Last time I introduced you to the three laws to successful wealth creation that will enable you to build a solid foundation to ensure you provide a very sustainable income in retirement. As I pointed out, many people forego the planning required to prepare for retirement until it is too late. However, this needn't be the case. Even if you are about to retire or you have already retired you can still apply these principles to get your investments working for you.
In this article I want to address the first of these laws in more detail to show you how you can stop losing and start making money from your investments. If you remember, the first of the three laws to wealth creation was to 'spend less than you earn'.
Throughout my career many people have asked me to show them how they can create wealth. In most cases they expect that I will give them the 'holy grail' of investing, the one thing that will make them millions. Instead, I ask them a simple question - 'Do you have a budget?' You know, that great wealth creation vehicle that many suggest you should have to help you become financially independent. If you are like most people, you probably think a budget will restrict your spending, hamper your lifestyle and generally make you miserable. However, none of this is true - a budget is simply a financial plan to succeed.
A budget lists your income and expenses, and lays the foundation as to how you either invest or spend your money. It allows you to have more freedom, more security and more wealth. Quite simply, it provides you with the flexibility to plan for the future, but more importantly take control of your life today and put you on the right path for your future.
It is usually this first rule that creates considerable angst amongst people. This is because most people do not have a budget. However, without a budget, how do you know how much you are actually spending, or more importantly how much you can save?
Usually it is not until people receive their group certificate at the end of the financial year that you hear the outcry 'I got paid that much, what did I do with it all?' Only when spending habits are quantified do we know how much we can save. I have never met anyone that could not save at least 10% of their income after completing a budget. Most people could in fact save 20% to 30% of their income and still maintain a good lifestyle.
If you begin to budget you will realise how much money is wasted through uncontrolled spending.
Budgeting is like your roadmap to financial independence - it provides you with a plan of attack that allows you to create your preferred reality. The bottom line is a budget will allow you to allocate your income appropriately so that you stop losing and start making money. My advice to you is set some time aside to create a budget to quantify your spending so that you can begin to invest your income wisely.
20 Ways to Save on Your Utility Bills
Utility bills can consume a very large portion of your paycheck. Wouldn't it be nice if you could pay 25-50% less on these bills? There's a number of ways you can. Don't worry you won't find any low flow toilets on this list!
#1 Change your light bulbs - Compact florescent bulbs use about 25% the electricity of standard incandescent bulbs and will last for years. They do not work with dimmer switches, but you can swap out the majority of your light bulbs and save a significant amount on lighting.
#2 Check your insulation - Go in your attic. Does your insulation cover all the 2x4s? If not you don't have enough. Having a well insulated house will save you a significant amount on your heating and cooling bills and is well worth the cost. It's also the kind of project the average home owner can do by themselves.
#3 Add caulk and weather stripping - Is your house drafty? Look at your doors, does light shine in? Feel around the edge of your windows, do you feel a cold or hot breeze? You need to add caulk and weather stripping. It'll save you money and help get rid of those annoying hot and cold spots in your house.
#4 Fix leaking faucets - I'm sure you've heard even a small drip in your sink can fill a swimming pool in a year. It can also empty your bank account. Fixing this problem is usually as simple as replacing a 50 cent washer.
#5 Use fans - By having a slight breeze you can usually turn your AC up a degree or two and still be just as comfortable. It's a whole lot cheaper to run the fan than to run the AC, so use them.
#6 Turn the computer off - That 300 watt power supply in your computer is still drawing power when you're not using it. Turn your computer off when you're done with it. If that's too much of a hassle, adjust the screen saver settings to put your computer in sleep mode when it's idle. This is a low power mode that will allow you to quickly resume your work where you left off when you're ready to use the computer again.
#7 Switch to LED Christmas lights - You wouldn't think you're Christmas lights draw that much power, but when you get enough of those little lights, it really adds up fast. 25 watts per 50 bulb stand is standard and when you hook up 10 of those strands you're looking at 250 watts, probably running 24/7. Christmas lights that use LED bulbs use 80%-90% less electricity and still look just as bright. Also, turn your lights off when you go to bed.
#8 Get an LCD computer monitor - Are you still using an old style CRT display for your computer? Switch to LCD, they consume as little as 25% of the power of a CRT monitor of the same size. You were looking for a good excuse to switch anyways.
#9 Switch to tankless water heater - It amazes me how few people even know about the existence of tankless water heaters. These water heaters do not store hot water, but rather heat it instantly whenever it is needed. The consume a mind-boggling amount of energy when in use, but it ends up being much cheaper to consume a lot of power during the time you need hot water than a little keeping it hot 24/7.
#10 Change your filters - So you change the filter on your AC/Heating unit every spring and fall like you're suppose to? Wrong! Most filters are only rated for 30 days. Filters are cheap, so change them frequently. The efficiency gained in heating/cooling your house will make well worth it.
#11 Install a programmable thermostat - These are fairly cheap and easy to install. Why pay to cool your house while you're gone to work? Do you really need it to be the same temperature while you sleep as when you're awake? Programming it will allow you to make these energy savings adjustments automatically every day.
#12 Take (short) showers instead of baths - Try this one day. Pull the plug on your tub and take a shower like you normally do. When you're all done, look at the water level. It's probably about a quarter of the way full. This is how much water, and energy heating that water you save by taking a shower instead of a bath. If you can shorten your shower, even better.
#13 Ditch the phone company - Remember those "We don't care, we're the phone company" adds from Saturday Night Live in the 70's? Not so anymore. They now have competition from the cable company, cell phone providers and internet phone companies. Shop around and you can probably find a better deal. If you use cell phones all the time, you may even be able to shut off your home phone.
#14 Cancel extra TV channels - Do you pay $50-150 a month for 500 channels but end up just watching the networks? Cancel the extra channels and save some cash. If there's one show you just HAVE to have on one of these other stations, considering paying to download that one show from iTunes or elsewhere instead.
#15 Have AC Maintenance - If your AC is struggling to keep up in the summer, it might be a good idea to have some routine maintenance done. Low Freon levels can significantly impair the efficiency of your AC unit. So can grass clippings and other debris.
