{"id":30404,"date":"2023-07-02T07:57:26","date_gmt":"2023-07-02T11:57:26","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/pump-your-own-gas-and-fuel-your-finances\/"},"modified":"2023-07-02T07:57:28","modified_gmt":"2023-07-02T11:57:28","slug":"pump-your-own-gas-and-fuel-your-finances","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=30404","title":{"rendered":"Pump Your Own Gas\u2014And Fuel Your Finances"},"content":{"rendered":"
\n

Did you know there is still a place in the U.S. that requires you to sit in your car and wait for an attendant to pump your gas? It\u2019s called New Jersey, and when Oregon passed a bill last week ending its 72-year ban on self-service gas in parts of the state, it left the Garden State standing alone in the rarified air that evolution and common sense seem to have bypassed.<\/p>\n

My industry\u2014the financial industry\u2014is somewhat notorious for its slow pace of evolution and its preference for antiquity (read: profit margins). Indeed, the New York Stock Exchange still conducts a small portion of its trades manually, in person, through yelling and hand signals; and there is still<\/em> an argument over whether every financial professional should have to act in the best interests of their clients [insert palm to face emoji]. But whether out of necessity or by choice or thanks to institutional disruption, we are seeing one of the fastest paces of change in the industry in, well, a couple hundred years.<\/p>\n

So, what about you? Has your personal financial management evolved? Are you taking advantage of everything at your disposal to make managing your money as efficient and<\/em> as effective as possible?<\/p>\n

While not a comprehensive list of innovations, here are three big ones that could transform your financial footprint for the better:<\/p>\n

1. Break the Silence<\/strong> \u2013 Yes, we\u2019ll get to technology<\/em> in a moment, but we must start with a mentality<\/em> driven by a cultural shift that may not have entirely happened yet. While I tend to think of the money taboo as a thing of the \u201cLeave It To Beaver\u201d era, The Atlantic<\/em> reported on relatively recent surveys finding \u201c\u2026that in 34% of cohabitating couples (married or not), one or both partners couldn\u2019t correctly identify how much money the other makes\u2026and that people are \u2018more comfortable\u2019 talking with friends about marital discord, mental health, addiction, race, sex, and politics than money.\u201d Than politics<\/em>\u2014really?<\/p>\n

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The answer to the question Why? is a bit more complicated. While it may have been about a misplaced sense of propriety in the 50s, it may be today, especially among the affluent, more about embarrassment or guilt over how much we do<\/em> have. But while we may not be saying<\/em> it, we certainly don\u2019t seem to have any problem showing<\/em> it, everywhere from social media to the church parking lot.<\/p>\n

Regardless, my encouragement is not to broadcast your net worth and cash flow on Facebook every week but to be deliberate about what and with whom you do share. Most importantly, with more than 50% of marriages ending in divorce and more than half of the splits citing financial disagreements as the cause, it\u2019s clear that we\u2019re either not communicating\u2014or not communicating well\u2014about money in our marriages. Therefore, whether you have chosen to join your finances (as my wife and I have) or keep them separate (and there are good reasons for doing so), I recommend maintaining full transparency if you want to foster that ever-important trust.<\/p>\n

The other money conversations that I believe are vital are with your kids and parents. Here, complete transparency may not be helpful (although in some cases it may), but open lines of communication are. Kids should know how to earn, save, share, and spend as early as they demonstrate curiosity on these topics, and apps like Greenlight have made this so much easier for parents. But I also hope you\u2019ll not shield your children from your financial challenges or opportunities either because learning to belt-tighten in a pinch or luxuriate in a time of plenty could be valuable lessons, too.<\/p>\n

Lastly, it makes sense to talk to your parents about money because, whether the result could be a windfall inheritance or a need for assistance, their financial situation will likely have an impact on you that will require planning.<\/p>\n

2. Automate<\/strong> \u2013 While AI is currently getting all the technology headlines, the most transformative technology in personal finance has been around for many years now: automation. Whether you\u2019re saving for a vacation, paying your bills, managing your budget, building a retirement nest egg, or paying off debts, all these tasks and more can now be automated. You can make one decision and check off a string of to-dos into perpetuity.<\/p>\n

In some cases, you can make one decision that will even compound into the future. For example, you know you should be saving more in your 401(k), but you\u2019ve been hesitant to make the jump from 0% to 3%, 3% to 6%, or 6% to 12% because you know you\u2019ll feel it in your paycheck. No problem. Choose the auto-escalation feature that is (hopefully, but likely) in your retirement plan at work. This will boost your savings by, say, another 1% at the beginning of every year when you\u2019re also likely to receive a bump in pay for cost-of-living adjustments, allowing you to save more without feeling the pain.<\/p>\n

3. Go Online<\/strong> \u2013 There are still reasons to have a relationship with a bank that has walls and a door, but there are very few reasons to warehouse most of your savings with them. The advertised savings account rates at the three biggest banks in the U.S. that you see on every corner as of the writing of this article were 0.15%, 0.01%, and 0.01%. On the same day, Bankrate.com reported the top five savings rates, most of which were at online banks, at more than 4.5%.<\/p>\n

Let me put that in perspective for you. Let\u2019s say you had $30,000 in your savings account. At 4.5%, your bank is giving you $1,350 per year. For doing nothing. At 0.01%, your bank\u2014the largest bank (and the second largest bank) in the world\u2014is paying you $3 per year. Three dollars. Per year.<\/p>\n

That\u2019s even worse than making you wait in your car for someone to pump your gas.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Did you know there is still a place in the U.S. that requires you to sit in your car and wait for an attendant to pump your gas? It\u2019s called New Jersey, and when Oregon passed a bill last week ending its 72-year ban on self-service gas in parts of the state, it left the […]<\/p>\n","protected":false},"author":1,"featured_media":30405,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-30404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"\nPump Your Own Gas\u2014And Fuel Your Finances | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Did you know there is still a place in the U.S. that requires you to sit in your car and wait for an attendant to pump your gas? 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