Something recently discovered and a good read.
The Way To Wealth By Benjamin Franklin (1757) Success Manual ...
Showing posts with label Money. Show all posts
Showing posts with label Money. Show all posts
Sunday, March 17, 2013
Thursday, December 13, 2012
Year end closeout...
So, another year has gone by... did you keep your New Years resolution? Mine was to post more. I came close. Missed a few since August due to work.
With the holiday's and New Year coming up. We all do things for other people, but forget to do the important things. Things that will benefit you and your future loved ones even more than the latest/hottest gift.
Here are a few things you've probably missed:
1. Examining your 401k - Is it giving you the best return, does it need to be reallocated? Are you getting at least 12%?? No? Time to take a look. While you're there, be sure to increase your contribution by 1%. You'll never miss it and you'll thank me later!
2. Your emergency fund - Is your money sitting in a checking account earning something for you? Most banks are paying 0.01 - 0.05% on your checking account vs a national money market account which is about 1%. Know what that means for every $1,000? $10 vs $0.10 in interest. What would you like to be earning?
3. Insurance - For everything. Are you covered? Life, Auto, Home, etc? Talk to an insurance agent or 2. You can save money and cover yourself. If hurricane Sandy taught us anything, is that anything can happen, make sure you're covered.
Life insurance can help your family through a rough time, especially if you had a new addition this year. Update your beneficiaries too!
Not to mention that you could also save a ton of money by getting additional insurance. I saved an additional $200 on car insurance for buying a $100 renters policy which covered me for property loss, even if something is stolen from my car.
4. Company benefits - This has multiple parts.
FSA/HSA/Dependent Care - ALL pre-tax benefits. Your child care, your glasses, dental work, doctors visits, etc. Plan ahead. You save 25% in taxes by just planning ahead. 25%!! Think about it. Could you use $250 for every $1,000 you spend. I sure could. (If you don't know what these are, I would find someone who does and ask. Talk to your tax adviser/accountant this coming April.)
Company Stock - Does your company offer it? My company offers a 15% discount on the purchase price at the end of every quarter. 15% You don't get a rate of return on your money that easy, ANYWHERE! Think about it, every $1,000 you earn $150 in 3 months. That's an extra $600 a year. Not to mention that some companies also pay dividends. Do you hear the dollar signs?
Pre-tax transit & Parking - Want to save 25% off your transit costs? It's easy! Take advantage of your pre-tax commuter benefit. Most companies offer this. On average, we spend about $1,000 a year on trains and buses. Park at a Park & Ride? You can put away for parking also. Add that $1,000 to it and you save $500 a year.
5. Your living will - Very important. If you don't have one. Get one. It's cheap and easy. It will save your family a ton of problems in case you ever pass away. No matter how old you are, you have assets and it can be passed on. Work has life insurance, your car, your retirement account. It will help in settling your affairs. Make a list and check it twice. You may have more than you know!
At this rate, I think I've saved and earned you at least $3,000+ a year.
And that's all I have for now! Happy Holiday's and Happy New Year!! See you in 2013!
With the holiday's and New Year coming up. We all do things for other people, but forget to do the important things. Things that will benefit you and your future loved ones even more than the latest/hottest gift.
Here are a few things you've probably missed:
1. Examining your 401k - Is it giving you the best return, does it need to be reallocated? Are you getting at least 12%?? No? Time to take a look. While you're there, be sure to increase your contribution by 1%. You'll never miss it and you'll thank me later!
2. Your emergency fund - Is your money sitting in a checking account earning something for you? Most banks are paying 0.01 - 0.05% on your checking account vs a national money market account which is about 1%. Know what that means for every $1,000? $10 vs $0.10 in interest. What would you like to be earning?
3. Insurance - For everything. Are you covered? Life, Auto, Home, etc? Talk to an insurance agent or 2. You can save money and cover yourself. If hurricane Sandy taught us anything, is that anything can happen, make sure you're covered.
Life insurance can help your family through a rough time, especially if you had a new addition this year. Update your beneficiaries too!
Not to mention that you could also save a ton of money by getting additional insurance. I saved an additional $200 on car insurance for buying a $100 renters policy which covered me for property loss, even if something is stolen from my car.
