The year 2020 has given rise to the "challenge of the 10 years» on social media, where people make their friends laugh by posting a photo of their younger (often thinner) selves alongside one from today.

10 years They can make a noticeable difference to your waistline, your hair, and your fine lines, but what about your bottom line?

I'm fatter than it does 10 years (the diet has already started) but at least my finances are in much better shape. Chances are yours are too.

Those of us who started the last decade with assets—think property, pensions, and stock portfolios—have seen their value rise thanks to financial stimulus from central banks around the world. Global stock markets have broken record after record, creating the first trillion-dollar companies.

British retirement savers have much greater control over their financial future thanks to pension freedoms, introduced half a decade ago.

But on the other hand, a decade of low interest rates has been terrible for cash savers and it's harder than ever to climb the property ladder.

So if you're inspired to do a financial exercise this weekend, where should you start?

I only check my stocks and Isa stocks a few times a year as I don't want to get into the habit of over trading. The last decade has been brilliant for people like me, investing in low cost tracker funds. But mentally, I am preparing for the downside that must inevitably come.

I'm not planning on touching the money inside my Isa until I'm sixty years old or older. My focus for this year (as a journalist and investor) is how to develop a more active strategy moving forward. This may or may not involve choosing actively managed funds – I tend to prefer mutual funds – but I recognize that taking a more value-oriented approach is going to mean spending more time managing my investments.

After completing a financial inventory, I definitely feel more prepared for the year ahead. But I also like to think that it helps prepare me for the decades to come.

Another (as yet unanswered) question for the coming year and decade is how green my investments should be. I don't like the ESG (environmental, social, governance) label, but the impact of climate change is something every investor should consider.

My 24-year-old stepson is cheering me on, as he wants to reposition his own investments for the greater good (“What do you think of this ESG Claer fund – is it just greenwashing?”)

My system for setting and tracking my spending priorities and savings goals hasn't changed much in the last decade; what has changed is the financial technology at our disposal.

Does 10 years I was banking online, via a laptop, but now I can manage multiple accounts and even pay by check from my smartphone.

The rise of app-based digital challenge banks is keeping legacy banks on their toes: it's never been easier to control your spending with free budgeting and alerting tools.

And check out contactless payments. My bank statements are several pages longer than they were a decade ago, as many more transactions are recorded, but this makes it easier to keep track of my spending.

A few clicks on the My Main Checking app can reveal the cumulative effects of good or bad habits throughout the year. How much have I saved on my Isa? And how much did I spend on Uber?

I find that looking at the yearly total gives you the incentive to lower (or cap) the monthly total. And after the excesses of Christmas, January feels like a good time to rebalance the budget and look for savings.

Start with your mortgage lender. If you have a good level of equity in your home, switching to a lower rate agreement could potentially save you hundreds of pounds per month. If those savings are invested in your new mortgage payment, you could reduce debt for years without even noticing a difference.

This in-depth guide is taught by leaders in the financial field and aims to break down some of the most widely used financial tactics, models, and strategies that these professionals employ on a regular basis. The hope is that after this workout, you will feel empowered by your current game plan. financial, and not intimidated by him.

For a sample of your digital curriculum topics, we've broken down each core course in the pack below.

Create a budget that works
On the surface, budgeting seems easy. You just have to set a number and follow it, right? But the reality is that there are a ton of factors, month to month, that get out of hand when planning your finances, making sticking to your budget harder than you think. This course helps you identify these expenses, better known as spending leaks, and provides you with tools and techniques to stop them.

Real Estate Investing Basics
Real estate has the potential to give you incredible financial gains. However, if you are not aware of the intricacies of the business, it can also lead to some incredible losses. To help ensure the latter doesn't become a reality, sign up for this two-hour course, which covers financing options, the rental market, tax structures, and the laws that are an integral part of the real estate business. estate.

How to generate passive income with dividend investing
Knowing how to invest in dividend stocks, how to spot dodgy stock options, how to read company balance sheets, and how to invest strategically for short- and long-term goals are some of the key topics this course focuses on. 14 parts. The goal is that with this training on your belt, you'll understand how to put your money in companies that can give you more than 12% return on your investment over time.

The complete financial analyst and investment training course
Some of the basics financial keys that anyone can learn include managing a portfolio, building models financial, the use of advanced functions in Excel for financial analysis and the knowledge of the ins and outs of an initial public offering. If that sounds too complicated for a newbie to understand, let this breakdown taught by an award-winning MBA professor convince you otherwise. This 22-hour course turns novices financial into competitive players in the financial industry.

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Online Residual Income Business Models
Creating a side hustle from home is as simple as understanding how residual income works. This type of passive income helps you generate money long after your paid job is over, the same way movie royalties or real estate investment returns work. And, this course that focuses specifically on residual income business models will help you understand how this type of financial approach can lead to seven figure income down the road.

Introduction to the Waterfall: How to invest with partners
When it comes to making an investment (like real estate) with a partner, splitting the profits isn't always as easy as 50/50. Depending on the division of labor, capital, and resources, some stakeholders may need a bigger piece of the pie. To better understand how this process works, enroll in the Introduction to Waterfall course, a 24-part lecture that applies the Waterfall Distribution Framework to real estate case studies, so you can gain a basic understanding of the methodology before your next deal.

The Complete Beginner's Guide to Stock Market Investing
We hear a lot about the stock market, but how much of it do you really understand? Test your knowledge with this crash course for beginners, which is packed with 34 lectures breaking down major topics like brokerage accounts, how to find winning stocks, and how to open your own investment account. Each lesson is led by Travis Rose, a full-time self-taught trader and investor who has used all the principles of the course in practice.

