my purchase for my efforts.
Mary Caraccioli is a money expert and host of LiveWell TV’s “We Owe What?”
Tags: money confidante, when to buy
