Is Individual Voluntary Arrangement Right for You?

Is Individual Voluntary Arrangement Right for You? Have you been thinking of claiming bankruptcy? What if there was another option other than bankruptcy to solve one s financial dilemma that is just as beneficial as bankruptcy but not as limiting? You re in luck!!! There is a substitute. It s called an Individual Voluntary Arrangement. Also known as an IVA, it is an agreement between the debtor and their creditors to repay a percentage of one s debt over a course of the length of the IVA. The length usually is about five years. After the length of the IVA, all outstanding debts are usually written off. Only a couple people can initiate an IVA. In most cases, the debtor begins the process of starting an IVA. But if the debtor is an undischarged bankrupt, the trustee, official receiver or the bankruptcy courts can kick off an IVA as well. The idea is to protect assets that maybe at risk if one were to file bankruptcy, such as your home and automobile. IVA s don t leave as much of a lasting impact as bankruptcy would, and it also gives one a chance to obtain credit after the length of the IVA itself. Although IVA can be just as stressful as filing bankruptcy, in the long run, it looks better than having a bankrupt on one s credit. It should be known before starting an IVA that it s not just paying back a portion of your debts and walking away from the rest. Restrictions do apply and starting off the process usually ranges from anywhere upwards to about twenty five hundred dollars. Most IVA operators require about seven hundred and fifty dollars upfront while working in the rest into the IVA itself. If you are in debt, and are thinking of bankruptcy, consider an IVA. It could be the answer to preserving your assets and your future. Written by Andrew Waldenson. Find the latest information on IVA as well as Individual Voluntary Arrangement

My Debit Card Was Stolen - Here s What to Do

My Debit Card Was Stolen - Here s What to Do It s true; I never thought I would let it happen, but it happened without me having any knowledge of it. While you can minimize your risk of having your number stolen, if it does happen, you need to be on top of it. Just a few weeks ago, I discovered that I needed to make some calls. Normally, I log on to our bank account, just to double-check our recent activity, about every 2 or 3 days. As I logged on a few weeks ago, I noticed a charge to Apple iTunes for $67.33. While I initially thought I did not make a purchase with Apple, I did recently get an iPod and have not quite figured out iTunes yet. There was also a pending charge of $33 made the day prior, so I wanted to get to the bottom of this. Frankly, I did not even think about card theft because my card was in my wallet and had not been out of my sight. I was more worried that I had signed up for iTunes without knowing it, and they were charging me on a recurring basis. My research started with a phone call to the number listed on my bank s website next to the charge. The recorded message sent me to a page on Apple s website and that set off the alarms. The page suggested changing my account password and calling my bank to cancel the card because of expected theft. I opened iTunes, and realized that not only did I not have an account, but I have never given my card number to them. A phone call to my bank cleared it up and I began to realize what had happened. Most of the time when a card number is stolen, the thief begins with small purchases to see if they will clear. Once that is apparent, the real purchases begin. After just a few minutes on the phone with a bank representative, my card was canceled and I was issued a new one. Many people fear theft of a debit card because it is linked to an account with money in it, as opposed to a credit card that you pay at the end of the month. If you have a debit card, you have the exact same protection as a credit card offers. My bank issued a refund, which posted to my account within 24 hours. I am not liable for any charges I did not make myself, regardless of whether my card is designated as credit or debit. The only thing that remains to be done is to complete a few pages of paperwork and return it to the bank. I already have a new debit card in my possession, and a daily eye on my bank account shows no more charges that I do not recognize. As for how the card got stolen, I really have no idea. There are a lot of opportunities for thieves to obtain your data, but I cannot think of how it happened. If you purchase items online or anytime you give your card for someone to swipe, your information is out there for someone. Restaurants really scare me because the card is out of site when the server takes it to process a meal. That is just one more reason to pay with cash. Justin Lukasavige is a Personal and Business Coach and owner of Lukas Coaching. Visit lukascoaching.com/resources.htm for a ton of free tools to help you improve your health, finances, business, career and life ! lukascoaching.com For more free columns and articles, visit lukascoaching.com/articles.htm

