What is Savings

What is Savings
Save Any Amount you Can Every Week!

If I said before I’ll say it again, savings is a means to an end. What end that will be is completely dependent on what you value for your money life. What is Savings? Something as simple as taking 3 years off to raise you’re kids, can be a savings goal.  Another one can be saving for a business venture. We tend to over assume things will just work out, and we don’t prepare enough with finances. What is savings defined in my life, well you will soon read below. 

When you have long term savings goals,  life gets interesting because you’ll usually achieve them,  but without a plan you will most likely just get by completing smaller savings goal. Lets rev up our internal engines or brain waves and save some cold hard cash.

No excuses here for this topic because having savings is and should be a priority even above paying Chase. Because Chase will never cover your monthly expenses if you lose a job. Find out below why you need savings today.

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Can People Avoid Disrespecting Money

Can People Avoid Disrespecting Money
How many singles can you count?

Hey it’s that time again to discuss all the great and fun things about money. For starters never love or obsess about money, but love the freedom and usability money can bring. How can people avoid disrespecting money? Well it’s quite simple and it is basic personal finance mumbo jumbo we have all heard in the past.

I will dig into this topic and reveal all the ways regular folks are disrespecting money everyday. Do you want the best use of in-flow and out-flow for all your income? Well if the answer is yes then you can continue reading because I will instill a few nuggets of wisdom in this blog for all of you. Disrespecting money can happen in many fashions and it is up to you to put a halt to it once and for all. This is not a post about the irresponsible football player who goes bankrupt or about someone making over 200K and still living paycheck to paycheck. It is about simple ways anyone can stop disrespecting money and begin using it for the tool that it really is.

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Happy Independence Day

Happy Independence Day
Enjoy your Vacation!

Happy 4th of July my friends! What will you do this fun weekend? Maybe you will hit the beach, go to a BBQ, or just hang out at the local park to watch some fire works? I hope to do at least 2 of the fun activities above this weekend. July is always a very busy and fun month, because of that July feels like it just flies by.  Do you have a preferred spot to watch some cool fireworks? (Share it below) If I could say one thing it is listed below:

Happy Independence Day!

It takes great planning and effort to have great experiences, and July 4th has always been a very fun filled time for my family. I want to share a cool story with all of you today, about Two years ago on this day, I was driving my family to go see fireworks near the river. On route we had to change the plans because traffic was horrendous. Here in the North East it is a constant annoyance. I offered a suggestion to the Misses, that we stop and eat at a cool diner in the area, she agreed as it was a great idea given the situation. After we enjoyed the meal we begin to walk out of the diner, and guess what. Fireworks began to sound off right in front of the diner establishment. The kids all began to smile as they witness the sounds and colors of what July 4th symbolizes. It was a perfect ending to a great day. I hope to never forget these great experiences as it is what life is all about. I hope you can get out and enjoy the day as well with all your loved ones.

Do you have a fun story to share about Independence Day?

Rich Uncle EL

 

RV Living

RV Living
Would you Live in an RV for a Year?

Hey guys I recently saw on TV a show about a family of 14 living in an RV. Whoa did you just read correctly? Yes they travel from city to city, enjoying the outdoors, living life far from the norm. It is a Dad, Mom and 12 kids all ranging from ages 20 – 1 year old. From what I saw on the small TV segment they seemed happy to be road tripping for an indefinite time. This is an amazing contradiction to question the bigger is better house lifestyle. Do we really need a 4 thousand square foot house in Arizona to live a happy comfortable life?

Personally I would prefer having a decent sized home with a bigger than average back yard. Why because I am happiest when I am outside moving around. After watching this special I am considering living a year in an RV road tripping after retirement. Mind you I do not have the stats if this will reduce your annual expenses or not. My fellow blogger at canIretireyet.com said in a post once that it does reduce expenses from his experience, so please take his word for it because he already achieved financial freedom.

After all these details about living in RV tight spaces, enjoying the outdoors, and reducing expenses. Would this sway you to maybe give the RV lifestyle a shot? If you fit the personality I say go for it, as adventures can only be had once you begin one. Personally I would do it just to avoid the crazy property taxes NJ has and pocket the savings to help give me an extra buffer against inflation in my nest egg. When I retire in that first year, I can probably save about 15 grand because taxes in my state are now in the 7-12K range for an average house and they are headed up in the future. The only downside is I would have to sell the house, and then buy another one when my adventurous RV life comes to an end.

