With the start of a new year, it is time to reevaluate your finances. Start with updating your budget. Your budget should include an emergency fund and savings along with a decreasing debt.
Should you give your insurance policies an update? Perhaps you should drop collision coverage on a car over 10 years old. For homeowner or renters insurance, take a new inventory. Start here.
If you are looking for a major purchase such as a car, join a credit union. Credit unions give better rates.
You should start organizing by decluttering your entire home. Start selling merchandise that just accumulates dust. Have a garage sale, sell it online or maybe even pawn it. Put the money in savings or investments.
It is now time to look over your portfolio and investments. Sit down with a financial planner and see if a new strategy is in order or if your situation has changed.
When it comes to getting your free credit report from the three bureaus, don't get all three at once. Get one in January, one in May and one in September.
Re-evaluate your subscriptions and memberships. Find a cheaper internet provider, phone service and provider, subscription to periodicals and gym memberships, to name a few.
On a personal note, this will be the year that I am going to try to make more money, sell or donate what I don't need, and drop or trade subscriptions. To achieve these goals I am going to try to work overtime or get a part time job. I am also going to change various plans like internet provider and phone service, because I feel I can save more money. I am also going to change my gym membership, because I can save $20 a month.
Sunday, December 22, 2013
Wednesday, October 30, 2013
Money Lessons
Money isn't often discussed in conversations and few are taught the essential lessons about money. A good indicator of money knowledge is how much debt one has. Another indicator is how much money you have saved or invested. You can expect that the dollar of today is not the dollar of tomorrow, it will lose value and buying power. That's why you have to have something for your future(emergencies, retirement, unforeseen expenses, etc.).
Some money lessons can be found in unusual places. It's all about knowing your priorities and watching your spending. I've said it before, and I'll say it again, you need to have a budget and stick to it. Thanks to the internet, you can learn how to budget your money.
It is never too early to teach children about money. The lessons will last a lifetime. Teach your children well when it comes to money and start early.
Debt isn't easy to get out off if we are drowning in it. Still it can be done. Sometimes all it takes are small steps.
Some money lessons can be found in unusual places. It's all about knowing your priorities and watching your spending. I've said it before, and I'll say it again, you need to have a budget and stick to it. Thanks to the internet, you can learn how to budget your money.
It is never too early to teach children about money. The lessons will last a lifetime. Teach your children well when it comes to money and start early.
Debt isn't easy to get out off if we are drowning in it. Still it can be done. Sometimes all it takes are small steps.
Thursday, September 26, 2013
Retiring Securely
The sooner you start saving for your retirement, the more of a secure retirement you will have. It's never too early to start and I would recommend starting to save at birth. If you don't save enough for your golden years, you will be spending them at the "Golden Arches" to say the least.
There are rumors that Social Security, won't be there in a few more years and retirements are being taken from the private sector as corporations file for bankruptcy. Nothing is ever really guaranteed in life, and sometimes it pays to prepare for any unforeseen situation that will have a monetary affect your retirement.
I suppose that people fail to save for retirement because you never think of retirement until you finally got old. There are those who can retire as young as 40, and I'm sure some can retire younger and some are born retired.
If you wait until the age of 70 to collect SSI, you will double the benefit you get at 62. If at 62 you get $1000 a month you will get up to $2000 at 70. Considering that one is in good health, it may be to ones best interest to retire at 70. Remember that your retirement must sustain you until you die. The earlier you retire on Social Security, the less your benefit will be worth.
If you have saved and invested enough over the years, it really don't matter because SSI is just gravy. Many people fail when it comes to saving for anything due to budget failures. So plan carefully when it comes to retirement, because I haven't even scratched the surface.
There are rumors that Social Security, won't be there in a few more years and retirements are being taken from the private sector as corporations file for bankruptcy. Nothing is ever really guaranteed in life, and sometimes it pays to prepare for any unforeseen situation that will have a monetary affect your retirement.
I suppose that people fail to save for retirement because you never think of retirement until you finally got old. There are those who can retire as young as 40, and I'm sure some can retire younger and some are born retired.
If you wait until the age of 70 to collect SSI, you will double the benefit you get at 62. If at 62 you get $1000 a month you will get up to $2000 at 70. Considering that one is in good health, it may be to ones best interest to retire at 70. Remember that your retirement must sustain you until you die. The earlier you retire on Social Security, the less your benefit will be worth.
If you have saved and invested enough over the years, it really don't matter because SSI is just gravy. Many people fail when it comes to saving for anything due to budget failures. So plan carefully when it comes to retirement, because I haven't even scratched the surface.
Wednesday, September 25, 2013
The Frugal Gambler
I am not a gambler, but I am surrounded by them. Go to the casinos, buy the scratch-offs, play the numbers, it never ends. Sorry, I work hard for my money, so if I do "gamble" it will have to benefit me or break me even.
