Farnoosh Torabi's Blog, page 6
July 11, 2017
Summer Savings: 9 Ways to Cut Costs
Summer can be a pricey time of year after factoring in vacations, entertaining the kids and running the A/C on extra high. Whether you plan to travel afar or stay local this summer, these 9 money-saving tips and tricks over on the Mint blog can help keep more money in your bank account.
#1 Bank on Free Fun
“Check your local listings for free and low-cost events,” says money saving expert Karen Cordaway. “Maybe you catch a jazz festival or get free admission to a museum on a certain day of the week.” For example, the Museum of Modern Art in New York City is free on Friday nights. Search online by using key terms like “free summer programs” or “free summer fun” for some helpful results.
On this site, learn how kids may be able to bowl for free in your town. There are also free or discounted movie days at local theaters. Regal Movies, for example, has “value days” at theatres across the country.
For tips 2-9 head on over to the Mint blog.
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July 3, 2017
What Does Financial Freedom Mean to You?
This Independence Day, as with each 4th of July, I’m reminded of the great leap of faith my parents took more than 37 years ago when they bought one-way tickets to the United States. Their move from their embattled Iran granted my brother and me a life of privilege and greater freedoms.
Their journey also encourages me to be a do-gooder and, as nerdy as it sounds, manage my money wisely. Because you can’t exactly say to your immigrant parents, “Hey, thanks for risking everything and moving here to give us a better life, but I have $80,000 in credit card debt and need to move back home.”
To read more about what financial freedom means to me and others that I interviewed around the globe, head on over to the Mint blog. Plus, I’d love to hear what it means to you so leave a comment in the comments section below the Mint blog.
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July 1, 2017
Mint Money Audit 6 Month Check-In: Was Ken Able to Attack His Student Loans?
Back in December, I had the opportunity to review Ken’s financial profile. He’s an airline pilot who earns about $100,000 a year. At 36 years old, his main financial gripe is that he’s tired of carrying around his $45,000 student loan debt. (Can you blame him?)
With ample savings, my advice to Ken was transfer his $5,000 savings bond towards the student loans. After that, double the monthly minimum or $700. This plan would help him become debt free in about five years.
I also encouraged him to create some goals and apply his money towards investing in himself or for something fun. After all, he works hard and lives well below his means. Why not put some of that money towards an ambitious goal?
I caught up with Ken in between his time in the sky and he reports he’s taken a lot of the advice to practice. You can check out his full progress report over on the Mint blog. To check out his original Mint audit, click here.
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June 29, 2017
An Evening with #GirlBosses: 5 Impolite Money Rules
Earlier this month I had a major #fangirl moment. It was a full #fangirl evening, in fact, when I teamed up with New York Times bestselling author and Girlboss founder Sophia Amoruso to share in a very special money event.
In partnership with Mint, Sophia and I hosted a panel of four trailblazing entrepreneurs to have an “impolite” conversation about money. The audience heard from Mackenzie Barth, founder of Spoon University (which recently got acquired by Scripps Networks), Lisa Price creator of Carol’s Daughter, a multi-million dollar beauty brand, fashion entrepreneur Nina Faulhaber and Wing Yau, acclaimed jewelry designer.
The only rule for the evening was to be brutally honest. So, we went deep. We talked about our financial hang-ups, our money mantras, how we spend and save, as well as our money wins and losses.
While there were many takeaways, as moderator, I picked up on a few common threads – impolite “rules” – that ran through many of the stories shared. Check out my 5 favorites over on the Mint blog.
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June 27, 2017
#AskFarnoosh: Negotiating Debt Payments
For this month’s #AskFarnoosh over on the Mint blog, Mark asks:
I’m looking to settle (close out) some debts with lump sum payments. Are there any tips to negotiate these transactions to work a little more in my favor?
Debt got you down?
Overextended borrowers that don’t see a light at the end of the tunnel may be relieved to know that they can negotiate to pay a fraction of what they owe to creditors. It’s called debt settlement. But the process comes with caveats.
