Americans are terrible savers. No sense in beating around the bush. The average savings rate in the USA in 2015 was 5.5%. But if you break it down by income, those at the top save much more of their income where the low to middle income earners save close to nothing, according to the Bureau of Economic Analysis. But why? We all know we need to save more, and yet, we aren’t.
One reason is we live for the moment. Pop culture has taught us to spend, spend, spend, and then spend some more. Obtain instant gratification and the future be damned. Another is debt, which kind of ties into the first. The USA is the largest debtor nation in the world in terms of household debt.
Living next to the Joneses can really take its toll. A third is a false sense of security with Social Security. We were told that social security would provide for us in our golden years. Therefore, we didn’t put much thought into saving for ourselves. Also, many of us worked for companies that offered pensions. Today, most pension plans are gone and Social Security is headed towards insolvency. If you’re under 40, you’ll be lucky to get a penny, and it probably won’t be worth much as the dollar keeps losing its value. Finally, many of us are financially illiterate. Schools don’t teach personal finance, and economics seems like a foreign language. So what can we do?
Think of this as the golden rule in personal finance: Pay Yourself First.
It seems so obvious, yet most of us do the opposite and pay ourselves last. We pay everyone else then save what is left over. The problem is, many times, nothing is left over. We convince ourselves
In this life two things are very important, your life and your personal finances. For you to enjoy your life you have to learn how to manage your money. My friend remember without you there will be no me. Your life is important and it matters to me that is why I bring this important information to your attention.
I want to ask you, Have you being living your life in debt or low cash?
Do you live your life for everyone under the guise of obligation?
Are in a position of not sacrifice with your financial status?
Do you feel that your job is like total self indulgence?
Are you in a position, pretending to be financially ok?
If this all or some of the things you are facing, you need to unlock your financial freedom. It is time you learn how to manage yourself and your personal finance in stressful moments with guide to budgeting money. Because I love you, is the reasoning I am bring to you this once in a life time opportunity to source for another source of income.
Is it that you find it hard to save or invest your money, personal finance management is what you need? I want to show you how to decode the tricks of making money and how to attract money. For you to have enough money you need to learn it concept, my friend money making is an art for every art has it symbol of beauty.
You need to learn something unique about making money. Learn where the money is and how to get it. Learn the dos and don’ts. I have learnt financial guide that have taken me through the labyrinths of finance and commerce in an exhaustive and interesting
As an event manager and planner, you know that turning a profit means keeping people spending money after they buy their tickets. If you’ve done the marketing and found concessions selling merchandise that your audience will love, then you’re already halfway there.
The next step in the process is making sure that everyone spends enough money on all of the great products you’re offering. That does more than just increase sales and profitability of your event: It ensures your customers and your vendors both have a good experience, setting you up for future success.
The million dollar question is how you get people to part with their money when they’ve already shelled out for admission. The answer is simpler than you might think. All you have to do is hire some mobile ATMs for events from a company that specializes in delivering Financial Services.
Having Cash Means Spending Cash
Most of your event attendees will come with a budget. That means that the money they’re carrying is money they’re spending. Having mobile ATM machines for events on site allows people to add to this pool of money easily and impulsively. This has a powerful psychological effect because it works with people’s expectations and plans to lead them towards spending more than they brought with them. Don’t worry, because everyone wins. They’ll have more fun and you’ll make more money.
Legal Tender for All Debts
Even when you can count on your ticket holders spending money, you can’t always be sure that their preferred form of payment will work in every situation. Many of the small businesses and attractions that drive people to spend more money only accept cash. This is especially true for events like farmers’ markets and flea markets, but almost any merchant
The fundamental principle of money management is: ‘Spend only what you earn, save from your earnings’. It encourages a spirit of living within one’s means and save for the future. However, many of us are unable to follow this simple financial principle in our own lives. Being responsible with our own income and spending it judiciously is the key to good cash management.
Follow these tips to maximize your personal cash management outlook:
1. Pay your bills first. For most of us, our expenses are all lumped together in a mishmash that actually drains more resources than it saves. There are different categories of spends: bills, rent, outdoor expenses, groceries, entertainment, etc. It is vital to maintain expenses in a descending order of importance. Start by paying all your bills and rent, followed by setting aside your monthly savings. Next, allocate money to grocery shopping. This way, you will know your different expense heads.