On October 8 the new $100 bills come out. They may be worth up to $15,000 if the numbers are right!
I'm talking about serial numbers of the bills. The low numbers or numbers with a meaning may be worth more than the bill's value. So on or about October 8, I would go to a bank or other institution and get a brand new crisp $100 redesigned bill!
On October 8 the new $100 bills come out. They may be worth up to $15,000 if the numbers are right!
I'm talking about serial numbers of the bills. The low numbers or numbers with a meaning may be worth more than the bill's value. So on or about October 8, I would go to a bank or other institution and get a brand new crisp $100 redesigned bill!
Monday, August 26, 2013
The Joy Of Giving
When it comes to money, many people hold onto it tightly. Sooner or later, those who don't give to others end up being the fools with their money. A money principle is that it has to be shared or donated to others, especially those in need. It's a universal principle that works and actually helps you keep more of your money by spending less elsewhere or making money elsewhere.
That in a nutshell is how it goes in my life. If I don't 'share' money, I end up spending it on stupid, frivolous things. The principle of giving is a fact, and how it works may be based on the 'give and receive' principle from The Bible. I might have referred to a spiritual aspect, but even the scientific community has taken notice.
The ideal amount to give is 10%, but something is better than nothing.
That in a nutshell is how it goes in my life. If I don't 'share' money, I end up spending it on stupid, frivolous things. The principle of giving is a fact, and how it works may be based on the 'give and receive' principle from The Bible. I might have referred to a spiritual aspect, but even the scientific community has taken notice.
The ideal amount to give is 10%, but something is better than nothing.
Sunday, August 25, 2013
The Right Start Financially
At what age should one be educated to be money wise? New research suggests that our money habits are set by age 7. So basically the sooner we learn about money, the better we will be at managing our finances in life. It's tough talking to kids about money, but it can be done and by doing this it helps them make wise decisions about money.
Many of us have had a carefree childhood, where our basic needs were satisfied by our parents and others. If we were given an allowance, we probably didn't save it. If we earned money through chores or a paper route, we may or may not have saved, nor did we still understand money.
By being educated early and taught to save or do without things, we will know how to save for what we want, and how to put money away. Early education on money matters will make kids responsible for the decisions they make about money.
There are so many topics kids need to learn about money, so it is always good to start with the basics. I wish my parents and teachers had taught me more about money at an early age. In most families money is taboo and is either discussed later in life, or not at all.
Today with the internet, education is easy. Even the government has educational sources to teach your children well. Still the more you know the more prepared you are to set your kid on the right financial path. You know you really hit home when the lesson is learned.
A great interactive site for both parents and kids can be found here. Ironically its theme is about the true dynamics about money-Save, Spend and Share. I call this The 3 $s!
Many of us have had a carefree childhood, where our basic needs were satisfied by our parents and others. If we were given an allowance, we probably didn't save it. If we earned money through chores or a paper route, we may or may not have saved, nor did we still understand money.
By being educated early and taught to save or do without things, we will know how to save for what we want, and how to put money away. Early education on money matters will make kids responsible for the decisions they make about money.
There are so many topics kids need to learn about money, so it is always good to start with the basics. I wish my parents and teachers had taught me more about money at an early age. In most families money is taboo and is either discussed later in life, or not at all.
Today with the internet, education is easy. Even the government has educational sources to teach your children well. Still the more you know the more prepared you are to set your kid on the right financial path. You know you really hit home when the lesson is learned.
A great interactive site for both parents and kids can be found here. Ironically its theme is about the true dynamics about money-Save, Spend and Share. I call this The 3 $s!
Saturday, August 17, 2013
Who Wants To Be A Millionaire?
If you start early enough, it is possible to become a millionaire. The goal is to save 10% of your monthly income from the beginning of your working career until your retirement. The later you start, the more you need to save to reach a million dollars. That's why it burns me that financial education isn't taught to children as young as 4!
In the world we live in it is very easy to accumulate debt. The 'buy now pay later' mentality feeds our desire for immediate gratification. The deeper in debt we are, the less likely we are to save or invest money. Still, even with debt, we should save for our future and emergencies. We should learn to save and get better money management skills.
I have stated it many times that people should live below their means and stop trying to keep up with the Joneses. Better to be frugal today, than to spend your Golden Years working at the Golden Arches. Saving is the name of the game, but it doesn't mean doing without. It just means doing things differently to save a buck.
My advice is to avoid debt as much as possible and to pay off debt as soon as possible. Keep only one credit card for emergencies and make sure the balance is paid within 4 months, otherwise you may be going or are in deep. Credit cards are better than debit cards because there aren't as many fees. Also, with a debit card, you may be responsible for purchases you didn't make.
