September 22nd, 2006
The Mindset for Saving
By Victor Fam
I still remember back in year 2002, my attitude toward money is like this: “I earn some money, I spend it. I buy nice car, I buy nice electronic gadgets, I spend wherever I like. I don’t worry about the money. I believe that I can use my expenses to stimulate my earning power. The more I spend, the more I will earn.” Every months I hardly saved any money because I spent all of the money.
However there are 2 things that has drastically changed my mindset towards money. First thing that has change my mindset towards money is some incident that happened a few years ago. I believe that most of today’s people know what is organization redundancy exercise. Redundancy exercise basically is an exercise run by an organization when they wanted to reduce their staffs head count. That can be cause by many reasons like downsizing, cut cost or when 2 companies are merging. Basically the company that I worked for are having some downsizing exercise and they are going to lay off about 50% of the staffs. Their target is to get rid of the middle management layer in the company. I was safe at that time because they still need technical people like me. I was lucky. However I witnessed a lot of my colleagues who left. Some of them had been working for years in the company. They got some compensation for their leaving. But the compensation is not really a lot. Most of them had a family to take care of. It is tough for some of them.
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September 21st, 2006
The Money Fight isn’t Necessary
By Martin Lukac
Money isn’t that difficult a topic. It is quite simple. It is about one thing — choice.
I understand that it is a hard thing to talk about. So much of who we are is tied up within our finances, or lack of. But to get your finances on the right path, you have to let go of that right now.
Start thinking of money as you would anything else in life. It is all about choices. Just like driving your car. You might choose the wrong road, but you readjust and move on to where you should be going. You have to learn to just accept that you make good and bad choices with your money. It happens to everyone. Just keep on driving.
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September 20th, 2006
Creating Surplus Cash For Savings and Invest
By Richard Kimball
You know you need to be saving money but you never seem to have enough at the end of the month or worse, you are further in debt.
Living below your means is more a matter of self-discipline. A few adjustments here and there could be all it takes to have the necessary funds available for saving and investing.
Some mutual funds can be opened up for as little as $200 with minimum contributions around $50.
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September 20th, 2006
Top 10 Ways to Cut Spending
By Kristine McKinley
Do you run out of money before you run out of month? Do you wonder where your money goes each month? Do you struggle to find money to invest for retirement, emergencies and other financial goals? Here are 10 tips to cut your spending and stretch your dollar to the max:
1. Consider dropping your home telephone line. Your cell phone is probably all you really need, and most likely it has free long distance. You could save $30 or more per month by dropping your “land line”.
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September 19th, 2006
Key Aspects Of Managing Your Personal Finance
By James Taylor
Increasing consumerism has given rise to the phenomenon of over expenditure by even an average earner and in turn has resulted in more and more people reeling under debt burden. The problem escalates because people care little about key aspects of personal finance. One can in fact benefit much if finance availing and management aspects of personal finance are especially taken care of.
Both finance availing and management of personal finance goes hand in hand. Main sources of personal finance are credit cards and personal loan. Credit cards have become most popular and easier way of both taking finance and making expenditure. Every item purchased goes to the cardholder’s bill. Lack of cash often encourages consumers to swipe credit card more. This only results in debt accumulation. To minimize credit card debts, take precautions. It would save you lot of money if you use credit card only when there is no other alternative to it because if the dues are not cleared in time the credit card issuing company slaps high penalties. This worsens the debt problem. Also, when applying for credit card, make sure you pick up the company that charges the lowest possible interest rate. Your interest outgo must remain lower so that you save enough for other expenses and rainy days.
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September 19th, 2006
Are You Afraid Of Budget Prison?
By Gregory Walding
Do you put living on a budget is the same category as living on a diet? I know most people would rather die than live on a budget. But, did you know, that living without a budget will get you into a lot of trouble.
Before we get started with using a budget, let’s change the way we think about the budget. First, let’s call it a money plan instead of a budget. You know what they say; if you fail to plan then you plan to fail.
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September 18th, 2006
Financial Planning 101 for Retirement Life
By Natalie Aranda
After fifty years of working, chances are we crave the day when we can retire. We no longer have to wake up at 5 a.m., sit in rush hour traffic, or stress over unrealistic deadlines. These very factors are just the reason why we count down the days to relaxation. While most of us fantasize, the majority of the baby boomers don’t realize that financial planning doesn’t stop at 65. Retirement planning is crucial, regardless of what stage you are in.
It has always been a common myth that people do not have to save for their retirement until they have sent their children to college and have time to rest. This could not be further from the truth, as it is important to always plan ahead, even if it means starting in your 20’s. Unfortunately, we never know what is going to be around the corner. Due to health problems or other issues, we may have to retire sooner than we think. Thus we must save steadily incase a financial burden is forced upon us.
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September 18th, 2006
Saving Money and Living Frugally
By Adam Knife
No one wants to be stuck in a situation without enough money, though, many end up in the exact situation. From single parents who have to raise and take care of a young child to the businessman who loses his job, there are hundreds of situations that could leave you strapped for cash. To chop down your expenses, there are some major tips you can take.
The first, and most important, as well as most obvious movement is to cut out non-necessities. Anything which there is a cheaper and equal alternative to, you can replace. You don’t need brand names anymore, you don’t have the money to spend on them right now. Stick to store brands where you can, and make sure you get good use out of your coupons.
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September 17th, 2006
Private Annuity Trusts - Supercharge Your Retirement
By Paula Straub
You have made some great investments in Real Estate or in a Stock Portfolio. Congratulations! Now you are ready to retire on your gains. But wait. To benefit from your investment appreciation, you’re going to have to sell some or all of those assets.
If you sell your investment property, you will need to pay capital gains tax to the Federal Government, State, and you will also pay recaptured depreciation. If you’re in California, add another 3 1/3% in withholding. That’s a huge chunk of change, and a big blow to your savings.
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The Mindset for Saving
