Ready to get started? Let’s dive into some of the top financial planning and budgeting tools to help you make progress on your money-management goals.  

What Are Budgeting Tools and Why Are They Important?

A budgeting tool is a computer program or phone app that helps an individual or business plan, manage, monitor and modify their income and expenditure. Think of budgeting tools as your money managers. They’re designed to keep tabs on where your cash flows. These digital helpers can help track everything from your morning coffee runs to your monthly rent payments.

Here’s what makes a good budgeting tool worth using:

• They track your spending, showing exactly where your money goes.
• They nudge you toward savings goals.
• They do the boring stuff automatically (no more manual receipt tracking).
• They crunch numbers to show your spending patterns.
• They bend to fit your style, whether you’re frugal or a spendthrift.
• They link right to your bank accounts for real-time updates.
• They work for both simple budgets and complex money plans.

Mix the best free budgeting apps with paid ones that match your specific money goals for the best outcome. You’ll get the best of both worlds without breaking the bank.

A Quick Look at the Best Budgeting Tools to Try  

If you’re looking to get your money sorted, here’s a quick overview of some of the online budgeting tools to consider:

1. You Need A Budget (YNAB): This is our pick for an app overall. When it comes to goal-based budgeting, its zero-based budgeting system helps break the paycheck-to-paycheck cycle.
2. Google Sheets: This is the best free option if you want to manually track and manage your finances without having to sign up for an additional service.
3. Copilot Money: This contender is a top pick in AI-powered categorization. It has capabilities to help reduce the need for manual entries.
4. Rocket Money: This app’s simple interface makes it the best option if you’re just getting started in the budgeting game.
5. Monarch Money: If you’re looking for something that can sync all your existing bank accounts in one place for seamless financial health tracking. Monarch is a solid choice.
6. Honeydue: This household budget tool is perfect for couples who want to track shared expenses while keeping some money matters private.
7. Empower: This app is a top pick for tracking your financial investments.

Want to know more about any of these easy budgeting tools? Keep reading—we’ll break down how each one can help whip your finances into shape.

Best Budgeting Tools to Keep You on Track

A solid budgeting tool needs to do more than just count your pennies. You want something that’s easy to use, plays nice with your bank accounts and doesn’t leave your financial data hanging out in the breeze.

Look for tools that:

• Connect seamlessly to your accounts.
• Let you customize categories and budgets.
• Keep your info locked down tight with bank-level security.
• Give you the real story about your money habits.
• Work across all your devices—desktop, phone, and tablet.

The best budgeting apps also send alerts when you’re about to blow your budget, or when suspicious charges pop up. After all, we all need a little heads-up before that next impulse buy wrecks our savings goals.

1. You Need A Budget (YNAB): Best Overall Budgeting App

YNAB stands out as a top choice for personal money management. This app follows a zero-based method, assigning every dollar to a specific bill or job, from groceries to savings goals. You’ll find powerful features like bank account syncing, detailed spending reports, and net worth tracking all wrapped in a mobile-friendly package.

The app comes with helpful workshops and allows up to five users to share accounts, making it a good option for households. Before forking out any of your money, you can take advantage of YNAB’s 34-day free trial offering. After that, it costs $14.99 monthly (or $109 yearly), and students get 12 months free. Keep in mind there’s a learning curve if you’re new to zero-based budgeting.

YNAB is rated as an Excellent Editor’s Choice pick from PC Mag, and CNET gives it props as a “real difference maker for your budgeting.”  It also gets an average of 4.6 stars in reviews from users on TrustPilot. 

2. Google Sheets: Best Free Budgeting Tool

Free budgeting tools can be helpful when your funds are tight. For budget-conscious money managers, Google Sheets tops the list of free options. This flexible spreadsheet tool comes loaded with free budget templates that you can adjust to fit your needs. You’ll get unlimited data input, custom formulas, and the ability to track every penny your way.

It takes more time to input expenses manually, but the trade-off is total control over your money tracking system. You can add charts, create multiple budgets, and share your sheets with family members. For those wanting automation, connecting Tiller lets you pull in bank data automatically, though that’s an extra cost.

The Motley Fool praises Google Sheets for its versatility when it comes to budgeting. It’s also rated as the best free budgeting tool according to CNBC. 

Note: You can always use Microsoft Excel if you prefer the Microsoft ecosystem. The same applies if you use LibreOffice Calc.

3. Copilot Money: Best AI-Powered Budgeting Tool

Copilot Money is built to work exclusively on Apple devices, making it a great choice if you’re in the Apple ecosystem. It sorts your spending automatically and spots patterns you might miss on your own.

The app utilizes a personalized categorization engine called Copilot Intelligence. This AI feature monitors your financial patterns and uses this knowledge for future categorization of your transactions without the need for rule creation.

It watches your accounts, groups expenses, and gives you practical money tips based on your habits. While it’s Apple-only and costs $95 yearly (or $13 monthly), the time you’ll save on budget tracking might be worth the investment. It’s a great choice if you want to eliminate the hassle of manual tracking.

Copilot Money is a Webby Award Winner as well as an Apple Editor’s Choice Award Winner. 

4. Rocket Money: Best for Beginners

Rocket Money takes a straightforward approach to money management. The free version lets you monitor your spending with automatic tracking, while the clean interface makes checking your finances feel second nature. The app also finds and helps you cut unwanted subscriptions.

Some handy features, like detailed reports, need a premium account ($6-$12 monthly), but the free tier gives you plenty to work with. It’s a solid choice if you’re just getting started with budgeting and want a no-fuss way to watch your money.

CNET gave Rocket Money its Editor’s Choice Award, praising the app for being user-friendly and having plenty of helpful features. 

Related: How to Budget Your Money as a Teen 

5. Monarch Money: Best for Families

Need to manage money with your whole household? Monarch Money makes family budgeting a team sport. Share accounts, set goals together, and keep tabs on your family’s total financial picture in one place.

The app lets everyone pitch in on money decisions while tracking shared expenses and savings targets. Each family member can check progress, add transactions, and work toward common goals. The built-in net worth tracker shows how your family’s finances grow over time.

At $14.99 monthly (or $99 yearly), it’s not the cheapest option. But for families who want to handle money as a unit, the collaborative features can make budget planning feel more like a group effort than a chore.

Monarch Money is a recipient of the Fintech Breakthrough Awards in the personal finance category. 

6. Honeydue: Best Free Tool for Couples

Honeydue makes financial discussions easier by consolidating your and your partner’s finances in one place. This free app allows couples to track their spending side by side, with timely reminders about upcoming bills.

You can chat right in the app about specific purchases, set spending limits together, and get instant updates when your partner makes a transaction. The built-in bill reminder system helps make sure nothing slips through the cracks.

The basic features cover most couples’ needs, though you won’t find fancy investment tools or detailed analysis options. Yet for keeping your shared finances on track without spending a dime, Honeydue hits the sweet spot.

The Wall Street Journal credits Honeydue with being the best budgeting app for couples. 

7. Empower: Best for Investing

Empower brings together everyday money management with smart investment tracking, and is a good fit for those who would like to keep tabs on their budget and investments. The app shows your complete financial picture, from bank accounts to retirement funds.

You’ll get handy tools like net worth tracking, a retirement planning calculator, and a broad view of all your investments. The investment checkup feature helps spot hidden fees and suggests ways to balance your portfolio.

The basic money tools are free, but you might notice some features try to point you toward their paid investment advice services. Still, for investors who want to link budgeting with portfolio management, the free version offers plenty of value.

Empower has received high marks from the NAPA Advisor’s Choice Awards, with praise for its personalized tools.  It also received 4.5 stars from Forbes Advisor, noted as a next pick for tracking net worth. 

How to Choose the Right Budgeting Tool for You

For the best possible financial outcome, you need to find a budgeting tool that matches your style and goals. 

Think About What You Need

Start by asking yourself some of these questions:

• How much am I willing to spend monthly?
• Do I want automatic or manual tracking?
• Do I need investment tracking too?
• What devices will I use the app on?
• How detailed do I need my reports to be?
• Will I share this with family members?

Test Out a Few Budgeting Tools

Then, the key is taking a few of the best budgeting tools for a test drive. Most offer free trials, meaning you can play around without spending a dime. Try these steps:

• Download 2-3 apps that fit your budget.
• Connect one bank account (not every one!) to each.
• Use them for two weeks straight.
• Check which one you open daily.
• See which reports make sense to you.

