A Personal finance blog for saving money and earning more and thus having a better life
As you likely already know, there are millions of people all around the world that have a difficult time trying to make enough money to live happily. Some people are forced to scrape by from paycheck to paycheck. People can have better personal finaces, but how?
The truth of the matter is that many consumers run into financial difficulty because they do not know how to properly manage their money. This is an unfortunate fact, but it is a problem that many people face.
This is a guest post from Mary Ross, who is a mom of four. Enjoy the post and leave your comments below.
There was a huge sale in a mall where they advertised 50 percent off on crib sheets. So, I rushed to the store, and there I found them – all marked down to half the price.
Pet ownership isn’t reserved for those with big wallets. Everyday people can have pets and be enriched. All that love and laughter can be used because you can budget for everything your pet needs.
If done right investing in real estate creates wealth. But, it’s not easy you need to know things before you invest in real estate. If you have a positive cash flow for every month you may start looking for real estate property for investment. Even if you don’t sell for profit, putting it in rent can recover the mortgage cost and leave you with some profit every month.
Savvy real estate investors already know the market landscape. Right from the start, they can tell if a particular home is worth investing in and if the return on investment is worth the initial price.
I transfer money to my parents every month, we use a service from Xoom as well as local Indian bank’s money remittance service. Sometimes I transfer a large sum of money, especially just before our biannual visit to India. Keeping my money safe and secure is my main concern rather than saving on fees and taxes.
But sometimes, the speed of transfer does matter as well. Xoom takes around 4 hours to transfer and local Indian bank takes up to one week. When my parents need money urgently I use Xoom which is lightning fast. Other times I use the other route which deposits money into my Indian bank account.
When you begin a fresh job, there is a lot to learn and not just how you will do the job you have been hired for, but also understanding your employee benefits is very important. Retirement benefit, aka 401k, is the longest lasting benefits you will need to know about. Before you are even hired, you should ask your employer, do you have a 401k plan?
One of the main reasons I joined my employer was their 5% match to 401 (k) plan. Which is now at 6% and expected to go higher in next year or two. That means if I contribute at least 6% of my paycheck towards 401k my employer would match the same amount. This is the free money you don’t want to lose out.
Saving money is currently seen as a “Dying art” that only a few select circle of people can use to their advantage. In reality, this couldn’t be any further from the truth. Less than 40% of people in US have more than 1000 in saving. If we take a few critical steps to make it automatic, saving money can be the easiest task to accomplish in our complicated lives.
Making your money grow automatically sounds like one of those get rich quick advertisements, but this technique is not about becoming a millionaire overnight. A savings account should be a financial nest egg that can be used as leverage for your personal needs, whether that be for emergency situations or financial growth.
Too many parents today grew up with parents who were financially illiterate; for them, “investing” meant saving their coins in a piggy bank, and maybe opening a checking account at the bank. Today the only stable investment we have is Gold or silver. Thus, it’s probably the best medium to teach your kids about investment.
Stocks, ETF’s, mutual funds or bonds are too complex for a young mind. Something like a gold coin or a silver bar may be easier to comprehend. Why don’t we teach our kids about investment with Gold?