money

Oct 1 2018

House Flipping – Another Way to Make Money

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We’re always looking for ways to bring in more cash. Whether you need to pay off a few more bills or to increase your retirement fund, the more money you can bring in, typically the better off you will be. Besides your monthly income, do you have other ways you bring in cash?

Many individuals, business partners, and even couples will test their skills of flipping a house. When done correctly, you could walk away with a hefty lump sum of money. However, done poorly and you’re looking at a considerable loss.

Does that mean you shouldn’t try it? Not necessarily. Although house flipping is not for everyone, it could be the other source of income you were looking for to pay off your last credit card. If this is something you’ve thought of doing, here are a few tips to make your first house flip successful.

Are You Ready?

First of all, you want to understand that flipping a house is not a simple task. It tends to require a lot of skill in renovations, or a decent amount of money up front to hire someone to do the upgrades. If you are uncertain if you’ll be able to complete the flip on your own, or can’t afford to hire contractors to help, you may want to take another look at if house flipping is for you.

Find the Right Partner

If you’re looking to partner with someone to flip a house, don’t choose just anyone. You’ll be working closely with this person most likely seven days a week for as long as it takes to complete the renovations. Will you be able to stay civil with each other, or do you expect your relationship to fizzle out?

Do Some Reading First

So, you’ve decided you’re ready to flip a house and have found the right partner, is it time to dive in? Before you do that, consider reading up on house flipping from those who are successful in the business. They’ll be able to give you the ins and outs for you to make your first flip a successful, and profitable one.

Find a Property Fit For Your Level

If this is your first house flip, do you want to dive into one that will require basically a rebuild? Alternatively, would it be better to find a house already in decent shape that only needs a few upgrades? Biting off more than you can chew at the start could set you up for a disastrous flip and ultimately cost you more money in the end.

Finding the right property also should include the location of your potential flip. You want to find a balance of property value with how much you’re spending. A beautiful house in a rundown end of town may not sell for as much money as you want. Purchasing a home in a high valued neighborhood could sell high, but it may cost you way more than budgeted to fix and meet the neighborhood standards.



Fix Quickly, Sell Quickly

Part of the art of flipping a house is to fix it up as quickly as possible (while maintaining quality), and then turning around and selling it right away. You could put in a ton of work to make the house look beautiful, but it won’t make you much money if you don’t sell it right away. The longer you hold on to the house, the more money it costs you.
When the time comes to sell the house,every small detail matters. From how you stage the home to even the smell of it, every detail can influence someone’s decision to make an offer. So, by setting it up in a way that allows potential clients to picture their family in the home, the better chances you have of closing a deal.

About the writer: Jeremy Biberdorf is the owner & founder of the popular investing blog modestmoney.com. Check out his site for latest investing news and tips

By Jonny • Money • 0 • Tags: , , ,

Sep 17 2018

How to Become Filthy Rich

 

Saving money is about a number of other things than just negotiating at the top of your voice. You must check out your attitude towards saving money. You may certainly be one of those people who doesn’t fit into the category of filthy rich. Apart from money, personal finance has something to do with your traits. Frugal ways have already been adopted by a number of millionaires, few of who’re celebrities. Understanding the ways in which your financial situation gets affected by your personal traits is your key to accumulating wealth.

Check Out a Few Important Traits:

Discipline

You must prove to be a disciplined investor if you really wish to save money for meeting your end objectives. Personal finance has to be studied in details if you really wish to turn rich in the long run. Actually, it’s all about executing the life plans in a disciplined manner.

Patience

When it comes to saving money, you must have more patience. Exercising a bit of patience holds you from landing into debt and helps you save more. You’ll achieve the cornerstone of great finances once you have the much-needed patience of identifying a great deal.

