Archive for November, 2016
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 that we’ll start next month and then something else comes up. Something else always comes up. It’s human nature to procrastinate and find excuses not to do the tough or disciplined thing. It’s like going on a diet. You always end up fatter. In this case, you end up poorer. How can you ever retire? Do you want to work forever?
Paying yourself first is easy to do. We just make it harder on ourselves. Simply set up an automatic savings plan so the money is withdrawn from your paycheck before you ever see it. A good place to start is with your 401K or IRA. You get tax savings and, in the case of the 401k, receive a company match most of the time. Whatever you do, always contribute at least enough to get the company match. It’s free money. Most companies match dollar for dollar up to 5% of your salary.
You want to aim for a minimum savings rate of 10%. If you haven’t already, create a budget. You’ll not only find where your money is going, but how it is being wasted. Don’t be surprised how easy you’ll find that initial 5%. In conjunction with the budget, use what I like to call the 24 hour rule. Since I do most of my shopping on line, I let my purchase sit in the shopping cart for a day. After sleeping on it, many times I’ll discover I really didn’t want that particular item in the first place. This eliminates that binge impulse. How many times have you asked yourself “why did I buy this thing? What a waste of money.” Automatic savings also helps you take advantage of compound interest (interest earning interest) and dollar cost averaging (avoiding the pitfalls of market timing).
The psychological benefits are significant as well. First, you have the peace of mind that you’ve developed a plan to retire or will have the money available to do what you want to do when you want to do it. Second, seeing success will help keep you on track and stick with it. As with most things, early failures can cause us to give up and not even try. Finally, you’ll develop good spending habits and live within your means, not above them. It usually takes four weeks to make something a habit.
Perhaps most importantly, you put yourself first, not someone else. You are worth more than someone else, so start treating yourself that way.
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 manner.
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My friend What I want for you is that you worry less about money everyday, I want you to go on annual holiday with your family without worrying about how much you have spent. A proper personal finances is the beginning of good and sound health. It is time for you to have a balance life and live the life you are created for.
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 would prefer cash over credit. Mobile ATMs for events make this possible in a convenient and cost effective way.
Money for Nothing
It may sound too good to be true, but there is a way to get mobile ATM machines for events provided free of charge. The secret is sponsorship. Big companies and financial institutions want the exposure that your crowds bring them, so sometimes they’re willing to foot the bill in exchange for some publicity.
This is when the best financial service solution organizations show their mettle. Any company that’s experienced enough in mobile ATMs for events will have the knowledge and connections needed to secure a sponsorship deal for you.
The leaders in ATM solutions will be able to go above and beyond the bare bones functionality of the machines to serve up something exceptional. If you want a custom design for sports events to show team spirit, for example, they might be able to wrap your ATM in the home colors and emblazon the display with your mascot’s image.
At the end of the day you’ll be counting a lot more money if you add mobile ATM machines for events to your plan. That’s because you will be able to give your customers’ impulses an opportunity to take over, letting them have more fun in the process. You can also be sure that everyone is able to buy what they want from vendors that don’t accept credit or debit. Add onto that the opportunity to create a branded experience or even a zero cost situation, and you’ve got the overall picture of what ATMs can do for you.
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 your entire income.
4. Save diligently. Only you are responsible for your financial future, and money will not miraculously appear when you need it. Saving a fixed sum of money from your income every month is an important cash management principle, irrespective of your expenses or emergency spends in some months. Over a period of time, you will have accumulated a healthy corpus of money in the bank, which you can invest in short term bonds or in PPF or FDs to augment the money.
5. Do not borrow unless necessary, and without a plan. You might be in urgent need of money but be sure to borrow only when you are certain of repaying the money. This applies to taking home loans, business loans or private loans from friends. Your repayment plan must be based on actual, not on hazy ‘I will pay it back somehow’ plans.
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 years they will be financially secured and their golden age, when they are retired, will compensate all the efforts that they had spent earlier.
Using short term loans and living in the moment without taking future into consideration is careless and if you see yourself as a financially responsible grown up, forget about instant tantalizing temptations and focus on making investments now instead of overspending and jumping into debts. It will make do no good.
So, thinking about the future, are you ready to secure it with embracing financial freedom? What are you planning to do for achieving it and what hard steps are you going to undertake? Committing your own precious time to becoming financially secure is going to be very tough as you will have to deny your wishes and make sacrifices. It is a long term promise to yourself but with astonishingly rewarding consequences. Are you up to it?