A Personal finance blog for saving money and earning more and thus having a better life
As a small business owner, you’ve got a heap of tasks that need your attention today. So opening a small business retirement plan may not be on the top of your list.
But here’s an argument for moving it up the priority ladder: Small-business retirement plans provide plenty of financial benefits you and your business can use in the here and now.
If you are new to fx trading, or you just need to brush up on your knowledge, then it might be a good idea to revisit the basics of stock investments. These types of financial moves are quite popular with many people, namely businessmen and women who are looking to multiply their earnings.
Yet if you are unsure of just how to go about navigating the stock market, read on for some tips and hints on how to do so without putting all of your money at high risk. With just a few key points, you can make a wiser and safer decision with your funds.
When we talk about the stock market, we are just using an umbrella term for the different kinds of investments included in this entity. For instance, if you want to do some Forex trading, you can do so with preferred stocks or common stocks.
We have some beliefs around money, which we cultivate since our childhood. Sometimes they are the beliefs shared to us by our parents. Sometimes we assume on our own. Do you have some time to think about those beliefs? You should take some time out and relfect on those beliefs.
You never know how many of money concepts we have are actually not true. Some beliefs are limiting, some are no longer valid in our generation. Some are partially applicable to our lives. Let’s discuss 10 most prominent money beliefs that you should avoid, as those might hinder not only your financial life but your life in general
Personal finance can be seen as personal or it can be treated as a small business, whatever works for you to give it your first priority. I see it as a set of personal goals. At the same time, I do tend to think sometimes that as I am the only bread earner, I am the CEO of this company and my wife and son are the employees.
Which means our little family is a small business and I got to take care of the business and my employees.
The sole purpose of drawing similarity between a personal finance and small business is that for some of you who would love to work with this imaginary scenario in order to succeed.
The more money you have, the more you tend to spend. Yet, many of the wealthy individuals I have observed are surprisingly frugal. Being frugal is probably one of the reasons they have accumulated significant wealth over time.
It’s even surprising that these wealthy people practice such frugal habits that ordinary people don’t. They drive used cars, they have homes which are just right for their family sizes. You often see them bargain shopping and not living an extravagant life. Rather the rich accumulate money and wealth for a cause. It’s the delayed gratification that made them accumulate wealth in the first place.
You might think this is a habit of those who have low incomes, but over 50% of coupons are used by households that have an annual income greater than $125,000. This is because the wealthiest people in the world take the time to ensure their money goes further, and ‘coupon-ing’ is an excellent way to do this. If you’re buying amenities that you know you’ll always need, coupons are the best way to bulk buy items too (if you have the storage space).
Even though the US economy has improved in recent times and unemployment has now fallen to around 5% after a high of double figures in the midst of the recession there is still the prospect of your losing your job. You must be prepared because if you suddenly have no income coming in you are in real trouble. It can happen as companies downsize or streamline in the face of competition.
Some businesses simply find themselves unable to trade profitably. While unemployment statistics currently suggest that if you lose your job there will be other opportunities out there you should still be prepared in case there is an interruption in your monthly paycheck.
This post is about some hard-to-believe facts around tax exemption. You have sufficient time in hand to prepare for next year’s tax return. Now is the time to start thinking about your current and potential expenses and their impact to your taxes. You can write-off many more than you could ever think.
With all the talk of loopholes and special interest for the rich, it is rich to know that the average person has no idea what the pages of the tax code really say.
ISince the housing market crash of 2010, getting a mortgage has become more difficult. Low-interest rates are tempting to many who are looking to quit renting and to start building equity. But getting the loan approved is a huge task. Often these loans require you to pay a big down payment. But wait, you have an alternative solution, where you can only pay 3% down payment to get the home you wish to buy.
With so much scrutiny, finding someone to lend you money has become increasingly difficult. If you are being dissuaded from owning the American dream, take heart. The Bank of America has announced that they will begin a new program which will allow those who have as little as 3 percent down to give, to get a mortgage for home ownership.
Personal finance experts say no to trading. Be it stock trading, binary trading or commodity trading. I tend to shy away from trading and never ask my readers to take up trading as a means of getting rich. The main reason being we do not manage emotions very well, as human beings. Let me explain in details, as to why trading is not good for your personal finances.
Experts say trading is less strategy but more emotions. Some discipline and some psychology. For the majority of traders, trading part isn’t hard, it’s managing the emotions, and sticking to a plan, where it is hard.
An emergency fund is one of the pillars of personal finance. Having a sizeable emergency fund might secure your financial future and safeguard against financial crisis. Emergency fund shields you from borrowing money at a high interest. For example, a $10,000 unforeseen medical expense, if paid with a borrowed money, will require you to pay almost $20,000 over the years, including interest charges. That’s a lot of money. If you have $10,000 saved in an emergency fund, you can pay without borrowing the money.
One big problem is people understand the benefits of having an emergency fund but to actually build one when you’re barely scraping by seems like a daydream. Building emergency fund from scratch is a hard task. Let us talk about a few tricks on budgeting your money to actually build an emergency fund without having a big income.
When you are barely saving or rather, surviving paycheck to paycheck. Saving a part of your income is a dream, a near impossible ask. If you set a target of saving $300 a month, there will be some months where you’ll actually have to draw money from the saving kitty, let alone contributing $300 in that month. Our expenses vary due to unforeseen events.