Risk-Taking Ability

You’ll need to take certain risks if you really wish to acquire wealth. However, you shouldn’t take uncalculated risks. You must consider all the options that you may fall back on and take risks after doing your homework.
The risk element is there to be dealt with by those that participate in the stock market. But if you invest your savings in a wise manner, you’re bound to catch up with great returns in the long run. If you’re among those that fear the overall risk, you may end up saving money in accounts that are bound to be affected by inflation.

Creativity

All of our expectations aren’t matched by our income and our economy. Our financial plans are often disrupted by certain unexpected developments. You must prepare yourself to deal with fresh circumstances. A lot of creativity is needed to ensure financial stability instead of procuring things in haste.

Result-Oriented Action

It’s truly important for you to set a goal and work towards it. It’s truly difficult for you to reach your destination when you aren’t aware of where you’re heading to. For those of you that have financial goals, you may achieve an immense personal finance boost. It will even help you stay motivated and achieve all the goals that you’ve set on your own. It won’t be possible for you to reach your financial destinations very easily if you lack goals and lack a vivid roadmap.



Combining Smart work with hard work

A lot of hard work gets in stake when you’re attempting to steer clear of debt and generate wealth. Some of you may simply start believing that by acquiring a lottery, you might get rid of some financial problems. However, the right path to accumulating wealth is through working hard and acquiring advanced skill sets.

Your knowledge is likely to get reflected in your growth and success. You may not possess some of the traits that the others do, but you must adapt to changes. Once you nurture a few inherent qualities, you’ll soon find out ways to identify your areas of opportunity and acquire all necessary skills that aren’t present in you. Most of the skill sets that you acquire will assist you in managing your finances more efficiently and also acquire more wealth.

By Jonny • Money, Savings • 0 • Tags: , , ,

Sep 13 2018

Retirement moves which you should start taking during your 20s and 30s

Retirement moves

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Though you might be decades away from quitting your job forever, planning your retirement is everything about taking the proper start. During each stage of your journey towards retirement, you will require knowing about the most vital money moves that you should make, the target for savings that you should set an aim for and the ideal way in which you can mix and create the best investment portfolio.

These change when you reach your peak years of earning and when you reach the pre-retirement red zone. If you’re someone who is all set to take the best money moves while you’re in your 20s and 30s, we will offer you some of the best techniques that you should follow in order to stay debt free post retirement. Check them out.

#1: Collect the entire company match for you 401(k)

In case you’re beginning to save money at the age of 35, you will require putting aside 17% of the income for 30 years so that you can retire properly at the age of 65, as per researches done by the American College. You start at the age of 30 and then your target will decrease by 12%. If you begin at 25, the target will drop to 8.8% in a year till you reach the age of 65. Usually, you should save 6% to earn the entire amount. If you think that’s too much, you can start with 3%.

#2: Demand $5000 more in your salary

The amount that you earn during the initial 10 years of your job will always have a long-lasting impact on the wealth that you accumulate. As per studies done by the Federal Reserve Bank of New York, the typical wage of the worker grows between the age of 25 and 35. So, if you can get a boost in your pay of $5000 when you are of the age of 25, this can sum up to $635,000 more in the earnings that you make over the lifetime. You should negotiate irrespective of whether you’re grabbing a job offer or you’re looking for a raise. It is sad enough to note that just 35% of the millennials have ever asked for a raise.

#3: Be smart about paying low investment costs

It is always a smart and a wise decision to keep investing costs down. When you’re still young, you should lock in on the low-fund expenses and this is also a rewarding experience. In case you invest $1000 in a month in a retirement fund for long 30 years, you will end up having $762,000 keeping in mind the average annual returns and mutual fund fees.



#4: Try to know yourself in the future

You should picture yourself in the future and this will give you a clear idea of your savings mindset. There are several kiosks which allow workers to get an idea of how you can look when you’re 65, the number of people who enrolled in a retirement plan rose to 65% as compared to the previous year.

Therefore, whenever you’re worried about the ways in which you can systematically save for your retirement, you can take into account the above mentioned strategies and techniques.