#16 Clean that lent trap - Be sure to empty the lent trap on your dryer after every load. If you are doing so and your clothes are still damp, there's probably lent that has built up in the exhaust hose and it may be time to replace or clean it.
#17 Have a free energy audit - Many power companies provide energy audits free of charge. They can help you find inefficiencies you may not be able to find on your own, and will sometimes even provide you with free compact florescent bulbs. Contact your power company to see if they offer this service.
#18 Get some shade - Blocking out direct sunlight can significantly lower your cooling bills. Plant some trees that will help shade your house and close the blinds on hot days.
#19 Water in the early morning - If you water your grass on a regular basis do it in the early morning hours. By doing so you reduce the amount of water that evaporates which means much more gets to the grass. It's not recommended to water in the late evening because having damp grass overnight provides a good environment for parasites that can harm your grass.
#20 Change your shower heads - You can switch to a low flow head without having to settle for a wimpy shower. Newer shower heads available can generate just as high of pressure but use less water. They do this by quickly pulsating between on and off to deliver rapid high pressure bursts. These heads are only about $20, have multiple settings you'll love and can save a lot of water.
#1 Change your light bulbs - Compact florescent bulbs use about 25% the electricity of standard incandescent bulbs and will last for years. They do not work with dimmer switches, but you can swap out the majority of your light bulbs and save a significant amount on lighting.
#2 Check your insulation - Go in your attic. Does your insulation cover all the 2x4s? If not you don't have enough. Having a well insulated house will save you a significant amount on your heating and cooling bills and is well worth the cost. It's also the kind of project the average home owner can do by themselves.
#3 Add caulk and weather stripping - Is your house drafty? Look at your doors, does light shine in? Feel around the edge of your windows, do you feel a cold or hot breeze? You need to add caulk and weather stripping. It'll save you money and help get rid of those annoying hot and cold spots in your house.
#4 Fix leaking faucets - I'm sure you've heard even a small drip in your sink can fill a swimming pool in a year. It can also empty your bank account. Fixing this problem is usually as simple as replacing a 50 cent washer.
#5 Use fans - By having a slight breeze you can usually turn your AC up a degree or two and still be just as comfortable. It's a whole lot cheaper to run the fan than to run the AC, so use them.
#6 Turn the computer off - That 300 watt power supply in your computer is still drawing power when you're not using it. Turn your computer off when you're done with it. If that's too much of a hassle, adjust the screen saver settings to put your computer in sleep mode when it's idle. This is a low power mode that will allow you to quickly resume your work where you left off when you're ready to use the computer again.
#7 Switch to LED Christmas lights - You wouldn't think you're Christmas lights draw that much power, but when you get enough of those little lights, it really adds up fast. 25 watts per 50 bulb stand is standard and when you hook up 10 of those strands you're looking at 250 watts, probably running 24/7. Christmas lights that use LED bulbs use 80%-90% less electricity and still look just as bright. Also, turn your lights off when you go to bed.
#8 Get an LCD computer monitor - Are you still using an old style CRT display for your computer? Switch to LCD, they consume as little as 25% of the power of a CRT monitor of the same size. You were looking for a good excuse to switch anyways.
#9 Switch to tankless water heater - It amazes me how few people even know about the existence of tankless water heaters. These water heaters do not store hot water, but rather heat it instantly whenever it is needed. The consume a mind-boggling amount of energy when in use, but it ends up being much cheaper to consume a lot of power during the time you need hot water than a little keeping it hot 24/7.
#10 Change your filters - So you change the filter on your AC/Heating unit every spring and fall like you're suppose to? Wrong! Most filters are only rated for 30 days. Filters are cheap, so change them frequently. The efficiency gained in heating/cooling your house will make well worth it.
#11 Install a programmable thermostat - These are fairly cheap and easy to install. Why pay to cool your house while you're gone to work? Do you really need it to be the same temperature while you sleep as when you're awake? Programming it will allow you to make these energy savings adjustments automatically every day.
#12 Take (short) showers instead of baths - Try this one day. Pull the plug on your tub and take a shower like you normally do. When you're all done, look at the water level. It's probably about a quarter of the way full. This is how much water, and energy heating that water you save by taking a shower instead of a bath. If you can shorten your shower, even better.
#13 Ditch the phone company - Remember those "We don't care, we're the phone company" adds from Saturday Night Live in the 70's? Not so anymore. They now have competition from the cable company, cell phone providers and internet phone companies. Shop around and you can probably find a better deal. If you use cell phones all the time, you may even be able to shut off your home phone.
#14 Cancel extra TV channels - Do you pay $50-150 a month for 500 channels but end up just watching the networks? Cancel the extra channels and save some cash. If there's one show you just HAVE to have on one of these other stations, considering paying to download that one show from iTunes or elsewhere instead.
#15 Have AC Maintenance - If your AC is struggling to keep up in the summer, it might be a good idea to have some routine maintenance done. Low Freon levels can significantly impair the efficiency of your AC unit. So can grass clippings and other debris.
#16 Clean that lent trap - Be sure to empty the lent trap on your dryer after every load. If you are doing so and your clothes are still damp, there's probably lent that has built up in the exhaust hose and it may be time to replace or clean it.
#17 Have a free energy audit - Many power companies provide energy audits free of charge. They can help you find inefficiencies you may not be able to find on your own, and will sometimes even provide you with free compact florescent bulbs. Contact your power company to see if they offer this service.
#18 Get some shade - Blocking out direct sunlight can significantly lower your cooling bills. Plant some trees that will help shade your house and close the blinds on hot days.
#19 Water in the early morning - If you water your grass on a regular basis do it in the early morning hours. By doing so you reduce the amount of water that evaporates which means much more gets to the grass. It's not recommended to water in the late evening because having damp grass overnight provides a good environment for parasites that can harm your grass.
#20 Change your shower heads - You can switch to a low flow head without having to settle for a wimpy shower. Newer shower heads available can generate just as high of pressure but use less water. They do this by quickly pulsating between on and off to deliver rapid high pressure bursts. These heads are only about $20, have multiple settings you'll love and can save a lot of water.
Recession? Let the Revolution Begin!