The biggest money drainers in life are vices and compulsions. The vices are gambling, drinking, smoking, illegal drugs, overeating, etc. The compulsions are compulsive spending, and what I refer to as the KleptoBuyer. Like a kleptomaniac a kleptobuyer buys 'stuff' they don't need rather than stealing it.
There is also money that is taken from us without our knowledge. When you shop, pay attention to the price scanners that are wrong more so than you might think. The product is suppose to be free for a miss-scan. Unless you have an inheritance, your road to becoming a millionaire involves sacrifice and diligence. The important thing to know is that a fool and his money really are soon parted. You can't be foolish when it comes to money and there are NO 'get rich quick' solutions.
In the world we live in it is very easy to accumulate debt. The 'buy now pay later' mentality feeds our desire for immediate gratification. The deeper in debt we are, the less likely we are to save or invest money. Still, even with debt, we should save for our future and emergencies. We should learn to save and get better money management skills.
I have stated it many times that people should live below their means and stop trying to keep up with the Joneses. Better to be frugal today, than to spend your Golden Years working at the Golden Arches. Saving is the name of the game, but it doesn't mean doing without. It just means doing things differently to save a buck.
My advice is to avoid debt as much as possible and to pay off debt as soon as possible. Keep only one credit card for emergencies and make sure the balance is paid within 4 months, otherwise you may be going or are in deep. Credit cards are better than debit cards because there aren't as many fees. Also, with a debit card, you may be responsible for purchases you didn't make.
The biggest money drainers in life are vices and compulsions. The vices are gambling, drinking, smoking, illegal drugs, overeating, etc. The compulsions are compulsive spending, and what I refer to as the KleptoBuyer. Like a kleptomaniac a kleptobuyer buys 'stuff' they don't need rather than stealing it.
There is also money that is taken from us without our knowledge. When you shop, pay attention to the price scanners that are wrong more so than you might think. The product is suppose to be free for a miss-scan. Unless you have an inheritance, your road to becoming a millionaire involves sacrifice and diligence. The important thing to know is that a fool and his money really are soon parted. You can't be foolish when it comes to money and there are NO 'get rich quick' solutions.
Sunday, August 11, 2013
Saving Money Tips
Regardless what your earnings are, you have to save money for emergencies, leisure and retirement. If you have nothing saved, you're just asking for trouble that's waiting to happen. What's worse than not having any savings, is being in debt over your head and not having any savings.
The first thing one should do is keep track of spending habits and see where the money is going. When you see where the money goes you get an idea where you can eliminate or cut. Sacrifice now and be rewarded later in a big way. If you spend it now or go in debt, you will have an impossible task later.
A good starting point would be saving all your loose change at the end of each day. Better would be putting away $1 bills at the end of each day that are in your wallet. Best would be putting your $5 bills in a jar at the end of the day. At the end of the month these should be deposited into a bank savings account or other investment.
Any money you get from bottle deposits or other "extra" income should be deposited into an account also. This is a start to getting a bit of a savings together. The discipline required is that it must be done religiously and that the money isn't touched except for true emergency.
The next step would be to find out where you can save. Make your own coffee instead of buying it, even from a gas station. The savings add up quickly. Bring your own lunch to work instead of buying your food in fast food restaurant. Eat out less and you'll save a bundle.
Clip coupons when grocery shopping. Try SavingStar where you register your store cards and purchase displayed items for refunds that you pick. Buy generic, most of the time generics are just as good. Stock a pantry of food and go grocery shopping less. Buy in bulk and join a warehouse store with a friend and split the cost.
When it comes to shopping, most deals are online. Google coupon codes and see if you can manage a saving you probably didn't know about. Check here for other deals and ways to save money.
Make a monthly budget, but put the money aside weekly. Your rent, utilities and bills that remain constant, save for it weekly by dividing by 4. In months where you get a 5th paycheck, try to use this for mostly savings and paying more on the bills you owe.
The best way to save is to live below your means. Of course it would help if you knew how to stretch your dollar. Learn to be frugal, and save money. Here are more tips.
The first thing one should do is keep track of spending habits and see where the money is going. When you see where the money goes you get an idea where you can eliminate or cut. Sacrifice now and be rewarded later in a big way. If you spend it now or go in debt, you will have an impossible task later.
A good starting point would be saving all your loose change at the end of each day. Better would be putting away $1 bills at the end of each day that are in your wallet. Best would be putting your $5 bills in a jar at the end of the day. At the end of the month these should be deposited into a bank savings account or other investment.
Any money you get from bottle deposits or other "extra" income should be deposited into an account also. This is a start to getting a bit of a savings together. The discipline required is that it must be done religiously and that the money isn't touched except for true emergency.
The next step would be to find out where you can save. Make your own coffee instead of buying it, even from a gas station. The savings add up quickly. Bring your own lunch to work instead of buying your food in fast food restaurant. Eat out less and you'll save a bundle.