Quick Tip: Keep in mind that even the most advanced budget management tools won’t help if you never open them. Pick something that feels natural to use, like checking your social media. The best household budget tool is the one you’ll actually use consistently.

Find the Right Personal Finance Tool for Budgeting Today

Money management today is less about crunching numbers and more about finding the right digital partner for your financial goals. Whether you’re team YNAB or crushing it with Google Sheets, the perfect budgeting tool is out there waiting for you.

Take a few apps for a spin, see which one makes your wallet feel special, and commit to the one that fits your financial style. These tools can help you save money and get your finances on track, so it’s a win all the way around. 

This article was updated in June 2025. Photo by Dean fizkes/Shutterstock

The post The Best Budgeting Tools to Manage Your Money Efficiently appeared first on SUCCESS.

Individuals and investors can benefit financially by choosing more sustainable investments. This is because those who prioritize future-focused strategies and strong governance, which are driving factors of sustainable investment, often outperform traditional investing in the long term. 

Sustainable investing offers a win-win situation for the planet and profit, with investors benefiting financially through reduced risk while encouraging innovation in green tech, clean energy and social responsibility. This article offers an overview of this type of investing to help you understand what it is—and consider dipping your toes into its potential.

What Is Sustainable Investing?

So, what is sustainable investment, exactly? Sustainable investing refers to practices in which investors and businesses aim to gain financial success while promoting long-term social and environmental value. 

This form of investing combines traditional investment strategies with environmental, social and corporate governance–also known as ESG–insights. This dual approach helps investors and businesses make better investment decisions through more comprehensive analyses. 

Another favorable aspect of sustainable investments is that individuals and businesses aren’t focused entirely on short-term financial gains but rather on what and how they contribute to society in the long term. 

ESG Explained 

Below is a closer look at ESG factors behind sustainable investing. These are the aspects on which an investment’s sustainability impact is evaluated. This information can help you understand the scope—and how it allows investors and firms to promote ethical investing and responsible practices. 

• Environmental: This factor evaluates how efficiently a business or fund manages ecological resources, including how it evaluates environmental risks and opportunities to support long-term success. This includes factors like toxic waste and emissions, water management and stress and management of climate opportunities and risks. 
• Social: The social factor assesses how companies or funds prioritize the well-being of customers, suppliers, communities and employees. Elements like workforce management, data privacy and cybersecurity and product safety and quality are evaluated. 
• Governance: With the governance factor, investors look into how effectively companies and funds manage strategy, operations, oversight structure and internal processes in the long term. Business ethics, fraud, board management, executive compensation and anti-corruption practices are evaluated. 

Ultimately, sustainable investing reflects a commitment to aligning personal or institutional values with investments to avoid harm and contribute to a better future for people and the planet. 

Differences Between ESG, SRI and Impact Investing

Different types of wealth-building fall under the umbrella of sustainable investment. ESG investing is a form, but it’s not the same as socially responsible investing (SRI) or impact investing. According to the Chartered Financial Analyst Institute, these are all types of sustainable investing, but they differ in purpose and approach. 

Below, you’ll find an explanation of each type of sustainable investing. Although they have similar overarching practices, they have different focal points. 

• ESG: Investors use ESG factors within their financial analysis to manage risk and identify growth opportunities, often leading to an outperformance of traditional investments in the long term. 
• Socially responsible investing (SRI): This form of investing focuses on aligning moral or ethical values with investments. Usually, this involves screening out investing in industries like fossil fuels, tobacco and weapons. 
• Impact investing: Impact investing aims to have positive financial returns alongside measurable environmental and social benefits. Typically, impact investing targets specific outcomes like health care or affordable housing. 

In short, ESG focuses on risk and opportunity, SRI focuses on values and impact investing focuses on measurable change.

Key Benefits of Sustainable Investing

Sustainable investing is a type of wealth-building that people can feel good about, plus it has many financial benefits that are helping drive its popularity. Advantages include: 

• Lower risk exposure: ESG-focused companies tend to be more resilient to market fluctuations. In addition, if investors consider ESG factors, they can better predict and avoid risks related to regulatory changes, climate change and social controversies. 
• Competitive returns: There is still a misconception surrounding sustainable investments and sacrificing profits.  Recent data suggests that sustainable investments perform in line with traditional investments, while offering lower downside risk across asset classes. 
• Long-term value creation: Investing in ethical and eco-conscious businesses drives innovation and financial stability, which improves the likelihood of an investor creating long-term wealth while doing their part for the planet.
• Global goal alignment: Often, sustainable investing aligns with international initiatives like the UN Sustainable Development Goals and the Paris Agreement. Companies that  maintain transparency with their sustainable development goals (SDGs) and align with initiatives like these may have stronger financial success. Some studies suggest that financial performance is linked to the SDGs. 
• Social change: Investing sustainably can improve critical social areas like human rights, community development and workplace diversity, equity and inclusion. 

How to Start Building a Sustainable Investment Portfolio

Investing in sustainable companies means choosing businesses with ethical practices, transparency and a long-term environmental outlook. 

If you want to build a focused portfolio, you can start your sustainable investing journey by researching ESG ratings and using trustworthy platforms like Morningstar, MSCI and Sustainalytics. With these tools, you can identify sustainable investment funds and companies and understand how to invest in sustainability without compromising returns. 

Once you’ve done this, you can explore green bonds and funds that support low-carbon or renewable energy technologies. Consider diversifying away from high-risk sectors like fossil fuels to build long-term wealth. 

Additionally, you’ll need to learn how to monitor ESG performance alongside financial returns. By monitoring ESG performance with your financial returns on investment, you know how to keep your goals on track while you invest sustainably. However, be sure to look for transparency in third-party verifications and reporting. This can help you avoid greenwashing tactics and confirm if an investment is genuinely sustainable.  

Ultimately, learning how to create a sustainable investment strategy starts with informed choices, regular reviews and a commitment to ethical growth.

Quick Tip: You can also consider taking a course to better understand sustainable investing. The US Sustainable Investment Forum offers a free course, while other institutions, such as Harvard Business School Online, have paid courses with certifications available. 

Overcoming Challenges in Sustainable Investing

There are some misconceptions and challenges surrounding sustainable or environmental investing. Some believe that investing sustainably means sacrificing returns. Current information suggests that ESG-aligned portfolios often match, if not outperform, traditional ones over time. This is because ESG-aligned portfolios can provide better long-term thinking and risk management. Another myth is that sustainable investing limits options. In reality, sustainable investing offers a broad scope of investment options. 

Misconceptions aside, there are challenges to sustainable investing. Although this type of investing offers several benefits, it’s worthwhile to be informed of the downsides: 

1. Greenwashing: In today’s day and age, some companies and funds may exaggerate their social and environmental credentials. This is known as greenwashing. This practice makes it difficult to identify genuinely sustainable options for investors. 
2. Data availability and quality: Finding comprehensive and accurate ESG data for companies and funds can be challenging. This is especially the case in emerging markets. 
3. Standardization issues: Unfortunately, a lack of universal ESG reporting standards can lead to unreliable and inconsistent data. 
4. Performance measurements: It remains difficult to quantify the non-financial impact of sustainable investment, especially concerning social and governance factors.  

Strategies to Find Credible ESG Investments

Here are a few strategies that can help you find credible ESG investments: 

1. Check certifications: Look for funds aligned with the UN Principles for Responsible Investment and labels like ‘B Corp’ or ‘Green Bond,’ as these can signal credibility. 
2. Use trusted ESG ratings: Consider using established platforms like Morningstar, Sustainalytics and MSCI. These display trustworthy ESG scores that you can use to evaluate a company or fund’s sustainability practices. 
3. Look for transparency: When deciding where to invest, look for companies or funds that disclose their ESG goals, reporting practices or ESG criteria. 

Explore Sustainable Investing for Yourself 

Sustainable investing has several challenges, like greenwashing and a lack of standardization, but can also have significant benefits. With sustainable investing, you can expect competitive financial returns and risk mitigation. Plus, your investments can support social progress, global goals and positive environmental impacts. Beginning to invest sustainably isn’t as difficult as it may seem, provided that you educate yourself, use trusted resources and follow a strategic plan. 

