"How To Money" With Joel Larsgaard

"How To Money" With Joel Larsgaard

Listen to "How To Money" With Joel Larsgaard on Sundays from 12 PM to 2 PM.Full Bio


How to Money

Online Shopping and Credit card Payment on digital e-commerce Website gateway

Photo: Getty Images

This week Joel covered a lot this week so here’s a quick outline of what you need to know to get yourself on your way to financial happiness:

Stat of the Week: 46% of people are carrying a balance from month to month on their credit card. These people are called ‘rollers’ because they cannot afford to pay off their credit card bill over for the next month. This also comes with the news that the average credit card balance is up around 29% from last year.

Does this mean that credit cards are bad? Not necessarily. If you use them properly, there are some positives you should be aware of:

  • When you’re traveling overseas, credit cards are almost necessary. If you have a card with no foreign transaction fee, it’s the easiest way to pay for things almost anywhere in the world
  • There are also rewards and perks you can take advantage of depending on the the credit card company
  • Credit cards can potentially protect you if your card is stolen. If cash is stolen, that money is gone. If your debit card is stolen, you need to report it to the bank or else that money can be gone as well. But with a credit card, money is not taken out of the bank, and you are 100% covered through federal law

So to keep the positives and avoid the negatives, do the following:

  1. Pay off your statement balance every month
  2. Avoid buying things just because you are paying with a credit card

Money Move of the Week: Invest in yourself this year! This doesn’t just mean investing your money in the stock market. This also includes spending time on things that will give you rewards in the long term. Don’t think of it as a one-time thing, but instead, thinking of it as a path that you’re going on. Also, don’t forget to diversify your time. Don’t just think about working 24/7, but also focusing on your mental health and your relationships.

As you think about your happiness and where to invest your time and money, Joel has created a worksheet to help you meet your goals.

One thing that Joel says helps in making these financial and personal decisions is thinking about your own death. Although it sounds morbid, it helps when you’re making decisions since you know what you should be prioritizing.

As we’re talking about investing, one thing that Joel says should be thought of for retirement are Health Savings Accounts. Check out this article to learn all about this triple tax-advantaged tool to financial health.

The final thing we wanted to let you all know about is how potholes seem to be more abundant and can wreck your day. The average cost to repair your car will be around $600.

But you’re not necessarily completely out, if a pothole damages your car in some way. You may be able to have Caltrans pay up to $10,000 in damage. This is the online form you can fill out if your car has been damaged by a pothole in California.

Don’t forget to check out the ‘How to Money’ Newsletter and website!

Listen to the whole show below!

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