Dear Dad: “You Never Know Why God Sends You To A Place” | Book of John Gray | OWN

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Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Dear Penny: Should I Pay Off My Credit Card if That Means Saving Less?

Dear J.,

A new depressing stat seems to surface every day about how we’re all one check-engine light or root canal away from financial implosion. And with the scary numbers, the message is always the same: Just. Keep. Saving.

So I get why you might feel pressure to prioritize saving above any other financial goal.

But here’s what we often neglect to talk about when it comes to saving money: It’s entirely possible to save too much of it. If you’re charging basic needs like groceries to a credit card in order to save, it’s costing you money in the long term.

To understand why, let’s start with your last question: Is there a benefit to carrying a balance? In short, no. When you carry a balance beyond an introductory no-interest period, your credit card company is the only one that benefits.

There is a claim in credit card land that carrying a small balance from month to month boosts your FICO scores. But this is pure myth. One of the best things you can do for your credit score is to pay off your balance in full each month.

So while there’s no benefit to carrying a balance, there’s a high cost. Average credit card interest rates are more than 17%. By comparison, the average annual return for the S&P 500 when adjusted for inflation is just 7%. And savings accounts? They earn a pitiful 0.09% in interest on average nationwide.

That means every dollar you put on a credit card is costing you more than you’d earn if you invested it or saved it.

But the good news is that your commitment to saving shows that overall, you’ve got your financial act together. The fact that you’re saving so much suggests that you have room in your budget to cover your expenses and have money left over to save.

You don’t need to pay off your balance overnight, but your top priority should be to keep it from creeping any higher.

Start by figuring out exactly how much you’re earning, spending and saving each month. Since your combined spending and saving will probably be higher than your earnings, you’ll have to cut back until they’re equal.

Assuming you’re not spending money on a twice-daily UberEats habit, Tinder Gold, a Dog Lady subscription box or any similarly frivolous vice, you might need to cut back on saving, at least temporarily. And that’s OK.

Keep contributing to your 401(k) to get your company’s match. That’s a no-brainer, because it’s free money. But you might want to limit your contribution to that amount for now.

If you have a healthy emergency fund — three to six months of living expenses — consider using the amount you typically put in savings to pay off your balance. Or you could scale back on your Roth IRA contribution for now.

Remember: This is only temporary. But getting your credit card use in check now is one of the best investments you can make in your financial future.

Have a tricky money question? Write to Dear Penny and you might see your question answered in an upcoming column.

Robin Hartill is a senior editor at The Penny Hoarder and the voice behind Dear Penny.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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Dear Penny: I Paid Off My Debt With a Loan. Should I Do It Again?

Dear J.,

People who are working to pay off debt have two experiences over and over: They second-guess their actions up to this point, wondering if they’ve done the right things. Then, they have a nagging feeling that they should be doing much more to improve their finances.

You’re feeling both of these at the same time, and they’re eclipsing the fact that you did something very right: You consolidated your debt under a lower interest rate and made a plan to pay it off for good.

But seeing the impact of your good choices can be difficult when it comes to the ever-fluctuating world of credit scores.

Let me give you an example from my own life to show you why I think slow and steady wins this race.

A few months ago, I took out a personal loan to consolidate some credit card debt that had ridiculously high interest rates. When my first credit card got marked “paid off” by the credit bureaus, my credit score increased by 17 points. When the second credit card showed it was “paid” a few weeks later, my credit score went up another 12 points.

Then, more than a month after I opened that personal loan to take on the balance, it showed up on my credit report… and my score dropped 18 points. I ended up right where I started.

Will I regain those points once I pay down a significant portion of my personal loan? Sure. Does everyone hate seeing a score they know could be higher? Totally.

Those credit score fluctuations have the potential to control your mood. And thanks to the online tools that have made it increasingly easy to see and understand our credit score on a regular basis, it’s tempting to fixate on our scores. Instead of focusing on our payment history and overall credit health, we’re panicking about that magic number.