Altogether, these provide a strong investment landscape promoting financial gains and long-term wealth opportunities. If this piques your interest, it might be time to consider exploring ESG funds and ethical investment strategies. Whether alone or with the help of experts in the field, it’s an option to consider when building long-term wealth.

Photo by MT.PHOTOSTOCK/Shutterstock

The post What Sustainable Investing Is and Why It’s an Opportunity to Build Long-Term Wealth appeared first on SUCCESS.

Put simply, women, both in the U.S. and globally, are still earning less than men for doing the same work. 

While progress has been made, the matter continues to affect women across industries, influencing their financial security, career growth and overall quality of life. This gap highlights ongoing disparities that demand attention and action. 

Despite milestones in workplace equality, true gender equality isn’t here just yet, which makes it an important topic for workers, employers and policymakers alike. That’s why understanding the pay gap matters. It’s a step toward empowerment and change, which offers opportunities for female leaders to break barriers and reshape the future.

What Is the Gender Pay Gap?

The gender pay gap, or the gender pay wage gap, is the difference between what men and women earn on average. It’s usually measured by comparing the median pay, either hourly or annually, and it is often shown as a percentage of what men make. For example, if women earn 85 cents for every dollar a man earns, that means there’s a 15% gap.

Different organizations measure it slightly differently. The Pew Research Center looks at median hourly earnings for both full-time and part-time workers. The U.S. Census Bureau focuses only on full-time, year-round workers. According to Pew, women earned 85% of what men earned in 2024, which is a small increase from 81% in 2003. The Census Bureau reported that women working full-time earned 83% of what men earned in 2023.

The gap also varies depending on the industry and job level. In some high-paying fields like tech, the gap can be larger because women are underrepresented in senior roles. In lower-paying sectors like caregiving, women are overrepresented, which keeps average earnings lower. Even among younger workers just starting out, differences exist. 

Is the Gender Pay Gap Real?

Because everyone’s experience is different, some people ask the question, ‘Is the Gender Pay Gap Real?’ The answer is yes. The gender pay gap is backed by extensive data, and it’s recognized globally. The global gender pay gap remains around 20%, with women earning on average 77 cents for every dollar men earn. 

Here’s a snapshot of key gender pay gap statistics over a span of years. It shows the gender pay gap in the U.S. as the median hourly earnings of U.S. women as a percentage of men’s median earnings.

Some argue the gap is exaggerated or disappears once you adjust for job type, hours worked or experience. While it’s true that factors like education, occupation and work hours explain part of the difference, a portion of the gap remains unexplained. This suggests that deeper issues like bias and discrimination may still play a role.

In fact, 50% of U.S. adults surveyed in 2022 said they believe women are treated differently by employers, a belief shared by 61% of women and 37% of men. And despite more women moving into traditionally higher-paying fields, they’re still underrepresented in leadership and overrepresented in lower-paying roles.

What Causes the Gender Pay Gap?

Why is there a gender pay gap? There are multiple aspects that impact this. It’s shaped by a mix of structural and societal factors that affect how women are hired, promoted and paid. Causes of the gender pay gap include the following:

Different Jobs, Different Pay

Men and women still tend to work in different fields. Jobs dominated by women, like nursing or teaching, often pay less than male-dominated industries like tech or engineering. In 2021, the U.S. Bureau of Labor Statistics found that 74% of people working in education and health services were women—sectors with lower average pay. Meanwhile, higher-paying fields still have fewer women, especially in leadership roles.

The Motherhood Penalty

Another factor is how work and caregiving responsibilities are divided. The International Labour Organization (ILO) points to something called the “motherhood penalty.” In 2021, only 66.5% of women with children under 6 were active in the labor force, compared to 93.7% of men in the same situation. Because women are more likely to take on unpaid caregiving, they may end up with fewer years of work experience or reduced hours, which adds up over time. Interestingly, men often see their earnings increase after becoming fathers, sometimes referred to as the “fatherhood wage premium.”

Bias Still Plays a Role

Bias, whether direct or subtle, still influences hiring, promotions and pay. Many employers still assume men are better suited for certain roles. This perception leads to women being overlooked, not because of performance, but because of gender. Over time, these patterns build up, making bias a major factor in why the gender pay gap persists.

Limited Flexibility at the Top

It can be difficult for women to reach senior roles because those positions often lack flexibility. The rigid schedules tied to high-level jobs leave little room for caregiving, which disproportionately affects women, especially mothers, and limits their ability to compete for advancement.

How Can the Gender Pay Gap Be Reduced?

Fixing the current gender pay gap isn’t something one group can do alone. It takes effort from individuals, businesses and governments. Here are some ways progress is being made, and how we can keep pushing forward to improve. 

What Governments Can Do

Public policy plays an important role in setting standards for fairness and equity in the workplace. A few key strategies improve the gender pay gap for the same job include:

• Pay transparency laws: States like California and New York now require companies to share salary ranges for job postings. This helps workers spot and question unfair pay differences. Transparency can lead to fairer pay and more accountability.
  
• Family-friendly policies: Perks like paid parental leave and affordable childcare help more women stay in the workforce. This reduces career interruptions and narrows the earnings gap.
  
• Support for developing regions: The International Labour Organization (ILO) urges governments, especially in low-income countries, to improve job access and working conditions for women, who sometimes earn as little as 29 cents for every dollar earned by men.
  

What Companies Can Do

Workplaces can take intentional steps to promote fairness and ensure women have equal opportunities to thrive. Steps to reduce the gender pay gap in the workplace include:

• Conducting regular pay audits to identify and correct wage disparities within roles and departments
  
• Setting equity goals that are clear, measurable and integrated into broader business objectives, not just stated as values
  
• Creating mentorship and leadership programs to support women’s career advancement and improve representation in higher-paying positions
  
• Offering flexible work options; such as remote work, flexible hours or caregiving accommodations, that support work-life balance and career continuity, especially for working mothers

What Individuals Can Do

While broader changes matter, individual actions still have power, especially when it comes to advocating for fair pay. Helpful steps include:

• Preparing for salary conversations. Confidence grows with research and practice. Knowing how to navigate money conversations at work can boost your chances of securing fair pay.
  
• Knowing your market worth. Research industry benchmarks for your role and experience so you can enter negotiations with clarity and leverage.
  
• Speaking up. High-profile examples, like the response to Caitlin Clark’s WNBA salary, help keep the spotlight on pay equity and encourage others to question unfair norms.

Every Action Counts

No single solution will fix the pay gap overnight. But when individuals, companies and policymakers all take action, progress becomes possible. Together, we can create workplaces where everyone has an equal opportunity for success.

Is There Still a Gender Pay Gap in 2025?

The gender pay gap still exists in 2025. Though there’s been progress, it hasn’t disappeared. As of 2025, U.S. women earn about 85 cents for every dollar earned by men, according to Pew Research (2024). That’s an improvement from 81 cents in 2003, but it still falls short of true equality. On a global scale, the gap is even wider. 

Younger workers are helping to close the gap, with women aged 25–34 earning about 95% of  what their male peers make. Still, barriers like occupational segregation, caregiving responsibilities and workplace bias continue to hold women back.

While the pay gap has narrowed from the 35-cent difference seen in 1982, closing it completely takes more than just time. It requires action, through pay transparency laws, workplace policies and stronger negotiation strategies. And because this gap affects women’s lifetime earnings, it has long-term effects on financial goals, especially retirement planning.

Progress is real, but the work isn’t finished. We all need to speak up and push for change to help build a future where pay reflects skill and contribution, not gender.

Photo by Hyejin Kang/Shutterstock.

The post Understanding the Gender Pay Gap and Its Impact appeared first on SUCCESS.

Nevertheless, we are still a majority nation of workers without college on their resumes. More than 60% of adults over 25 do not hold four-year college degrees, according to 2022 U.S. Census data. Reasons for skipping higher education are varied, as are levels of success and job satisfaction. It’s a tough decision, made tougher by the fact that you attend college with a certain degree of faith—not proof—that it will pay off for you in the end.

There’s no question that, statistically speaking, a college degree leads to dramatically better outcomes for employment and earnings. According to the U.S. Bureau of Labor Statistics, the unemployment rates for non-college grads is significantly higher than that of college grads. According to 2021 analysis by Georgetown University’s Center on Education and the Workforce, graduating from a four-year college means you will earn, on average, $1.2 million more than your high-school graduate counterpart in a lifetime.