2. Let your bank handle your extra money. If you leave surplus money lying about, you are likely to spend it. Instead, divert your surplus funds ( earned from a salary raise, bonus, gift from relatives, etc. ) into investments or fixed deposits at your bank. If you are certain about not spending the money outright, you can place it in your savings bank account.
3. Spend only what you have. Many people recklessly splurge on clothes, shoes, electronic appliances at the start of the month using their credit cards. This results in the credit card being maxed out even before the month is up. Using a credit card to shop means that you are borrowing money to spend ( a big mistake ). Use a debit card to shop and allocate a fixed sum of money for shopping, not
Most bank clients have understood that spending and saving processes are quite different from one another. Usually making a decision between either spending or saving may appear a tough one. As one has already noticed, the first option excludes the second one. And it is only up to you to decide whether to get into debts by spending too much or trying to earn more and thus, leveling the financial life and leading it on top.
Financial freedom seems to be an unachievable goal and invariable willingness to buy something that is basically totally unnecessary s a blocking point towards reaching this money freedom. So once again, why is it so complicated to save and too easy to spend? Let us review the contradictions between two processes and find a solution.
1. Acting now but aiming at the future
Patience is a key word at this stage. Unfortunately, no matter how much you are longing for a quick successful outcome there are not so many chances for you to obtain it straight ahead. Process of saving takes time and much efforts, thus, it is a long term commitment that requires patience and subsistence.
Therefore for arriving at the well secured future find a motivation, and in a couple of years you will notice the result that you have been aiming at. Even most experts claim that in this case motivation is a key to a saving door.
2. Living in the moment is enjoyable but what about future?
How many people do you know who have taken responsibility of cutting expenses now and saving towards the future even if they can afford buying things at the moment? The reply will be: just a few examples. That is granted that in 10, 20
How do you differentiate between a legitimate money making idea and a “get rich scheme”? There are indicators that you can use to help you do some homework. You will need to be a detective on this one as there are no short cuts.
Helpful Methods of Investigation
There are four ways I have found of differentiating sales rhetoric from the real deal. The first way is to thoroughly research details of the offer for consistency. The second method is through examining the psychology of how an idea is pitched to you. The third way involves tried and true “laws of finance” that rarely get broken and if the sales pitch breaks one of these laws, it is a sign that you are likely being reamed. The last method is using your instinct or gut feel. If the sales pitch is well put together but something smells wrong, it is likely a signal to get out while you can. The first three methods may allow you to confirm what the rotten smell is, but sometimes you need to say no on faith before finding this out. A powerful check and balance is to use all of the methods together.
Imperfect Methods of Investigation
There are also three methods that I found may not work unless the scheme is old, brazen or preying specifically on the ignorant. One of these methods is checking if people are licensed. A license is merely access to a market or product, it does not mean that integrity is guaranteed. Even if ethics is emphasized to get the license, it is very difficult to enforce. There is a minimum level of compliance that is ensured with a license, but it is not full protection. A secondary method is checking reviews or associations
Exactly what conducts being actually wealthy mean to you? Certain individuals would like to presume that being wealthy is the option of having the ability to take your dream getaway at a moment’s notification or the assurance that if anything undesirable does happen to you, your family may nonetheless have a roof over their heads and money in the bank.
Every single of us may possess various analyses of being rich and what is needed for wealth building but all of us often agree on the same thing and that is being definitely wealthy indicates having excess money, and lots of extra money that is not planned for some other specific use.
This brings us to the highest significant inquiry, exactly how is wealth creation done? Is really it remotely possible to become wealthy by working for another person or do you actually need to start out your own company and sustain all the risks that come with it?
Truth be told, it is about producing smart money alternatives, unimportant of what job you have. To get a closer look at your chances of getting rich, carry out an easy analysis on your income generators. What are the aspects in your life that can and are making you cash? Even though you are working for someone else, is your income able to cover all your required expenses and supply you with savings?
