Category

Money Management

Dec 26
Love0

10 Financial Resolutions for the New Year

By Investments, Money Management No Comments

The New Year is a great time to overhaul your financial life for the better, and one excellent place to start is by making good resolutions that can help get you closer to your money goals.

Joshua Kennon, Investing or Beginners Expert, shares ten financial resolutions for the new year that we should consider adding to our agenda.

Financial Resolution 1: Know What You Want

Have a clear, concise financial goal for the year. It isn’t good enough to say, “I want to have my credit card paid down and more money in the bank”. Instead, you should say something like, “I have the balance on my credit card paid down to $0, over $5,000 in my savings account, and a fully funded IRA.”

Financial Resolution 2: Prioritize Your Debts

Not all debt is equal. Make a list of your liabilities and organize them by the annual interest rate. Those with the highest rates (most likely your credit card debt) should be paid off immediately. It does no good to invest money while you are paying 19%+ each year. In a lot of cases, the wisest course of action is to sell any certificate of deposits, savings bonds or other cash holdings and use them to pay the balance. Why? If you owe $10,000 on your credit card and pay 19% interest annually ($1,900 per year), while at the same time, own a $10,000 certificate of deposit at a bank, paying you 4% interest ($400 a year), you would actually save yourself $1,500 a year by paying the debt!

Financial Resolution 3: Open an IRA

If you haven’t done so already, open an individual retirement account (or IRA for short). Your financial planner or accountant should be able to tell you whether a Traditional or Roth IRA is better for you. Both offer important tax advantages that can add up to a significant amount money by retirement.

Financial Resolution 4: Enroll in an Automatic Savings Plan

Automatic savings plans are now offered for everything from brokerage accounts to government bonds. Simply call your broker and tell them you want a certain amount of money withdrawn from your checking or savings account each month, on a certain date, and deposited into your investment account. This way, you are forced to save because the cash is drawn directly from your bank before you can get your hands on it. Investors can often sign up for ASP’s through a company’s direct stock purchase plan. In these instances, the money is withdrawn and used to purchase additional shares of stock in the particular company. The United States government offers a similar service to those interested in investing in savings bonds.

Financial Resolution 5: Close Unnecessary Accounts

Banks and financial institutions charge fees for everything under the sun. Is it really necessary to have several credit or checking accounts? Although there are exceptions, in the vast majority of cases the answer is a firm no! To put things into perspective: imagine your bank charges you $8 each month for your checking account. In thirty years, that $8 will have added up to more than … (continue reading 10 Financial Resolutions for the New Year by Joshua Kennon)

Dec 20
Love0

How To Save Money During The Christmas Holiday

By Money Management, Saving, Shopping No Comments

It is that time of the year where people are scrambling around in all of the retail stores, buying gifts and going out of their way for the upcoming Christmas holiday. Everyone has their Christmas lists ready to go and bombarding the retail stores early, in hopes of getting some deals on the gifts they have had in mind for weeks for their loved ones. Some people are pushing their household expenses aside and spending much-needed money just to satisfy one day.  What do you do to make sure that you aren’t “robbing Peter to pay Paul” or borrowing money after it is all over? In spite of wanting to see another person happy, gift giving should not supersede the necessary bills that need to be paid on a monthly basis.

Christmas Holiday Saving Tips

It’s Only One Day

Keep in mind that it is only one day and that your kids (nor your spouse) need everything that they’ve asked for and desire at this time. You don’t need to buy every single thing they’ve asked for in order to make it a great day.

Get Out Early

If you are insistent on buying gifts, be sure to get out early to catch some of the sales. You may run into some things at discounted prices.

Think Dollar

Shop early for your Christmas dinner meal and purchase things that are on sale at the grocery store. Go to the Dollar Tree or Family Dollar to buy seasonings, pie fillings, canned goods and many different kinds of holiday decor at a lower price. If you have small children, Family Dollar has a nice selection of toys that you can get that are nice but inexpensive for kids of all ages. Everything doesn’t need to be name brand but affordable.

Shop Online

Shopping online for products is a good idea because you can budget better mentally, save time by not being in long lines at a physical store. Remember to keep in mind how much something will cost down the road at an extended date.

Just Say NO!

SAY NO! Your kids and everyone else don’t need everything that they asked for concerning Christmas. You can always buy things after the holiday or on their birthdays. You will find that things go on sale after the holidays.

Get Gift Certificates

You can always give people gift certificates and allow those family members to pick out their own stuff.

Stay On Budget

Stay on your budget and pick a certain amount to spend and leave the rest of the money at home. You can’t spend extra or unnecessary money if it is not in your pocket or purse.

Dec 02
Love0

5 Ways to Make Extra Money Before Christmas

By Money Management No Comments

Everyone wants to celebrate Christmas in a lavish way, but sometimes you do need to make the cash in your pocket stretch a little further. It’s a special time of year, the time of giving and you don’t want to settle for anything less than you and your loved ones deserve.  Don’t worry! Santa might not be coming down the fireplace to save the day, but there are other ways that you can try to make some extra money before Christmas. With a little hard work you can create that Christmas miracle for yourself.

Freelancing

Freelancing is one of the most preferred extra money making options. If you have expertise in any skills, and you are looking to earn more cash, try freelancing. Offer your skills and get paid for your work, you choose your hours and in control of how much you want to work

Freelancing jobs are both local and global. You can find freelancing jobs independently, from your contacts and connections, or you can also find them online. The Internet has opened several freelancing prospects as there are various freelancing sites available to try out, it is best to start now and build up a good reputation with their review systems as you are more likely to get work the more positive reviews you have.