The economic drum I have been beating for a while now has gone mainstream as the "R" word, recession, rolls off the tongues of almost every news broadcaster. Suddenly, or so it seems, the economy is tanking. Sure the housing market was already sliding but Christmas season provided a pregnant pause in hopes that increased consumer consumption might save the day.
But those kinder and gentler days are over. Right out of the 2008 gate, the "R" word came roaring shamelessly into our living rooms with major Wall Street sell-offs catching everyone's attention.
Yet, as I mentioned in the beginning, many writers and thinkers including myself have seen the writing on the wall and this day coming down the pike since the good-old dot com bubble of 10 years ago. How could that be?
There's no crystal ball and it's not rocket science once a person wraps their mind around how money works in the context of a monetary system. James Carville, Bill Clinton's political strategist in the 1992 election, placed a sign over his desk in the Little Rock headquarters: 'It's the economy, Stupid!' The sign answered the often asked question: What is the campaign about? Though a catchy slogan, our current economic state of affairs would be more aptly put as: It's the system, stupid!
The Bush administration's proposed economic stimulus package will be a short-term fix at best on an unrecoverable monetary system; the blueprint of which was designed to obscenely benefit a few while extracting wealth from everyone else. In addition, none of the mainstream presidential candidates have more than some new version of the same-old tax and entitlement-type reforms to offer, that is except for Ron Paul who has recently lost visibility.
You might want to read my colleague Richard C. Cook's latest article, Will Economic Stimulus Measures Stave Off Recession? As far as I'm concerned, Cook is the man with the big-picture-economic plan. It's a plan informed by 32 years of practical experience with US public finance including his 21 years in the Treasury Department and based on knowing how a debt-based monetary system has wrecked the US producing economy and threatens to destroy the world and mankind. Plus, he has already won his stripes as a whistleblower given his career as the analyst who back in 1986 blew the whistle on NASA for having known for years about the flaws in the O-ring joint that doomed the space shuttle Challenger, the flaws that led to the explosion in January 1986 which killed seven astronauts and changed the U.S. space program forever. In January 2007 Cook published Challenger Revealed: An Insider's Account of How the Reagan Administration Caused the Greatest Tragedy of the Space Age. (Thunder's Mouth Press, New York)
In December, he invited me to write the introduction to his first economic book soon to be published; a compilation of 22 essays written over the course of 2007 titled: We Hold These Truths: the Hope of Monetary Reform. In it the author exposes the fatal-design flaw of a monetary system that is debt-based and privately owned. More importantly, he provides a new economic vision and practical model that benefits all concerned and not only for an elite group of shareholders.
After Cook read my own book, The Quality Life Plan: 7 Steps to Uncommon Financial Security, he endorsed my off-the grid personal finance approach as some of the best stop-gap measures individuals and families can apply right now to reduce the impact of a debt-based monetary system: A system that ultimately leads to debt-slavery. Similar to the fact that until recently most doctors did not have nutrition as part of their pre-med curriculum, nor have most traditional financial planners ever heard of or learned about the link between personal finance and the implications of a debt-based monetary system. The result? Conventional wisdom has not stopped the bleeding and life on the edge has become the new norm. Until Cook's vision of genuine economic democracy becomes reality, we are left on our own to empower ourselves with personal finance strategies and tactics that can reverse negative trends.
But those kinder and gentler days are over. Right out of the 2008 gate, the "R" word came roaring shamelessly into our living rooms with major Wall Street sell-offs catching everyone's attention.
Yet, as I mentioned in the beginning, many writers and thinkers including myself have seen the writing on the wall and this day coming down the pike since the good-old dot com bubble of 10 years ago. How could that be?
There's no crystal ball and it's not rocket science once a person wraps their mind around how money works in the context of a monetary system. James Carville, Bill Clinton's political strategist in the 1992 election, placed a sign over his desk in the Little Rock headquarters: 'It's the economy, Stupid!' The sign answered the often asked question: What is the campaign about? Though a catchy slogan, our current economic state of affairs would be more aptly put as: It's the system, stupid!
The Bush administration's proposed economic stimulus package will be a short-term fix at best on an unrecoverable monetary system; the blueprint of which was designed to obscenely benefit a few while extracting wealth from everyone else. In addition, none of the mainstream presidential candidates have more than some new version of the same-old tax and entitlement-type reforms to offer, that is except for Ron Paul who has recently lost visibility.
You might want to read my colleague Richard C. Cook's latest article, Will Economic Stimulus Measures Stave Off Recession? As far as I'm concerned, Cook is the man with the big-picture-economic plan. It's a plan informed by 32 years of practical experience with US public finance including his 21 years in the Treasury Department and based on knowing how a debt-based monetary system has wrecked the US producing economy and threatens to destroy the world and mankind. Plus, he has already won his stripes as a whistleblower given his career as the analyst who back in 1986 blew the whistle on NASA for having known for years about the flaws in the O-ring joint that doomed the space shuttle Challenger, the flaws that led to the explosion in January 1986 which killed seven astronauts and changed the U.S. space program forever. In January 2007 Cook published Challenger Revealed: An Insider's Account of How the Reagan Administration Caused the Greatest Tragedy of the Space Age. (Thunder's Mouth Press, New York)
In December, he invited me to write the introduction to his first economic book soon to be published; a compilation of 22 essays written over the course of 2007 titled: We Hold These Truths: the Hope of Monetary Reform. In it the author exposes the fatal-design flaw of a monetary system that is debt-based and privately owned. More importantly, he provides a new economic vision and practical model that benefits all concerned and not only for an elite group of shareholders.
After Cook read my own book, The Quality Life Plan: 7 Steps to Uncommon Financial Security, he endorsed my off-the grid personal finance approach as some of the best stop-gap measures individuals and families can apply right now to reduce the impact of a debt-based monetary system: A system that ultimately leads to debt-slavery. Similar to the fact that until recently most doctors did not have nutrition as part of their pre-med curriculum, nor have most traditional financial planners ever heard of or learned about the link between personal finance and the implications of a debt-based monetary system. The result? Conventional wisdom has not stopped the bleeding and life on the edge has become the new norm. Until Cook's vision of genuine economic democracy becomes reality, we are left on our own to empower ourselves with personal finance strategies and tactics that can reverse negative trends.