How To Keep Track Of Your Financial Affairs - The Easy Way

Keeping track of your financial affairs may sound like an unpleasant chore and a lot of work, at that. After all, what does it matter, so long as the bills get paid? Although paying the bills is indeed very important, it can be helpful to keep records and to organise your receipts. It can also save time in the long run. There are several reasons for creating an account of your income and spendings, as well as tidying away receipts in an organised manner. Tax forms require calculations of earnings and an accurate record of income, profit, loss and expenses if you are self-employed. In the unfortunate event of a computer error on the other end, you ll know exactly when a bill has been paid and have the records on hand when a company thinks you owe them. This can happen at times, and records save a lot of grief here. Having receipts neatly filed away also helps when you need to make an insurance claim. Another benefit is that when you keep records and receipts, you ll always be aware of the state of your finances and if changes need to be made, they ll help you analyse the situation. Keeping records doesn t have to be complex, nor does it need to take up a lot of time. Accounts books are inexpensive, and you ll only need a simple one. You can even purchase a notebook if you prefer and create columns for income, money paid out and a balance. The way you keep your records is up to you, so long as you note down your earnings, your monthly expenses such as rent or mortgage, electricity, water, gas, insurance, telephone bill, Internet, travel and everything else that applies to you and your family. Records can be created on a weekly basis, a monthly basis, a quarterly basis or even a yearly basis. I recommend a weekly or monthly basis, because otherwise the sorting and record keeping takes up a lot of time, and receipts can be lost in the meanwhile. For most families, the monthly record will be the easiest, as many people get paid once a month. A handy bonus is that after doing your calculations, you know exactly how much money you have left until your wages come in again. This can help you decide your shopping budget, as well as how much money you have for extras your family needs. For the receipts, I recommend creating a folder. To keep the receipts from getting all mixed up, you could sort them according to week or month and hold them together by, for example, a paperclip. If you like, you can add a note to each bundle to state what week the receipts are for. That way, if you do need to dig one out, you don t have to go through a pile of them. Once you get into a routine of keeping records, it doesn t take up much time at all. You ll soon get into the swing of it and, as many expenses stay the same throughout the year, you ll probably find the process easy and straightforward. It can be truly comforting to know exactly how well you and your family are doing. This article has been submitted in affiliation with StockBee.Com/ which is a free online stock ticker quiz .

Budgeting Is Key To Improving Financial Skills

Budgeting Is Key To Improving Financial Skills The implementation of personal finance classes in secondary schools could be the key to improving the nation’s attitudes to debt, an industry expert has suggested. According to a spokesperson from Citizens Advice, such a move will help young people develop a greater knowledge of financial products such as personal loans and credit cards, which in turn could see them become more responsible borrowers in later life. It was suggested that a “lot of debt problems” are currently being caused by a lack of understanding of economic terms and schemes. Meanwhile, a shortfall in confidence in dealing with money matters was also attributed to the country’s debt difficulties. As a result, the advisory service reported that introducing mandatory classes for 11 to 16-year-olds across the country would boost their financial awareness and help them to be able to plan their spending. And should they look to borrow money in the future, through a personal loan for instance, then they may know how to search for the most competitive deal possible and judge how interest rates could affect their ability to make repayments. The representative commented: “We’d say the key thing is budgeting. Knowing how to budget is a fundamental building block of financial skills; understanding what you’ve got coming in and going out, being able to plan a budget, understanding how credit works and, as a result, being able to use credit and know how to get the best deal.” It was also suggested that there are a “whole variety” of methods, such as drama classes, which can engage young people into learning about important financial issues. With the spokesperson also pointing to work done by the charity across the country in improving school-aged children’s economic knowledge, it was stated that “there shouldn’t be any reason for [engaging young people on this subject] being a stumbling block”. However, it was claimed that “the problem” in improving children’s personal finance knowledge would be to make sure that it becomes “something that all young people of school age do have access to”. Meanwhile, a recent questionnaire, which was conducted via social networking website Facebook and commissioned by ClearDebt, has indicated that young Britons are becoming evermore concerned about developing debt difficulties in later life. In a study where 200 people were questioned, 48 per cent of 18 to 24-year-olds are currently reported to be in the red. With one in six (14 per cent of respondents) predicting that they will owe money by 2012, some seven per cent claim that they are set to be in debt within ten years’ time. However, a third declared that they think they will never get into arrears via credit cards and unsecured loans. The findings also revealed that just over a fifth (21 per cent) of young women believe that they will never get into debt. Although this proportion rose to 40 per cent of men in the 18 to 24 age bracket, Andrew Smith, marketing director for ClearDebt, claimed that many males “are being rather over-optimistic” about their views on their future monetary situation. Tom Dawson is the Editor in Chief for Essentially Home Loans where visitors can apply for cheap loans online . We also specialise in debt consolidation loans , and secured loans