Freelancing is a good option if you want freedom and flexibility while working. Freelancing is also fit for those who want to achieve a higher degree of employment in isolated communities. Skills like writing, editing, translation, web support, creative assistance and virtual assistance are higher freelancing opportunities.

Freelancing is also easy and fast to start. If you are thinking of making some cash before Christmas, Sign up for a freelancing opportunity as soon as possible.

Online survey

Online Survey is another popular way if you are trying to make some extra money in your spare time. There are various research companies that recruit new people every day to participate in surveys. A few minutes can make you some cash. You can receive up to 5$ for some surveys.

You don’t, however, qualify for every survey. Surveyors demand specific type of people. They might be looking for someone at the age of 55, and you are only 30; likely that you’re not going to get the survey offer. There are some who offer more surveys than others, therefore keep your eyes open looking for open surveys. But make sure you identify fake and real sites before you hop into online survey.

There are some companies who ask you to pay some fee to access their survey lists. But never pay up front! Chances are higher that you might land on a fake site. Before starting, check their terms and conditions, reviews, forums and FAQ’s. It is better to try with sites that have good ratings.

Online trading

Online trading is the act of selling and buying currency or financial securities with the help of an internet based online trading platforms. Traders, like Teri Ijeoma offers courses to teach you how to trade online.

It can be a little daunting at first, so it always best to start sensible and do your research and see how it goes. One can trade stocks, currencies, commodities, shares, bonds and options through online trading. One can buy or sell commodities like gold or silver or trade shares of multinational companies.

Write for Kindle

If you are good at writing, try writing a book for Kindle eBook and offer Christmas discounts. Amazon Kindle store lets anyone publish an eBook and make money. Amazon is the global selling machine. If your book gets some visibility and sales, you will make a good amount of money by writing and selling eBooks.

You can write fiction or non-fiction books. Try making your title of the book attractive and catchy. You also need an appealing design of your pages, especially the front cover, they say not to judge a book by its front cover for a reason – but it’s always worth taking some extra time to make it look enticing.

Sell stuff you don’t need

Well, they do say, one man’s junk is another man’s treasure. If you want to make some extra cash, try considering selling some of your old things that you don’t need or use anymore. You can sometimes be pleasantly surprised what people are after, brand names are normally safe bet when selling, and sometimes vintage retro items are a real hot seller. Ebay is perfect for this. However there are some other selling platforms around these days which are made for more niche specialized items like antiques and designer handbags which are always worth a try.

Dec 02
Love0

5 Reality Checks to Fix Your Finances

By Money Management No Comments

by Alfred Edmonds, Jr. | BlackEnterprise.com

One of the challenges of financial education is trying to get through to people who refuse to believe that water is wet, and think the rules of smart money management do not apply to them.

The problem is not that there’s an exception to every rule, but that people always want to believe that they’re the exception. The result: they fall victim to the same money mistakes over and over again, always hoping that this time will be now. Here are a few reality checks.

Fake it ’til you make it is FOOLERY! 

Too many of us are living the life celebrated in the hip-hop ditty “Still Fly” by Big Tymers: “Got everything in my mama name, but that’s okay, ’cause I’m still fly.” This “hood rich” mindset says that you need to look rich by any means necessary. This includes doing things that will destroy your finances, such as paying bills late (if at all), abusing credit, overspending and piling up debt, believing that if you look the part, wealth will somehow be magically attracted to you.

(A faith-based variation on this theme, “name it and claim it,” justifies buying things that are clearly beyond your means, like a brand new luxury car, as an act of faith in God, who will miraculously give you the means to pay for it, because you are “blessed and highly favored.” I’m no theologian, but I believe deliberately and unnecessarily overextending yourself financially in order to trigger a divine bailout is testing God in a way the scriptures specifically tell us not to do, as Jesus says in his response to the temptation of Satan in Matthew 4:5-7.)

Reality: Wealth is about delaying gratification, saving and investing, and living within your means. That doesn’t mean you have to look broke, busted and disgusted. But it does mean that you need to live according to a budget, and buy only what fits into it. Don’t drive yourself to the poor house trying to fool others—including yourself—into believing you can have it like that just by looking like you do.

This is one of the most important reality checks you need to accept: Don’t fake it ’til you make it. Focus on making it, so you don’t have to fake it.

There is no “secret” way to get rich.

You see—and long (lust) for—what other people have. The big house. The fly car. The designer clothes. The perfectly maintained weave. “How did they get so rich?,” you wonder. “What’s their secret?” The answer: There is none. I repeat: There is none.

Reality: There is no secret, magical, miraculous way to get rich quick—wealth building is a marathon, almost never a sprint. Unfortunately, people’s desire to believe otherwise makes them vulnerable to all kinds of financially destructive choices, from falling for misleading sales pitches to being outright scammed by con artists. For the most part, the ways you can get rich boil down to about a dozen or so options, give or take—Ken Fisher identifies ten in his book, The 10 Roads To Riches: The Ways the Wealthy Got There (And How You Can Too!), one of my favorites. All of them require some combination of time, hard work, discipline, focus, sacrifice, self-education and a willingness to accept risk and delay gratification in order to get wealth, and perhaps more importantly, to keep it. None of them are secrets.

Stop looking for the secrets of … (continue reading 5 Reality Checks You Must Face to Fix Your Finances via BlackEnterprise.com)