Investing is for everyone

April 14, 2015 by
Image courtesy of Stuart Miles at freedigitalphotos.net

Image courtesy of Stuart Miles at freedigitalphotos.net

How do you teach your children or even yourself to be financially prepared for life?  Can you count on social security or pensions to carry you through your golden years?  Unfortunately, no one has a crystal ball to see into the future, but historically speaking there have only been decreases in the amount of support from these sources.  So how do you ensure a secure financial future?  Make your money work for you by investing.

It does not matter if it is individual stocks, mutual funds, options, REITs, ETFs, IRA, ROTH, 401k, TSP, etc.  Each person should have a portion of their portfolio invested in the stock market and discover the amazing effects of compound interest.  At today’s interest rates at the bank with money markets hovering at 1%, it is an impossibility to get your money to grow.

If you aren’t investing yet, get curious, start learning about the stock market, and teach your children to ensure both your futures.  Of course, make sure you are debt free except for your home loan before you start investing.  Then learn all you can and reap the rewards!

Click like if you are currently investing in the stock market.

Filed Under: Money Management, Stock Market Tagged With: , , , , , , , , , ,

Are you paying unnecessary fees?

April 13, 2015 by
Image courtesy of Mister GC at freedigital photos.net

Image courtesy of Mister GC at freedigital photos.net

Pull out your bank statements.  Go ahead, go get them.  Are there any fees?  If there are find the best account for your banking habits that DOES NOT charge fees.

We are not talking about bounced check fees.  If you are a check bouncer, shame on you, you deserve to pay whatever fee they charge you.  If you have bounced a check by “accident”, get some overdraft protection.  Bouncing checks is serious and everything should be done to avoid that ever happening again.

Statement fees and most ATM fees are unnecessary.  There are plenty of different types of accounts available that don’t have these fees.  A bank account representative should be able to review your banking habits and recommend an account to avoid these fees.  Sometimes, credit unions are a great option.

Please give your bank a recommendation in the comments section if they DO NOT charge you any banking fees.

 

Filed Under: Money Management Tagged With: , , , , , ,

How to get a handle on your insurance coverage

April 9, 2015 by

There were tons of great tips from super sales representative Rachel Foley from Liberty Mutual Insurance last Thursday on our monthly webinar.  One of which was to require residents that live in your investment property to have a renter’s insurance policy.  Having this type of insurance protects the resident AND the landlord.

Of course there was more info on auto, home, umbrella and life insurance as well.  There is something for everyone.  Listen in for the details!

Please share with others who can benefit from this information and click like if you found it informative.

 

Filed Under: Money Management, Real Estate, Webinar Tagged With: , , , , , , , , , , ,

HARP might be able to help if you are upside down…

April 6, 2015 by
Image courtesy of Stuart Miles at freedigitalphotos.net

Image courtesy of Stuart Miles at freedigitalphotos.net

If your mortgage on your home is more than it is worth, it may seem like it is impossible to refinance but it may be possible with HARP. The Home Affordability Refinance Program (HARP) which is slated to end on December 31, 2015 has gone through some enhancement. If you weren’t found eligible before, you may be now.

Saving on your mortgage can make significant strides towards financial freedom, so it is worth taking a look. HARP can help by lowering your monthly payment, reducing your interest rate, and securing a fixed-rate mortgage.

There are scammers out there so check with your current mortgage holder to see if they are a HARP-approved lender in your state. If not, grab a list of Freddie Mac and Fannie Mae HARP-approved lenders to discuss eligibility. Help under the HARP program is FREE so anyone who asks you to pay a fee for counseling services is scamming you. Go directly to the source http://www.harp.gov.

Please comment on the additional benefits of refinancing a mortgage.

Filed Under: Money Management Tagged With: , , , , , , , , ,

A simple glass of water

March 27, 2015 by
Image courtesy of suphakit73 at freedigitalphotos.net

Image courtesy of suphakit73 at freedigitalphotos.net

Our family enjoys eating out.  It is a big part of our entertainment and family time.  A couple years ago we realized we were paying over $2 each for soft drinks which equaled over $10 for drinks at each restaurant meal.

In an effort to be healthier and to save money, we started ordering ice water when we went out to eat.  At most restaurants, if desired, you can add a slice of lemon, lime or even orange for some flavor and they serve it for FREE.

The savings can be substantial.  At two visits a week saving $20 per week at the end of the year we racked up savings of $1,040!  Consider giving water a try the next time you eat out for you health and your wallet.

Would you consider switching to water when dining out?  Please comment.