Getting Your Finances in Order

A crucial step in starting your search for a new home is having a clear idea of your financial situation. By getting a handle on your income, expenses and debts, you ll have a much better idea of what you can afford and how much you ll need to borrow. For lenders to verify this information, though, they re going to need to look at your financial records. It is also important to remember that you should include records for each person who will be an owner of the house. So before you even visit the bank, make sure you ll be able to provide copies of these important documents: Paycheck Stubs Remember that lenders are most interested in your average income. Not only will they want to see this month s paycheck, but also how much you ve been making for the past two years. Steady employment is also more attractive to lenders, so if you ve been hopping from job to job, be prepared to discuss the reasons why. Bank Statements In order to qualify you for a loan, most lenders will also ask you for copies of your bank statements. Ideally, they d like to see a steady history of savings--or at the very least, that you re not bouncing checks every month. Tax Records It s always a good idea to save copies of your tax returns, especially if you re self-employed. If you own your own business, it s important to note that lenders generally consider your income as the amount you paid taxes on--not the gross income of the business. Dividends and Investments Lenders will usually consider long-term investment dividends, as well as your investment portfolio, when evaluating your income. Alimony/Child Support If you receive steady payments as part of a divorce settlement or for child support, you can also include this as part of your gross income. Just remember that lenders will want to see a copy of your divorce/court settlement verifying the amount of the payments. Credit Report Virtually every lender will want to see a copy of your credit report as part of the loan application process. The report lists all of your long-term debts, as well as your payment history. In general, they will require you to pay for the credit report (approximately $50), but if you have a recent copy, they may accept that instead. Rob Alley Roy Wheeler Realty Co. - The Avery Group robsellscharlottesville.com roballey@roywheeler.com

Simple Steps To Maximum Dollars And Sense Part 1

I know what you are thinking, 5 Simple Steps, no way! Well, yes way! Not only yes, but a proven, resonating yes! Before I start with the 5 Steps, let me assist you in clarifying some things. First , never believe everything you read, unless its been proven. Second , only trust verifiable resources . Like a Certified Prosperity Coach . Thirdly, always have a mentor or coach who can guide you. Now with that said, lets start, because I know you can hardly wait. So the first Simple Step is: 1. Save at least 10% of all earnings. I know this may sound elementary, but you would be surprised how many people, even with degrees, don t do this. This is critical. You have to save at least 10% of everything that comes in, into a future living savings plan. Make sure you do this first! 2. Make your money have babies! I know, I cant say that without laughing either. But treat this principle with respect like an elder. The principle here is that your money cant do much of anything sitting under your pillow (except maybe fluff up your pillow a bit, its so nice). See, the reality is that the rich understand that money bearing interest is money at work. This is one of the most underestimated principles. Money put to work makes money. Plain and simple! 3. Money stays with those who are wise in its ways. What I mean by that is simple (see all simple steps), I am talking about investing money or taking financial advice from someone who knows about money and how it works. So essentially, the principle here is to have a prosperity or financial coach or mentor. I will finish this step, as well as the others in a part 2 of this article. So make sure you check back. Also, if you have found this article helpful in any way, be sure to keep a copy for you and send the direct link for this article to friends, family and folks you meet anywhere. Have a Fantastic Day! Confidently, Henry Vargas is a Certified Prosperity Coach with Money Tree Seminars and has studied under the mentorship of Myron Golden. He is a young entrepreneur and has several business . He is a successful life consultant, transformational speaker, and successful internet marketer with several websites running. Henry has come to be known as Latin America s Marketing King because he is of Colombian descent. Henry High Voltage Vargas Latin America s Marketing King EzineArt@HenryVargas.com - email with questions, comments and requests TypeClickCash.com Henry Vargas Latin Americas Marketing King

Top 10 Ways to Jumpstart your New Year s Finances!

