They say if you can save 25 times annual expenses that you can retire so lets play a fun game of thinking in terms of 25 times saving goals. Below is a fun list to get you to think differently about money. I believe we all have the opportunity to win with personal finance and it merely begins with choices. The choice to save 25X expenses is very difficult and I wont sugar coat it. But with every passing day and year, you can get a bit closer. See below for the 6 creative ways to save and eventually replace income.
Hey do you desire freedom? Is it tugging at you as you slave away for 40 hours a week sitting at a cubicle? We should all be striving to reach freedom in any way possible. No job ever truly has your back, because they want you plugged in and locked down with golden hand cuffs for eternity. How long is a long time, 40 years is the average amount of time people end up working. Add up the school years and it balloons to 60 years. Now if those stats don’t motivate you to complete the 6 steps of freedom then I do not know what will.
Imagine a time where the alarm clock doesn’t go off and you can now enjoy 3 day weekends. The boss will be very jealous of you when you hand in your resignation letter because said boss wants freedom too.(Boss just doesn’t disclose the desire all to protect the company’s bottom line)
I have 3 weeks of vacation time and with 52 weeks in the year, it is not enough to allow me a 3 day weekend every week. So I must pursue freedom because of this fact and because I just don’t like people telling me what to do. I place a higher value on family and a more favorable life / work balance. Continue reading
Financial pride is a thing and it can be a long stressful life if you can’t take pride out of finances. Nobody wants to be guided with how they manage money, but if that were the case, then all the bad decisions people made financially would’ve never occurred. That gut check you sense when you’re about to make a sizable expense is the exact warning, to help you reconsider such a devastating financial event. If you find it OK to take multiple vacations a year because you think you can afford it, while you continue to live life paycheck to paycheck that’s a perfect example of non positive financial pride. Financial pride (negative meaning) can be a simple mindset to fix, steering you to make unwarranted financial decisions that are not financially optimal. How to stop financial pride is simple and you will see the answer below.
For example I almost purchased a used car for 4 grand just to drive it on the weekends. Rationality went out the door because I wanted a new shiny toy, but after thinking it through, I decided I needed to fix a few projects around the house first. What if we could just take a moment to decide whether a purchase makes sense in our lives? Would everyone avoid spending and live a so called miserable life from those who relate spending and happiness?
Why is it that people who spend a lot, think people who don’t spend a lot, live unfulfilled? The first step to getting around how to stop financial pride is to not believe money & spending equates to happiness. If you’re happy you live happy, and spending 60K on a new Lexus shouldn’t define that happiness. Or maybe by taking 3 vacations per year, you think it can possibly shoot your happiness gauge up a few notches. The experiences coupled with memories should make you feel better for sure, but if it means you just added debt to have fun, then that is counter to happiness.
Driving a car comes with a fair share of responsibility. Getting behind the wheel of a car means that you are ready to face the challenges of the road and the financial burdens that come along with the process. One of the most important aspects of driving is discovering the best fit for auto insurance. There are many different options to explore. Local insurance, for example, can be an excellent idea to take to heart. By pursuing a more personalized experience, you’re likely to get results that you appreciate.
Finding the best auto insurance for your needs is all about having the most helpful information to make your decision. Consider these points and find a way to insure your car without having to go broke in the process.
The Credit Factor
Your credit can come and haunt you at several different points in your life. Whether looking to buy a car or insure it, you have to have your credit score in a certain range to be offered the most appealing options. You want to be able to spend less each month on your payments while still being covered in a practical way. With a poor credit score, this is not going to be possible. The best thing to do when you are in search of quality insurance is to work hard to improve your score.
Getting your credit rating into a position that will work to your advantage is not a small feat. You will need to dedicate time to this practice and focus on small, manageable ways to make a dent in your number. Hold out hope and keep striving towards a better tomorrow and you’ll find that you are able to qualify for a wider range of plans and policies.
Auto insurance can cover a lot of different areas. While it is a law that all motorists must have some form of auto insurance, it only mandates a very basic package. In truth, auto insurance is designed to cover many options as long as you remember to include these items in your policy. The best way for you to truly understand all of the different options in front of you is by sitting down with a local insurance agent and getting to the bottom of everything out there.
You will find that there is a policy that meets your exact needs out there. Instead of simply taking out an insurance plan because it helps you to meet the minimum requirement set forth by the government, you’ll find that it is far more useful to have a plan that actually reflects your specific concerns as a motorist.
Good insurance is a wise safety precaution. Life has a way of throwing a curveball your way when you least expect it. To be prepared for any uncertainty that may develop, you’ll want to think over the various options out there for you. Figure out what your credit score is and take time to improve the number. Consider all of your options by meeting with a local agent. Find a plan that works for you and get ready to start your future as a more secure driver.