Make 2007 Your Business' Fastest Growing Year Yet With Asset Finance
If you want to speed up your business in 2007, you'll need to fine-tune your business approach and utilise your resources to their full extent. However, like many business owners, you may be reluctant to tie up your capital. So where can you turn to if you're looking to finance major business-related purchases such as commercial vehicles, manufacturing machinery or IT equipment?
The answer is simple: asset finance. Asset finance works in such a way that the money you borrow is secured upon the business assets you acquire. For instance, if you're planning to invest in a fleet of commercial vehicles, the money you borrow for your purchase will be secured solely on those vehicles. This means no other part of your business will be committed to - or at risk from - the deal.
But asset finance has even more to offer: because this type of finance plan is secured on the assets concerned, it's very cost effective. It can, for example, release your business capital and free up your cash flow, allowing you to invest in new opportunities. Asset finance can also improve your return on investment and profit margins, as well as help you make the most of tax-saving allowances. And because many financial institutions can fund up to 100 per cent of the cost of your purchase, you can acquire the assets your business needs without risking your cash reserve.
Asset finance arrangements are also often fast and flexible: repayment can be tailored to match your cash flow, and deposits and repayments can be structured depending on your circumstances. Ultimately, solutions are tailored to suit the particular needs and objectives of your business - so the result is finance that works with - and for - you.
When it comes to expanding your business, a bit of extra capital can make a world of difference. Asset finance has the power to give you just that, enabling you to react quickly to new opportunities and keep ahead of the competition, whilst maintaining a minimum cost to your business. And there's always an expert financial team ready to cater to your unique business needs, so there's no reason to wait. Apply for an asset finance plan today - you can get a quote in minutes, have a decision in a few hours and secure funds within one day!
The answer is simple: asset finance. Asset finance works in such a way that the money you borrow is secured upon the business assets you acquire. For instance, if you're planning to invest in a fleet of commercial vehicles, the money you borrow for your purchase will be secured solely on those vehicles. This means no other part of your business will be committed to - or at risk from - the deal.
But asset finance has even more to offer: because this type of finance plan is secured on the assets concerned, it's very cost effective. It can, for example, release your business capital and free up your cash flow, allowing you to invest in new opportunities. Asset finance can also improve your return on investment and profit margins, as well as help you make the most of tax-saving allowances. And because many financial institutions can fund up to 100 per cent of the cost of your purchase, you can acquire the assets your business needs without risking your cash reserve.
Asset finance arrangements are also often fast and flexible: repayment can be tailored to match your cash flow, and deposits and repayments can be structured depending on your circumstances. Ultimately, solutions are tailored to suit the particular needs and objectives of your business - so the result is finance that works with - and for - you.
When it comes to expanding your business, a bit of extra capital can make a world of difference. Asset finance has the power to give you just that, enabling you to react quickly to new opportunities and keep ahead of the competition, whilst maintaining a minimum cost to your business. And there's always an expert financial team ready to cater to your unique business needs, so there's no reason to wait. Apply for an asset finance plan today - you can get a quote in minutes, have a decision in a few hours and secure funds within one day!
Get Some Idea About Unsecured Personal Loans
Personal loans can be regarded as a cutting edge financial assistance for people. As far as fulfillment of personal desires is concerned, personal loans work significantly. These loans are of two types; secured and unsecured. This article has discussed about unsecured personal loans.
Unsecured personal loans- the name clearly defines that the requirement of a security is nil in this loan option. Therefore, whether you are a homeowner or non homeowner, it won’t be counted in the loan lending process. Unsecured personal loans permit borrowers to borrow an amount ranging from £5000-£25000. A flexible repayment period, decided in between 5-10 years, is an added advantage of these loans.
A profusion of purposes can be covered up with unsecured personal loans. Let’s have a look at some of the common reasons, for which borrowers opt for unsecured personal loans:
• For investing in real estate
• For buying automobile
• For repaying debts
• For making holiday trip
• For covering wedding expenses and so on.
In a sense, the absence of security is a privilege for borrowers, as it minimizes the risk of lending amount, but due to this reason, lenders provide these loans at a relatively high interest rate. But some alternatives are there, which can be used to lower down the interest rate. To name a few, firstly we can talk about borrowers’ credit score. An outstanding credit score always facilitates borrowers to avail the amount with better rates and terms. Besides, a bit research can help borrowers to make the interest rate pocket friendly.
Having a bad credit score? You need not bother about that. Unsecured personal loans are also available for bad credit borrowers. Whether you have CCJ, IVA, arrears, default or bankruptcy, you can finance your dream with unsecured personal loans.
So, now finance your dream without taking any risk with your property. Avail unsecured personal loans and color your dream as the way you want.
Unsecured personal loans- the name clearly defines that the requirement of a security is nil in this loan option. Therefore, whether you are a homeowner or non homeowner, it won’t be counted in the loan lending process. Unsecured personal loans permit borrowers to borrow an amount ranging from £5000-£25000. A flexible repayment period, decided in between 5-10 years, is an added advantage of these loans.
A profusion of purposes can be covered up with unsecured personal loans. Let’s have a look at some of the common reasons, for which borrowers opt for unsecured personal loans:
• For investing in real estate
• For buying automobile
• For repaying debts
• For making holiday trip
• For covering wedding expenses and so on.
In a sense, the absence of security is a privilege for borrowers, as it minimizes the risk of lending amount, but due to this reason, lenders provide these loans at a relatively high interest rate. But some alternatives are there, which can be used to lower down the interest rate. To name a few, firstly we can talk about borrowers’ credit score. An outstanding credit score always facilitates borrowers to avail the amount with better rates and terms. Besides, a bit research can help borrowers to make the interest rate pocket friendly.
Having a bad credit score? You need not bother about that. Unsecured personal loans are also available for bad credit borrowers. Whether you have CCJ, IVA, arrears, default or bankruptcy, you can finance your dream with unsecured personal loans.
So, now finance your dream without taking any risk with your property. Avail unsecured personal loans and color your dream as the way you want.