If you choose to work through a debt settlement firm, do your homework. Yes, they will negotiate on your behalf, but you may end up paying hefty fees for the service.
Want to go it alone? It’s doable, but it helps to be strategic, says Bruce McClary of the National Foundation for Credit Counseling, a non-profit that negotiates better borrowing rates and payment plans for clients through a debt management program.
For the fastest deal, it’s best to save up and offer a lump sum payment to close out the debt once and for all. “And be prepared to have a discussion about the financial reasons why a lump sum settlement is going to be best for you and the creditor,” says Bruce.
No matter how you choose to proceed, know that the record of “settling” the debt will remain on your credit report for typically seven years. It may not impact your credit score, but the report could raise flags to future lenders and qualifying for a new loan or credit card could be challenging.
That said, if this is your best bet for becoming debt free, head on over to the Mint blog where I have some more tips there to help ensure the settlement goes well.
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June 20, 2017
Can I Afford It? Big Toys Edition
Did you know that Sunday was National Splurge Day?
To me, that means an excuse to take Lyft instead of the subway. To others with deeper pockets, it may mean springing for that fancy boat, Maserati or second home.
If you like to go big, here’s my latest Mint piece on what to know ahead of springing for these mighty splurges.
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June 16, 2017
Kids & Money: Counterintuitive Advice that Works!
Growing up, I suspect my parents talked about money more than the average family.
From a young age I knew how much they earned. I knew how much our house was worth (before you could just search prices on the Internet) and I knew that while we weren’t “rich” in the dollars and cents kind of way, my parents felt rich because they followed their own rules and prioritized their money.
While neighboring families may have kept mum on the topic, my Middle Eastern parents chatted casually (and out loud) about their attempts to ask for raises, the cost of everything and the threat of layoffs at my dad’s company.
It’s counterintuitive to the way some might think to raise their kids. After all, it’s not exactly America’s cultural norm to speak openly about money, which is considered more of a taboo topic amongst friends and family than religion or politics.
Fast-forward two decades and I suppose my career choice shouldn’t come as a surprise…and possibly why the real estate section of the NY Times is my favorite thing to read on the weekends.
I’m grateful for the fact that my parents acted outside the box. Sometimes it makes all the difference. Here, on the Mint blog, are some additional counterintuitive strategies for raising money savvy kids. I look forward to practicing with my kids – once they’re out of diapers.
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June 7, 2017
Who Pays for the Wedding?
Affording a wedding is still a family affair and the bride’s parents continue to pay for the bulk of it, thanks to centuries-old tradition.
“Hundreds of years ago, women were considered chattel and the bride’s family used to have to pay off the groom’s family in the form of a dowry to take their daughters off their hands,” as The Offbeat Bride humorously (but also kind of accurately) describes.
In 2017, even as men and women are marrying later in life, their parents continue to pay.
Only 10% of couples pay for their wedding entirely by themselves, according to The Knot 2016 Real Weddings Study. The study found that the bride’s parents tend to chip in the most, 44% of the overall budget, while the bride and groom pay 42%, and the groom’s parents offer 13%.
For more insights check out my latest post over on the Mint blog.
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INVITE: You + Me + Girlboss Sophia Amoruso
Next week on June 14th in New York City, join me, Mint and Girlboss Sophia Amoruso for an impolite conversation on my favorite topic, money. We’ll have a panel of extraordinary women joining us and hope you can make it.
To RSVP and reserve your spot click here.
The full invitation below:
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June 2, 2017
Sitting Down with Ali Brown on #GlambitionRadio
As host of So Money, I love interviewing people on the show. Very rarely do I get the chance to be put in the guest hot seat though. However this week was a fun change of pace when I joined Ali Brown on her podcast, Glambition Radio.
We discuss the step-by-step process of how I positioned myself as an expert, what inspired my book “When She Makes More” and the difference between making money from what you DO vs. what you KNOW. Check out the full interview here and subscribe to Ali’s podcast.
On June 12th, Ali will be joining me on So Money, so stay tuned.
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