Choosing the Best Auto Insurance
With the current economic climate what it is, it’s understandable that you’d be worried about the viability of your retirement fund. There are a lot of great ways to beef up your retirement fund through side gigs, but if you want reliable income, real estate is going to be your best bet. Here are a few of the different ways in which you can utilize real estate value to help keep you in the black throughout your retirement.
First, it is important to understand that a reverse mortgage is not income. It’s more like a loan program for retirees. Much like a second mortgage, a reverse mortgage is based on the amount of equity you’ve built up in your home. Most people use it to either offset whatever payments they’re still making on the home or to beef up a retirement fund. How you use the money is up to you.
You can repay whenever you’re able–as long as you keep living in that home. If you move, you have to start paying back the loan. If you pass away before the loan is paid off, your heirs will inherit that loan. Current reverse mortgage statistics say that when this happens, the most popular option for heirs is to allow the lender to sell the home and send them a check for however much is left over after the loan has been repaid. Either way, you don’t have to worry about it.
If you no longer need the larger home you purchased to accommodate your growing family (who has long since moved out), sell your home and use the proceeds to either buy a new home or to pay for a rental. Smaller homes are cheaper and easier to maintain. You can also earn extra money buy selling off the stuff you won’t be moving to your new place.
In addition to the monetary benefits, small homes are better at maintaining their temperatures, which is good during the months with severe weather. They also usually stay cleaner because there is less space in which a mess can build up. Finally, they give you an excuse to get out of hosting every single holiday because you simply won’t have the space to accommodate everyone!
The hype is real and its been real for the last 3 years.
So where can you make triple the value of money on cost besides the stock market? Practically nowhere and today we have an example of a product that gets used daily by hype beast people. The product I want to discuss is the Adidas Yeezy sneaker. I have to be honest at first I was not a big fan of the shoes as they looked a bit like moon sneakers. But after seeing them for a few years now I can actually say they are not too bad, but I still will never wear a pair. Why must you ask, because I understand the value of a dollar? This is why Wearing Yeezy Sneakers is not Financially Smart.
If you can compound your money to the tune of 3 times the retail value in a matter of a few hours it confuses me to think why not try to sell it and make a killing.
What does it mean to be self-made?
When it comes to financials, it is about blood, sweat, tears, and hundreds of thousands of hours of hard work and dozens of rejections before finding that success. It is not about getting money inherited to you and growing it.
It’s about taking that last $2,000 in your life savings, throwing it into a modest business in your garage or spare bedroom and putting in the hours and effort to nurture it and make it your own and watching it flourish, fueled by your passion.
And when you have the right skill, excellent customer service and passion for your work, you can make a million dollars – or a billion! – through your own work.
Before you think it seems impossible, just know this – of the Forbes 400 list of richest people, two-thirds of the group (almost 275 billionaires) got their money the old-fashioned way – they earned it.
So for a little inspiration, here is a prominent list of 10 self-made billionaires.
Bill Gates may not have run Microsoft for the last 20 years, but he is Microsoft. A Harvard dropout, Gates collaborated with friend Paul Allen and developed the iconic company in the mid-1970s.
Gates had been programming computers for about 10 years or so before Microsoft came into existence, as he started as a precocious 13-year-old. He began with a deal to produce what was called Microsoft Disk Operating System to be installed in IBM computers, and his continued development of other software helped the company take off.
Microsoft was started in 1975, incorporated in 1981 and became a publicly traded company five years later. He is still the largest owner of Microsoft stock, which accounts for much of his wealth, which is estimated at about $85 billion.
What’s going on my peeps? I want to talk a bit about my favorite topic financial freedom. I want to discuss this because its way more enjoyable than talking about debt. Why I want financial freedom is very simple, because we as humans were truly meant to be free. Once you feel the tug of this FI desire, you will understand. If it hasn’t hit you yet, be ready cause it will one day.
Do you fully grasp that this system is set up to trap us from a very young age. From school years and quickly transition to work yeara till age 67 plus.
My mom had the same desire to be free as she retired at age 39 and lived how she wanted for the next 10 years or so of her life. She started a few businesses and just hustled while enjoying life. Eventually she went back to work but only because she wanted to pass the time I believe after becoming an empty nester.
Even the super rich are trapped in this unfavorable cycle of being beholden to others. The rich CEO reports to the board, Warren Buffet has shareholders and his own obsessiveness of growing his business, politicians are controlled by other more powerful people or political parties who pull the strings, the movie star is at the mercy of recording studio heads, the doctor is bound to his patients or to the director of doctors. I can keep going if you would like, but you get the gist of it.