Save Money By Shaving Your Bills Painlessly
If you are like most of us, you just let your finances evolve over time. You may have some money earmarked for savings every month, but like most of us, some emergency pops up, and you never save as much as you plan to save. Or you may have gotten that one credit card, just for emergencies, and then used it to pay an insurance deductible or medical bill, and then you just never quite got it paid off. These things are natural, and they almost seem to happen because our system sets us up so these things happen. However you can take a few simple steps to curb your monthly spending, and then try to use this money to improve your whole financial outlook.
First, what are your goals? Do you just want to climb out of debt, or are you saving for the retirement that you dream about? Maybe you would like to help your kids continue their education so they can realize a dream or two. If all of these financial goals, and more, look familiar to you, then take some comfort in the fact that you are hardly alone! Most of us are juggling multiple future plans for our money while still struggling to keep bills paid today.
However before you get too frustrated, take a moment to look at the assets you have now. You probably have more things accumulated than you even realize. Maybe you have more things than you even need, and servicing them is becoming a burden all by itself. If you haven't towed that boat to the lake in several months, maybe it is time to find a buyer. Not only can you get some cash to put towards other things, you can skip the storage and insurance bill. If you really get the urge to go sailing or fishing, you can probably rent a boat a few week-ends a month and find that is is much more convenient and cheaper for you than actually owning your own boat.
Is great-grandma's engagement ring still stashed in a safety deposit box? What if you could find a jewelry dealer who would give you enough money to pay off your credit card debt? And even if you don't have antique, precious jewels laying around, you probably have some unused electronics or clothing that would provide inventory for a large garage sale. I have neighbors who have pocketed $1,000 in one week-end, and also had the satisfaction of cleaning out their garages. They never missed the things they sold, and they felt better about having a bill paid off or some money in the emergency bill account.
Even if you do not have much to sell, you can still trim your bills. Gather your insurance and utility bills, and then start scoping out the competition. I, myself, shaved $50 a month off of my car insurance premium by comparing rates, and the whole process took me less than 5 minutes for initial quotes, and then 10 minutes for a phone application! That $50 a month adds up to $600 a year, and I forced myself to apply that money towards a credit card bill I had generated with an unplanned travel expense. I also found an electricity company that had economical rates, and also gave out frequent flyer miles every time my bill was paid. I saved some money on utilities, and am also working towards earning the points to get my next airplane ticket through a my points!
Of course, I also saved a lot of money by planning my grocery trips better. I am the most guilty one when it comes to stopping off at the supermarket for one little thing, and then returning home with bags of things I bought on impulse. It is certainly not my nature, but I am beginning to take a list to the store and only straying from it if I find an anticipated bargain on something I know I will use. I forced myself to sort out my pantry and realized that I had already purchased duplicate items that needed to be used before they were replaced. It might be fine to stock up on a few cans of soup or tuna. Those items can be healthy and economical snacks or light meals! But I also had three boxes of croutons and many duplicate herb containers. These were hardly stables that would starve my family if we ran out, and so I had to force myself to stay away from these aisles in the grocery store for a few weeks.
I also wasted a lot of money on produce that got spoiled before we ate it, so I am turning my weekly shopping trip into a couple of smaller trips. I buy one head of lettuce and one bunch of bananas, and then I just assume I will return in the middle of the week to replenish staples. Since produce is so expensive, but not something I want my family to do without, wasting it is almost like burning money in the fireplace. I also tend to buy more bags of frozen or canned vegetables, simply because it will not spoil so quickly. I love fresh vegetables, but I just buy a little for a treat that can be replenished when it is gone, instead of trying to buy enough for every meal I could think of planning.
I am sure that better planning at the grocery store saves me, at least $50 a week, if not more. I also tried to limit those trips out for fast food too. I can remember when I could take everybody to their favorite hamburger place for $10. If that were still true, it might almost be a reasonable thing to do whenever we feel like it. However, those bills were edging closer to $30. I could make the same burgers and fries at home, and probably in a healthier way, for the same $10 it used to cost. So now, if we feel the urge to get a burger, we try to eat at home first and then maybe just go out for some ice cream later.
I have outlined some ways that my own family tripped a couple hundred dollars from our monthly budget without really giving anything up. Furthermore, I am using the savings to pay off credit card debt, which will save us more money in the long run. I have earned a good credit score for paying bills promptly and do not have to service high interest. Can you look around your own life and find some ways to save money? If you are like most of us, you really can!
First, what are your goals? Do you just want to climb out of debt, or are you saving for the retirement that you dream about? Maybe you would like to help your kids continue their education so they can realize a dream or two. If all of these financial goals, and more, look familiar to you, then take some comfort in the fact that you are hardly alone! Most of us are juggling multiple future plans for our money while still struggling to keep bills paid today.
However before you get too frustrated, take a moment to look at the assets you have now. You probably have more things accumulated than you even realize. Maybe you have more things than you even need, and servicing them is becoming a burden all by itself. If you haven't towed that boat to the lake in several months, maybe it is time to find a buyer. Not only can you get some cash to put towards other things, you can skip the storage and insurance bill. If you really get the urge to go sailing or fishing, you can probably rent a boat a few week-ends a month and find that is is much more convenient and cheaper for you than actually owning your own boat.
Is great-grandma's engagement ring still stashed in a safety deposit box? What if you could find a jewelry dealer who would give you enough money to pay off your credit card debt? And even if you don't have antique, precious jewels laying around, you probably have some unused electronics or clothing that would provide inventory for a large garage sale. I have neighbors who have pocketed $1,000 in one week-end, and also had the satisfaction of cleaning out their garages. They never missed the things they sold, and they felt better about having a bill paid off or some money in the emergency bill account.
Even if you do not have much to sell, you can still trim your bills. Gather your insurance and utility bills, and then start scoping out the competition. I, myself, shaved $50 a month off of my car insurance premium by comparing rates, and the whole process took me less than 5 minutes for initial quotes, and then 10 minutes for a phone application! That $50 a month adds up to $600 a year, and I forced myself to apply that money towards a credit card bill I had generated with an unplanned travel expense. I also found an electricity company that had economical rates, and also gave out frequent flyer miles every time my bill was paid. I saved some money on utilities, and am also working towards earning the points to get my next airplane ticket through a my points!