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What can you trade for Freedom?

 

What can you trade for freedom
Freedom is Awesome

 

If you could trade something, anything for Freedom what would it be? Maybe the desire to not have to work for someone else forever would change something to attain that freedom? This idea might seem far-fetched for many of you today, and that is the exact message I want to instill in how you think for a moment. Every day deals are exchanging hands in the form of currencies, barters, favors, and political power exchanges. Did you know that with every unfavorable exchange you make, you are giving up the chance to possibly have freedom sooner? What can you trade for freedom? The answer should be that you will do anything legally possible to get it.

A simple choice that you must decide can give you a few months of freedom later from having to punch that dreaded time card. Whomever told you that they enjoy working for others is either unaware or in denial, because when working for others is counter productive to allow you much opportunities to work for you. It’s a complete catch 22, because security can be developed greater when working for yourself, but many people do not have the vision to pull it off so they make due and try to find security with working for corporate America. Does corporate America really have your best interest at heart or are we just another source of revenue for the corporations. Did you know that on average employees make the companies they work for about 2-3X the amount they are getting paid as a salary. It’s time to realize that nobody has your best interest at heart except for you.

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Bad Money Habits

As you remember from a few months ago I wrote a post about all the great things I am doing right with my money and how this will lead me to prosper in the world of personal finance. Well this is the follow-up to that post as I will divulge all the bad money habits I am currently dealing with and will attempt to fix and or correct in the near future. As I mentioned before and you have heard a thousand times in your life, nobody is 100% perfect. But maybe you can join my club and be in the 98% perfect organization.

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Spend Money to Make Money II

 Money

Hey guys I hope by now you are more informed of what tools you need to defeat personal finance issues you may be having. Simple fixes now can pay off tremendously later, for example starting early with investing, paying yourself first, and having a sizeable emergency fund. All of these things should be a natural component of our personal finance world, but an important factor some of us forget to do on the journey is to spend the money in the right places. For example imagine you could spend money to make money, would you do it? Of course you would.

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Time is Money

Have you heard this saying before? If you answered yes then you are not alone, this phrase is one of the most popular phrases of our time and for many decades. Benjamin Franklin is quoted as the originator of this quote. But do you take it for what it is literally or do you really grasp the meaning behind it? I have this exact quote up on this website if you look 45 degrees to the right you will see a cool watch with money representing the old adage of the phrase.

Even if you are not obsessed with the meaning like I am, I think we all can use our time more effectively. Can I ask you a simple question? What would you be doing right now if you did not have to work for earned income from a job? If you ask me that question I would probably be doing something relating to sports. Biking, running, swimming, strength training, basketball, even rowing for gosh sakes, all of these activities is what I would do be doing. I would alternate each one of these every day until my bones yelled at my brain to stop the torture I am placing on them. I am exaggerating of course, as I am a family man and I will definitely spend the majority of the time with them, I cannot be that selfish.

At times I wonder when I am at lunch all those guys I see on random occasions, bike riding around town as if they are already in the retirement stage and can do as they please. Well if you plan now early in life you can realize it sooner than later, because you guessed it, Time is Money and money can buy you time. Freedom from being tied down to a desk, from scrubbing a deli counter, or from doing the myriad of jobs in this world. The ultimate Freedom is a sweet pleasure only a few folks and retirees can speak of. But you might say to me, RichUncle EL I like my job and I’ll say to you, more power to you and ask you, but would you do it if you had an income stream of 5 grand a month from investments? What will be you’re answer? You will never know because you are not taking the steps to gain the freedom to live your life the way it is supposed to be. I see people who waste funds living great now, but how long will that last or how long will you have to work later to pay for your retirement because you live extravagantly now.

The average person works about 35 to 45 years and then retires tired and jaded because it took so long to be free. Now why would anybody want to be so far away from freedom for the majority of their life? If you could make or take a few small steps now that may potentially save you 15 years later, why wouldn’t you do it? Most people get corporate jobs to gain financial freedom, but does it really buy you that freedom if you do not take advantage now.

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