Top 10 Ways to Jumpstart your New Year s Finances! Of course, these don t have to be done in any particular order! Just pick one or two that particularly apply to your situation. * Create your 2005 filing system. This might include new file folders, a new box to hold them or space in a filing cabinet with easy access. Mp> * Set up a folder to collect all the important 2004 tax documents which will be arriving soon. Sure to arrive at your house are W-2s, 1099s, mortgage statements, etc. * Set up an appointment with your tax professional early so you get the appointment of your choice. This also gives you a deadline to get your information ready! If you’re self-employed, the next quarterly estimated tax payment will be due on January 15. * Review last year’s investments especially in your 401(k), IRA’s etc. Find out what financial planning resources your company or 401(k) plan administrator offers and set up an appointment to talk to them. For non-company portfolios, talk to your investment advisor. You have until April 15 to make contributions to IRA type accounts (check with your tax preparer for eligibility). * What about Quicken or Microsoft Money? If you don’t use software to balance your checkbook, pay your bills and keep track of your savings and investments, this is a great time of the year to get started. My personal favorite is Quicken and for small businesses, you might consider Quicken Home and Business. If you are a small business with Payroll needs, check out QuickBooks. * Medical Insurance reimbursements. If you haven’t submitted all your medical bills to your insurance provider, now is the time to do so. * Will and Estate Planning. No one likes to think about dying, but the best thing you can do for your family is to make sure they are taken care of by creating a will and making sure you have adequate life insurance. Think how easily you’ll sleep knowing you have provided for your family even if you are no longer there. * Speaking of insurance… If you haven’t reviewed your health or home and auto policies in the last couple of years you might find you can save money and/or have better coverage. For example, if you still have a $250 deductible (which was my first deductible in 1979!), you will probably save by increasing it to $500 or $1000. Try to set aside some of your savings for deductibles in case you need them. * Create your own Anti-Emergency Fund! We all know those car and home repairs, school fees, medical expenses and vacations are going to happen. Why not determine how much you’ll need and save 1/12 of it each month? To read more go to: phelps-creek.com/archives/Anti-Emergency.htm. * Holiday Bonus or Money Gifts If you received a financial gift this holiday season, hold on to it for at least 30 days while you decide what you really want to spend it on. All too often financial windfalls are spent before they even arrive. Consider dividing it into thirds: 1/3 to the past, 1/3 to the present and 1/3 to the future. Past might include paying down debt, present could be something you need or want now and future could be retirement, college savings, or a special vacation * Financial Goals for next year Think about where you want to be next year at this time financially. If you want to save $1000, put aside $2.74 each day and you’ll be there! Break down your financial goals into monthly, weekly and daily amounts and watch how quickly your savings will grow. Read more about it at: phelps-creek.com/archives/PDQFactor.htm. Happy New Year!!!!! (c) Phelps Creek Financial Coaching - All Rights Reserved ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Cindy Morus ( cindymorus.com ) is a Certified Financial Recovery Counselor specializing in showing women and their families how to achieve financial well-being and peace of mind. She is also a Certified Credit Report Reviewer. Contact her at 541-387-2995 or cindy@cindymorus.com . Sign up for the Get Ready to be Rich! teleclass community for FREE for 30 days at phelps-creek.com/riches.htm ! Attention Ezine editors/Site owners: Feel free to reprint this article in its entirety in your ezine or website as long as you leave all links in place, do not alter the content and include our resource box as listed above. If you do use the material please send us a note (cindy@cindymorus.com) so we can take a look. Thanks.

Certificates of Deposits For Retired Workers

After retirement sets in the investment years are mostly over. We saw a glowing example of a retiree losing a huge amount of his retirement money in the Enron debacle. He was profiled on television testifying in the Enron investigation that he lost $4 million dollars with the fall of Enron. He retired years ago, yet he kept his money in their company stock, which was the stock of his past company. This goes against the conventional wisdom of not putting all of your eggs in one basket. What are some of the alternatives he could have investigated to place his money in less risky venues. He could have taken it out, rolled it over, and placed it in a number of venues to increase it s safety. One much less risky venue would have been a CD or certificate of deposit. A certificate of deposit is a fixed income savings account issued by a bank with a better interest rate than a savings account. A CD has a maturity date of from 1 month to 5 years. Money you may need in the very short term could be place in a 1 month, then some in the 1 year, and so on. The CD has a fixed interest rate and is insured by the bank. It is structured so you don t get your money at any time, but you can get it before the maturity date, but you will usually loose some or all of your interest. You can think of the CD as a short term, low-risk, interest-paying savings account. This is how it works. If you put $10,000 into a CD at an interest rate of 6%, you will have (10,000 x 1.06), or $10,600 at the end of one year. If the Enron retiree had (4,000,000 x 1.06) in a CD account, he would have had $4,240,000 at the end of one year, instead of zero (0), after the one Enron stock he invested in collapsed. Before you invest in a CD at your bank there are a few questions you should ask. 1. When does the CD mature. You should only keep the money in for the period of time you absolutely will not need it, if there is any chance you will need the money before 2 years, don t get a CD that matures in in two years. 2. What is the interest rate? 3. What is the CD insured for? 4. What is your exact interest rate for the holding period? 5. How much would you loose if you took your money out before the maturity date? Read all of the literature you are given and know what you are investing in before you put your money into your chosen CD account. Remember, all investments come with some risk. ~~~~~~~~~~~~~~~~~ Lois Center-Shabazz is the founder of the personal finance website, Msfinancialsavvy.com and the author of the award- winning book, Let s Get Financial Savvy! msfinancialsavvy.com