Of course, I also saved a lot of money by planning my grocery trips better. I am the most guilty one when it comes to stopping off at the supermarket for one little thing, and then returning home with bags of things I bought on impulse. It is certainly not my nature, but I am beginning to take a list to the store and only straying from it if I find an anticipated bargain on something I know I will use. I forced myself to sort out my pantry and realized that I had already purchased duplicate items that needed to be used before they were replaced. It might be fine to stock up on a few cans of soup or tuna. Those items can be healthy and economical snacks or light meals! But I also had three boxes of croutons and many duplicate herb containers. These were hardly stables that would starve my family if we ran out, and so I had to force myself to stay away from these aisles in the grocery store for a few weeks.
I also wasted a lot of money on produce that got spoiled before we ate it, so I am turning my weekly shopping trip into a couple of smaller trips. I buy one head of lettuce and one bunch of bananas, and then I just assume I will return in the middle of the week to replenish staples. Since produce is so expensive, but not something I want my family to do without, wasting it is almost like burning money in the fireplace. I also tend to buy more bags of frozen or canned vegetables, simply because it will not spoil so quickly. I love fresh vegetables, but I just buy a little for a treat that can be replenished when it is gone, instead of trying to buy enough for every meal I could think of planning.
I am sure that better planning at the grocery store saves me, at least $50 a week, if not more. I also tried to limit those trips out for fast food too. I can remember when I could take everybody to their favorite hamburger place for $10. If that were still true, it might almost be a reasonable thing to do whenever we feel like it. However, those bills were edging closer to $30. I could make the same burgers and fries at home, and probably in a healthier way, for the same $10 it used to cost. So now, if we feel the urge to get a burger, we try to eat at home first and then maybe just go out for some ice cream later.
I have outlined some ways that my own family tripped a couple hundred dollars from our monthly budget without really giving anything up. Furthermore, I am using the savings to pay off credit card debt, which will save us more money in the long run. I have earned a good credit score for paying bills promptly and do not have to service high interest. Can you look around your own life and find some ways to save money? If you are like most of us, you really can!
Think Before you Apply for a Credit Card
If you check your mail, one item that most people are sure to see several times per month is an invitation to apply for a credit card. These offers have inundated us, whether you are a college student, a homemaker, or even a senior citizen. It seems that almost every bank and card company are in stiff competition to see who can offer their services to the most people as possible. However, before you apply for your next credit card it is important to take several things into consideration.
How Many Credit Cards are Enough?
People love to collect items that are associated with wealth and exclusivity; however one item that you shouldn't collect is a credit card. Having more than two or three can exacerbate finance issues usually due to the ease in which a person can borrow beyond their means. For instance, if a person has only two cards each with a limit of $3,000 each, the individual will most likely be able to climb out of a debt hole if both limits are maxed out. However, if you have five, six or more cards with a total limit in the tens of thousands of dollars, it is no longer easy for a person to climb out of this kind of debt hole; in fact it can usually take 5 to 10 years for a person to pay off their debts in many of these cases. And in some cases the only resolution is bankruptcy.
Having Several Credit Cards Can Have a Negative Effect on Your Credit Rating
Some financial experts suggest that having more than three credit cards may be a red flag to many creditors and thus negatively effect your rating. Lenders prefer customers with manageable debt, the more credit cards you have, the more debt you can rack up. Even if you don't use many of them, there is still a possibility that you can always start maxing them out and find yourself in debt.
Use Bank Debit Cards Instead of Credit Cards
There are much more advantageous financial tools available besides credit cards that are just as convenient. Debit cards are very similar to credit cards in that they do not require you to carry large amounts of cash around with you at all times, however they are tied directly to your bank account, which means besides a small yearly or monthly fee, there are no interest payments since you are purchasing items with your own money. Credit cards on the other hand are considered unsecured loans and each purchase you make also requires you to pay interest. This means that a purchase of $20 for a DVD, can end up costing you 50% or even 100% more in the long run after interest charges are added. It is definitely something to think about the next time you would like to purchase an impulse item.
How Many Credit Cards are Enough?
People love to collect items that are associated with wealth and exclusivity; however one item that you shouldn't collect is a credit card. Having more than two or three can exacerbate finance issues usually due to the ease in which a person can borrow beyond their means. For instance, if a person has only two cards each with a limit of $3,000 each, the individual will most likely be able to climb out of a debt hole if both limits are maxed out. However, if you have five, six or more cards with a total limit in the tens of thousands of dollars, it is no longer easy for a person to climb out of this kind of debt hole; in fact it can usually take 5 to 10 years for a person to pay off their debts in many of these cases. And in some cases the only resolution is bankruptcy.
Having Several Credit Cards Can Have a Negative Effect on Your Credit Rating
Some financial experts suggest that having more than three credit cards may be a red flag to many creditors and thus negatively effect your rating. Lenders prefer customers with manageable debt, the more credit cards you have, the more debt you can rack up. Even if you don't use many of them, there is still a possibility that you can always start maxing them out and find yourself in debt.
Use Bank Debit Cards Instead of Credit Cards
There are much more advantageous financial tools available besides credit cards that are just as convenient. Debit cards are very similar to credit cards in that they do not require you to carry large amounts of cash around with you at all times, however they are tied directly to your bank account, which means besides a small yearly or monthly fee, there are no interest payments since you are purchasing items with your own money. Credit cards on the other hand are considered unsecured loans and each purchase you make also requires you to pay interest. This means that a purchase of $20 for a DVD, can end up costing you 50% or even 100% more in the long run after interest charges are added. It is definitely something to think about the next time you would like to purchase an impulse item.
The Power of Passive Income
Think about income as falling into three categories - earned, investment and passive. These are known as income streams. An income stream pays you money on a regular basis.
Earned income usually comes from a job. It's the hours for dollars concept.
Investment income comes from interest on bank accounts, dividends or profits from stocks and bonds.