By Jonny • Retirement • 0 • Tags: , , , ,

Feb 15 2018

Wise money moves that you should make by the time you’re 50

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Are you someone who has always been delaying your money matters? If answered yes, now is the right time to take control over your personal finances. With the upcoming New Year, it is important to be careful with your finances so that you don’t spend another year drowning in debt and in getting harassing calls from your creditors and lenders. If you wish to set the next 50 years of your life right and you want to spend a financially sound life, here are few steps that you can take.

  • Accelerate the speed of paying off debt

When you work during the last few years before retiring from work, would you like to deal with heaps of high interest debt? Definitely not! In order to stay away from your current debt load during the time of retirement, you should start paying off your debt from now. Debt means anything from mortgages, car loans, credit cards with bigger credit card balances and personal loans which you have been carrying for a long time now. You will definitely hear from retirees that living without a mortgage is definitely monetarily liberating and hence you should work hard to make timely payments.

  • Take a close and careful look at your life insurance

Do you still don’t have adequate coverage on your life insurance policy? Or do you think you’re underinsured? If answered yes, as per recommendations from The American Council of Life Insurers recommend having sufficient life insurance coverage that is of 7-10 times your salary. Henceforth, if you’re someone who is earning $50,000 in a year, you would want a policy which could pay around $350,000 and $500,000 to your beneficiaries. People find out that by the time they reach the age of 50, the appropriate term insurance may be expiring and the life insurance requirements will increase.



  • Diversify your investments

This is that phase of life, you wouldn’t wish to make financial mistakes and investment blunders as they can derail your game plan for retirement. This is why you should ensure that you don’t invest your entire savings in only one investment account. In case you have investment, review your coverage or hire a financial advisor who can help you diversify your portfolio. Start adjusting your investment risk before you reach 50 years and this is how you can maintain the growth in the coming years.

  • Set up a trust or will

You must have delayed creating a will for too long a time constantly telling yourself that you don’t need to hurry about it. But hey, this is the best time now to update or create your will. You can either hire a lawyer or pay him for creating a will or you can leverage an online software or use forms bought from store which comprise of will that are pre-printed.

Therefore now that you know the different steps that you should take in order to spend a hassle-free retirement, what are you waiting for? Start taking immediate action and secure your long-term future.

By Jonny • Money • 0 • Tags:

Jan 20 2018

Finding Ways To Make Your Digital Dollars

Over the last decade or so, there have been some big changes coming about in the ways that people do their jobs. Nowadays, instead of your employer having the final say in all matters, you’re given the chance to speak out for yourself, and most people are much more interested in their own ambitions. Of course, though, this doesn’t just impact people in normal jobs. It’s never been easier to start making money on the web, and this post is going to be going through some of the best options to help you to do it.

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Sell Your Skills

When first starting out, it makes sense for a new business to avoid spending as much as possible. There are loads of companies out there which can be started for nothing at all, and you only need a skill to start making money. Being a graphic designer, for example, could make you a small fortune with the right adverts online. Not a lot of people think about this option when they’re looking to make some money on the web. But, with websites like Freelancer, you should have no trouble finding some work.
Use Someone Else’s
Of course, just because you’re selling a skill doesn’t mean you have to have it. Instead, in a lot of cases, taking on a project and outsourcing it to someone else can be a great way to make some easy money. Effectively working as an agent, you’d be taking money for almost nothing while working like this. This sort of option works best if you have the skills to sell yourself and the companies beneath you, as this is what will enable you to make money.

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Provide Information

Not all online money making schemes have to involve selling something. In fact, some of the biggest companies out there, like Google and Facebook, rely almost entirely on adverts to make sure that their companies stay afloat. To be successful in this market, it’s usually best to aim to provide information which people will struggle to find elsewhere. Content surrounding your field of expertise will be best, as this will make it very easy for you to write, along with putting you in control of an online business which you really like.