A better plan for you: Stay the course with your current loan and strive to pay it off early. Instead of constantly trying to rearrange your debt, focus on tackling the balance and getting it out of your life. Doing so will have the greatest long-term impact on your credit score and your financial health.

You’re already well on your way.

Have a tricky money question? Write to Dear Penny and you might see your question answered in an upcoming column.

Lisa Rowan is a personal finance expert and senior writer at The Penny Hoarder, and the voice behind Dear Penny.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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Dear Dad: John’s Revelation on Resurrection | Book of John Gray | Oprah Winfrey Network

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http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

CHARITY UPDATE :

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Dear Dad: What Do You Do When Life’s Just Not Fair? | Book of John Gray | Oprah Winfrey Network

OWN

SPECIAL NEWS BULLETIN:

http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

CHARITY UPDATE :

Click today to request your free ACRX discount prescription card and save up to 80% off of your medicine!

SPECIAL DONATION REQUEST UPDATE:

Please help American Consultants Rx achieve it’s biggest goal yet of donating over 30 million discount prescription cards to over 50k organizations in an effort to assist millions of Americans in need. Please click here to donate today!

Dear Penny: I’m a Saver. My Wife Is a Spender. How Do We Manage Our Money?

Dear A.,

I’m sure some people reading this column will say, “Why didn’t you talk about this before you got married?” But you probably did — to some extent.

Once you settle into life as a married couple, though, you can more clearly see how intertwined finances become, and where the missing puzzle pieces are supposed to go.

When we talk about money with a partner, we have a tendency to get caught up in the nuts and bolts of budgeting without really understanding the values underneath. Naturally, your upbringing comes into play, but it’s only part of what influences your financial priorities.

Your childhood experiences can help you identify how you tend to manage your money, but they don’t always explain your motivation for sticking with those ideas instead of breaking away from them as an adult.

When you carry ideas from childhood into your adult life, you need to think about your motivation, and resist the urge to operate on autopilot. Saying, “This is the way I was raised, so it’s obviously the best way to go about it” rings a bit hollow, doesn’t it?

Going one layer deeper can take you from simply trying to get all the bills paid on time to understanding what principles and priorities truly drive your financial choices.

Neither of your approaches to money are necessarily wrong. The problem is that you don’t agree on which approach to take when it comes to balancing saving and spending. You’re on opposite sides of the spectrum right now, but can you identify any financial goals you agree on?

Try to find one or two goals to focus on together, rather than struggling to be a unified front across the board. And that may mean letting go of the rest — or deciding to uncouple some of your financial accounts. Not every couple combines every one of their accounts or splits all expenses down the middle.

It may be easier to achieve her desire for autonomy and your desire for control — if that’s actually what’s driving each of you — if you rethink how you’ve intertwined those ideals.

Have a tricky money question? Write to Dear Penny and you might see your question answered in an upcoming column.

Lisa Rowan is a personal finance expert and senior writer at The Penny Hoarder, and the voice behind Dear Penny.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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Dear Penny: Can We Use Our Emergency Fund to Become Debt-Free Faster?

Dear A.,

I have one big thought, and I’m considering the best way to convey it to you. Maybe I’ll send a box of glitter to your doorstep that has a note at the bottom: “NO.” Or maybe I’ll buy some of those big gold letter balloons you see on Instagram and bring them to your house. I’ll be smiling, but the balloons will spell “NO.”

I’m being hyperbolic, but it’s because I’m so excited about your healthy emergency fund. I’m also excited that you’re almost debt-free! You have a lot going for you right now, which is why I implore you: Please do not use your emergency fund to pay off your loan.

This is not an emergency.

You already laid out the reasons not to do this. You have a new baby, a partner and parents living under one roof. If something happens to any of you, you may very well need that $ 5,000 you’ve stashed away. And while becoming debt-free will help you strive toward self-sufficiency and living on your own terms, you won’t be able to get there if you get saddled with debt due to the costs of an illness, accident or job loss.

