Failure, by Banks.com Contributor Oct 28, 2014

My passion for fine arts has put me $180,000 in debt. On top of that, it’s given me almost zero marketable job skills. So where did I go wrong?

Young & Reckless

I’ve been in love with painting since I was twelve years old when my parents took me to the Museum of Fine Arts in Boston. I decided then and there that I wanted to be an artist. I requested an easel for my next birthday and I started saving my allowances to buy paint and brushes.

I painted anything and everything I could imagine, covering my bedroom walls with various “collections” of my work. For their part, my family indulged my passion. Although when the time came for college, my parents were less-...

Failure, by Banks.com Contributor Oct 27, 2014

Am I the sucker that paid over four times the asking price for new wheels and tires for my Honda?  I sure am.

I wanted those big flashy rims and the rent to own store allowed me to actually afford it.  As a guy, I am passionate about my car.  While it wasn’t new by any standard, it was still nice, and something I held pride in.  I wasn’t really into street racing or anything like that, but wanted something for it that made it stand out, and to be unique to me.  While searching online I found the perfect rims, and even asked a buddy to Photoshop the images of them onto my Civic.  It was exactly what I wanted.  There was only one slight problem.  They were $1300.  So I gave up....

Life, by Banks.com Contributor Oct 25, 2014

If it were up to my bank, I would have never started my own business.

I’ve always wanted to be an entrepreneur. But when I finally came up with a fabulous product idea and crafted my business plan, the bank rejected my loan application for lack of collateral. If I didn’t get funding soon, I knew that someone else would surely envision a similar product — so I had to act fast.

But where could I go for financing?

Peer-to-Peer Lending

I started looking online at crowdfunding websites and stumbled across peer-to-peer lending (often abbreviated as “P2P lending”). Sites like LendingClub,...

Success, by I Am 1 Percent Oct 24, 2014

I recently had a discussion with a coworker about saving and retirement planning. She is a 32-year-old single female. She does well for herself, drives a Mercedes-Benz, and owns several Louis Vuitton bags.

As we continued our discussion on the retirement benefits offered by our company, I asked her how much she sets aside in her 401(k) as a percentage of her income.

Her answer? Two percent. 

I probed further, asking her why she didn’t set aside at least the minimum for the company match.

She didn’t have an answer.

I then asked her if she invests in a Roth IRA or other IRA outside of our 401(k). 

Her...

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