Clip coupons when grocery shopping. Try SavingStar where you register your store cards and purchase displayed items for refunds that you pick. Buy generic, most of the time generics are just as good. Stock a pantry of food and go grocery shopping less. Buy in bulk and join a warehouse store with a friend and split the cost.
When it comes to shopping, most deals are online. Google coupon codes and see if you can manage a saving you probably didn't know about. Check here for other deals and ways to save money.
Make a monthly budget, but put the money aside weekly. Your rent, utilities and bills that remain constant, save for it weekly by dividing by 4. In months where you get a 5th paycheck, try to use this for mostly savings and paying more on the bills you owe.
The best way to save is to live below your means. Of course it would help if you knew how to stretch your dollar. Learn to be frugal, and save money. Here are more tips.
Saturday, August 3, 2013
The Money Tree
The problem with today's society is that most people aren't educated financially. They live for today by buying what they can't afford and end up drowning in financial debt. We should be taught to save from a very young age and we should always have more saved than we spend. It takes discipline when it comes to money and sacrifice is a norm. Better to do without something you can't afford, or that will dip into your savings.
Gambling is a money drainer for most. It is something that could actually ruin you financially, especially if you are addicted and need to get a daily fill of some gambling itch. Lady Luck is not on your side, and the only Big One you'll hit is working at the Golden Arches in your Golden Years!
Money works by saving 10% of your weekly earnings and investing 5%. Ideally, this would happen from your first paycheck to beyond your retirement. Mortgage or rent should be 25-35% of your earning. Utilities about 10-15%. Food about 15-20%. Cash on hand 5-10%. Entertainment 10%. Lets call this a basic formula with variables. Perhaps you spend less and save more or vice-versa. The main idea is to follow the money and crack down your spending habits. This will help you develop a budget.
With a budget you start to plant the seeds. The trick is not to pick the fruit until it is ready to be harvested. That usually means retirement. It is never too early to plan for your retirement. Educate yourself in any way when it comes to wealth. Learn and discipline yourself on saving money.
Need more tips on saving money? Here's a hundred little steps that might help. Find extra money working overtime, finding a part time job, selling some of 'your stuff', doing services for cash, etc., and any opportunity that can earn income.
Money doesn't grow on trees, it grows from hard work, education and discipline. If you are in debt and aren't saving, then there is a problem. The problem needs to be fixed before the ship has sunk. Even Martha Stewart can teach you a thing or two. There are even the No Brainer tips we overlook or forget. You can never get enough tips on saving.
I don't have cable and gave up my home phone. On the other hand my internet fee has increased. I use to commute 135 miles a week to work, now I only commute a total of 35. I took a pay cut, but get more overtime. I moved from a $650 a month rent plus up to $100 in utilities, to $520 a month rent that includes utilities. I have built food reserves, and sometimes go weeks without shopping for everything accept perishables and vegetables.
Teach your children well.
Gambling is a money drainer for most. It is something that could actually ruin you financially, especially if you are addicted and need to get a daily fill of some gambling itch. Lady Luck is not on your side, and the only Big One you'll hit is working at the Golden Arches in your Golden Years!
Money works by saving 10% of your weekly earnings and investing 5%. Ideally, this would happen from your first paycheck to beyond your retirement. Mortgage or rent should be 25-35% of your earning. Utilities about 10-15%. Food about 15-20%. Cash on hand 5-10%. Entertainment 10%. Lets call this a basic formula with variables. Perhaps you spend less and save more or vice-versa. The main idea is to follow the money and crack down your spending habits. This will help you develop a budget.
With a budget you start to plant the seeds. The trick is not to pick the fruit until it is ready to be harvested. That usually means retirement. It is never too early to plan for your retirement. Educate yourself in any way when it comes to wealth. Learn and discipline yourself on saving money.
Need more tips on saving money? Here's a hundred little steps that might help. Find extra money working overtime, finding a part time job, selling some of 'your stuff', doing services for cash, etc., and any opportunity that can earn income.
Money doesn't grow on trees, it grows from hard work, education and discipline. If you are in debt and aren't saving, then there is a problem. The problem needs to be fixed before the ship has sunk. Even Martha Stewart can teach you a thing or two. There are even the No Brainer tips we overlook or forget. You can never get enough tips on saving.
I don't have cable and gave up my home phone. On the other hand my internet fee has increased. I use to commute 135 miles a week to work, now I only commute a total of 35. I took a pay cut, but get more overtime. I moved from a $650 a month rent plus up to $100 in utilities, to $520 a month rent that includes utilities. I have built food reserves, and sometimes go weeks without shopping for everything accept perishables and vegetables.
Teach your children well.
Saturday, July 27, 2013
Retirement Planning
If you have a long way to go, here is a wake-up call...it is never too late to start planning for your retirement. The sooner you start, the better your nest egg will be padded and secure. If you are on the edge of retirement, you have to have a nest egg, otherwise relying on SSI will put you in the poorhouse.