This is the part of paying off your debt that’s the hardest. Yes, it’s agonizing to look at your balance when you’re just getting started and think, “Wow, I’m going to be in debt forever. Why am I even trying?”

But the part when you can see the end rapidly approaching? That’s harder. That’s when it becomes more difficult to exercise self-control. The idea of being done runs right over all the logic you’ve put in place, all the planning and plotting.

If you can afford to accelerate your loan payments by scrimping and saving elsewhere, go for it. But don’t put your greater financial safety in jeopardy.

Have a tricky money question? Write to Dear Penny and you might see your question answered in an upcoming column.

Lisa Rowan is a personal finance expert and senior writer at The Penny Hoarder, and the voice behind Dear Penny.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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Review Roundup: Critics Sound Off on DEAR EVAN HANSEN in Toronto

The Toronto company of Dear Evan Hansen celebrated their official opening night on March 28th The cast includes Robert Markus as ‘Evan Hansen’, Stephanie La Rochelle as ‘Zoe Murphy’, Jessica Sherman as ‘Heidi Hansen’, Claire Rankin as ‘Cynthia Murphy’, Evan Buliung as ‘Larry Murphy’, Sean Patrick Dolan as ‘Connor Murphy’, Alessandro Costantini as ‘Jared Kleinman’, and Shakura Dickson as ‘Alana Beck’, along with Zachary Noah Piser as the ‘Evan’ alternate and understudies Erin Breen, Malinda Carroll, Jay Davis, David Jeffery, Laura Mae Nason, Kaitlyn Santa Juana and Josh Strobl.
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Dear Penny: My Husband’s Overspending Is Destroying Our Finances

Dear A.,

You must feel like you’re talking to a wall whenever you want to discuss finances. A very expensive wall.

It sounds like you’re doing everything right by presenting evidence and making the case for cutting back. But since your message isn’t getting through, it might be time to take a few steps back and explore a new approach.

Have you asked questions when you talk about money with your husband, or do you just charge ahead, spreadsheets a-blazing?

Try starting the conversation with something like, “I know we’ve talked about trying to save money before, and you probably remember that I have a lot of ideas for how we can go about it. But I want to learn from you: What are your priorities when it comes to money?”

Even if you’ve argued about this a dozen times before, approaching your husband again with curiosity and a genuine desire to learn can help get you started — and on the right foot this time.

The answers might surprise you. Your husband might say that he thinks cable is worth having in exchange for spending less money on nights out, for example. Or he might reveal that he’d love to avoid paying the late fee on a certain bill, but he can’t figure out how to set up autopay without getting frustrated and giving up — we’ve all been there.  

You may think some of his justifications are dumb or that his priorities are off-base. But that doesn’t make his thoughts less valid. Investigating his point of view should help you identify areas where you agree, as well as areas that might be lost causes.

It’s also important to highlight the “why” as much as the “how.” If you aren’t unified in your goals for saving money, you’re going to be at odds trying to make those changes happen.

It’s only then that you can start re-examining a game plan for your family’s finances. He may be willing to let you take the reins of accounts and subscriptions if he doesn’t have the patience to nickel and dime them.

But you, the go-getter, will not know how to proceed productively until you get to the core of what motivates (and demotivates) your husband.

Have a tricky money question? Write to Dear Penny and you might see your question answered in an upcoming column.

Lisa Rowan is a personal finance expert and senior writer at The Penny Hoarder, and the voice behind Dear Penny.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

The Penny Hoarder Promise: We provide accurate, reliable information. Here’s why you can trust us and how we make money.

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Dear Penny: I’m in So Much Debt My Teenage Son Is Afraid of Student Loans

Dear J.,

Your debt has consumed you. You probably thought you hit your lowest financial point years ago, when you were a new mom; then you probably thought you were at the bottom again when you defaulted on your student loans. And now, here you are with the added burdens of medical debt and your son’s misconceptions about how investing in college could derail his future.

