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3 Simple personal finance advice that works miracles

3 Simple personal finance advice that works miracles

Dec 1, 2016

Artilce Written by : SNDA Online Here are 3 simple personal finance advice that is targeted at mid-income earners, who often struggle at making the most from their savings and spending habits. Cut down on things you dislike paying, ns not on the things you like– Most often people will ask you to cut down on things like your daily latte, your manicures or eating out. In most cases, these make people feel worse and cause them to splurge later during the month. Instead look at areas in which you spend a bulk of your annual earnings. For example, take your annual car insurance. Before you pay your premium, shop around and clearly understands what you will be covered for and what the cost comparisons are. Find a side income source – Instead of cutting down, look into earning more with the resources you have. For example, if you have an empty room or an annex, think of renting it out or putting it in Air BnB. Also, consider online work that will enable you to work from home and around your day job. Do not buy a house/real estate as an investment – Houses or real estate are not good investments as they can be very volatile to changes in economic conditions. However, if you want to purchase a home for you to live in, this can be a good investment. In this case, make sure that it is the house you can afford with your current income....

7 Financial tips for couples

7 Financial tips for couples

Nov 6, 2016

As a couple, it is important that your priorities are in sync, which will help maintain a happy, healthy relationship. Money is one of the main problems that can cause a divide between couples. Here are a few sound tips to help couples stay on the same financial page. Learn to have fun without a lot of money. – Everything should not involve spending. Learn to enjoy things like a bike ride, walk in the park, a home-cooked meal or free concert. Pay attention to your partner’s financial habits. – Before committing to a relationship, understand how your partner handles money in their life. Discuss your dreams and goals with your partner – Let your partner know your dreams for the future and ask them about theirs. Your goals should be compatible to your partners. Living together – Discuss living together and other issues like leases and household expenses before moving in. Plan carefully before you borrow from your partner – Be clear with your partner about any debts you currently have and ask them about theirs. Each person should be responsible for the debts they have incurred prior to the relationship. Review your investments – Look at each of your investments and identify areas that can be changed to suit your joint goals. Joining your financial lives – Keep a record of bills like utilities and who will be responsible for the payment. Creating a budget for the month is also a good idea, as it will give both of you a goal to save and spend on the things you...

Setting up an emergency fund

Setting up an emergency fund

Oct 6, 2016

Read any book on personal finance or managing your money and one common thread will the emergency fund. Almost every single one will tell you the first thing to do is to open and contribute to an emergency fund. The recommendation is to prioritize this above all other non-essential payments. Here are the basics of the emergency fund: The first is to decide how much you want to commit to the fund. The basic idea is that the fund will be able to handle all expenses in the event of unemployment or an emergency. When factoring the amount, the recommendations are for either three or six months of total expenses. Obviously, six months is better than three. However, if finding employment is not going to be an issue, then three months will suffice. The next is to open the account. Since the funds need to be liquid avoid term deposits or any form of long-term savings vehicle. Those are better suited for retirement. Ideally, we are looking at a high rate savings account that has a low number of withdrawals allowed. This way the interest will contribute to the fund itself. Finally, figure out how much of your income can be contributed to the fund. The sooner the fund hits the target; the sooner you can start contributing to retirement or something else. Remember that once you hit your target, you can sleep well knowing that you can survive for a few months without dipping into your savings....

Important financial terms small business owners should know

Important financial terms small business owners should know

Sep 6, 2016

Small business owners should have an understanding of financial terms, as they are the nuts and bolts of a business operation. If you have an accountant or are handling your own financials, knowing these financial terms will help you understand how well your business is functioning. Here are a few terms small business owners should be familiar with; P and L – This is a statement, usually completed every month, will give you an understanding of how your business is running. Balance Sheet – This is an indication of your businesses assets and liabilities. This statement will provide valuable information for decision-making. Assets – These are items such as cash, real estate, land, equipment, tools, computers, and furniture. Liabilities – These are loans outstanding and monthly bills your business owns. Equity – This is the money you and any other owners have invested in the business. Bottom Line – This is the net income or earnings that a company makes for the month. Markup – This is the additional price added to the cost price. Gross Margin – This is the difference between total sales revenues and total cost of goods sold. It can be stated on a per-unit basis, in dollars or as a percentage. Gross Profit – This figure is your “Cost of sales” minus your costs directly associated with sales, such as materials, labor, and delivery. Net Profit – This is your profit after costs such as overhead, materials, wages have been...

Should You Sell Your Home Upon Retirement?

Should You Sell Your Home Upon Retirement?