If retirement is near, investments must be secure. McDonald's is a solid dividend paying stock. When it comes to metal investment, always go with gold at iShare. Choose a simple portfolio of Vanguard mutual funds with this, this and this! Get more investment advice at Real Clear Markets blog.
Retirement communities are starting to pop-up that are lifestyle oriented, so that you can retire with people who share your interest. You might even think about getting more bang for your buck in a foreign land. If you retire away from family and acquaintances make sure you have some sort of support you can fall back on if it doesn't work.
Retirement should not be ventured into without planning. Remember that for the most part retirement is permanent and many see the goal of retirement at 62 years of age. Age 62 is like a fool's gold for retirement. As far as SSI the payments may not have any buying power if you live beyond the life expectancy. Unless health is an issue, full retirement age will pay better in the long run, and the magical age of 70 will almost double your age 62 benefit. Things to consider.
Keep in mind that retirement is ever evolving. When planning for retirement, it is better to save, invest, plan, prepare and have surplus than live like a pauper. No doubt, when retiring you need all the help you can get.
You should make out a will as soon as possible. The reason is because you just don't know!
If retirement is near, investments must be secure. McDonald's is a solid dividend paying stock. When it comes to metal investment, always go with gold at iShare. Choose a simple portfolio of Vanguard mutual funds with this, this and this! Get more investment advice at Real Clear Markets blog.
Retirement communities are starting to pop-up that are lifestyle oriented, so that you can retire with people who share your interest. You might even think about getting more bang for your buck in a foreign land. If you retire away from family and acquaintances make sure you have some sort of support you can fall back on if it doesn't work.
Retirement should not be ventured into without planning. Remember that for the most part retirement is permanent and many see the goal of retirement at 62 years of age. Age 62 is like a fool's gold for retirement. As far as SSI the payments may not have any buying power if you live beyond the life expectancy. Unless health is an issue, full retirement age will pay better in the long run, and the magical age of 70 will almost double your age 62 benefit. Things to consider.
Keep in mind that retirement is ever evolving. When planning for retirement, it is better to save, invest, plan, prepare and have surplus than live like a pauper. No doubt, when retiring you need all the help you can get.
You should make out a will as soon as possible. The reason is because you just don't know!
Tuesday, July 23, 2013
Solid Investment
If you are close to retirement, don't make these mistakes that will derail your plan.
I have a stock that can be very profitable at the expense of unhealthy habits. Even with peaks and dips, Philip Morris will always be profitable. Smokers will continue to smoke and PM will always be in business. Like anything else, stocks come with a risk. If I ever recommended an overall stock that even pays good dividends, it would have to be PM International.
Another stock that profits from smokers is Universal(UVV) that supplies the tobacco. Cigarettes may be unhealthy but most smokers will continue to buy them or cheaper alternatives as prices skyrocket.
Another stock that deals with tobacco among other things is Reynolds American(RAI) which has an affordable price.
Along the lines of cancer research and cures, these stocks seem to be the ones to watch.
Consider adding these stocks to any portfolio.
I have a stock that can be very profitable at the expense of unhealthy habits. Even with peaks and dips, Philip Morris will always be profitable. Smokers will continue to smoke and PM will always be in business. Like anything else, stocks come with a risk. If I ever recommended an overall stock that even pays good dividends, it would have to be PM International.
Another stock that profits from smokers is Universal(UVV) that supplies the tobacco. Cigarettes may be unhealthy but most smokers will continue to buy them or cheaper alternatives as prices skyrocket.
Another stock that deals with tobacco among other things is Reynolds American(RAI) which has an affordable price.
Along the lines of cancer research and cures, these stocks seem to be the ones to watch.
Consider adding these stocks to any portfolio.
Saturday, July 20, 2013
The Cheapskate Lifestyle
The bottom line with money is to spend less than you make. The extra should be saved, invested and used for emergencies. You must be able to sacrifice and not keep up with the Joneses. The enemy of money is debt, and one must try to avoid as much debt as possible. Money is the one thing that everybody needs, yet not everybody educates themselves on money.
The first thing you should do is create a budget and educate yourself on money matters. The site is loaded with information, tools and money resources.
Financial education should be taught to children at a young age. For money saving tips this site has many practical money-saving ideas.
The best way to save money is to be frugal. We could call it what it is, living cheap. No matter how you look at it, you must learn to live on the cheap. Then there's one more! The important thing is to build a savings any way you can. If you can save money you will avoid large debts in the future.
Here are simple ways to make extra money online. If you are spending more than your saving, you should consider maybe getting a part-time job. Here you can find job hunting sites. Here's another one.
Another money idea is to save all your $5 bills. This will give you some serious savings in a few years.
The first thing you should do is create a budget and educate yourself on money matters. The site is loaded with information, tools and money resources.