Yet the decision of whether to pursue a college degree is just about as unique as the number of people who ask it. “None of us are average; we are individuals,” notes Ron Lieber, columnist for The New York Times and author of The Price You Pay for College. “So I think it’s only healthy to ask, ‘What is the point of this exercise?’ If you don’t know what you’re shopping for, it’s hard to evaluate whether you stand a good enough chance of getting that return.”

Lately, higher education has come under fire by many critics. The average price of a four-year college degree in 2025 for an in-state student at a public university is $108,000; that total literally doubles for private education. The news cycle carries cautionary tales of students who spent thousands of dollars earning a degree only to discover they were unable to find a well-paying job afterward. Meanwhile, the loan payments keep coming. In a 2023 survey by the Federal Reserve, nearly 4 in 10 Americans who pursued higher education took out loans to help pay for it. Most students come out owing between $20,000 and $40,000, and it can take 20 years for the average borrower to pay it all back.

The case for pursuing a college degree

Despite the price tag, a four-year college degree carries with it an intrinsic value that will pay off in ways both specific and nonspecific. Likely the biggest payoff is in its longstanding position as a key indicator of job readiness: The vast majority of employers offering professional and white-collar career paths still ask for an undergraduate degree, if not a master’s degree. This is particularly true in fields like finance, technology, health care, education and science.

College graduates continue to have an edge over non-college grads in terms of job opportunities in fields that offer the highest pay. Not only do starting salaries tend to be higher but the benefits can increase dramatically over time. According to one study, college wage premiums more than double over a worker’s lifetime, from 27% at age 25 to 60% at age 55.

When it came time for Kareem Abdol-Hamid to think about college, it wasn’t a matter of going or not going. “It really wasn’t ever a question for me,” he says. He attended Virginia Tech and earned a degree in computer science. Today, the 27-year-old works as a senior solutions architect at AWS and says he was able to pay off his $20,000 student loan debt in one year.

The wonders of a bigger world opening up on campus, particularly in a city or state that is unfamiliar, can be a profound and life-changing experience. “The most important part of a college degree is the way that you understand the world you live in, and to be a contributing member of society, you need to understand the world,” says Sara Stout, assistant dean of student affairs at the Edward R. Murrow College of Communication at Washington State University.

Pursuing a degree takes time and money but if you’re in it, finish it. One of the worst scenarios is dropping out of college and facing thousands in student loan debt without a degree to show for it. “Our tours have tripled from last year to this year,” Stout says. “[Kids] are doing a lot more investigating and researching. They’re figuring out what they are going to get for what they are investing.”

The argument against a college degree

Things are changing dramatically within higher education. After decades of high favorability within most sectors of society, colleges and universities now face a diminishing reputation. Consider a recent Gallup poll: just 36% of Americans have a high level of confidence in higher education versus 57% 10 years ago. The cost of a four-year degree is under more scrutiny, and in some ways, it’s a buyer’s market as colleges struggle to fill classrooms. Even so, the expenditure of both time and money might seem excessive to someone who doesn’t feel that continued education will help them achieve their goals.

Tristan Anderson went off to community college while most of his friends set out for four-year universities. “My family [and I] believed it was in my best interest to continue at Orange Coast College, then transfer to a four-year college… to pursue an easy degree like anthropology,” the 22-year-old says. But after his sophomore year, something clicked. “I… realized I had no plans of getting a job with the anthropology degree I was working towards,” Anderson continued. “With that, my drive to finish my college degree diminished completely.”

An avid photographer since middle school, Anderson realized his experience surpassed that of many of his peers. “I have spoken with film and photography majors and have noticed that I have more knowledge and experience than the people who are going to school for it,” he says. He says his sports photos recently caught the attention of the UFC, and he hopes to become a professional sports photographer and run his own business.

Alternative sources of education are vying for the attention and dollars of would-be students. Someone interested in the trades has a host of training options that can help them learn valuable skills and land a good job. Trade schools teach specific skills in automotive mechanics, cosmetology, culinary, nursing, graphic arts, plumbing and welding, to name a few. Industry-driven apprenticeship programs within private and public companies offer free training along with wages; they culminate in portable certifications and two- or four-year degrees.

Amanda Monreal received her automotive certification just before the 2008 housing crash. With almost zero jobs available, she pivoted to factory work as a laborer making wires and cabling. Soon, she saw an opening for a maintenance mechanic. “I told [my boss] I had experience working in automotive and would [he] take a chance and let me try out working on machinery,” Monreal recalls. “My boss said, ‘You know, that sounds like a good idea; let’s go ahead and do it.’” Monreal progressed very quickly, and in a few years moved on to electrical maintenance. Today, the 37-year-old is an electrical and instrumentation technician for a large energy company and makes a six-figure salary.

People who bypass college and still find the career they want are those who study their fields and know what they want to do. Along with that, they should keep an eye on industries facing a shortage of trained workers. For example, a variety of factors have shrunk the pool of trained pilots, so most major airlines have dropped their requirement for a four-year degree, and at least one has its own aviation training program.

Is a college degree for everyone?

Perhaps the question of whether a college degree is right for you isn’t the right question. “I say college is something everyone should consider in the same way that everyone should consider enrolling in the U.S. armed forces and serving our country, in the same way they should consider pursuing an entrepreneurial idea,” Lieber says. “This idea that something ‘is for everyone’ but some things are not for certain people—I just don’t buy it.”

Photo by EduLife Photos/Shutterstock.

The post Is a College Degree Really Worth It? appeared first on SUCCESS.

Formerly known as Truebill, this popular money management app has helped over 5 million members improve their financial well-being. With its user-friendly interface and intuitive design, Rocket Money makes it easy to manage your money. It has a feature-rich platform that includes credit score tracking, subscription management, budgeting and more.

If you’re new to finance apps like Rocket Money, you might have a few questions. Is it safe? What are the features and benefits? Is it worth the cost? Explore the pros and cons, and find out how the tool is designed to help users find financial freedom in this Rocket Money app review. Then, see how to take the next step and decide if it’s right for you.

What Are the Rocket Money App’s Pros and Cons?

The Rocket Money app is considered one of the best finance apps because of its powerful features for financial wellness. We’ve rounded up the pros and cons for a quick overview:

Pros: 

• Intuitive design
• Available on iPhone and Android 
• Connects to all bank accounts, credit cards and investment accounts
• Bill negotiation feature 
• Subscription tracking and canceling feature
• Budget creation feature 
• Free plan available 
• Safety (256-bit encryption, which is what many banks use)

Cons:  

• Limited features with free plan
• Weak investment tracking capabilities
• Bill negotiation is expensive 
• Lack of debt payoff planning 
• No live call support 

What Are the Key Features and Benefits of the Rocket Money App?

According to a recent survey conducted by Self Financial, the average U.S. household wastes $32.84 monthly on unused subscriptions. Over the course of a year, it adds up to almost $400. That’s no small amount of change. Rocket Money, however, helps users save on unused subscriptions and more through its unique features.

 In addition to its subscription management benefit, the app’s features also include:

• Bill negotiation
• Expense tracking and budgeting
• Financial health monitoring (including credit score history and alerts)
• Savings goals with automation  
• Linked accounts in one place 

How to Use the Rocket Money App

It’s simple to use the Rocket Money app if you’re just starting on your financial literacy journey or want to try something new to help you handle your finances. Once you’ve downloaded the tool, simply connect your bank accounts and credit cards securely through Plaid to use the app. This allows the app to analyze your transactions. You can begin managing your money and tracking your financial health from there. 

The app is available for multiple devices, and you can find Rocket Money on Google Play or Rocket Money on the App Store.

Pricing Structure 

How much is the Rocket Money app? It depends. Rocket Money is committed to helping its users find financial self-empowerment, which is why it offers a free version of the app. For some users looking for basic money management features, the non-paid version of Rocket Money could be a usable free budget tool, however, the majority of its features are only available with a premium subscription.  

To access enhanced budgeting features, sign up for a premium membership. Premium costs can vary, with members paying between $6 and $12 monthly. 

Subscription Management

Rocket Money has canceled nearly 2.5 million subscriptions on behalf of its members, saving users money and reducing subscription clutter. The app identifies recurring charges and highlights subscriptions you may have forgotten. If you come across a subscription you’re no longer using, the app offers a concierge service to handle the cancellation on your behalf, saving you time. Rocket Money also shows your upcoming bills, helping you pay on time and avoid late fees. 