Make A Product

A lot of people look at the idea of selling a product to be very commercial and consumerism driven. In reality, though, there are loads of ways to sell products you’ve made yourself, regardless of the materials and tools you’ve used. From accounting services to arts and crafts, there will always be someone out there with a need for your goods, and websites like Etsy can help you to find them. Having a platform like this when you’re first starting out will be a great way to save some money.

Sell A Product

Making money from selling products can come in loads of different forms, whether you use sites like eBay or a platform of your own, and this can make it hard to assess the best route to take. Having your own website will often be cheaper than relying on someone else’s to help you. With ecommerce business solutions being fairly priced and easy to find, most companies have everything they need to get started. Of course, though, you can’t forget about the product, as you’re going to need plenty of stock to meet your new demand.

Keeping It Legal

Though you have more freedom than running a brick and mortar, the way that you sell online is heavily restricted and you have to follow the rules. For example, a lot of products can’t be sold to people under the age of eighteen. This is for safety, while also ensuring that your business looks good, and getting it right will be a matter of law. To get some help with this, it could be worth looking for a corporate lawyer with the skills to manage a small business. Along with this, a tax expert could also go a very long way.

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Hopefully, this post will inspire you to start working harder on the money you make over the internet. A lot of people try to break into markets like this, only to find that the work they have to do when they get there is much larger than expected. Only those with the right level of drive and determination will be able to succeed in this field. Of course, though, this doesn’t mean you shouldn’t try, as you may already have the spark required to go far.

 

By Jonny • Economy • 0 • Tags:

Dec 14 2017

Don’t shop till you drop this Christmas – Spend 2017 festive season on a budget

How does your bank balance look at present when you’re all set to run up for Christmas? After years of trouble with holiday debt, there seems to be too much panic about Christmas as majority are worried about how they could avoid racking up debt due to overspending. Everyone is worried about whether or not their turkey won’t overcook and add to their already-existing financial worries, thereby creating a further monetary gap.

Though it’s true that you must just love to spend your time with your family and friends during Christmas, yet you have to make sure it doesn’t overwhelm you. Here are few ways in which you can maintain a tight Christmas budget.

1. Devise a frugal budget for Christmas

Whether it is the Christmas gifts or the dinner or the party, without devising a frugal budget, you can never stay on the right track. There must be an amount to which you would want to stick to, no matter what you are planning to do. While you’re crafting the frugal budget, ensure that each product that you require buying is listed so that you don’t miss out on anything. Count the number of people who are supposed to be invite and then make a clean list of everything.

2. Plan ahead of time

This might seem to be an obvious tip but it is true that the sooner you begin with the preparations for your Christmas, the more money you can save. December will end up being much less stressful as you thought it to be. Start off with sorting out everything and break down everyday into manageable chunks so that you can fulfill each of your commitments. If you love to make spreadsheets or lists, this is the time when you should get started.

3. Deck the halls in a crafty and creative manner

Decorations don’t always need to cost you a huge amount as your pound shop can help you with this. You can always add the retro look by sticking to all those home-made decorations and the kids in your family will love it when they get a chance to contribute in decorating the Christmas tree. The same is true for wrapping paper and Christmas cards where relatives get genuinely touched with such gifts where you put in all your efforts.

4. A family secret Santa game would be fine

Since it is pretty expensive to buy things for all your family members, how about starting off with the family Secret Santa process? You can write down the names of the family members and keep it in a bowl. Ask everyone to pick a chit and know the name of the person. This person will be the secret Santa for the other.

So, now that you’re aware of the different ways in which you can spend Christmas on a budget, what are you waiting for? Make sure you follow the tips in order to save your hard-earned dollars.

By Jonny • Finance • 0 • Tags:

Sep 22 2017

Too Much Month At The End of Your Money? Smart Ways To Boost Your Income

Given a choice, most of us would prefer to have a little extra money in our lives. When things aren’t so tight, life is definitely easier and having some spare cash to treat ourselves to the things we like can make the hard work we put in during the week all feel worth it. If you constantly find yourself with too much month left at the end of your money, there are a few things you can do to boost your income. Here’s how you can go about it!