It had only become more successful if you have the capacity to recognize the strong suits of your budgets and how you are able to make the weak points of your financing even more powerful.
Take into consideration the probabilities of producing extra income through other income generators such as home rental, a second job , online business services or even
For a young couple, preparing for your wedding can be financially strenuous and life after the wedding day if not properly planned can be a dangerous. More so if the couple are not from financial buoyant families.
Have a budget, do not borrow to buy liabilities
Now that the party and celebrations of your wedding are over, it is time for reality of life after the wedding day to begin.
Here are a few tips to help you start off on a good footing:
1) Pay Off Debts: Sometimes it is possible that you have outstanding bills to settle with some vendors who offered services at your wedding. Make it your priority to pay off any outstanding debts. It is not a wise thing to start a family in debt. Off setting your debts helps you start off your new family on a clean financial slate.
2) Furnishing Your House: If you have not already furnished your house, it is wiser to start with the essentials (cooking gas, refrigerator, TV and sofa). If you earn a regular monthly income, you can approach vendors of these items for an installment payment agreement to purchase some of these items. Most stores will agree to this because they want patronage.
3) Have A Budget: You must form the habit of having a monthly family budget to cater for your monthly needs. Include your rent in your monthly budget. Do not wait until your yearly rent is due before saving towards it. This will put under undue financial pressure. Also include in your budget a percentage for charity (no matter how small). When you give to those in need, nature has a way of reciprocating when you are in need.
As a financial planner, licensed real estate salesperson, business/ organization analyst, event planner, and financial, organizational, and personal consultant, specializing in planning, budgetary, marketing/ sales, and financial matters/ areas, it is not surprising that many of my informal conversations, end up, being about some financial topic. Last weekend, we had a nice dinner with friends, and the woman (who is a well respected, apparently successful professional) off handedly stated, she was a terrible business person. This surprised me, because she is knowledgeable, extremely intelligent, well known, has a large practice, etc. However, in retrospect, it should not have, because most people make a variety of financial/ money mistakes/ errors, and while, for some, it only slightly harms them, for others, might be somewhat devastating. Every generation seems to make its own set of financial mistakes.
1. 20’s – Playing it too safe
This is the decade when most people should be taking their biggest risks, because they generally have fewer responsibilities, have more time to reap the rewards/ benefits, and should be seeking growth in terms of their portfolio. However, the vast majority of these individuals, either don’t consider investments, at all, or behave fearfully, by remaining in the very limited comfort zone, of merely putting their money in the bank. Especially in these times, when interest rates are so low, this type of behavior does not even keep up with behavior, and they lose valuable years, when they could be creating the foundation for a solid financial portfolio.
2. 30’s – Comparing themselves to their parents, etc
Times have changed, and it is far more challenging today, to reach a comfortable standard of living, than it might have been, for some, in the past. It is a far more complicated economic world, with many more
The financial world has seen an explosion in the annuity marketplace over the last 15 years. With the Baby Boomers coming into retirement at the rate of 10,000 per day the insurance companies have not missed the opportunity to design, market, and sell record amounts of annuities ( both in contracts sold and premium dollars paid ) during this timeframe.
The proposals that are coming out of Washington to enhance the scrutiny of the sales of annuities have been grabbing the attention of not only the financial and political media, but also the general media. The concerns stem from the sales of annuities to those that do not fully understand all the contract language, especially the terms related to lengthy and stiff penalties if a contract owner changes their mind and wants out.
Truth is that even for a 25 year veteran of the financial services industry the annuity model of today is very difficult to understand. The complexities of how interest is calculated makes even the most seasoned veteran pause. Therefore the chance that an average consumer ( even one with superior intelligence ) will understand all the nuances of the contract is slim. At the beginning of my career ( in the late 1980’s ) an annuity application was 2-3 pages. Today they are 30-50 pages!!
When you shift through all of the rhetoric surrounding the annuity designs of today ( they still offer what no other investment can ) the peace of mind that a guaranteed lifetime income stream can offer. The term annuity comes from Latin which meaning “per annum”. The first annuities were issued to Roman soldiers as a way to compensate them for their service to Rome. That is why no matter what the press or competitors say about