Objectively Study Loans

Loans are fast turning into a necessary evil. It has become hard to not go to a loan provider to ask for a loan. With price rises and the growth of consumerism, it is quite common to avail of a cheap loan or two. The idea of going in for a loan no longer fills people with the sense of dread that Antonio must have felt in taking a loan from Shylock in Shakespeare s The Merchant of Venice. There has been immense growth in the world of personal finance. As a consequence of this growth, lenders have relaxed many of their earlier terms and conditions. The path to securing a loan in the world of today is no longer fraught with barriers of all kinds. More and more groups of people are now turning to the world of loans to take care of bills that appear insurmountable in the short term. Of course, one s attitude towards a loan will be of utmost importance. When applying for a loan, one must seriously think about whether one will definitely be able to repay it on time. Being unable to repay the loan on time will add unnecessarily to your monthly expenditure. This is something that can and should be avoided as far as possible. So, when you finally narrow down your loan choices, make sure that you go over your repayment plans with a fine tooth comb. Try to become aware of all the possible cons while you are at it. A common mistake that people who are applying for loans for the fist time make is that they go with the first deal that they find. There is nothing wrong with signing the papers for the first loan that comes your way. It could easily be one of the best loans available. However, before making a decision, you should ensure that you have looked at a number of other loans as well. It is always a good idea to find out what your other options are. You might just come across an incentive that scores many more brownie points than the first deal that you had your eye on. Objectivity is a must when it comes to making comparisons between loans and selecting the best ones. It would not be advisable for you to take everything that the lender says at face value. Bear in mind the fact that your loan provider is in effect trying to make a sale. So make sure you look beyond the sales pitch. Visit the one stop shop for cheap loans , unsecured personal loans , and adverse credit loans .

How to Read an Experian Credit Report

The Fair Credit Reporting Act (FCRA) requires each of the Nationwide Consumer Reporting organizations (Equifax, TransUnion and Experian) to provide you with one free credit report every 12 months per your request. This means that you are entitled to three free credit reports per year, if you deem it necessary. You can stagger the requests or order all of them at the same time. Each of the National Consumer Credit Reporting bureaus have a unique credit report format, but in essence they provide you with the same information. When you receive your free Experian credit report use the following guidelines to read your report: Personal Header Information This section lists your full name, report number and report date. You will need to reference the report number, if you wish to contact Experian regarding your credit report. Potentially Negative Information Any information that may lead creditors to view you as a credit risk will be listed here. The following details will be listed: the name of the creditor, their address, your account number, account status, claim filed date, claim amount, claim resolved date and who bears the responsibility of resolving any claims or issues against the account. In addition, this section will list any bankruptcies, foreclosures, judgments or liens in your credit history. Credit Items Here you will find all the credit accounts that you have or have had in the past. It will list the name of the creditor, their address, your account number, the type of account, the status of the account (e.g. paid or past due), the date on which the account was opened, the credit limit, payment terms (e.g. 12 months/year), monthly payments, recent balance and recent payment. You will see a summary “credit history” for each of your accounts. The summary will indicate, whether the account has been to collections or was delinquent. In cases, where you are disputing items against the account, you will see a note indicating your dispute status. Accounts in Good Standing This is the good part. Every account you have listed here works towards a good FICO Score. You will find the name of the account creditor, their address, your account number, the type of account, the status of the account, the date on which the account was opened, the credit limit, payment terms (e.g. 12 months/year), monthly payments, recent balance and recent payment. If you closed the account, you will see a note indicating so. Requests for your Credit History Any inquiries against your credit file will be listed in this section. This section is divided into two subcategories: (a) Requests Viewed by Others (b) Request Viewed by You. “Requests Viewed by Others” are inquiries against your credit report from creditors with whom, you have applied for credit lines or loans (e.g. mortgage loan or credit card application). Some inquiries may have been originated from potential employers. Each request will have details identifying the name of the requesting company, their address, the date on which they made the request and any comments regarding the request. “Requests Viewed by You” are inquiries against your credit report by yourself or persons who have permission to review your credit file by law (e.g. creditors wanting to offer pre-approved credit, employer about to extend an offer of employment or consumer credit reporting bureau processing a request made by you). Each request will detail the name of the requesting company, their address, the date on which they made the request and any comments regarding the request. Personal Information This section will detail your personal information. “Names” will reflect all variations of your name (e.g. Sam J.Doe, Samuel J. Doe, S.J.Doe). Additional information will inclue your date of birth, social security number, current address, previous address, phone number, current employer and any personal statements that you have made to Experian regarding your credit report. Note: By law, Experian cannot disclose medical information, therefore any accounts of the medical nature will be listed as “Medical Payment Data”. You may also find the following credit report terms helpful: CURR ACCT â€" Account is current in payments and in good standing. CUR WAS 30-2 â€" Account is current was 30 days late twice. PAID â€" Account has been paid off and has a $0 balance and is inactive. CHARGEOFF â€" Unpaid balance on account was reported as a loss by creditor and the creditor is no longer seeking reimbursement. COLLECT â€" Account is severely delinquent and assigned to collections. FORECLOS â€" Property was foreclosed. BKLIQREQ â€" Debt was forgiven due to Chapter 7, 11 or 13. DELINQ 60 â€" Account is 60 days delinquent. INACTIVE â€" Account is inactive. Sample Experian credit report The author is the owner of the information-rich website poorcreditgenie.com . The website offers free advice on how to rebuild credit and manage debt. The site also features numerous articles and news stories on credit report, credit cards and bankruptcy.