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Budget Your Money More Efficiently
Before trying to earn more money, it makes sense that you will be making the best use of the money you do have. Write out a budget, so you know exactly what needs to be paid and when, and what you have left over. This will prevent you from spending mindlessly or wasting money before you’ve paid out your essential bills. You could write everything down in a notepad, onto a calendar or use a budgeting app- whatever works for you. But knowing exactly what you have coming in and going out gives you full control over your money and ensures every penny is being put to its best use.

Get Out of Debt
One of the biggest drains on many people’s finances is debt. This is because things like loans, store cards and credit cards charge interest which becomes higher and higher the more you spend. If you get carried away and become overcommitted, you might only be able to afford to make the minimum payment each month. Unfortunately, this only covers the interest so you could be paying this indefinitely and not actually bringing down the balance of the debt. If you’re struggling and have found yourself in a position where you’re unable to pay or missing payments, it’s vital that you take action and don’t just bury your head in the sand. Letters, phone calls and threats of action from creditors can be extremely stressful, and they won’t just go away. Instead, you will amount more and more debt since you will be being charged for every letter or bailiff visit you get. You could either contact your creditors directly and negotiate a payment plan that works for you, or speak to a debt management company. They sort everything on your behalf, often working to reduce or freeze interest on your debts so that every payment made brings down the total. And because everything is paid through them, instead of making lots of payments to different creditors, you just pay them who allocate the money on your behalf. It can be a huge weight lifted off your shoulders and again allow you to regain control of your budget.

Start Your Own Home Business or a Side Hustle
Once your spending and debts are under control, there are things you can do to boost your income and give you more money to work with. Whether your aim is to pay off creditors, save money or just have more to play with each month, extra money is never going to be a bad thing. Along with your regular job, you could put in some hours over the weekends and in the evenings to earn some extra income. You don’t even need to search for a part-time role to do this since there are things you can do right from your home. Freelance writing, design, editing, proofreading, even admin jobs are usually available online, so depending on your skills and experience this is something you could try. Sign up to a couple of different freelancing websites (you will usually need to pass a short test to get accepted), and from there you can take on jobs that suit you. This is useful as you can control your own workflow, while each piece will have a deadline you choose which projects you want to do and how many. Another idea would be to start a home business. If you have a craft that you’re skilled at such as sewing, knitting, candle making, jewellery making or anything else- why not sell your creations? Sites like Etsy are good for this, and you could make some money doing what you love. Another way you can make money off a skill you have is by becoming a tutor. You could have students visit you at your home, or you could conduct video meetings over Skype. Whether you’re a dietician, personal trainers, play a musical instrument or are qualified in an academic subject, it’s a chance to pass on the information you have and make some money in the process. Blogging is another way to make money. Admittedly building up a blog to the point where sponsors will want to pay you to advertise does take time, so you need to have the passion there to do it as a hobby first. But later down the line, it could be a way to earn some extra cash right from the comfort of your home.

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Go Back And Study To Get a Better Job
If your current job isn’t well paid, or you feel stagnant in your career then why not try and move things up a notch? You could ask your boss for a promotion, or you could look to change careers completely to get something better paid. Often doing additional training or education will help here. For example, if you already have your bachelor’s degree you could go on and do a masters, doctorate or PhD. If you’re wondering what is the difference between a PhD degree and a doctorate degree, management MBA the former has an academic focus, and the latter has a professional one. A Management MBA also enables students and practitioners to get a better grasp on the processes and systems that run a variety of businesses , which transcends roles in management positions, executive, and supervisory roles.