Financial education should be taught to children at a young age. For money saving tips this site has many practical money-saving ideas.
The best way to save money is to be frugal. We could call it what it is, living cheap. No matter how you look at it, you must learn to live on the cheap. Then there's one more! The important thing is to build a savings any way you can. If you can save money you will avoid large debts in the future.
Here are simple ways to make extra money online. If you are spending more than your saving, you should consider maybe getting a part-time job. Here you can find job hunting sites. Here's another one.
Another money idea is to save all your $5 bills. This will give you some serious savings in a few years.
Tuesday, July 16, 2013
Your Money Health
The earlier in life you learn to respect money, the more you will have later. You can never educate yourself enough about money.
Although it is a concept hard to understand, to make money, or anything else in life. you have to give it first. It's been proven again here and here.
As with everything else, there are money principles.
If you need a bit more education on money go to Money 101. Here's an idea whose time has come.
This site offers financial news and advice. It also has tools for your investment and savings. It's summer and I have friends that have kids who will find this useful for sure.
The more informed you are about money, the better you will become at managing, saving and investing. This site has articles, tips, resources and tools for all your money knowledge needs.
When it comes to investing in stocks, mutual funds, ETFs, bonds, etc., it is best to do your homework before you blindly jump in. I would say to pay a financial advisor rather than go at it alone. No matter how much of a Dummy you are, the market is volatile and can change quickly.
When it comes to retirement, the biggest mistake you can make is to retire at 62, unless your health demands it. Collecting Social Security at 62 does not give you Medicare, and it can take a chunk out of your benefit as opposed to full retirement age. At 70 your benefit is almost doubled more than at 62. True, you are closer to death and may lose money, but given that more people are living past 100 it might be worth it.
When retirement is approaching, I hope your only source of income is SSI. Here's your retirement guide. No doubt you need to save for retirements. Use this calculator to project your financial needs. You can never get enough information on managing your money for retirement.
Although it is a concept hard to understand, to make money, or anything else in life. you have to give it first. It's been proven again here and here.
As with everything else, there are money principles.
If you need a bit more education on money go to Money 101. Here's an idea whose time has come.
This site offers financial news and advice. It also has tools for your investment and savings. It's summer and I have friends that have kids who will find this useful for sure.
The more informed you are about money, the better you will become at managing, saving and investing. This site has articles, tips, resources and tools for all your money knowledge needs.
When it comes to investing in stocks, mutual funds, ETFs, bonds, etc., it is best to do your homework before you blindly jump in. I would say to pay a financial advisor rather than go at it alone. No matter how much of a Dummy you are, the market is volatile and can change quickly.
When it comes to retirement, the biggest mistake you can make is to retire at 62, unless your health demands it. Collecting Social Security at 62 does not give you Medicare, and it can take a chunk out of your benefit as opposed to full retirement age. At 70 your benefit is almost doubled more than at 62. True, you are closer to death and may lose money, but given that more people are living past 100 it might be worth it.
When retirement is approaching, I hope your only source of income is SSI. Here's your retirement guide. No doubt you need to save for retirements. Use this calculator to project your financial needs. You can never get enough information on managing your money for retirement.
Sunday, July 14, 2013
ID Theft
Nothing can wipe you out financially more than ID theft . All some thief has to do is find a document with a minimal amount of information about you on it and bye-bye ID and reputation. This is why people pay money to security companies, especially on the internet, to monitor any would-be-ID-thieves!
Perhaps it is money not so well spent. Now if you want to pay anybody money to guard your identity, you might be paying the criminal who guards the prisoner. Should I be blunt?
The reality is that people are careless with their numbers that matter. They do throw out, without shredding, documents with numbers that may come back to haunt them. There are simple ways to check yourself for ID compromise.
I'll give you my ID theft thoughts...
I think that one should have faith in their banking institutions. They are aware of your spending habits and can spot red flags. It happened to me with a debit card and my bank caught a red flag since there were transactions happening thousands of miles from my home. This will be discussed elsewhere.
Get your free credit report with a twist. Most get all three(Equifax, Trans Union, Experian) reports at once, thus having to pay and getting discouraged to research an ID theft. Solution: Since you are allowed one report a year for free, spread them out. Get one in April, one in August and one in December from a different credit score site. I go to Experian then to Equifax and then to Trans Union.
Since you really want to avoid ID theft at all costs, there are tips here, here, here, here, here, and since you have to be informed to your teeth, here.
The best common sense ID Theft prevention is to Deter, Detect and Defend.
On another note, the Better Business Bureau has named its top scams.
Perhaps it is money not so well spent. Now if you want to pay anybody money to guard your identity, you might be paying the criminal who guards the prisoner. Should I be blunt?
The reality is that people are careless with their numbers that matter. They do throw out, without shredding, documents with numbers that may come back to haunt them. There are simple ways to check yourself for ID compromise.