Bill Negotiation 

Rocket Money’s bill negotiation feature saves you money by securing better bill rates. Just connect your bills, and the app’s team will work to lower the costs of monthly expenses like cell phone bills and car insurance. If the negotiation is successful, you’ll get charged a fee ranging from 35% to 60% of your first year’s savings, with the choice of percentage up to you. Plus, if your bank ever charges you overdraft or late fees, Rocket Money helps you get those refunded, keeping your finances in check.

Expense Tracking and Budgeting 

Creating a budget is often the first step toward financial freedom, but manually tracking every grocery run or Amazon purchase takes time and effort. Rocket Money simplifies this process by automatically monitoring and categorizing your spending, helping you stay on track with your financial goals. The app analyzes your transactions to calculate your monthly spending allowance, making it easier to understand how much you can afford to spend. You can also create personalized goal trackers for specific categories. To ensure you never overspend, Rocket Money alerts you when you’re nearing your spending goals. 

Quick Tip: With the Premium subscription, you can create unlimited budgets for personal, family or business use. This could be helpful when trying to allocate and budget funds in different areas of your life. 

Financial Health Monitoring 

Financial health impacts everything from your ability to handle unexpected expenses to planning for retirement. For most people, economic well-being is a lifelong journey that requires constant monitoring to ensure you’re on track. The Rocket Money app provides a holistic view of your financial health by monitoring your credit score and tracking your net worth. The app alerts you to important changes that could impact your credit score and provides insights to help you understand what those changes mean. Additionally, Rocket Money allows you to track everything you own and owe in one place, offering typical categories like a 401(k) and the flexibility to add custom ones. 

Savings Goals and Automation

Whether you want to purchase a home or simply save for a rainy day, Rocket Money is designed to help with savings. The app analyzes your accounts to determine the best times to save, helping you reach your goals faster and avoid overdraft fees. You can set a savings goal, choose your preferred deposit frequency and watch your savings grow. All deposits are kept in your account with Rocket’s FDIC-insured banking partner, ensuring your money is secure. Plus, you have complete control over your savings—you can edit, pause, withdraw or close your account anytime.

Quick Tip: The Rocket Money app’s Smart Savings feature also allows you to set up overdraft protections so you’ll never have to worry about savings transfers. 

How Can the Rocket Money App Help With Your Self-Improvement Goals?

If your self-improvement journey includes better financial planning, budget tracking and saving money, the Rocket Money app could help.

It Enhances Your Financial Awareness 

Financial self-empowerment starts with financial awareness. However, over 50% of Americans don’t use a budget or know how much they spend monthly. This lack of knowledge can quickly lead to overspending and debt accumulation. The Rocket Money app helps users keep track of their spending habits and patterns, encouraging them to make better financial decisions. 

It Drives Goal Achievement and Promotes Accountability 

Setting financial goals is often the key to successfully saving money. Rocket Money helps support your success by allowing premium members to set financial goals within the app. To help keep you accountable, the app offers goal-tracking features that let you monitor your progress, adjust targets as needed and stay motivated. You can stay accountable through community support, celebrate financial wins and achieve savings goals with ease. 

It Helps You Stay Consistent With Money Management

One of the most challenging aspects of any habit, including better spending and money management habits, is being committed to your change. The Rocket Money app can help you stay consistent and follow through with your commitment to better financial wellness and a stronger financial future. 

Rocket Money Customer Reviews 

If you’re starting out with finance apps like Rocket money, you might have a few questions. Is the Rocket Money app legit? Is Rocket Money a good app? While it is considered a trusted and secure app, whether it’s right for you or not could depend on several factors. However, looking at customer reviews can give some helpful feedback and insight. 

The app receives an average of 3.9 out of 5 stars on Trustpilot. Rocket Money app reviews suggest that many users were pleased with their experience. Some praised the app for offering so many money management features in a single app, with one user saying it’s “like having a personal accountant.” Others note that the app makes budgeting more manageable, helping them save more money than they previously had. Reviews were mixed on Rocket Money’s customer service, but users seem generally happy with the help they received. While the main population of users is adults in their 20s and 30s, anyone can benefit from using the app.

In addition to the generally positive customer reviews, the Rocket Money app also earned CNET’s Editor’s Choice award for the best overall budgeting app. 

Alternatives to the Rocket Money App

While Rocket Money is a favorite finance tool among many users, there are other apps like Rocket Money available for personal and professional use. Tools like Honeydue, Empower Personal Dashboard, and Money Manager are all great alternatives for Rocket Money. For some, using a zero-based budgeting system is what works best, so apps like YNAB and EveryDollar might fit the bill. 

However, these apps may each offer features different from those of the Rocket Money app. Trying out the top finance apps can help you evaluate which one works best for you.

Take Control of Your Finances

Financial wellness starts with tracking your money, and thanks to technology, it’s easier than ever. The Rocket Money app supports your journey to financial freedom by simplifying expense tracking and monitoring your savings goals. Download the Rocket Money app today to check out the features and benefits for yourself. When you take control of tracking and managing your money, you’re taking the first step toward financial self-improvement.

FAQs

Who Is the Rocket Money App Designed For? 

Rocket Money is designed to help people take charge of their personal finances. While it’s accessible to a wide range of users, its largest demographic is made up of U.S.-based individuals aged 23 to 34 years old. 

What Makes the Premium Membership Unique? 

Premium Rocket Money members gain access to a wider range of features than those with the free membership. Premium features include:

• Unlimited budgets
• Full credit reports
• Cancellation services
• Net worth tracking
• Financial goal plans
• Real-time syncing
• Transaction management
• Account sharing
• Data export

Which Features Are Included in the Free Membership?

While the free membership doesn’t offer as many features as the premium membership, you can still access a few helpful financial tools. Free features include the following:

• Account linking
• Balance alerts
• Subscription management
• Spend tracking

Is Rocket Money Only for Users in the USA?

While it’s unfortunate for customers outside the United States, the Rocket Money app is in fact only for those located in the US. The app works with US-based banks and institutions and requires customers to have a US-based bank account. Customers living in other countries will need to turn to alternative finance apps to meet their needs.

The post Can the Rocket Money App Bring You Closer to Financial Freedom? appeared first on SUCCESS.

How JPMorgan is targeting America’s wealthiest clients

The new locations, acquired during JPMorgan’s 2023 takeover of First Republic, are in some of the wealthiest ZIP codes in the U.S., including Napa, Palm Beach and Wellesley Hills. These upscale locations will function as pilot sites for JPMorgan’s push to refine client service and expand its reach among wealthy investors. 

These catchment areas are attracting a growing number of ultra-rich individuals, particularly in Palm Beach, where the billionaire population is surging. According to Palm Beach Daily News, 68 billionaires currently reside there, with a combined net worth exceeding $620 billion.

The bank, set to celebrate its 25th anniversary next year, is the largest in the U.S. by deposits and assets, but it has struggled to keep pace in wealth management, where firms like Wells Fargo and Northern Trust have established strong footholds. 

Trust and financial security are still closely tied to a visible, local presence for many investors. This is especially true in wealth management, where face-to-face advice and on-demand support are often expected. Although around half of America’s top earners bank with JPMorgan, a far smaller portion choose to invest with the firm. 

JPMorgan unveils personalized one-on-one private client program 

As JPMorgan looks to double its center count by next year, it’s also rolling out JPMorgan Private Client, a service built to strengthen investor relationships. Each client gets access to a dedicated app and is matched with a single banker for a seamless personalized experience. Private client members are expected to maintain at least $750,000 in qualifying balances to be eligible for the program.

For clients with at least $150,000 in eligible deposits and investment balances, Chase Private Client provides access to a lower tier available across all 5,000 branches in the U.S.

JPMorgan’s latest financial centers are intentionally designed to stand apart, elevating and rethinking the in-person banking experience from the moment clients arrive. The bank’s Palm Beach location, for example, was recently transformed into a fresh and modern space. Warm wood finishes line the interior, complemented by comfortable seating areas and a curated selection of complimentary drinks and snacks. Tall botanical plants frame the entrance and concierge desk, softened by gentle white lighting.

“Through these Financial Centers, we are redefining how affluent clients are served, offering a highly personalized level of service that is backed by the global capabilities of JPMorganChase,” Jennifer Roberts, the CEO of consumer banking at Chase, said in a statement.