There’s a lot you can’t change right now. But one area where you can make a major change right away is in how you and your son discuss his options for higher education.

Your family’s income is not the sole determining factor for how much financial aid your son is eligible to receive. The size of your family, for instance, will also be considered. Applying for federal student aid is a must-do if your son wants to pursue college, as it’s the first step toward figuring out what sort of grants, loans and work-study programs will be available to help him cover the costs.

Once he receives financial aid offers, he can truly evaluate the affordability of school. He may have to start at community college or another lower-cost option, but he shouldn’t count out college solely because of your family’s financial struggles.

Next, it’s time for you to get help sorting out the options for your own finances. Calling for assistance from an impartial third party can help you make sense of your situation instead of spinning your wheels and feeling desperate. A debt counselor in your area can review your credit report and provide free educational resources that can help. They can also help you enroll in a debt management plan that will make your debt easier to manage.

In extreme cases, a debt counselor may recommend that you consider filing for bankruptcy, which can discharge some of your debt. There’s a lot of shame around the idea of doing this, but it could be the lifeline you need to find stability for your family.  

And that may be the hardest part of taking your next financial step: letting go of the shame. More people than you can possibly imagine have struggled to gain financial stability, let alone success. I won’t be glib and say you’re in good company. But you at least have company.

You may be surprised at how understanding your peers are as you seek help and start to work your way out of debt.

Have a tricky money question? Write to Dear Penny and you might see your question answered in an upcoming column.

Lisa Rowan is a personal finance expert and senior writer at The Penny Hoarder, and the voice behind Dear Penny.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

The Penny Hoarder Promise: We provide accurate, reliable information. Here’s why you can trust us and how we make money.

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Dear Penny: I’m Debt-Free! But What Should I Do With All My Money Now?

Dear N.,

Congratulations on being debt-free! Your world is filled with nothing but possibility.

I was you once. I paid off all my business, credit card and undergraduate debt, rejoiced for but a moment, and then turned around and took out a car note. We all make our choices. Don’t make the same one I did!

The trouble with possibilities is that it’s easy to start disbursing money into so many different buckets: savings, other savings, a rainy day fund, a house fund and so on. If you try to divide and conquer too much, you’re not going to conquer anything. Those small achievements for each of your goals could actually leave you feeling disheartened instead of empowered.

For your best next step, I turned to Jen Smith, a fellow writer at The Penny Hoarder who paid off $ 78,000 of debt with her husband in two years. Smith is my savings role model.

Smith recommends starting your debt-free life by first saving three to six months of expenses in a high-yield savings account, and then making sure 15% of your income goes toward retirement. “Fifteen percent isn’t a hard-and-fast rule,” she said, “but if you want to retire on time, then prioritizing it is essential. Then, any extra can go toward saving for a house.”

Since you’re already saving, you can probably skip ahead to focusing on your retirement accounts. Smith is a fan of contributing to your company-sponsored 401(k) up to the offered match. Then it’s time to open a Roth IRA if your income permits.

“Roth IRAs are great because you have full control over the investments, and the contribution limits are reasonable enough to be able to max it out,” she explained. (The contribution limit for 2019 is $ 6,000; if you’re 50 or older, you can contribute an extra $ 1,000.)  

If you still aren’t setting aside that full 15 %, go back to your 401(k) or HSA and contribute more to one of those. If you’re not catching the drift, your priority should be to stash as much money as you can for retirement now, before a house or kids enter the picture.

But while you’re making these plans, don’t forget to pat yourself on the back. The progress you’ve made is noble and worth celebrating. Smith and I salute you!

Have a tricky money question? Write to Dear Penny and you might see your question answered in an upcoming column.

Lisa Rowan is senior writer at The Penny Hoarder, and the voice behind Dear Penny.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

The Penny Hoarder Promise: We provide accurate, reliable information. Here’s why you can trust us and how we make money.

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Dear Penny: I’m Retiring Soon. How Do I Protect My 401(k) From a Downturn?