4. Company benefits - This has multiple parts.
FSA/HSA/Dependent Care - ALL pre-tax benefits. Your child care, your glasses, dental work, doctors visits, etc. Plan ahead. You save 25% in taxes by just planning ahead. 25%!! Think about it. Could you use $250 for every $1,000 you spend. I sure could. (If you don't know what these are, I would find someone who does and ask. Talk to your tax adviser/accountant this coming April.)
Company Stock - Does your company offer it? My company offers a 15% discount on the purchase price at the end of every quarter. 15% You don't get a rate of return on your money that easy, ANYWHERE! Think about it, every $1,000 you earn $150 in 3 months. That's an extra $600 a year. Not to mention that some companies also pay dividends. Do you hear the dollar signs?
Pre-tax transit & Parking - Want to save 25% off your transit costs? It's easy! Take advantage of your pre-tax commuter benefit. Most companies offer this. On average, we spend about $1,000 a year on trains and buses. Park at a Park & Ride? You can put away for parking also. Add that $1,000 to it and you save $500 a year.
5. Your living will - Very important. If you don't have one. Get one. It's cheap and easy. It will save your family a ton of problems in case you ever pass away. No matter how old you are, you have assets and it can be passed on. Work has life insurance, your car, your retirement account. It will help in settling your affairs. Make a list and check it twice. You may have more than you know!
At this rate, I think I've saved and earned you at least $3,000+ a year.
And that's all I have for now! Happy Holiday's and Happy New Year!! See you in 2013!
Monday, February 6, 2012
5 Things Nobody Tells You About Being Poor
So, I started reading the site Cracked.com. It's pretty funny and the humor is based on some facts.
I came across this great article: 5 Things Nobody Tells You About Being Poor | Cracked.com
It's funny, but horrifyingly true! I had a co-worker making decent money, but wasn't getting ahead. So I offered to help. All I did was reconcile his checking account to find that he was paying $600 a month in overdraft charges because his wife was using the debit card attached to their checking account!! That's $7,200 a year and it was going on for several years! At 3 years, it's $21,600!!
It's shocking the lack of financial education in the United States. When I used to hear how important education was, "Go to school!" from my parents day in and day out. I realized that they don't necessarily know why. They see that people with college degrees make more money so they equate that with success.
In reality, it's not just the degree. If it was, certain people will not have succeeded in life, such as Bill Gates or Steve Jobs to name a few. The focal point should be the desire to LEARN in life. Know why is it that way and not just take it. For example, the "Occupiers" are mostly the "educated ignorant" people or the sheep that woke up one day and said something is not right with the "System", when in reality it's them who failed the system.
If you're poor reading this, there is hope. Know what is wrong and go about fixing it. Don't get sucked into a bad daily pattern of poor. Change your habits and you can change your life. Unless you like the way it is now, then ignore this post and go back to Facebook.
For those that are still reading, take notes from the article above and keep that money for yourself. Stop giving your money away and start saving it for yourself.
I came across this great article: 5 Things Nobody Tells You About Being Poor | Cracked.com
It's funny, but horrifyingly true! I had a co-worker making decent money, but wasn't getting ahead. So I offered to help. All I did was reconcile his checking account to find that he was paying $600 a month in overdraft charges because his wife was using the debit card attached to their checking account!! That's $7,200 a year and it was going on for several years! At 3 years, it's $21,600!!
It's shocking the lack of financial education in the United States. When I used to hear how important education was, "Go to school!" from my parents day in and day out. I realized that they don't necessarily know why. They see that people with college degrees make more money so they equate that with success.
In reality, it's not just the degree. If it was, certain people will not have succeeded in life, such as Bill Gates or Steve Jobs to name a few. The focal point should be the desire to LEARN in life. Know why is it that way and not just take it. For example, the "Occupiers" are mostly the "educated ignorant" people or the sheep that woke up one day and said something is not right with the "System", when in reality it's them who failed the system.
If you're poor reading this, there is hope. Know what is wrong and go about fixing it. Don't get sucked into a bad daily pattern of poor. Change your habits and you can change your life. Unless you like the way it is now, then ignore this post and go back to Facebook.
For those that are still reading, take notes from the article above and keep that money for yourself. Stop giving your money away and start saving it for yourself.
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