I'll give you my ID theft thoughts...
I think that one should have faith in their banking institutions. They are aware of your spending habits and can spot red flags. It happened to me with a debit card and my bank caught a red flag since there were transactions happening thousands of miles from my home. This will be discussed elsewhere.
Get your free credit report with a twist. Most get all three(Equifax, Trans Union, Experian) reports at once, thus having to pay and getting discouraged to research an ID theft. Solution: Since you are allowed one report a year for free, spread them out. Get one in April, one in August and one in December from a different credit score site. I go to Experian then to Equifax and then to Trans Union.
Since you really want to avoid ID theft at all costs, there are tips here, here, here, here, here, and since you have to be informed to your teeth, here.
The best common sense ID Theft prevention is to Deter, Detect and Defend.
On another note, the Better Business Bureau has named its top scams.
Friday, July 12, 2013
Freebies and Money Makers
Sometimes freebies come with fill-out forms and endless questions that put you on a multitude of mailing lists. So approach with caution. Most money making sites may not be what will fill your wallet. They may also take a long time to pay their minimal payment. But sometimes you do find little gems.
Kiplinger put out their best freebies on a variety of topics that will save you money. Here is some information about making money online along with some sites that pay for your time. They do get paid to write at Squidoo, don't recall if it's through AdSense, since I haven't been there in quite awhile.
Here's something that sounds too good to be true. Read a free program and if you don't make $50 you will get $100 by the author!
And what about other AdSense blog sites? Try here, here, here, oh what the heck, here is a list. Some links are no longer. And one more!
If you like writing product reviews, share your knowledge at Epinions. The payout is at $5 to your PayPal account. Here are other sites that pay to write reviews. Got More? And one more for the road!
Here are some good freebies. Here's more. Here are your freebies for Friday!
Kiplinger put out their best freebies on a variety of topics that will save you money. Here is some information about making money online along with some sites that pay for your time. They do get paid to write at Squidoo, don't recall if it's through AdSense, since I haven't been there in quite awhile.
Here's something that sounds too good to be true. Read a free program and if you don't make $50 you will get $100 by the author!
And what about other AdSense blog sites? Try here, here, here, oh what the heck, here is a list. Some links are no longer. And one more!
If you like writing product reviews, share your knowledge at Epinions. The payout is at $5 to your PayPal account. Here are other sites that pay to write reviews. Got More? And one more for the road!
Here are some good freebies. Here's more. Here are your freebies for Friday!
Tuesday, July 9, 2013
Savings and Investing
There comes a time when you have to consider planning for your future by saving and investing. Your risk level and the amount of money you invest, will determine how much and how quickly you'll see substantial growth. The safer you feel, the less you will earn in the long run. A savings account may not make you as much as the stock market or even a CD.
Lets start with the basics. If you put your money in a savings account, you must find the one with the highest Annual Percentage Yield, APY. I have found that if you want high yields on a local level, a credit union is much better than a bank. I have found one that gives me a yield of 1.00%, and that is hard to find in a bank. If you want a high yield, the best are online.
Next consider a Certificate of Deposit, or CD. With a CD, you deposit money and leave it for the term agreement from 3 months or longer. The longer you leave it and the more you deposit, the higher the yield. Once again you should check your local rates, but the best online is here.
I keep my checking account in a local bank. I am considering going elsewhere because I pay more hidden fees than I get in interest. I don't think I do get interest! I am thinking of taking it online and this seems to be the best.
Ever hear of a Lending Club? If you have money to lend, you can make interest. See how it sounds to you. This is so good, I'll give you another one.
Although there might be other money generating revenue, the biggie as always is investing. Investing in stocks, mutual funds and ETFs. To invest in the stock market you will need knowledge especially if you go at it alone. Check if there are any investments offered through your employer, such as a deferred investment fund, In this department it is recommended that you seek professional investing advice.
Here are the best stock brokers, and some may be found locally near you. I love the resources at the bottom of the page. Personal Capital is a way to keep track of all your money. If you are unsure about investing, Betterment invests your money based on the questions it asks.
And finally, maybe you might want to look into an Roth or Traditional IRA. IRAs are strictly for retirement, with penalties for early withdraw before age 59 and 1/2 years old.
Lets start with the basics. If you put your money in a savings account, you must find the one with the highest Annual Percentage Yield, APY. I have found that if you want high yields on a local level, a credit union is much better than a bank. I have found one that gives me a yield of 1.00%, and that is hard to find in a bank. If you want a high yield, the best are online.
Next consider a Certificate of Deposit, or CD. With a CD, you deposit money and leave it for the term agreement from 3 months or longer. The longer you leave it and the more you deposit, the higher the yield. Once again you should check your local rates, but the best online is here.
I keep my checking account in a local bank. I am considering going elsewhere because I pay more hidden fees than I get in interest. I don't think I do get interest! I am thinking of taking it online and this seems to be the best.