Aug 31, 2016

Carefully plan out your retirement to maximize your financial standing. There have been many opinions when it comes to retirement throughout the years. Many financial advisors have told their clients to sell their home come retirement. Now, this will allow them to significantly boot their retirement income, but then there’s the human aspect that comes with it too. The impact of having to sell something that has been in your family for years on end isn’t an easy thing to do. Rather, there are other ways that you can fund your retirement account without having to sell your beloved property. Look At the Bigger Picture Even if you have noticed that your home has gained a substantial amount of value over the years, remember that every situation is fundamentally different. This being said, you should base your decision off of personal preference. Money has been a primary factor when it comes to a successful retirement. But you need to ask yourself, is it really what you want to do? Don’t just sell your home right off the bat without putting much thought into it. If it holds emotional value, you don’t need to part with it. There have been many successful retirement stories where the retiree keeps his or her house and stays in good financial standing. Sometimes, the cash doesn’t always speak in the bigger picture. The Bottom Line Every homeowner’s situation is different from one another. Don’t hastily make your decision before truly sitting down with your family and discussing it. By rushing things, you’ll only make a decision that you’re going to regret in the end. Kuba Jewgieniew is the head of Realty ONE Group, a real estate brokerage firm that has offices in California, Nevada, and...

4 Steps to prep for leaving your job to start a new business

4 Steps to prep for leaving your job to start a new business

Aug 6, 2016

Leaving your job to start your own business can be a difficult decision. Your current job maybe giving you the security without the job satisfaction that your new business would offer. Here are 4 steps that will prepare you for this new journey. Learn from others – Make sure you read and speak to as many people who have made the transition from working a regular 9-5 to starting their own business. It is important to remember that change is not always easy, but can be very rewarding in the long run. Ask for help – Look at enrolling yourself in a course, working as an apprentice or reading books regarding the industry you wish to enter. It is important that you receive the correct guidance and you are aware of the highs and lows of the business you wish to get into. Use your current job – Make use of your current job, to give you a safety net while you make your transition. Be patient with yourself and let yourself master new skills with the confidence of being financially secure. Don’t get discouraged – Working for yourself will be different to working in the corporate world. You will have to work extra long hours and sometimes receive much less pay. Therefore, you should try to measure your success ways other than in monetary terms, for example,...

4 Hot jobs that pay more than $150K

Most people believe that a 6 figure salary is out of their reach. However, here are 4 hot jobs that will get you that paycheck you have been dreaming of. Anesthesiologist – Being a doctor maybe out of your reach, however choosing a career as an Anesthesiologists can earn you a upto $400,000. You will need 4 years at the undergraduate level with four more years of medical school. This should be followed with four years of residency and a fellowship for another year. Nurse Anesthetist – If putting in so many years in med school seems daunting, you could choose to be a nurse anesthetist. These nurses will assist anesthesiologists and oversee patient recovery from anesthesia. Such a career will yearn an annual wage of $158,900, to $187,000 a year. You will need a bachelor’s degree in nursing and a registered nurse licensure. On top of this at least one year of acute-care experience in an emergency room or intensive care unit is a must. Chief Executive – This big paycheck of roughly $180,700, on average comes with a lot of responsibility and long working hours. You will need an MBA, but in most cases understanding the industry you are in and working your way up to the top, will be the most effective way of landing this position. Marketing Manager – As a marketing manager you will make approximately $137,400 to $171,000 a year. This job will see you organizing marketing campaigns and events. It is best suited for people who are creative and possess good communication skills. You will need a bachelor’s degree marketing, communications, business or a similar...

5 best times of year to buy a new car

You may want to buy a new car, because you want a new set of wheels, your family size changed or your old vehicle is on it’s last leg. Whatever the reasons, timing your purchase will help you get the most out of your money. Here are 5 best times of year to buy a new car; At the end of the month – If you’re in a hurry to purchase a car, wait till the end of the month. Managers at car dealerships will be more willing to offer a larger discount, if they feel that the sale will help them top up their monthly quota. When Models Are on the Way Out – When new models of vehicle comes in, dealers are quick to want to get rid of the old model. If you are comfortable driving an older model, this is the best time to buy a car. Buy at the End of the Day – Most car dealers will drop their prices at the end of the day or on a specific day of the week. It is a known fact that dealers will give their best price on sundays. Black Friday – Most shoppers are only interested in getting holiday gifts on black friday sales. However, for those who are looking to buy a new car, black friday is one of the best days to purchase one. When a Rebate Is Being Offered – Some dealers offer clear out discounts on certain models on specific days of the year. Speak to a known salesperson about sale...