Dear M.,

Economic ups and downs are inevitable, but sometimes it’s hard to think beyond the downturns.

We seem especially sensitive to the condition of the stock market, since we’ve just passed the 10-year anniversary of the start of the Great Recession. Those memories of turmoil and heartache bubble right back up, and suddenly, we’re checking our retirement account statements with a bit more interest than usual.

To calm your nerves about the state of our economy, I called upon Bridget Todd, head of client strategy and development at New York-based coaching firm the Financial Gym.

“I usually tell clients to think about the 2008 financial crisis, when the Dow Jones Industrial Average lost more than 50 percent of its value,” she explained by email. “In the nine years since, it is up about 200 percent.”

While there are periods of discomfort, she said, the market will always recover. “The most important thing to remember is not to sell when things get bumpy,” she said.

Your 401(k) is a place to hold your investments. You can make decisions about what’s inside that account — stocks, bonds, mutual funds, derivatives, exchange-traded funds — depending on the level of risk you’re comfortable with.

If you’re at least 10 years from drawing from your 401(k), Todd recommends allocating 90 percent of holdings to stocks and the remainder to bonds.

“Stocks are the riskier asset,” she said, likening them to a roller coaster. But that fluctuation is OK. It will all settle out eventually, helping you earn that average stock market return of 7 percent per year that you hear about.

If you’re closer to retirement and nervous about the health of the market, you can pull back on how much you allocate to stocks to reduce your risk. But you still want some of your investment to be in stocks to help that nest egg grow.

In short: Hold on and enjoy the ride. Even if the economy takes a temporary dive, your contributions will still have value to carry you through to retirement.

If only we had that crystal ball in the meantime. Wait. That would probably be insider trading. Maybe skip the crystal ball.

Worried about managing your money in trying times? Write to Dear Penny at https://www.thepennyhoarder.com/dear-penny/

Lisa Rowan is a personal finance expert and senior writer at The Penny Hoarder, and the voice behind Dear Penny. For more practical money tips, visit www.thepennyhoarder.com.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

The Penny Hoarder Promise: We provide accurate, reliable information. Here’s why you can trust us and how we make money.

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Dear Penny: I Want to Help My Elderly Parents by Buying Their House

This sounds like a super generous move. After so many years of turning to your parents for care and advice, this is, for many, the dream: to be able to return the favor. But caring for your parents in this way can have a lot of complications.

I called in help from two experts: financial adviser Stephanie McCullough, and financial adviser Andy Wang, who also hosts the “Inspired Money” podcast.

First: Can you afford to take on another mortgage in addition to your own? It’s worth spending the money to discuss the long-term impact of this move with a tax professional and an attorney, Wang advised.

McCullough took her warning even further. “If I were your financial planner, I’d be advising you to look out for yourself and your husband,” she wrote in an email.

Consider your upcoming retirement. What will happen when the paychecks stop and you have to start living on your savings? Look carefully at your cash flow and imagine what would happen if you or your husband lost your job, or became disabled prior to your target retirement date, she recommended.

Two technical matters Wang said to check on before moving forward: whether the loan is assumable, meaning you could take over mortgage payments by assuming the loan; and whether the loan has a “due on sale” clause that would require the loan balance to be paid upon transfer of property. The former might provide an alternative option for you, while the latter could lead you to pause on your plan to buy.

If there’s a reason you want to own the house beyond your parents’ tenure there — maybe it’s been in your family for some time — you’ll need to plan for that future, McCullough said. Unless you plan to eventually live there yourself, keep in mind that managing a rental from far away can be stressful.

Wang brought up one more “what-if”: the possibility that your parents could outlive you. “You’d also need contingency plans in case something were to happen to you to ensure your parents may continue to reside there,” Wang said.

What’s your real motivation here: to keep the house in your family, or provide financial stability for your parents? If it’s the latter, it may be worth thinking about alternative options to support them while ensuring your own long-term financial security.

Have a tricky money question? Write to Dear Penny and you might see your question answered in an upcoming column.