Make Smart Investments
If you already have some savings in the bank, you might be looking for ways to boost these and turn a little into a little more (or into a lot!) With investing always comes risk. However, there are some relatively safe ways to increase your money if you go about it properly. For example, you will want to avoid the stock market unless you’re highly experienced in this. Putting your money into property however is less risky and could have good rewards. For example, you could buy a house cheaply, do it up and sell for a profit. Just be sure to do plenty of research and seek professional help if needed. Another way to make money from property would be to buy somewhere and rent it out. Because bricks and mortar will always be in high demand, and the price of houses increases every year it’s a safe place to put your money if you want it to grow. Peer to peer lending is another relatively safe way to increase your money over the long term and will make you more than the cash sitting in a savings account. But do your own research and weigh up the pros and cons.

What do you think are the best ways to boost your income? Have you tried any of these methods?

By Jonny • Money • 0 • Tags:

Jun 14 2017

The 8 Spending Errors You Should Avoid At All Costs

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Managing money is never easy. There are a wealth (pun intended) of considerations to consider when it comes to deciding where to invest, how to save, and how to budget. If only there were a guide written that expressly and adaptively considered your finances, took account of your spending temptations and drew up some form of tailored personal spending plan for the month automatically. It sure would make money matters a lot easier. Unfortunately, intelligent financial AI hasn’t been invented yet, so, until that day, we are chained to the responsibility of keeping our finances in check.

A simple do/don’t list will help you understand how to best stay out of debt and continue being financially progressive. It’s important to give yourself as strong a footing as possible, so a slight push will keep you on your feet. When it comes to finances the ‘don’ts’ are usually more important than the ‘do’s.’

This is because while a lucrative financial opportunity ‘do’ might be missed and cause you some heartache, that’s never worse than a significant ‘don’t’ that has the power to make you bankrupt. No one wants to be in that situation, so it’s important to lend a little foresight to your budget and understand just how is best for you to proceed in this case.

The following 8 ‘don’ts’ should be taken as financial axioms that you can keep close to heart, mind, and wallet as you navigate the financial landscape.

Repeated Gambling

A trip to Vegas with your buddies is one consideration, but repeatedly gambling in sports stores or online can quickly turn into a full-blown addiction, and your finances will always suffer. Gambling is one of the activities that can turn into an addiction more rapidly than you’d assume because the process lights up the dopamine centers in your brain. Thanks to the novelty, gambling can become endlessly entertaining, and as a result, bigger and bigger risks will need to be taken to keep you feeling that feeling of elation during a big win, or tension during a significant loss.

Gambling is a fun pastime for many of the population, and many can handle and control their use of it. In fact, betting stores are often employing measures to prevent people from becoming financially destitute as a result of bad habits and practices. However, they can’t be the parent of anyone coming into their doors to gamble, and so it falls to you to ensure you’re not risking more than you should be.

Losing money is too often a circumstance because the gambling stores are not set up to fail. They have certain contingencies in place to make sure that they allow the house to have an edge. Sports betting is slightly different in this regard, but it can still be dangerous if you spend money you don’t have. You can easily land in debt with a poorly thought out gambling habit.

Joint Accounts

Joint accounts are often a smart way for married or partnered couples to manage their finances together. There are many interest and tax reasons for a couple to do this, and all of them are valid. However, starting a joint account with someone you’re not sure of can be a terrible move to make. A new relationship, unstable wedding or other strange connection between people can be volatile financially, and this is never the time to tie your finances to that of someone else.

You should only ever open a joint account with someone, either in a loving or business relationship, if you are confident and have no doubts that their character is one to be fully, deeply trusted. As soon as you open a joint account and place funds in it, even if you earned those funds, the act of doing that is a communication that you are willing for the other person to spend your money. Act wisely, and with this in mind.

Credit Cards

Credit cards are a great financial resource for many people, and allow you to build up your credit rating with a fantastic rate of growth if you keep on top of your payments. The caveat there is if you keep on top of your payments. If you’re young or have a relatively low-paid job, it might be tempting to pick up a credit card to keep on top of those large purchases you’d like.

