Archives For Finances

Financial Plans

November 5, 2015 — Leave a comment

FinancesWhat plans do you have for your finances – not only today, but into the near future as well?

Don’t have any? Do you even know how much money you’re bringing in? Not your salary, but what you actually get to bring home?

Now do you know where that money is going each month? How about each week? Don’t know?

You see if you don’t know what’s coming in each month and where it goes each month how do you ever think you’ll get out of debt? We’ve heard it over and over again: “You can never get out of debt!” OR “You can never get ahead these days.”

Those are both just flat out lies!

But you have to know what’s coming in and what’s going out first.

Take the time to track both of those for the next month – just to get a picture, to become better informed. Then do it for another month – maybe a third as well. You’ll have a good idea of your spending habits and why you always seem to have more month left at the end of your money.

You see, even the richest of the rich (NOT a dirty word) know what comes in and out with their own money. So why not track it? Then we can talk about plans for your financial future.

How to Save More

February 5, 2015 — Leave a comment

savingsHow would you like to save lots of money, while never putting away more than $30? Sound like a scam to you? Well check this out.

Begin today by putting $1 in an envelope, then tomorrow put in another $2, then on the 3rd day put $3 in and continue that for 30 days. On that 30th day you will put $30 in the envelope but do you realize that on that 30th day you will now have $465 in the envelope?

Was it magic? Did the money grow on trees? No! You simply followed a plan to set aside a certain amount each day.

Now what happens if you that each month for 12 months? You wind up with more than $5.5K!! And that’s with no interest at all – just saving it in an envelope each month.

It’s not flashy, it’s not a “get-rich-quick” scheme. It’s just developing a plan and sticking to it.

Don’t believe me? Try it yourself.

What could you do with an extra $5K?

Financial Wednesday

March 19, 2014 — Leave a comment

finance2I don’t want to reinvent the wheel about this, and I agree with what is said in this article, so just click the link and read what Dave has to say about your retirement.

Why not change the way you’re thinking about your own retirement?

Enough said.

financeFrom our friends at Wikipedia: “Finance is the study of how people allocate their assets over time under conditions of certainty and uncertainty. A key point in finance, which affects decisions, is the time value of money, which states that a unit of currency today is worth more than the same unit of currency tomorrow. Finance aims to price assets based on their risk level, and expected rate of return. Finance can be broken into three different sub categories: public finance, corporate finance and personal finance.”

For many, finance is the “four-letter F” word for today. People either do not know how to handle their own finances or they don’t know how to handle the company finances. And those who don’t learn some simple steps about their own finances will be destined to be fairly “ordinary” in their day-to-day living.

Granted, not everyone is designed to be the next Donald nor the next Warren Buffet, but you do not have to settle for mediocre if you will just take the time to learn a little about your personal financial picture.

Enter the fine folk at LearnVest. They exist for people just like you. They are a team of Certified Financial Planners who have as their goal helping you develop a great financial plan. Not some plan that worked for your parents, even though they may be doing OK. But a plan that is custom designed just for you, your own goals, and your unique circumstances.

Check out their website in the paragraph above and you’ll discover that the first month is FREE. If you’ve been with us very long you know we’re all about the FREE.

So if finances scare you, or if you have no clue about where or how to begin, or if you’re a new High School or college grad, check out LearnVest. You’ll be glad you did.

No frills. Nothing fancy, just good old common sense and learning from those who’ve been there and done it.

CNN Money went to New York’s Amsterdam at Harborside retirement community to interview couples about how they survived – both with their marriage and with their finances. What a great way to end the week!

Watch and learn HERE.

Enjoy and have a great weekend!

Last week I wrote about how to break the chains of debt.

One of the steps I mentioned was establishing an Emergency Fund. So guess what shows up in my in-box the other day? An article on the very same thing from Fidelity Investments.

So, I’m NOT blowing smoke after all.

Read their article HERE.
Then you decide for yourself – do you need one, or don’t you?

OK, if you’ve stayed with us for the past couple of days we’ve discussed several steps to Breaking the Chains of Debt. Today is the final edition of this post, though we reserve the right to re-visit the issue or add to the dialogue as needed.

So far we’ve talked about:
1. Decide now to refuse to go further into debt.
2. Find an accountability partner.
3. Establish an Emergency Fund.
4. Pay off debt using what Dave Ramsey calls the “Debt Snowball.”
5. Pray for divine guidance as you are working your way out of debt.
6. Sell something and apply the proceeds to the debt.
If you do those six steps, you will find yourself eventually out of debt and saving money. Your grandparents used to tell you why you save – “for a rainy day.” Though it’s an out-dated phrase, the principle rings true.

Here’s my 7th and 8th final steps to this whole process:
7. Become a giver.
If, up to now, you have not been giving to charities, or your non-profit of choice, or to your church – begin doing that now! If you’ve been working the previous six steps you are well on your way to financial freedom. Now is the time to establish the habit of generosity!

No matter how much you earn each year, no matter where you live, no matter what you do to earn your income – you have been given much, you can give as well. There is no financial formula that guarantees your return on giving. But it’s much like gardening or farming – if you want more flowers or to harvest more corn, you have to plant more seed. Establish giving as a habit in your life and you will reap the rewards.

8. Continue working each and every step.
My last step to Breaking the Chains of Debt is to simply continue working through each of the steps consistently, frequently, all the time, without giving up and you WILL break the chains of debt that have you bound up and restricted from doing what you would like to do financially.

Does that guarantee that you will become rich? That depends. What’s your definition of “rich”?

We can talk about that later.

Remember what we discussed yesterday – “the borrower is slave to the lender”? You now have the tools to no longer be a “slave”, but you, too, can be on the path to true financial freedom. The question remains – will you work the steps or will you remain a slave to debt?

It’s for you to decide.