Success On The Road Lesss Traveled

Entrepreneurs typically buck the system. Conventional career and financial thought seldom encourages this atypical path. We hear: “Get a good education. Find employment with a stable company. Save as much as possible so you can retire someday.” Following this advice limits those thirsting for more from their personal and professional lives. How many people have a J-O-B that doesn’t nurture or fulfill them, and live smaller lives as a result? Sure, they may enjoy more security or better benefits, but what do they sacrifice in terms of quality of life and self-satisfaction? Conventional financial dogma, despite its best intentions, perpetuates the problem. Many stories in the popular financial media promote zero debt, saving at all costs and utilizing traditional investment tools to ensure a secure future. While inherently good advice, it nevertheless often deters people from pursuing larger, more fulfilling lives. It also neglects an important asset class: you and your career. Pursuing work that nurtures you as a vehicle through which to express yourself can be a significant investment, providing far richer returns than traditional investment vehicles. Yet following this path often involves forsaking the mainstream and embracing risk. It may require foregoing savings, incurring debt and temporarily resisting traditional investments. Entrepreneurship is a very viable choice for some, but its aphrodisiac effects can cause us to abandon conventional financial wisdom entirely. While watching your dreams manifest as you follow that divergent path, you must remember to employ certain conventional financial tools. You want to enjoy the benefits of your less traditional vocation while ensuring future prosperity and financial security. 1. Have a plan. Just as you have business and marketing plans, create a financial plan that indicates where you will allocate and invest your funds. 2. Allow for emergencies by developing and maintaining adequate reserves. Try to earmark at least six to 12 months worth of expenses to keep your business afloat and your portfolio, if you have one, intact. 3. Make sure you are properly insured. Nothing can derail your business and your finances more quickly than being sued and/or underinsured in the case of an emergency. 4. Watch your debt. Counter to mainstream thought, not all debt is bad. Debt incurred to develop yourself and your soul’s purpose (education, your business, etc.) is good. Still, you should limit high-interest debt as much as possible. 5. Don’t invest everything in your own company. Be sure to diversify your existing wealth to mitigate your risk. 6. Don’t forget about retirement. Many entrepreneurs are too busy running their companies to consider retirement. Reduce taxes and save with plans like a solo-401(k), profit-sharing, or even a defined benefit plan for older business owners. Develop a succession plan, for your eventual exit of your company. It takes courage to run your own business and follow a different path, but remember to plan. You don’t want to look back, wishing you had followed the herd. Money is not meant to keep us trapped in a rigid life. Rather, it is a vehicle for enriching our souls. Knowing this, you can succeed as an entrepreneur â€" and preserve your future â€" by marrying unconventional methods with conventional ones. Todd Smith, Certified Financial Plannerâ„¢, is a financial author, speaker and coach who helps working adults navigate the complex financial landscape to achieve greater economic success and prosperity. 602-485-3896, azmythfinancial.com or todd@azmythfinancial.com

2 Smart

Saving is one of the most beneficial things you can do to plan for the future. For those that save money on a regular basis, you can find that it is much easier than you think to save for college, buy a home or a large purchase such as a dream vacation. Unfortunately, saving is not easy to do and requires discipline, but if you want to save money, here are two smart and easy ways to do so. Save Money Using a 401K Account One of the easiest and most effective ways to save money is through an employer s 401K account. With a 401K account, you can have your employer deduct a set amount from your paycheck during each pay cycle. The good news is that you receive your paycheck with the amount already deducted- this ensures that the amount is saved each pay period. Once deducted, you have the option of investing the money in stocks, bonds, mutual funds, money market accounts, etc. So not only are you able to save a specific amount of money each pay period, but your money will hopefully grow. Another great feature regarding 401K accounts is that when money is deducted from your paycheck it is deducted without tax. Taxes are not paid upfront, only when you cash out your 401K account. This means you can save money that is normally taxed, invest it, and reap the benefits of growth, all before having to pay taxes on it. Save Money by Paying Yourself First If you are self employed or your employer doesn t offer a 401K plan, one strategy to make sure you save money is to pay yourself first. Just like you will always find the money to pay off the electric bill, you should always pay yourself first. Come up with a percentage or a set amount each pay check such as $50 per paycheck or 10% of the net and in a few short months, you will be amazed at how much you were able to save. To increase the effectiveness of this strategy, try to place your saved money in a savings account where it will grow with the help of a compound interest rate. Saving as little as 5% of your paycheck can leave you with a small fortune of several hundred dollars to a couple of thousand dollars at the end of the year. Connie Barker is the owner of several financial websites dealing with Bad Credit Loans and Personal Loans .