Passive income is money earned without the minute-to-minute, hour-to-hour and day-to-day time and effort. It can come from such things as royalties, a network marketing override check or income from rental property.
When considering possible passive income, be weary of promises about doing nothing and still making thousands of dollars. Do your homework!
Let's take a look at three ways (of many) to generate passive income.
Network Marketing -- A business opportunity where you distribute a product or service and recruit a team to duplicate what you're doing. As your team grows, the network marketing company pays you a percentage and bonuses based on your team's revenue.
Example of network marketing companies: Arbonne International, Melaleuca, Nikken, Shaklee and many, many more.
It takes time to build a team and develop passive income. Choose your company wisely; network marketing is not get rich quick. It takes time to build a business but once you've built your business, you'll begin enjoying the rewards of passive income.
Internet Affiliate Marketing Programs -- In a nutshell, it's about using one Internet site to drive traffic to another Internet site. You are rewarded with a commission when your referred customer makes a purchase.
Example of an affiliate program: Amazon.com
It takes a large number of referrals to generate substantial passive income, but if you have the Internet traffic it can truly become passive income.
Creative and Intellectual Property - Royalties are paid to you each time someone reads, listens or uses your authored books, music/songs, software, inventions or patents. It takes work to write, develop and/or invent but the benefit of this work can potentially generate passive income for generations.
Example of creative and intellectual property: In the early 1960's songwriter Paul Anka wrote the theme music for Johnny Carson's Tonight Show. Every time that song played, he was paid a royalty.
It is important to do your research. Find an attorney and other professionals who are trained to protect your creative works. There are many legal issues involved with intellectual property but it's certainly worth the time and effort.
Can you see how multiple streams of income, especially passive income, could produce a financially rewarding future? Financial freedom is having your money work for you.
Passive income allows you to leverage your time and money - you can do what you want to do, not what you have to do to bring in an income or additional income.
Earned income usually comes from a job. It's the hours for dollars concept.
Investment income comes from interest on bank accounts, dividends or profits from stocks and bonds.
Passive income is money earned without the minute-to-minute, hour-to-hour and day-to-day time and effort. It can come from such things as royalties, a network marketing override check or income from rental property.
When considering possible passive income, be weary of promises about doing nothing and still making thousands of dollars. Do your homework!
Let's take a look at three ways (of many) to generate passive income.
Network Marketing -- A business opportunity where you distribute a product or service and recruit a team to duplicate what you're doing. As your team grows, the network marketing company pays you a percentage and bonuses based on your team's revenue.
Example of network marketing companies: Arbonne International, Melaleuca, Nikken, Shaklee and many, many more.
It takes time to build a team and develop passive income. Choose your company wisely; network marketing is not get rich quick. It takes time to build a business but once you've built your business, you'll begin enjoying the rewards of passive income.
Internet Affiliate Marketing Programs -- In a nutshell, it's about using one Internet site to drive traffic to another Internet site. You are rewarded with a commission when your referred customer makes a purchase.
Example of an affiliate program: Amazon.com
It takes a large number of referrals to generate substantial passive income, but if you have the Internet traffic it can truly become passive income.
Creative and Intellectual Property - Royalties are paid to you each time someone reads, listens or uses your authored books, music/songs, software, inventions or patents. It takes work to write, develop and/or invent but the benefit of this work can potentially generate passive income for generations.
Example of creative and intellectual property: In the early 1960's songwriter Paul Anka wrote the theme music for Johnny Carson's Tonight Show. Every time that song played, he was paid a royalty.
It is important to do your research. Find an attorney and other professionals who are trained to protect your creative works. There are many legal issues involved with intellectual property but it's certainly worth the time and effort.
Can you see how multiple streams of income, especially passive income, could produce a financially rewarding future? Financial freedom is having your money work for you.
Passive income allows you to leverage your time and money - you can do what you want to do, not what you have to do to bring in an income or additional income.
Enough Of Everything For Everyone - That's Abundance
Let's start with the mind-set of abundance. What does "abundance" mean to you? I'm talking about abundance in all aspects of your life - personal, professional, spiritual and financial. If you sat down with a piece of paper, what would you write about the abundance you're experiencing today? In fact, why don't you do that and then come back and finish reading this article.
Let's explore how an abundant mind-set begins. The human mind is composed of two levels: consciousness and unconsciousness. Both work together to create and mold our thoughts, actions and personality.
Understanding and appreciating the unique function and characteristic of each "part" of the mind is vital to understanding how and why you're allowing (or not allowing) prosperity, abundance and wealth into your life.
Abundance is simply a concept. And, as a concept it begins in your mind and works its way out into your everyday life. You either believe you deserve to live in abundance, or you don't. Understanding the "workings" of your mind means understanding how you function on both an unconscious and conscious level. When you allow it to, your mind will be a tireless and powerful success and wealth-building ally.
Here's the difference between the conscious and unconscious parts of your mind:
The conscious part of your mind is the awareness you have of the world and your personal role in it.
~ The function of the conscious mind is to analyze and rationally tie everything together.
~ It's the tangible link between thought, reality and the action you decide to take.
~ Your opinions, likes and dislikes, judgments, prejudices and realities are filtered through the analytical conscious mind.
The unconscious part of your mind controls at least ninety percent of mental activity.
~ Your unconscious mind is a never-ending source for thoughts and memories.
~ Reality is stored and preserved in the "all-remembering" unconscious mind.
~ Your negative and positive thoughts, feelings, memories, emotions and reactions, bodily functions, stress, illness and health, rational and irrational thinking, decision-making and creativity are found in the powerful unconscious mind.
You're reading this article with the conscious part of your mind; you're absorbing it with the unconscious part. Choosing to believe, disbelieve, use or discard this article is based upon the beliefs you have stored in your unconscious mind. These day-to-day beliefs are based on your thoughts, memories and experiences from childhood through to this very moment.
Let me give you an example:
Are you afraid you'll run out of money? If you are, then somewhere on the unconscious level your belief system is based on lack. This is called "poverty consciousness."
Why is poverty consciousness so negative and financially limiting? Focusing on lack diverts your energy away from the positive aspects of prosperity. Focus on lack long enough and eventually your belief system about money, prosperity and abundance becomes filled negativity.