Filed Under: Money Management Tagged With: , , , , , , , , , , ,

The big payoff

March 20, 2015 by
Image courtesy of iosphere at freedigitalphotos.net

Image courtesy of iosphere at freedigitalphotos.net

For a lot of people a home will be the largest single purchase they will ever make and the most expensive. Take a look at a 1098 form from a mortgage holder. It shows the total interest paid and the total amount applied to your mortgage. In the early years it can be very discouraging.

But you can change that! Get rid of any additional costs like private mortgage insurance (PMI), if you have it. Then apply that amount towards your mortgage every month.

Make additional payments any way you can. Pay half your regular payment every two weeks, if your lender will allow it, which adds up to an extra full payment every year. Or make one extra payment per year, increase your monthly checks by one-twelfth, or you could even use your tax refund to make a large lump sum payment.

Anyway you can do it, make a plan and make the BIG pay off. You can save thousands.

If you are living mortgage free, please comment on how GREAT it is!

Filed Under: Money Management Tagged With: , , , , , , ,

How much life are you planning for?

March 16, 2015 by
Image9 courtesy of Stuart Miles at freedigitalphotos.net

Image9 courtesy of Stuart Miles at freedigitalphotos.net

Hopefully retirement comes to those who want it. But are you ready for it? According to the Social Security website a man and woman who reach 65 today can expect to live on average until 84.3 and 86.6 years respectively.

Check out the website to calculate your own specific life expectancy using the life expectancy calculator. This is an important number to ensure there are sufficient funds to help you live your life comfortably. Start planning when you would like to retire and deduct your life expectancy age. Then you know how many years to plan for.

Carefully project your income from all potential sources, like social security, pensions, and 401K plans etc. Also hopefully there are some other assets in your portfolio, including some sort of real estate, business or stock holdings from which you can drawn on if needed.

After this analysis, are you ready? Or do you have more planning to do? Please comment.

Filed Under: Career Development, Money Management Tagged With: , , , , , , ,

A sales flyer worth opening

March 13, 2015 by
Image7 Courtesy of Stuart Miles at freedigitalphotos.net

Image7 Courtesy of Stuart Miles at freedigitalphotos.net

It seems every day we get more and more solicitations in our mail boxes.  Most get discarded and usually deserve to be.  But there are some that are worth a quick once over to make sure you aren’t throwing money away.

Kohl’s is one that should be scanned through.  They offer MANY ways to get discounted merchandise.  One is that they offer a 10% to 30% off your total purchase, this usually comes in the mail so be sure to peel off that label!  Inside the flyer they may offer $10 off a certain category of purchase like mens, juniors, home etc.  Be sure to open that flyer to find these valuable coupons.

In addition they offer a Yes2You, customer appreciation program which offers you $5 for every $100 spent.

Earning Kohl’s cash is another great way to stretch your dollar. The usual offer is $10 certificate for every $50 spent to use at a future date.

What makes all of this exciting is that there are VERY few limitations on these discounts AND they can all be used together, even on clearance or sale merchandise.

Let’s put some real money on this, recently we purchased $550 of clothes for $100 and received $20 in Kohl’s cash and $5 in Yes2You rewards.  So the net is $550 dollars worth of merchandise for $75!  Simply awesome.

Please share a some other great retail stores that offer the BEST DEALS!

Filed Under: Money Management Tagged With: , , , , , , , , ,

Search the field

March 9, 2015 by
Image courtesy of imagerymajestic from freedigitalphotos.net

Image courtesy of imagerymajestic from freedigitalphotos.net

What career are you in search of? What area do you want to work in? What is the potential income in the career field in your target area?

How can you find answers to these important questions? Click the follow link to find the US Department of Labor’s Bureau of Labor Statistics website.

These are all very important questions that need to be answered for your long term financial success. What if your chosen field in your target area wouldn’t support your family’s life style? Please seek the answers, BEFORE you make that life altering decision. Take a few minutes and search the field, you will be glad you did.

Please share a high paying career field and the location in the comment field.  Thank you!

Filed Under: Career Development Tagged With: , , , , , ,

Too many toys?

March 6, 2015 by
Image courtesy of Rawich from freedigitalphotos.net

Image courtesy of Rawich from freedigitalphotos.net

In order to live financially free, discipline is essential to control “toy” purchases until you can afford them. We consider “toys” to be any vehicle you own. That would be your cars, boats, snowmobiles, motorcycles, etc. The total value of ALL vehicles should be less than 40% of your annual household gross income. So a household with a $50,000 gross income should only have $20,000 worth of vehicles at the most. By keeping these depreciating assets at a reasonable level you will have more to invest in appreciating assets, bringing you closer to the financial freedom goal!

Please comment and share all your favorite toys!

Filed Under: Money Management Tagged With: , , , , , , , ,