However, you’re likely to regret this when payments start piling up, and you can’t stay on top of things. No matter what you do, NEVER try and rectify this by paying one credit card off with another. The cycle will only continue, and soon you will be up to your eyeballs in debt. Be sure to deeply pour over the terms and conditions of any credit card you sign up for, and you’ll be sure to be in the best position to justify possessing one.

Payday Loans

As with credit cards, payday loans can quickly turn into fast recovery methods that can backfire on you quickly. There are going to be times in your life where your finances don’t stack up, and life feels like you’re moving too slowly. Maybe there are financial interests that you’d like to invest in right now, and the payday loan could help you do so. In these circumstances short of an emergency, it’s always best not to request one.

The interest terms on payday loans are usually quite high, and if you’re already struggling financially, you’re on dangerous footing to recover. Try and find other methods of income before you settle for this, no matter how flashy the television advertisements might declare themselves to be.

Ignore Debt

Ignoring debt is the single most destructive force on your financial and credit health that you could have. The debt will pile up, and you might be forcibly removed of your assets and potential financial future if you have too much debt. It’s important during this time to be as up-front and honest to your creditors about your situation as possible. It’s usual that if you communicate this effectively, they will allow you to begin a payment plan or similar through a collection agency. It’s also important for you to learn the benefits of debt consolidation. With it, you could even reduce the interest rate percentage, there’s more online here if you’d like to understand how.

Social Spending Pressure

Everyone wants to live like a king. Not everyone can live like a king. When you’re out with your friends, the sheer social pressure to keep up with proceedings can make you spend more than you otherwise would like to. It’s never nice feeling like the tight on in the group, so making bad financial decisions is raised here like no other time there is. Keep an eye on this and ensure that you don’t overstretch yourself to stay financially happy.

Scams

There are many scam artists around the globe whose sole intent is to separate you and your money through a set of devious means. These always spike when a new technology is introduced, or when a new and ingenious method of scamming is devised. It’s important to stay in the loop and ensure you keep a lock on your financial and identity security.

Making sure you shred important documents with your identity on them, having adequate antivirus protection on your phone when you’re logging into your online banking, using safe and secure passwords to access your financial accounts, or only using good, reputable services to spend your money with can all help you keep on top of your financial safety.

As well as keeping on top of your online financial security, it’s important that you stay safe in the real world. Never keep too much cash on you at one time, and always check the card entry slot at an ATM to make sure a false card reader hasn’t been installed.

A search of the internet can reveal the devious contraptions that creative scam artists construct to swipe your details without you knowing. This is important to stay on top of. Every month or so, search online for the latest scams so that you know how to react if one does approach you. A little financial awareness and intelligence help your hard earned cash stay in your pocket and bank account.

Never Budgeting

Repeated impulse buying, bad tax calculations and never putting money towards your priorities are often the most efficient ways to get yourself in a financial rut. It’s important to be aware as early as possible because you’re going to be managing your finances for most of your adult life. Setting up good budgeting habits as soon as you can will allow you to allocate money in the places you’d most like to place it, and give yourself a happy financial progression that encourages, even more, financial wisdom. Getting into this positive financial growth is much better than it’s opposite. Consider using specialty budget tracking applications like YNAB (You Need A Budget) to stay on top of everything.

Duly followed, these tips are sure to help even the most financially reckless person change his/her ways and proceed on the path to a higher financial understanding.

By Jonny • Finance • 1 • Tags:

May 4 2017

What Can Rich People Teach Us About Managing Money?

It’s no secret that a lot of us are jealous of rich people. We’d kill to have their bank balances, and we find it unfair when others have a lot of money purely because we want it too! But, you shouldn’t be jealous because a lot of rich people got rich because they knew how to manage their money.

