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.
What is the basic fundamental thing we all want for our money? For it to grow I suppose is the primary reason why we invest it, right. Recently I used to keep my coins in a wooden jar aka old dude piggy bank, and cash them in once a year. But now something changed, as my current bank got rid of the free coin exchange machine. I’m assuming they want to avoid operational fees or are attempting to bypass legal issues of some sort. I was always a bit skeptical at the coin counting abilities of said machines, and the likelihood of it not doing that job accurately. Even though I had my doubts I would still exchange coins and make a huge deposit of around $50-100 dollars in coins every year. But because now my banking institution decided to take away another perk (Way to go Banks), now I don’t keep coins in a piggy bank for long.
I woke up the next day after hearing this news and decided to make a financial habit change. I will now take a small amount of coins to the bank with every deposit I need to make. (Yes I still walk into a branch- I’m Old School) I will do this to save time, and to compound my money at a faster pace. This habit change will keep the coins in my home at a minimum, and put them in hustle mode. Because If I take the coins from the piggy bank and invest it into a financial account, it will elevate the compounding effect. Now those quarters will not collect dust at home. Why wouldn’t you want to put the loose currency to work in the markets as early as possible?
Did you know the recent savings rate was released by the government agency in charge of tracking this vital information, and I bet you already knew it is pretty low. How low do you ask, my financial smart friends? It is a pleasantly never reaching retirement figure of 5 percent. What is your personal savings rate?
What can you do with 5% in the future? It might cover the cost of gas, cable, and food but then that’s it. Who or what will help you pay for shelter, entertainment and any other fabulous budget categories we all cannot live without? If you say Social Security, I say bite your tongue right now.
Did you know that the earlier you start saving the sooner you will be done, and the sooner it will grow, and the less you will ultimately need? But you already knew this right?
So lately I keep hearing the term I need to find more time in random conversations, and I must admit I believe I’ve used the phrase on occasion as well. But I will say it is a bit of excuse to use that expression, as we all can realize as much time as we want. The secret to finding time in today’s world is literally to just take it. If you focus on the time you have to get things done and not waste it, you will always have time. The thing with time many people can’t grasp is, that a simple choice makes all the difference.
By assuming action and not procrastinating you will realize that time is there for the taking. Time is a virtue for anyone who is virtuous enough to say, “I can make time”. I know some of you are tired of the philosophical twist to this post, and want me to get to the point. OK the point is, finding time in today’s world is an excuse we can and should not use, because time is now and we have plenty of it.
Hello friends today is another money saving opportunity to help you reach your savings goals. We can achieve so much financially if we focus and stop placing limitations on our ability to save more. I have a few pieces of financial information to make you rethink the normal way to save money. The 8 creative ways to save dollars was established especially for you, to conquer any money goals you need to complete in 2016.
We’re a few weeks into the New Year, and that can only mean one thing: Tax time is here. As tax forms start filling the mailbox, you’re probably thinking about how you can reduce your tax bill this year while still getting a leg up on next year’s bill. While ideally you would have thought about your taxes before the end of 2015 so you could make decisions then that would lower your tax burden, there are a few things you can do now to lessen the sting of writing that check to Uncle Sam — and we aren’t talking about random deductions that may or may not be allowable by the IRS.
As always, talk with a professional tax advisor before trying any of these techniques.
OK now I know most people in the financial news media, repeat and regurgitate the save 10% of all income all the time. But I say forget that; let’s do the best we can today. Let’s begin to save at least 20% of all income for life. Who wants to join the 20% savings club? Well if you’re asking and I’m telling, it means all of us should join the club. If you make 1,000 or 25,000 dollars a month it really doesn’t matter, let’s set aside 20% based off income for life. The strategy will be a bit different from the norm, as you will take 10% in pre-tax savings, like 401K accounts or Roth IRA’s, and the other 10% in after tax savings like a brokerage account. Who wants to join the 20% savings club? (Everybody Should)
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.