Branch banking is in decline, but its relevance hasn’t disappeared

While most major U.S. banks have gone all-in on digital to reduce costs, boosted by AI agents and global support teams, high-net-worth clients still expect a traditional touch, despite data showing the majority of bankers are relying less on physical branches in the digital age. 

According to 2024 data from finance and credit-building company Self Financial, bank closures have been steadily rising for over a decade, with the number of physical branch locations across the U.S. consistently declining since 2012. The roots of this trend trace back to the 2008 financial crisis, with more recent events like the COVID-19 pandemic pushing banks even further to rethink how and why they invest in physical property moving forward. 

Roberts, speaking to CNBC, admitted that increasing awareness will be key to the success of JPMorgan’s new financial centers. “We just need to get the awareness out there,” she said. “We’re never going to turn someone away. Any customer can come and leverage any of our branches at any time.” Customers can still utilize JPMorgan’s services through their nearest branch or online—even if a new center isn’t nearby. 

Photo courtesy of JPMorgan

The post JPMorgan Banks on Returning to Brick and Mortar Branches to Attract Affluent Customers appeared first on SUCCESS.

While pensions still exist in the public and private sectors, they’re now rare. Members of Gen X, born between 1965 and 1980, are starting to enter retirement and have thus been dubbed the “401(k) retirement generation.” They are the first generation whose retirement is primarily funded by 401(k), Roth IRAs, IRAs and individual savings accounts. 

However, these individuals’ fear is not having the certainty of a pension as they enter retirement. According to a 2024 Goldman Sachs retirement survey, 45% of Gen X feels that their retirement savings are behind schedule.

Here’s what Gen X’s fears about retirement can teach future generations, as well as advice from licensed financial professionals on what Millennials and Gen Z can do to get a jump start on saving for retirement—even if it’s small steps.

Fears about retirement exist in all generations

The uncertainty of being unemployed and living only on the money you’ve saved can be nerve-wracking. Healthcare considerations and the increasing cost of living will inevitably affect how much you need to withdraw from savings like your stock portfolio. But if the stock market experiences a down year, you’ll be watching that portfolio shrink.

Dan Erickson, a soon-to-be Gen X retiree with half a million saved, says he’s uncomfortable with retiring. “Half a million might seem like a lot of money, but if you’re gonna live… 20 more years, what’s half a million in 20 years?“ he says. “[That’s] $20,000 a year.… That’s not a lot.”

However, Erickson not only fears how much he has saved but also how much he’ll have to pay for healthcare. “The other reason [I’m not retiring yet] would be medical,” he adds. “I’m almost 62… [and] I still have medical insurance by continuing to work. If I stop, I’m gonna have to pay that medical out of pocket until I’m 65 and can get Medicare.”

Erickson isn’t alone in his fears. Chris Englert, a member of Gen X who retired early at age 49 with almost two million in assets, says she tries not to look at her portfolio daily.

“I would go nuts, especially in the current economy,” she says. “I just keep the long view and keep to my plan… and just hope that nothing really drastic happens and really have faith… [that] I will continue to be able to live the lifestyle I have.”

What to do when your retirement funds are low

It’s important to know what to do if your funds decrease or disappear. Staying calm and looking at your options objectively can help you avoid spiraling when there’s uncertainty about money, especially in retirement. 

Martin Matthews, a licensed financial advisor and co-founder of M Wealth Group, suggests examining what expenses you can cut when funds are low. “Gen Xers turned 60 years old this year, and a lot of them are supporting their millennial children,” he says. “When your funds get low in retirement, you have to start looking at where [your money is] going. Can you cut down on some of these expenses?”

Anita Niefeldt, a certified financial planner and founder of Viridian Wealth Management, says that while nerves may be high during times of uncertainty, it’s best to sit down with a financial planner to work things through.

“Even though there’s a lot of volatility in the market… that doesn’t necessarily mean that your plan is in trouble or that you may not be able to retire when you wanted to,” she says. “So it’s important to have the financial plan done. Take a look at [it]: Are there any shortfalls?”

Fear around retirement and the desire to make sure you’ll have enough money is natural. However, there are some practical things you can do to help yourself:

• Talk to a licensed financial professional to evaluate or adjust your retirement plan.
• See if there are any places you can cut expenses, whether that’s in your daily spending or in how and where you retire.
• Add extra income through a part-time job or side hustle. The idea of going back to work or working longer may not be appealing—but you can make it something you enjoy doing. For example, Englert feels like she has enough saved for retirement but continues to make money selling books through her website.

Gen X’s advice for Millennials and Gen Z

If you’re a millennial or a member of Gen Z, you can learn from the first 401(k) generation. 

“No matter what generation you’re from… start early, start young and live under your means,” Englert says. “[If] you’re offered 401(k)… and matching plans… or whatever retirement vehicles that come your way when you start working at age 21 or 22, start investing at the maximum amounts and put time on your side—because it works.”

Similarly, Erickson advises getting a job now that offers benefits, such as a 401(k) or some kind of retirement. “I started a job when I was 38… and I stayed with the same job… [because it] had retirement benefits…. After you worked there so many years, the matching went up, and I just faithfully kept working and kept putting that money away—and before [I knew it], it add[ed] it up.” 

One of the most important lessons to learn is personal responsibility. Being disciplined with saving and investing for retirement, starting early, and staying consistent will put you in a much stronger position later on. 

“We always tell people [that it’s] not how much money you’re putting away but just the habit of doing it. So the small step would be just deciding on an amount whenever you get paid,” Matthews says. “If you’re saying, ‘I can only save 1% of my income and put it away for the future,’ that’s a start. But then you get that discipline in.”

Photo by Yuri A/Shutterstock.com

The post Millennials and Gen Z Have a Lot to Learn From Gen X About Retirement appeared first on SUCCESS.

Zero-Based Budgeting Defined 

Zero-based budgeting is a sum-total approach to finances that requires all expenses to be justified and approved in each new budget period or year, starting from zero. In a nutshell, it assigns a job to every single dollar of your monthly income based on necessity rather than budget history. Using this method, your income minus expenses will equal zero.

Zero-based budgeting is not a new concept. It rose to popularity in the 1970s when President Jimmy Carter promised to use it to balance the federal budget. However, as economic conditions improved, the zero-based model fell out of style. It started to slowly regain popularity around the time of the 2008 recession and is now commonly used for personal finances. 

If a zero-based strategy sounds like your speed, then buckle up! It requires more upkeep than a traditional budget, but it also has huge potential for saving. How does a zero-based budget work? Explore more, plus pros and cons of zero-based budgeting and how it can change your financial trajectory, in the details below. 

How Does Zero-Based Budgeting Work?

As an idea, zero-based budgeting is simple. It is a financial management tool that is built from the ground up, starting at zero. After the budget is set, its user must allocate all income to expenses, savings or debt payoff. Maintaining a zero-based budget is more complex than most traditional budgets, but the potential for savings is much higher.

For zero-based budgeting to work, its subscribers must be utterly committed to accountability. If you’re not ready to assign a purpose to every dollar you spend, this budget isn’t for you. However, if you’re interested in taking ownership over your financial goals through discipline, this approach can get you there. 

How to Get Started 

To get started, list out all your income sources. Then identify all your expenses, such as rent or mortgage, credit card payments, groceries, medical bills, entertainment, subscriptions, etc. Next, organize your expenses into more general categories like needs, wants, savings and debt repayment. Your savings, for example, might include money for vacations, home renovations and retirement. 

Then allocate each dollar into a specific category, knowing you have the flexibility to move money around in the budget if you plan ahead. For example, if you want to set aside $100 in a retirement fund monthly, but you are at zero dollars in your budget before reaching this category, you could take $100 from your eating out expense and move it to savings.

Zero-Based Budgeting vs. Traditional Budgeting

It’s important to understand what makes a budget a zero-based budget. When people sit down to make traditional budgets (also called incremental budgets), they typically start by listing out their current expenses or by building from the previous year’s budget. These approaches can be problematic because they don’t require the budgeter to ask whether historical expenses are actually necessary to maintain. 

In contrast, when someone sits down to make a zero-based budget, they start by calculating their projected income for the year. With that number in mind, they design expense categories and assign a dollar amount to each. If an expense doesn’t fit within their budget, then it’s cut. All spending must be justified. 