Bearing that in mind, here are three things rich people can teach us about looking after our cash:

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Money Makes Money

You’ve probably heard the saying ‘the rich get richer’, and it’s usually used by people moaning that wealthy people are always the ones that get more money. Well, this isn’t a coincidence, it’s because rich people know what to do with their money. More importantly, they know that money makes more money. What this means is that they invest their money into different things that help generate more money. If we’re to learn anything from rich people, it’s that you have to be prepared to spend money to make money. If you have money in your account, that’s just lingering there collecting a poor interest rate, take it out and invest in something that can increase that amount of money over time.

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Plan Ahead

One thing that everyone should do with their money is think about the future. Not just your future, but the future of your children and their children too. Don’t just think about what you want to do with your money now, think about what you want to do with it in the future, and where you want some of it to go. There are many financial advisors like Derrick Kinney who make a good point in saying that everyone’s vision of the future is unique. You may have plans for the future that others don’t. Either way, you need to spend some time creating a financial plan with the future in mind. Consider what you want to do with your money now that will benefit you in the future, as well as thinking about any money you want to put away for family members in the future. A big part of this plan will be writing a will to ensure your future finances go where you want them to when you die. Rich people do this all the time, they’re always on the ball and thinking ahead as well as thinking about the present.

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Don’t Depend On Credit

Finally, rich people are really good at using credit wisely. They only use credit cards when it benefits them, and never carry around a credit card balance. If they ever use their credit card, they pay off the balance in full and don’t allow it to carry over into the next month. This is how people end up in debt and start fighting for financial survival. Rich people don’t depend on credit to get by, and they didn’t depend on it when they were working their way up the wealth ladder. The secret is finding out the right way to use credit, so it benefits you rather than causes debt.

Bear these three things in mind, and you will start managing your money just like a rich person!

By Jonny • Money • 0 • Tags:

Mar 17 2017

How To Use But Not Lose Money

Financial freedom is both a blessing and a curse. Whilst it’s great to be in control of your own life and the things you can buy, we’ve all found ourselves a little too complacent with our finances at some point in our lives and perhaps gone on a spending splurge or simply forgotten to keep track of how much money was going out of our accounts each month. It can be all too easy to lose a massive amount of your hard-earned money if you don’t remain vigilant and put secure and smart procedures in place to look after your earnings.

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Learning how to use rather than lose money is all to do with viewing every purchase you make seriously. It’s okay to buy luxuries after you’ve paid for all your necessities, but everything in moderation is the key to a stable financial future. Perhaps you think you’re already doing everything you can to reduce your living costs but you’re still finding yourself in a tricky financial situation, so here are some helpful tricks and tips to better use your money rather than always losing it.

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Saving for a rainy day

It’s tempting to look at the hefty amount of disposable income you have left over after you’ve paid for rent and food as an opportunity to buy all the luxuries you’ve been eyeing up this month, but sometimes it’s smarter to take a deep breath and return to those items a few weeks down the line. You’ll likely always find that the urge to buy them has passed, and they would have only ever been a novelty purchase.

That’s why it’s often a better use of your money to put some of your disposable income aside into a savings account. You could look into some personal finance tips for smarter savings if you’re not sure how else you can safeguard your money for the future. Essentially, you need to weigh up essential and nonessential purchases. We all deserve treats now and again, but certainly not excessive treats of which we’ll be bored shortly after the purchase.

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Budgeting

Most people find the overall figure in their bank accounts slowly reducing because they live beyond their means. If you have slightly more expenditures than income every month, you might not think much of it on a short-term basis, but the downhill spiral will slowly catch up with you. Poor budgeting is the reason that so many people borrow money in a blind panic and find themselves in debt further down the line when they fail to curb their habit of spending money they just don’t have.

This is why you need to put together a financial plan which puts your money to good use each month and ensures you’ll always be spending within your available salary; necessities such as rent, food and utility bills always come first. If you have taken out any loans, however, your disposable income needs to go towards paying off those before you indulge in any more luxury purchases.

 

By Jonny • Money • 1 • Tags:

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