Banking Made Easy

There are many ways in which banking has become simpler and less costly. Offers for free checking has revolutionized the banking we all knew from days gone by. When you consider how your monetary savings being in the bank actually supports the banking institution it really doesn t make sense they could charge you in the first place. If you are still paying a monthly fee to utilize banking privileges then you are at the wrong bank. There should be overhead in the banking world, there is in any business. Paperwork and customer service work in general has to be costly to any business. Services performed by individual employees should be polite and cordial, prompt and thorough also. Hours of operation should reflect a convenience to the customers. These are all things that a business should entail in order to prosper and continue growing. The banking business is no different than any other type of business. There is an added pressure to the general rule of courtesy when a person s life savings are involved. In essence banking institutions are investment facilities. Savings accounts and Certificate of Deposit (CD) accounts are among the more popular ways for the working class to save his or her hard earned money. In these types of savings venues your savings will be available to you in a hurry and will also earn interest. The checking account end of the banking industry is more of a courtesy. But that makes it no less important to the people who utilize the service. There may be an eventual loss of paper money and or paper checks in our society. The electronic age has arrived and will eventually engulf the banking end of finances and retail. Online banking has its own place in the modern age of banking. Until real time banking disappears totally there will be the need for a banking facility. You must have a banking facility in which you feel welcomed and satisfied. There should truly be a sense of community among branch offices and you should never feel threatened or demeaned by the loan application process. If all of these components mark the banking personnel you deal with then you are among the grateful people who are satisfied to do banking the old fashioned way. Jeff Lakie is the founder of Banking Resources a website providing information on Banking

Holiday Spending - Plan Now to Avoid a Spending Hangover

Thinking about holiday spending yet? Well, the folks who want you to spend are thinking about it. And you should be too - start planning now to be sure you can stick to your budget and still buy the stuff on your list. Make a list, check it twice The biggest reason to plan early is to make sure you capture all of the holiday spending items, not just presents. Of course, gifts for others are typically the biggest expense. But here are some other items to put on your list: Travel. Are you flying or driving to see relatives? Are you staying with them or in a hotel? Food. Parties at your house or your friends houses typically involve food even if it is just taking a bottle of wine or bringing an appetizer. Host one, attend two and this can start to add up. Decorations. Some years you just need to bring out last year s lights and ornaments. Other years you need to get new items because the old stuff is just worn out or not working. Maybe you buy a real tree each year. Or you have a new house. This stuff is not cheap and can be a big source. Stocking stuffers and Christmas cards. Some folks stockpile Christmas cards that they got from last year s after-Christmas sales. Maybe that is you - or maybe not. And the stocking stuffers that can be even more expensive than the big gifts! A CD fits nicely into a stocking - but at $10 or so per CD, it s not a very inexpensive extra. Add the dollars to the list Now that you have a list, including all the presents you believe you need to buy, start putting dollars to it. Real dollars so you know how much holiday spending is going to cost you. If you have gotten really specific on what you are going to buy - a High School Musical DVD - it will be easier to put a cost on the item. If you just have Sara s present as an item, you can add how much you are willing to spend on Sara. Either way, you will get a realistic starting point. This helps in a couple of ways. First, it gives you a starting point. Many people overspend because they do not have a plan in the first place. They buy things as they see them, forgot what they have gotten for whom and then buy more. Second, it helps you figure out now if you are already over your budget. Adding up how much you have spent after the holidays does not help you meet your budget. Adding it up now and keeping track of your purchases against it does. Third, you can figure out if you are really spending your money on what is meaningful to you. Would you rather get your cousin a $50 sweater or give her a coupon for an afternoon of lunch and a movie? It might cost the same, but the actual value of the gift might be completely different. Those are just a couple of ideas to get started on planning for this holiday season and all the holiday spending that goes with it. Now, how are you going to prevent having a hangover? Jennifer Peek is an accountant and the mother of two. She writes about all aspects of kids and money at her website, money-and-kids.com See more information on holiday spending for parents and kids at money-and-kids.com/Christmas-spending.html

401K Contribution Limits

The IRS has imposed certain limits on the amount that can be contributed to an individual?s 401(k) plan account in a year. The IRS also decides the maximum pre-tax amount that can be contributed to this plan. For the year 2005, a maximum limit of $14,000 pre-tax contributions made to employer sponsored plans were set up. The maximum pre-tax contribution limit is slated to be $15,000 in the year 2006. These contribution limits are the outcome of the Economic Growth and Tax Relief Reconciliation Act of 2001. The maximum pre-tax contribution limit, in post-2006 period, is indexed in $500 increments for inflation. Even if one works for more than one employer these is the IRS pre-tax limit for a particular year. The IRS has also fixed maximum limit for the aggregate sum that may be contributed to the 401(k) account by all the sources. This not only includes any employer matching or profit sharing contributions as well as any employee after-tax contributions. As far as the catch-up contributions are concerned, if one is expected to reach age 50 or older the limit for additional catch up contributions $4000 in the year 2005, it is $5000 in 2006. After year 2006, these limits will be subject to cost of living adjustments commonly known as COLA. It is important to note here that at the end of the calendar year, if an employee s your regular pre-tax contributions have not exceeded the Plan contribution limit or the IRS annual dollar limit, some or all of the employee s catch-up contributions could be treated as regular pre-tax contributions. The contribution limits have been devised in such a way that the employers do not discriminate to favor the highly compensated employees. 401K provides detailed information on 401K, 401K Rules, 401K Rollover, 401K Contribution Limits and more. 401K is affiliated with Money Management Strategies .