Whereas traditional budgets allow unused income to sit in a checking account, a zero-based budget does not. A zero-based strategy requires every dollar of income to be spent or reallocated. That means if you use this system, you won’t be left wondering where all your money went. 

Zero-Based Budgeting Example

Let’s take a look at a basic example to illustrate how this financial strategy works. Here’s how someone with a monthly income of $6,000 might create a zero-based budget:

Income

Full-time job: $5,000

Side hustle: $1,000

Expenses:

Needs

Rent: $3,000

Groceries: $500

Utilities: $200

Transportation: $250

Health Insurance: $400

Debt Payments

Credit Card: $200

Wants

Restaurants: $300

Other entertainment: $200

Hobbies: $100

Gym membership: $100

Clothing: $150

Massage: $100

Subscriptions: $100

Savings

Emergency Fund: $100

Investments: $300

Total Expenses/Savings: $6,000

Advantages of Zero-Based Budgeting

Adopting a zero-based strategy allows you to design your own financial destiny. Instead of waiting to see what you can and can’t afford, you can decide what you want to afford. The zero-based strategy offers many potential benefits, including the following: 

• Insight: The zero-based model requires you to take a detailed look at your cash flow. If you do this budget correctly, you’ll come face-to-face with your spending habits. 
• Intentionality: When you need to be able to justify every expense, you learn how to be more intentional. You’ll have to decide whether a single purchase is worth throwing off your budget and compromising your financial goals. 
• Efficiency: This budget will expose inefficiencies and obsolete processes. Are you getting charged an avoidable bank fee or still paying for a subscription you never use? This money management strategy helps you address these charges and avoid them. 
• Agency: When you use zero-based budgeting, you’re steering the ship. Current expenses don’t dictate spending habits; your goals and decisions do. 
• Responsibility: There’s no room to shift blame in the zero-based model. You made the budget, and your decisions will make it succeed or fail. 
• Savings: When you don’t have a plan for your extra income, it’s amazing how quickly it slips away. In a zero-based system, money you may have spent on a dozen little purchases can accumulate to substantial savings. 

Disadvantages of Zero-Based Budgeting

Before you start designing your zero-based budget, you should know it’s not for everyone. For people who thrive with a lot of structure and discipline, it can be highly beneficial. For other individuals, it can be challenging. As with any other money allocation system, zero-based budgeting has its flaws. What is a disadvantage of zero-based budgeting? Here are some of its potential downsides: 

• Time: Depending on your finances, maintaining this budget—or even setting it up—can eat up a lot of time. If you can’t commit to regular accounting sessions, it may not work. 
• Incompatibility: This budget doesn’t play well with unpredictable income. If you’re a freelancer or work on commission, zero-based budgeting may be impossible.
• Rigidity: Whereas traditional budgets primarily serve to monitor spending, zero-based strategies assign an objective to every dollar of income. That means there’s no room for  unjustified spending. For some people, that level of rigidity can be stressful. 
• Variability: Your definition of a need may not be like everyone else’s. For example, you may classify a massage as a monthly need, whereas others may see it as frivolous spending. A highly subjective budget won’t produce ideal results for all individuals. 

While zero-based budgeting can be beneficial for businesses as well, there are some downsides. For example, it can be resource-intensive and there is a risk of the funds being manipulated and higher budgets being awarded to some departments over others.   

Is Zero-Based Budgeting Right for You?

There are clear zero-based budgeting advantages and disadvantages, and there’s no shame in saying you’re not ready for a zero-based budget. It isn’t ideal for everyone. Luckily, it’s not your only option. There’s more than one way to create a budget and save for the future. You may want to explore alternatives like the 50/20/30 strategy, priority-based budgeting, budgeting apps, or the “pay yourself first” budget. You can also start slow by dedicating a percentage of each paycheck to savings. 

The key to spending responsibly and controlling your finances is finding a system that works for you. When you assume full responsibility for your finances, a funny thing starts to happen. You begin to embrace your personal agency, and that confidence can ripple out through every area of your life. Instead of things happening to you, you make informed choices that have foreseeable consequences—and that’s a freeing way to live. 

Making Your Finances Work for You 

There’s no denying that people who budget are more likely to create wealth and experience financial security than people who don’t. You’ve now learned what is a zero-based budget and why it is important. Zero-based budgeting can help you better manage your finances, both at home and at work, by determining exactly how each dollar is spent. With this approach, you will always know what is being saved and spent, so you can find peace of mind while building a better future. 

This article was updated May 2025. Photo by wavebreakmedia/Shutterstock.com

The post What Is Zero-Based Budgeting and How Does It Work? appeared first on SUCCESS.

An investment is a purchased asset that potentially increases in value or generates income over time. A common example is buying a share in a company to either earn a payout (known as a dividend) or have it appreciate in value. If the share’s price increases, you can then sell the share for a premium and make a profit.

Another example is purchasing real estate. Buying an asset like real estate can generate income through rental costs to tenants. It can also increase in value over time due to an increase in housing demand, which makes the property more attractive to buyers.

At first glance, investing sounds great. I can make money just by giving my money to someone else? Sign me up! 

But investing comes with its share of risks as not all assets are created equal. Investing requires time and research to find assets with reliable growth potential or income generation. There’s also the issue of choosing how to invest and which brokerage to use. 

Thankfully, there are a number of online brokerages that offer investing services. We’ll be taking a look under the hood of one of the most well-known: SoFi Invest. If you’re not familiar with the investing platform, we’ll break down how it works, what types of investments it offers, the different account types available and its pros and cons. 

What Is SoFi Invest? 

SoFi is a financial tech (fintech) company that offers many financial products (e.g. student loans), including investments. Today, however, we’ll be focusing on the investing arm of SoFi in this article—SoFi Invest. 

SoFi Invest is an online brokerage—a platform where you can buy and sell stocks, bonds, exchange-traded funds (ETFs) and other assets.

For those who are new to investing or don’t want the hassle of researching investing advice, SoFi offers robo investing. Customers can tell SoFi their risk preferences and the platform uses computer algorithms and market data to generate a bespoke portfolio. This portfolio is then managed and rebalanced based on your preferences, risk tolerance and financial goals. 

The Pros and Cons f SoFi Invest

SoFi Invest has many investing options, but each investment—and each platform—has positives and negatives. 

Let’s dig into the nitty gritty of this brokerage platform and see how it fares.

The Pros 

SoFi Invest is a highly-rated online investing platform with many benefits, including: 

• Complimentary financial advice: SoFi standard members get 30 minutes of free financial advice from a financial planner. SoFi Plus members get unlimited advice appointments. 
• Dedicated customer care: SoFi has a detailed help center and a virtual assistant available 24/7. Human customer support is available from 5 a.m. to 7 p.m. Monday through Thursday and from 5 a.m. to 5 p.m. Friday through Sunday.
• Low fees and minimums: SoFi has no account minimums on investing accounts. Investors can trade stocks, bonds and ETFs with no commission fees and buy fractional shares with a minimum of $5. 
• Multiple account options: SoFi offers customers many retirement account types for investing, such as Roth IRAs, traditional IRAs and SEP IRAs. Investors can also open a margin account to borrow against their current investments for cash at an interest rate of 11%. 
• Various investment options: Both new and experienced traders can make use of SoFi’s numerous investing options, including stocks, ETFs, fractional shares, initial public offerings (IPOs), private credit investing, venture capital investing and commodities. 
• Attractive bonuses: New investors that fund a SoFi Active Invest brokerage account with at least $50 can earn up to $1,000 in stock bonuses. 

The Cons 

Despite its benefits, SoFi Invest has a few drawbacks:

• No tax-loss harvesting: Stocks can be sold at any time, regardless of whether their value has increased or decreased. When a stock is sold for a gain, it is generally subject to tax. But, if you sold stocks at a loss, the opposite is true: you can get a tax break. Unfortunately, SoFi does not offer this service to members. This isn’t a major issue for new investors as tax-loss harvesting is extremely complex.
• Limited to U.S. assets: SoFi only offers investments that are U.S.-based, including ETFs, stocks and private equity. 
• Required margin account minimum: Investors who want to borrow cash by surrendering their stocks to SoFi if they don’t pay back their loan must have at least $2,000 in their account to qualify. 
• No ability to trade cryptocurrencies: SoFi no longer has an internal platform for investors to trade crypto like Bitcoin or Ethereum. However, they have partnered with BitGo and Blockchain.com to give investors access to these assets.

