The Last Hundred Dollars

The last hundred dollars

I spent this bad boy.

A new series is born today, with the premise that now I will let you in to see what things I spent my last hundred dollars on. Imagine if you had only a hundred dollars to your name, what would you spend it on?

Would you go to the Mall and splurge? Or Maybe you get happy saving some of it before its all gone?

The last hundred is a way to lighten up the financial blogosphere with something unique. Yeah I could give you a bunch of boring spreadsheets showing my monthly net worth, but that’s been done a thousand times over. As of right now I still don’t feel 100% showing you guys all my pennies and cents, but with these posts you get a sneak peak at some random expenses. See below for the fun.

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The Minimum Wage Debate

The minimum wage debate

Hey you do you think the minimum wage amount should be raised? If yes is your answer or no is your answer, let’s have the minimum wage debate today. The current minimum wage in my state is 8.25 cents an hour, or 330 dollars per week, or 1320 per month. This is the amount prior to taking out federal and state taxes. I don’t know about you but 330 dollars a week doesn’t go far to support anyone in 2015.

From my research the average rent in my area for a 1 bedroom apartment is 850 – 1200 dollars per month. Now can someone making 1320 per month successfully pay for shelter, including food, utilities, and transportation costs? Unfortunately it is impossible for many people who oppose raising the minimum wage to do a simple budget. Thanks to a coworker I got a flyer from the national low income housing coalition, and it states a housing wage should be 25.17 per hour as the minimum in order to afford a two bedroom fair market rent in NJ. I can add and subtract with ease, and if you take 25.17 -8.25 = 16.92. That is how much we are off per hour for someone making minimum wage to afford a two bedroom rent.

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6 Quick To-Dos Before a Long and Happy Retirement

6 Quick To-Dos Before a Long and Happy Retirement

After working about 40 years, most people look forward to turning 65 and finally settling down. Unfortunately, retirement can be just as stressful as holding down a career.

Those unprepared for the transition from nine-to-five to retirement are likely to run out of funds faster and suffer longer than those with strong strategies for living without income. If you are reaching the home stretch of your working life — congratulations! Here are your six final duties before you’re in the free and clear.

1. Complete Your Estate Planning

Let’ be honest: You know you should have written your will about 40 years ago, but you put it off until now. Even if you were farsighted and completed your will or trust in your 20s, like you were supposed to, the period just before retirement is a good time to review and confirm the accuracy of the information.

Fortunately, estate planning isn’t nearly as much of a headache as it once was. In fact, if you already know the three W’s of will-making (who, what, and when) you should be able to finalize your will in just a few hours from the comfort of your home. There is plenty of qualified legal software that guides you through the process; many people are using an online service like LegalZoom to set up or update their wills.

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Creative Ways to Save Dollars

 

Creative ways to save dollars

Be like this Batman Piggy Bank and Save Dollars like a Super Hero

 

Money is a difficult tool to understand or grasp the gist behind how to manage it. No literally people cannot find a way to keep it in their possession for long. This will not be my usual post and rather it will be inspiring and motivating write up for the readers who want more out of life. Do you want to be the same person you were 5 years ago, specifically in the same spot financially?

Well if you’re up to the challenge follow the creative ways to save dollars listed below. We all have goals and if you publicly admit you don’t have any, shame on you. Let’s get back on track with the positive thoughts we all prefer to read about.

Imagine 5 years in the future and you accumulated $20 grand because you followed the steps below. Wow what a fantastic “brand new” person will stare back at you in the mirror at the reflection of somebody financially relevant. Yes you were always important, but if you had $20 grand in your savings account that you never had before in your entire life, wouldn’t that make you feel more secure and proud to achieve a mega money goal. Now let’s get into the best creative ways we all can use to save some greenbacks.

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Life Questioned for Financial Success

Life questioned for financial success

What Success can be had if we Stop and Think

On occasion I second guess purchases with a question attached to the indecision. The question is does this expense provide value to my life? If no then for the most part I don’t spend the dollars. Many people will read this and think why is Rich Uncle EL so strict with his income? Well I will answer it for you today and it is really simple. My personality is and will always be a forward looking type of person. I look to maximize anything that will benefit my family’s future, even if it means the present is lived a bit more modestly.

This is what I mean about life questioned for financial success.

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Break Down Expenses by Hours Worked

Break Down expenses by hours worked

If you Learn to Manage Financial Categories you will Succeed.

This is a fun financial management exercise I thought of it the other day in the good ol 9-5 job. What if everything you bought, saved, or spent was tracked by you and broken down by the hours you worked.

The exercise is done to show you how to gauge if what your spending is worth it on a per hour per paycheck basis. Every financial payment should be calculated by dividing the monthly sum by 160 hours because most employees are paid biweekly, and expenses are paid monthly.

Obviously doing it this way will yield you the results on how each expense or savings transaction ends up divided by the 160 hours. If you make 50 per hour net and your total expenses add up to 40 per hour, then you have effectively learned how to maintain a surplus of 10 dollars. See below for the example of sometimes spendthrift and sometimes frugal Joe Blow who has debt and makes about 55K per year.

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All the things I’ve owned for 10 years

ALl the things i've owned for 10 years

These Boots are the Best

Making a list like this is not easy as we live in a consumer driven society. Which means that most people are constantly upgrading things before it’s even necessary? Can you remember all the things you’ve owned for 10 years? This my very own experiment to really test how long things can last and instead of just throwing things out because a shiny new product is glimmering from the retail store display. All the things I’ve owned for 10 years is a real feat, because I’m breaking records and have no desire to make any replacements unless its necessary.

Stuffitis is a real disease going around since before the 1970s, no really I was not even born yet, but I read history books. Garages all over America have been filled with all the extra stuffities, including 2 retro refrigerators because folks buy new ones instead of replacing a little motor.

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