What can you do? Strive to focus your energy on the positives. Begin by analyzing your beliefs about the value you're placing on your time, energy and money making abilities.
Let's explore how an abundant mind-set begins. The human mind is composed of two levels: consciousness and unconsciousness. Both work together to create and mold our thoughts, actions and personality.
Understanding and appreciating the unique function and characteristic of each "part" of the mind is vital to understanding how and why you're allowing (or not allowing) prosperity, abundance and wealth into your life.
Abundance is simply a concept. And, as a concept it begins in your mind and works its way out into your everyday life. You either believe you deserve to live in abundance, or you don't. Understanding the "workings" of your mind means understanding how you function on both an unconscious and conscious level. When you allow it to, your mind will be a tireless and powerful success and wealth-building ally.
Here's the difference between the conscious and unconscious parts of your mind:
The conscious part of your mind is the awareness you have of the world and your personal role in it.
~ The function of the conscious mind is to analyze and rationally tie everything together.
~ It's the tangible link between thought, reality and the action you decide to take.
~ Your opinions, likes and dislikes, judgments, prejudices and realities are filtered through the analytical conscious mind.
The unconscious part of your mind controls at least ninety percent of mental activity.
~ Your unconscious mind is a never-ending source for thoughts and memories.
~ Reality is stored and preserved in the "all-remembering" unconscious mind.
~ Your negative and positive thoughts, feelings, memories, emotions and reactions, bodily functions, stress, illness and health, rational and irrational thinking, decision-making and creativity are found in the powerful unconscious mind.
You're reading this article with the conscious part of your mind; you're absorbing it with the unconscious part. Choosing to believe, disbelieve, use or discard this article is based upon the beliefs you have stored in your unconscious mind. These day-to-day beliefs are based on your thoughts, memories and experiences from childhood through to this very moment.
Let me give you an example:
Are you afraid you'll run out of money? If you are, then somewhere on the unconscious level your belief system is based on lack. This is called "poverty consciousness."
Why is poverty consciousness so negative and financially limiting? Focusing on lack diverts your energy away from the positive aspects of prosperity. Focus on lack long enough and eventually your belief system about money, prosperity and abundance becomes filled negativity.
What can you do? Strive to focus your energy on the positives. Begin by analyzing your beliefs about the value you're placing on your time, energy and money making abilities.
Wealth Inside Out
Wealthy to me is the ability to live comfortably and know my family will always be taken care of, no matter what. It's the ability to give financially to those causes I feel make our world a better place. And, it's the ability to be financially independent.
On average, many women are uncomfortable discussing money and even more uncomfortable managing money. How often do you hear women say words like rich or wealthy when describing their finances or goals?
Money and self-esteem go hand-in-hand. You can have a million dollars but if you don't feel you're worth a million dollars, you're still not financially independent.
Let me ask you a question and please take a few minutes with pen and paper to answer. Even allow yourself to feel the emotions of your answer:
If you had three million dollars in the bank right now, how would your life be different?
Look carefully at what you wrote. Are there more positives in your answer or negatives? Does wealth feel like a joyous emotion or a burden? In your mind's eye, can you picture yourself with three million dollars or did it seem like a fantasy?
Let's look at one of the emotional aspects women often deal with when striving for financial independence - guilt.
Simply put, women often feel guilty for having and enjoying money. Why? Because there are people, whether we know them or not, who don't have money. Could there be old programs in the mind saying, "Don't be selfish, share with your sister."
Do you know that studies have found that on average, we'll unconsciously allow ourselves to earn only within ten to twenty per cent of what our friends and family earn? Why do you think that is? You're right. It's guilt. It's the fear that we will not be accepted if we have more money than the other important people in our lives.
Guilt and self-esteem go hand-in-hand. The more secure you are within yourself, the more you'll allow yourself to earn and enjoy wealth.
Instead of looking at wealth and money in terms of guilt, how about looking in terms of how we can be of service to others. Can you think of wealthy women role models who are making a difference with their money? How about Oprah Winfrey? Do you think Oprah feels guilty about being a billionaire?
If you had three million dollars in the bank, how would your life be different?
How could life be more comfortable?
How would you feel knowing you'd never have to worry about money?
Which causes could you support?
Isn't it time we concentrate on the positives of our power, especially our financial power? Wealth truly begins on the inside, inside your heart and mind.
On average, many women are uncomfortable discussing money and even more uncomfortable managing money. How often do you hear women say words like rich or wealthy when describing their finances or goals?
Money and self-esteem go hand-in-hand. You can have a million dollars but if you don't feel you're worth a million dollars, you're still not financially independent.
Let me ask you a question and please take a few minutes with pen and paper to answer. Even allow yourself to feel the emotions of your answer:
If you had three million dollars in the bank right now, how would your life be different?
Look carefully at what you wrote. Are there more positives in your answer or negatives? Does wealth feel like a joyous emotion or a burden? In your mind's eye, can you picture yourself with three million dollars or did it seem like a fantasy?
Let's look at one of the emotional aspects women often deal with when striving for financial independence - guilt.
Simply put, women often feel guilty for having and enjoying money. Why? Because there are people, whether we know them or not, who don't have money. Could there be old programs in the mind saying, "Don't be selfish, share with your sister."
Do you know that studies have found that on average, we'll unconsciously allow ourselves to earn only within ten to twenty per cent of what our friends and family earn? Why do you think that is? You're right. It's guilt. It's the fear that we will not be accepted if we have more money than the other important people in our lives.
Guilt and self-esteem go hand-in-hand. The more secure you are within yourself, the more you'll allow yourself to earn and enjoy wealth.
Instead of looking at wealth and money in terms of guilt, how about looking in terms of how we can be of service to others. Can you think of wealthy women role models who are making a difference with their money? How about Oprah Winfrey? Do you think Oprah feels guilty about being a billionaire?
If you had three million dollars in the bank, how would your life be different?
How could life be more comfortable?
How would you feel knowing you'd never have to worry about money?
Which causes could you support?
Isn't it time we concentrate on the positives of our power, especially our financial power? Wealth truly begins on the inside, inside your heart and mind.
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