Lisa Rowan is senior writer at The Penny Hoarder, and the voice behind Dear Penny.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

The Penny Hoarder Promise: We provide accurate, reliable information. Here’s why you can trust us and how we make money.

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Dear Howard Schultz, You Don’t Understand the American Dream

Photo Illustration by Elizabeth Brockway/The Daily Beast

The term “American Dream” gets tossed around a lot. Politicians promise to deliver it. Pollsters poke and prod it, asking for the public’s opinion on its attainability. The American Dream is a handy metaphor for journalists writing on a subject’s upward ascent, and the concept gets namechecked in countless songs across every genre, often with an overtone of aspiration or braggadocio. Yet no matter who’s invoking the American Dream, they almost always misuse it by framing it in material terms: two cars in every garage; exceeding the previous generation’s wealth—owning a home is a perennial favorite, too.

Only last week, former Starbucks CEO Howard Schultz, who’s thinking of running for president, provided a fine example of our collective conception of this idea, telling the Morning Joe crew, “I’m self-made. I grew up in the projects in Brooklyn, New York… I thought that was the American Dream.”

Schultz—and most of us—thought wrong, because the original American Dream—that is, the term’s first usage, in author James Truslow Adams’ 1931 history The Epic of America—was far more nuanced, and far more radical, too.

Read more at The Daily Beast.

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Dear Penny: I Make Way More Than My Boyfriend. How Do We Combine Finances?

Dear M.,

If your boyfriend feels threatened by the fact that you make more money than him in our modern era, he can take a hike.

But don’t let me jump to conclusions and/or your defense right away. Let’s assume that your boyfriend is worried that he won’t be able to contribute enough to your household expenses.

To figure out how to combine finances when you’re living in two very different financial worlds, you need to stop thinking of your relationship as a 1 + 1 equation. Sure, emotionally and physically, it’s 1 + 1. But financially, you’ve got to work out the percentages. Splitting your expenses half and half is just not going to work.

Instead, try this method I learned from my colleague Lauren Sieben: Add both your salaries together, and then determine how much you each contribute to the overall pie.

I’ll give you an example. Say you make $ 50,000 per year before taxes, and your boyfriend makes $ 25,000. Together, you make $ 75,000 each year. He makes one-third of that total, whereas you earn two-thirds of the total. Therefore, he’d contribute about 33 percent of your household expenses and savings goals, and you’d contribute about 66 percent. To look at it another way: He’d kick in one-third of the rent each month, and you’d pay the remainder.

This may not be the most ideal setup for your relationship, but it’s one example to get the conversation started. When it comes down to it, you can combine finances any which way that makes you both comfortable — emphasis on both.

Be prepared to discuss combining your finances several times (before you get engaged, ideally) before agreeing on a plan. Rushing to pick a method without buy-in from both partners can lead to resentment. That being said, there’s no reason you can’t switch up your method if you figure out a better one or if one of you experiences a substantial career change.

Not sure how to discuss money matters with a partner? Write to Dear Penny at https://www.thepennyhoarder.com/dear-penny/

Lisa Rowan is a personal finance expert and senior writer at The Penny Hoarder, and the voice behind Dear Penny. For more practical money tips, visit www.thepennyhoarder.com.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

The Penny Hoarder Promise: We provide accurate, reliable information. Here’s why you can trust us and how we make money.

The Penny Hoarder

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BWW TV: THE PROM & DEAR EVAN HANSEN Continue the Holiday Season at Broadway Under the Stars- Watch Live at 5pm!

Later today, December 3,The Shops at Columbus Circle10 Columbus Circle will continue its third year of Broadway Under the Stars, a five-week series of free public performances taking place this holiday season. Select cast from today’s hottest Broadway musicals will perform against the backdrop of the famous twelve massive stars. These stars are the largest specialty crafted exhibit of illuminated color display in the world, which hang from the 100-foot-high ceilings. Performances are free to attend and open to the public, no reservations or tickets are required.
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