Ever hear of a Lending Club? If you have money to lend, you can make interest. See how it sounds to you. This is so good, I'll give you another one.
Although there might be other money generating revenue, the biggie as always is investing. Investing in stocks, mutual funds and ETFs. To invest in the stock market you will need knowledge especially if you go at it alone. Check if there are any investments offered through your employer, such as a deferred investment fund, In this department it is recommended that you seek professional investing advice.
Here are the best stock brokers, and some may be found locally near you. I love the resources at the bottom of the page. Personal Capital is a way to keep track of all your money. If you are unsure about investing, Betterment invests your money based on the questions it asks.
And finally, maybe you might want to look into an Roth or Traditional IRA. IRAs are strictly for retirement, with penalties for early withdraw before age 59 and 1/2 years old.
Sunday, July 7, 2013
Bye-Bye Middle Class
If you are still in denial, the reality is that the middle class is disappearing. This means that you will either be rich or poor, although one may still be called 'middle class.' Lets face it, the middle class is being squeezed into extinction. Food and gas prices may be the obvious drainers, but there are also the ones that effect the pockets with a trickle-down effect. The housing market, the lower wage jobs, education, to name a few, are effecting your wallet one way or another.
Health costs are also skyrocketing and will eventually hit everybody's pockets. The way to beat that cost is to be as healthy as you can be. The healthier you are, the less trips you make to the doctor.
The bottom line is that unless you are rich, you have to learn to live below your means. This means finding alternatives or doing without. The first vice to kick is keeping up with the Joneses. Good tips on living below your means can be found here, here, here, and here.
How about earning extra income? Try this, this, this, this and I can go on. I might also suggest running errands or doing things for the elderly and others, clean apartments and houses, find a part-time job.
Perhaps the economy will get better, but don't hold your breath. Living below your means and earning extra income now, is going to save you in the long run right through your retirement.
Health costs are also skyrocketing and will eventually hit everybody's pockets. The way to beat that cost is to be as healthy as you can be. The healthier you are, the less trips you make to the doctor.
The bottom line is that unless you are rich, you have to learn to live below your means. This means finding alternatives or doing without. The first vice to kick is keeping up with the Joneses. Good tips on living below your means can be found here, here, here, and here.
How about earning extra income? Try this, this, this, this and I can go on. I might also suggest running errands or doing things for the elderly and others, clean apartments and houses, find a part-time job.
Perhaps the economy will get better, but don't hold your breath. Living below your means and earning extra income now, is going to save you in the long run right through your retirement.
Friday, July 5, 2013
Money Tools and Resources
If you've mapped out your financial goals, goalgami will keep your financial future on track. It also has the What ifs, sort of covered.
ClearCheckbook is yet another money managing site that tracks your expenses.
Tip Hero gives great money-saving ideas.
Wise Bread teaches you frugal ways to live comfortably.
Real Clear Markets is a blog for investors.
Financial planning at a glance.
Learn the basics.
ClearCheckbook is yet another money managing site that tracks your expenses.
Tip Hero gives great money-saving ideas.
Wise Bread teaches you frugal ways to live comfortably.
Real Clear Markets is a blog for investors.
Financial planning at a glance.
Learn the basics.
Sunday, June 30, 2013
Financial GPS
When it comes to finances, you have to know where you are at and where you want to go. You then have to map out a way to get there and how long it will take. Factor in that what will cost you the most to repair is DEBT!
We are a society that demands immediate gratification and we are always in a race keeping up with the Joneses. Since practically anyone can get credit to buy now and pay later, we can easily slip and drown in debt. If you are living paycheck-to-paycheck, you may have a problem with debt and responsibilities.
Never fear because there are painless ways to save on a tight budget. If you have to start somewhere, why not start here. The first thing you have to do to be financially fit is create a budget and stick to it. For those who hate budgets, there is even some advice for them.
Your next route on your journey is to stay out of debt. Then you should learn how to save money. A great tool for creating a budget can be found at Buddi.
We are a society that demands immediate gratification and we are always in a race keeping up with the Joneses. Since practically anyone can get credit to buy now and pay later, we can easily slip and drown in debt. If you are living paycheck-to-paycheck, you may have a problem with debt and responsibilities.
Never fear because there are painless ways to save on a tight budget. If you have to start somewhere, why not start here. The first thing you have to do to be financially fit is create a budget and stick to it. For those who hate budgets, there is even some advice for them.
Your next route on your journey is to stay out of debt. Then you should learn how to save money. A great tool for creating a budget can be found at Buddi.
Saturday, June 29, 2013
Show Me The Money
Welcome to my financial blog. I hope to make and save you money through links and wisdom. There are ways to get out of debt that work. There are ways to save money and make extra money. From saving to investing to living below your means are just a few examples on where this blog is going.
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