One Cent At A Time

A Personal finance blog to get rich

How to Avoid Own Goals in Personal Finance

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The FIFA World Cup is currently underway and as expected, it’s dominating the international news. While football (or soccer) isn’t the number one sport in every part of the world, there are a lot of practical personal finance lessons we can glean from the world’s most popular sporting event.

How to Avoid Own Goals in Personal Finance

One of these is own goals. Just like in the World Cup, own goals in your personal finance aren’t deliberate yet they can present a considerable setback to the achievement of your targets. We will describe some of the ways you can avoid inadvertently scoring an own goal in your finances.

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Read Before You Sell Jewelry to a Pawn Shop!

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There is a reason why jewelry is considered precious and buying jewelry is an investment, not an expense. The simple reason is the return on investment. Jewelry, especially those made of gold, diamond, silver, platinum and other valuable gemstones, can be resold for a profit.

Read Before You Sell Jewelry to a Pawn Shop

They can also be pawned or pledged as security to get a short-term loan. Rare and exorbitantly expensive jewelry can be used as security for substantial long-term loans. Throughout recorded history, jewelry has been one of the most common assets of royalties, the wealthy and the industrious.

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How to Recover From Monetary Loss

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No one goes looking for a financial disaster or loss of money. A money loss may take form of a job loss, a burglary, theft, death of a family member, divorce, emergency medical bill, etc. In truth, people who are on the verge of a financial crisis may not know exactly what the right thing to do is; of course, it always boils down to one thing and that is to hope it will pass.

How to recover from Monetary loss

Some individuals may go into so-called denial mode; that is, thinking they can go on spending just the way they used to since a new job or a potential source of income is just around the corner to help them get out from this mess. However, this can be the worst decision you can ever have.

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3 Unexpected Windfalls You May Receive in Your Lifetime

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Once I bought a lotto ticket for Florida Lottery, when jackpot went up astronomically. I don’t really recall the exact amount of the jackpot. But that’s it I never played lotto again. But, like every one else I sometimes day dream about getting a windfall of money. Some weird thoughts do cross mind sometimes, like a suitcase full of money coming down from the air crafts above or finding a sack full of currency notes. But realistically, we may receive a financial windfall at some point of time.

Financial Windfall You May Receive

Most of us learn to live with a steady amount of money. It usually comes in the form of a paycheck from employer. We are accustomed to it. We can manage our income, budget it, plan for the future, and do everything you’d expect with this sort of arrangement. So how do we handle an unexpected windfall?

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Protecting Your Tax Refund From Cyber Criminals

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No one enjoys handing over the year’s tax payment to the Internal Revenue Service on April 15. However, most people expect their tax dollars to be used by the U.S. government, not handed back to cybercriminals that file fraudulent tax returns. Every year, according to an estimate from the Treasury Inspector General’s office, the IRS loses $4 billion because of fraudulent tax returns. Cybercriminals stealing personal taxpayer information have become a major force behind tax fraud.

Tax and fraud

Research on cybercrime demonstrates that phishing scams and fraud are higher at tax time than at almost any other time of year. In fact, people are only targeted more often for scams during the holiday shopping season. Fortunately, by exercising just a little cyber savvy, taxpayers can keep their personal information from becoming entangled in a case of tax fraud.

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Reasons Why I’ll Not Leave My Fortunes to My Kids

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Let me start with a disclaimer. This is not my opinion, this is opinion expressed by guest poster Bill. If we ever get a kid, we will leave almost everything for him/her in our will. I think many of us think the same way. Still, no harm in listening to the other side of the argument. Enjoy the post and leave your opinion and thoughts.
Will and Fortune

Everybody always wants to know why I’ll not leave my fortunes to my kids. In this blog post I’ll talk about the following:

  1. The pros of not giving my children my fortunes.
  2. The cons of not doing so.
  3. Why warren buffet said he would give 99% of his wealth to charity
  4. How to appreciate your wealth by sharing with other people i.e. the needy.
  5. How to teach your children to build their own wealth without depending on your investment.

Are you ready for the insight?

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5 Things to Take Care to Stay Rich and Wealthy

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I am no way rich or wealthy. But since childhood I learned how to protect wealth. By seeing people clinging to to their every belonging and calculating every way of saving money or protecting money from draining out. I chalked my plan to save every bit and protect my wealth, whatever I have.

 Protecting Wealth

I will try to formulate my strategy in this article. This is not all you should do. But, I am sure if you take cue from the points below you would do a ton of good to your wealth and money. You must have read plenty of rags-to-riches stories. Let me tell you there are enough riches-to-rags stories as well.

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Common Financial Mistakes to Avoid in Day to Day Life

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To date my biggest financial mistake was not to diversify stock market investment. I did invest all my stock money in one stock, eventually the financial giant got vaporized along with all my investments. We all commit some kind of a financial mistake in our life. This article from guest poster Joshua should make you cautious and little bit more aware to not to commit a major financial mistake. Enjoy the post!

Financial Mistakes

You work hard for your dollars as do I. When we make financial mistakes, those hard earned dollars seem to fly right out the window. Even worse, often times, we don’t even know that we are actually making a mistake at all. Therefore, even though you make a pretty good living, you may still feel like you are constantly in the red. Here are some of the most common financial mistakes that consumers make and what you can do to avoid them…

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Getting your Finances under Control in 2013

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If 2012 was a hard financial year for you, you might be wondering if the outlook for 2013 is any brighter. The worst thing you can do however is get in a slump and force yourself into a rut that you can’t get out of. And, if 2012 had been a bright year for you, you must have home worked on the strategies that worked. You must now think about polishing them further and getting sweeter rewards in 2013.

Finance control 2013

You need to take decisive action to get all aspects of your finances under control and you need to be able to prioritize appropriately in order to ensure that you are getting to the point where you want to be financially at your own pace.

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Having a Financial Backup Plan

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When we start with a project, we make plans, document them and weigh in different plans. Then we select a plan to work with. Then, there, we  also have a backup plan for the original one, called as a fall-back option. The backup plan is not documented as detailed as the main plan, though.  Still we start with a plan B, partially documented. Your personal finance is just another project, there’s little difference between your work project and a personal finance management.

Applying the same project management method to our personal finances, should we not have a financial backup plan? What if there’s a new family member, what if we lose someone? What if a disaster strikes? Or even what is our plan if another economic meltdown occurs today? To meet with any unavoidable circumstances that may affect our financial life and health, we should be ready with a backup plan, the plan B.

Why have a backup plan for your finances

Let’s say you have a goal for mortgage pay off in 10 years, and suddenly due to illness to one of your family members, you need a large chunk of cash even after insurance coverage. In all probability, the money you will either take away from emergency cash or you will break into another investment and do a premature withdrawal (may even be from your retirement saving). Worst case, you will borrow money with interest.

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