SoFi Account Types: Which Is Best For You?

SoFi is a good option for new and seasoned investors given its variety of trading options, both public and private. It offers many investment account types so investors with different goals can use their money as they see fit. 

Some of the accounts SoFi Invest offers include: 

• Individual brokerage accounts: Invest your cash in assets of your choice on your own. Individual accounts have no tax benefits. 
• Joint brokerage accounts: Like individual accounts, joint brokerage accounts come with no tax benefits. However, more than one individual can access a joint account. Depending on the state you live in, these accounts may be called joint with right of survivorship (JWROS), community property or tenants by entirety accounts. 
• Traditional retirement accounts: Standard IRA investment accounts allow you to save for retirement without paying tax immediately. In most cases, contributions to these accounts reduce your taxes owed. And any gains or income in these accounts are not taxed until money is removed.
• Roth retirement accounts: Roth IRAs are another type of account designed for retirement savings. Any contributions made are not tax-deductible but withdrawals are not taxed so long as they fall within IRS guidelines. 
• Rollover retirement accounts: SoFi members who had a tax-qualified account (e.g. 401(k)) with a previous employer or institution can transfer their assets to an IRA. Typically these rollovers allow you to avoid tax penalties you’d incur if you simply withdrew the money and transferred it to an account. Currently, SoFi has a 1% matching offer for IRA rollovers, though terms and conditions apply. 
• Simplified employee pension (SEP) IRAs: SEP accounts are individual retirement accounts that only your employer can contribute to. Contributions to these IRAs are capped at 25% of your annual pay. 

Does choosing an investment account from these options give you decision paralysis? 

If so, SoFi has certified financial planners who can help you open the right account for your goals. Whether it’s about an emergency fund or complex IRA rollover, SoFi members can ask a CFP for complimentary advice for 30 minutes or less.

SoFi App

If you prefer investing, saving and managing your money from the palm of your hand, the SoFi app is a great option. SoFi’s mobile app—available on Android and iOS—has most of the features from the browser-based platform, including: 

• Stock and ETF trading (automated and self-managed)
• Fractional share trading 
• Exclusive access to IPOs
• Funds transfers between accounts
• Account activity tracking and review
• Open and manage retirement accounts

The SoFi app has an Apple App Store rating of 4.8/5 and a Google Play Store rating of 4/5.

SoFi Invest Has a Wealth of Options  

SoFi has something for every kind of investor, no matter their risk profile or investment knowledge. With numerous accounts to choose from, tons of types of investments, free advice and a wealth of resources, SoFi Invest is a platform suitable for investors of all stripes. 

Photo by sdx15/Shutterstock.

The post An Overview of SoFi Invest: A Tool to Help Build Your Financial Future appeared first on SUCCESS.

A wealth mindset helps you shift from fear and scarcity to opportunity and growth. This shift not only builds confidence but also encourages smarter financial decisions and long-term planning.

By learning how to change your mindset to be successful, you can begin to reframe your relationship with money, reduce self-limiting beliefs, and take intentional action toward your goals. A positive money mindset supports this transformation by helping you develop gratitude, focus on possibilities, and take calculated risks. Together, these mindsets allow you to move beyond financial stress and toward a more empowered, abundant future.

Here’s how you can begin cultivating a mindset that supports attracting financial abundance.

What is a Wealth Mindset?

A wealth mindset is the belief that financial abundance is possible and achievable through smart decisions, lifelong learning and resilience. Rather than viewing challenges and feedback as obstacles, this mindset approaches them as opportunities for growth.

Those with a wealth mindset focus on possibilities, long-term wealth-building and financial confidence.

The Importance of a Positive Money Mindset

A positive money mindset is an essential component of a wealth mindset. It focuses on having a healthy relationship with money by cultivating gratitude and believing in the possibility of having more. 

A wealth mindset takes this one step further and uses the positive attitude toward money to think actively about opportunities and long-term plans toward financial success. Whereas a positive money mindset helps you overcome blocks, a wealth mindset motivates you to create strategies toward financial prosperity. 

By having a healthy money mindset you’re able to remove limiting beliefs and fears, which can prevent you from making sound financial decisions. It lets you view money as a tool to live your best life instead of a source of stress. This foundation supports you in building wealth by encouraging you to think bigger and take more calculated risks so that financial abundance is within your control.

For example, having a wealth mindset allows you to focus on setbacks as opportunities to improve your financial situation. Instead of holding onto your cash in a savings account, you take the time to learn about the stock market and strategically invest your money to help you retire earlier.

It could also mean taking the time to build multiple streams of income so that you’re spreading out your risk if and when one income source doesn’t do as well as others.

Wealth Mindset Habits

Developing a wealth mindset isn’t just about perspective—it’s about the habits you cultivate. Here are key practices that reinforce financial confidence, growth, and abundance. 

Having Gratitude for Abundance

Those who have adopted this attitude appreciate what they already have. Some strategies include:

• Journal to see how you’re contributing to the flow of wealth
• Develop a daily gratitude practice by focusing on all the big and small sources of financial abundance
• Notice when you have feelings of scarcity and actively shift them to focus on abundance
• Create visual reminders like a vision board that is full of symbols of prosperity

Investing in Knowledge 

Being willing to learn about how finance works and wealth-building strategies is characteristic of someone with a wealth mindset. Investing in financial knowledge includes working with a financial adviser, taking investing courses and perhaps enlisting the help of a strategist to take more calculated risks in business. 

Taking Calculated Risks

To grow and maintain wealth requires balancing potential rewards with possible risks. It means understanding your emotional and financial capacity for loss and looking at potential outcomes for wealth-building opportunities. You then use that understanding to gather and analyze data to make better decisions.

How to Develop a Wealth Mindset

Overcoming your limiting beliefs about money helps you get to a more positive space so you can take more calculated risks and step into financial abundance. 

Here are some strategies to try:

Reframe Limiting Beliefs

Take the time to analyze your limiting beliefs around money and see how you can reframe these into more positive thoughts. Write these more positive thoughts about money in a dedicated journal or say them out loud to yourself every day.

Set Clear Financial Goals 

Being as specific as possible can help tame anxiety around how you’ll achieve your financial goals. Setting SMART (specific, measurable, achievable, relevant and time-bound) goals can help give you a clear road map. 

An example of a SMART financial goal is investing $100,000 in a diversified portfolio of 80% stocks and 20% bonds by investing $4,166.67 over the next 24 months.

Practice Visualization

Visualization can help you cultivate a more positive wealth mindset and take actions toward cultivating wealth. Different strategies include thinking about money flowing to you or imagining the numbers of your bank account growing. 

Surround Yourself with Like-Minded People

Putting yourself in spaces and around people who encourage you to think bigger and achieve the outcomes you want. Some strategies to try include engaging with mentors, going to events where you’ll meet people who inspire you and consuming content like books that expose you to new ideas.

Overcoming Wealth Mindset Challenges 

When you start to try to change your attitude toward wealth and abundance, it’s normal to experience some bumps along the way. Maybe you still feel scared of failure—what if the risks you take don’t work out?

The truth is that you may experience some failure but that is part of the process. The key is to learn from your setbacks and remember that you have what it takes to achieve your goals. Keep going even if you don’t feel like you’ve got a wealth mindset now. Being consistent with your efforts will take you a long way. 

Some practical steps to overcome these challenges:

• Create a clear vision of what wealth means to you and use that to set specific goals
• Celebrate each financial milestone no matter how small it is to build your confidence
• Find ways to stay consistent in your financial habits like automating investment contributions and reviewing your spending
• Work with a coach or mentor to help you identify any subconscious limiting beliefs and move through them

You are Worthy of Wealth

Cultivating a wealth mindset isn’t just about believing in abundance—it’s about developing the resilience, habits, and perspective that turn that belief into lasting success. It helps you grow through setbacks, stay committed to your goals, and enjoy the process along the way.

Start where you are. Even small shifts in your mindset and habits can lead to powerful results. One day, you’ll look back and realize how far you’ve come—not just financially, but in the confidence and clarity you’ve gained.

Photo courtesy of Drazen Zigic/Shutterstock

The post How to Change Your Mindset for Success: Benefits of a Wealth Mindset appeared first on SUCCESS.