Although the economy will get tougher from here, consumers have several avenues to take advantage of lower rates or at least minimize the effect on their personal finance, if they act fast.

Here's the key strategy: Use the low rates to improve your own balance sheet and cash flow with some of these money moves.

1. Consider refinancing your mortgage
With rates falling rapidly, it could put more pressure on mortgage rates. And that could be a boon for those with a mortgage (and even those looking to buy a new home). A home refinance, if it makes sense, could be the best way to boost your personal finance.

Mortgage rates are already well below last year, and with millions of borrowers paying substantially higher rates, it's a great time to take advantage of low rates and put extra money in your pocket each month, saving tens of thousands or more. more over the life of your loan.

The bank rate table shows that refinancing rates were below 4 percent for 30-year mortgages and close to 3 percent for 15-year mortgages during the month of March. A year ago, the average for 30-year fixed-rate mortgages was 4.49 percent, according to Bankrate data.

So if it makes financial sense, use falling rates to improve your financial situation.

2. Put your CDs in order
A drop in rates may be good for your mortgage, but it's definitely not good for your deposit accounts. Savings account interest rates are already falling, almost in step with the decline in the federal funds rate. With the federal funds rate now at near zero, savings accounts probably pay out about the same amount, give or take.

But that's not the case with CDs, at least not yet. Although CD rates have fallen after the series of federal rate cuts in 2019 and this year, you can still lock rates higher for the next year or two or three, so you won't be subject to the rate decline. rates at that time. But you'll want to move quickly, before rates catch up with the Federal Reserve's actions.

3. Prepare your investment plan
While the stock market plummeting seven or eight percent in one day isn't anyone's idea of fun, it won't always be that way. For now, you may be stuck with a fund made up of high-quality bonds, which will feel less, if any, the impact of the market crash.

Bonds may be enough for now, but if you need to grow your portfolio and you have a decade or more until you reach retirement, you'll likely need the compounding power of the stock market to get you there. So you will want to determine how and when you will re-enter the stock market.

Rather than trying to bottom out, one strategy is to wait for a sizable drop, say 30 or 40 percent, and then start investing regularly. You won't buy when the stock is at its lowest point, but you will get a discount from recent prices. More importantly, if you put your investment on autopilot, buying regularly no matter what happens in the market, you won't be talked out of buying when everyone else is running for the hills. Stocks are cheapest when everyone is afraid.

So as long as you can think calmly and clearly, develop an investment plan and stick to it.

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4. Pay off those credit cards
Near-zero interest rates can be great for credit cards, especially if the low rates can be used to refinance a balance to a higher rate into lower monthly payments through an attractive balance transfer offer. But lower rates can still positively affect credit card debt. Since credit card debt is typically variable rate, your monthly payment can be lowered, even just a little, and organize your personal finance,.

The most dangerous part of a near-zero interest rate environment for those with credit card balances is what it says about the economy as a whole. These low rates indicate that the economy is moving slowly and that policymakers are anticipating more unemployment.

With the coronavirus pandemic causing many workers to miss work hours, it's more important than ever to know what financial options you have. In this article we will talk about some options for forms of save and be safe during these times.

While it's good to be told by financial advisers not to control your investments in a volatile market, that may not be a concern for many Americans, when nearly 80% of workers live paycheck to paycheck and many households say it would be hard to cover. an unexpected expense of $400. Missing shifts or being laid off during this time could exacerbate the already precarious financial situation of many Americans.

If you don't have an emergency fund and are struggling to make ends meet during these uncertain times, here are steps to take.

1. Contact creditors immediately
If you're worried you'll have a hard time paying off your credit card balance, student loan debt, or utilities in the coming months, the National Center for Consumer Law advises you to contact your creditors as soon as possible and ask for concessions for difficulties. This could include putting payments into forbearance (which should be a last resort since interest still accrues) or making interest-only payments.

 2. Create an "emergency" budget.
The NCLC also advises creating a "smaller" version of your typical budget that is smart whether or not you're currently struggling. But it becomes doubly important if your hours are cut or shifts are canceled in the coming weeks.

To do this, "make a list of all your current obligations," advises the NCLC. "Circle the things you want so you can see how much you could realistically save by pausing subscriptions, limiting travel, and making affordable meals at home." use this form of save  to prevent in the future.

3. Consider a personal loan
Personal loans range from $10,000 to more than $20,000 on average, according to Lending Tree, with a typical term of three to five years. They can help in times of income insecurity. Banks, credit unions, and online lenders like SoFi and Payoff offer them.

You'll want to research what different lenders offer to compare interest rates and other loan terms. If you already have a relationship with a bank, they may offer you more competitive terms.

You may also be able to access a home equity line of credit and borrow against the equity in your home if you own it. But keep in mind that this strategy has potential downsides, such as upfront costs and potentially high interest rates if you don't have a good credit score.

4. Use the product with the lowest interest rate
If you don't qualify for a personal or home equity loan, you may need to use a credit card. Use your card with the lowest interest rate so you pay less interest when you pay your bill. Even a difference of a few percentage points can save you a lot of money in interest payments.

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One option: Look for low-interest deals, either a credit card or line of credit with an APY of 0% for a certain period of time (typically 12 or 18 months). That will give you a breather if you have trouble meeting your financial obligations in the coming weeks. Again, people with higher credit scores will qualify for better deals, so if you have a low score, use the cards you already have before applying for a new card and possibly being turned down.

5. Send Temporary Hardship Letters
If you're having trouble paying your mortgage, the first step should be to find a lawyer, according to the National Center for Consumer Law. From there, you can send hardship letters to lenders, like your mortgage company, to see what your options are.

In this way it is possible save  a little in critical times.