Brits Lying About Their Finances

Brits Lying About Their Finances An increasing number of people are not being truthful when it comes to discussing their debts, new figures show. In the Let s Talk About Money study released by the Motley Fool, one in six (16 per cent) Britons have lied about how much they are in the red via secured loans, plastic cards and other types of borrowing. However, young consumers are even more willing to do so as some 22 per cent of those aged 18 to 24 have admitted to telling falsehoods, with this proportion rising to 23 per cent among people aged 25 to 34 years old. On the other hand, older people are shown to be more honest as only seven per cent of consumers in the over-65s admit to being untruthful when talking about personal loan debt and other forms of arrears. Meanwhile, 20 per cent of consumers claim to get so stressed over their financial predicament that they just want to disappear . Research from the firm also showed that 12 per cent of Britons purposely do not open bank statements or other type of financial documents, with just under a fifth of people aged 45 to 54 keeping such correspondence sealed. Meanwhile, those living in Wales are the most likely to tell mistruths about debts owed via plastic cards, loans and other means, as 23 per cent from the region state that they have done so in the past. This compares to 12 per cent of people from the north-west. Commenting on the figures, David Kuo, head of personal finance at the Motley Fool, said: It seems that what starts out as a little white lie about our shopping habits can quickly turn into a nasty black stain on our credit report if we don t talk openly about money. It s a real shame that people feel they can t be open about their finances, especially with friends and family. He added that consumers should always look to be honest about financial matters. It may not always be easy to do your dirty laundry in public, but it s preferable to being hung out to dry by creditors. Chances are you ll be able to gain tips from others to help reduce debt and start saving, Mr Kuo asserted. Women were also shown to lead the way in the dishonesty stakes as just over a third (34 per cent) state to have shelled out less for a product than was actually the case, in comparison to some 21 per cent of men. Contrasting, nine per cent of females have bumped up the price they paid for an item to make it seem more expensive. Such unwillingness to talk about money management was also revealed earlier this year. Findings from Picture Financial indicated that consumers are more likely to talk about religion, current affairs and sex than they are about their finances. Meanwhile, research from the firm showed that half of Britons believe borrowing via personal loans and other means can be beneficial and act as an acceptable means of maintaining a certain standard of living. For those who find that they are struggling to manage their money, taking out a cheap loan as a means of debt consolidation could well be advisable. Abbi Rouse writes for All About Loans where visitors can apply for personal secured loans and also focuses on loans in the UK , and fast secured loans for UK Homeowners.

The People of Katrina And The Taxes They Pay

I have watched several documentaries on Kartrina and the existing devastation of the New Orleans area. It seems the major corporate entities such as the Superdome in New Orleans and the Gambling Casinos in Mississippi have been restored quickly and are functioning. The areas other than the corporate wealthy areas are still blighted, full of piles of trash, and vacant. Insurers are finding excuses for not paying to rebuild houses and the government keeps saying it plans to fund the rebuilding of the gulf coast homes, but have not. If I am not mistaken, didn t all of those homeowners and most of the apartment dwellers work and pay state and federal taxes? Doesn t that mean they deserve to have some of that tax money available to fix some of that devastation? Does this mean that when there are natural disasters in other parts of the country people will NOT be treated as tax paying citizens of their own country, but instead like refugees with no rights? Seeing all of those documentaries on the anniversary gave little hope to the future of natural disaster plans in this country. A documentary by Discovery Times interviewed many of the professionals who were present during and after the floods, who contradicted many of the negative media reports that were put on the air about Katrina victims. Were these false reports put on the air to brainwash us against the Katrina victims? In my opinion all of this demonstrates that although we pay large amounts of state and federal taxes, the government may not be there for you if a natural disaster happens, therefore you MUST get all of your ducks in order now. Save money, keep a credit card with no balance, have an evacuation plan, have provisions, and leave when you are told. That was difficult for the poorest people who did not have money saved or credit cards, but they can try by contacting family members out of town or finding an inexpensive hotel on higher ground outside town or asking their church for help. Write your congressman and senator for more clear cut evacuation bills so everyone can be helped when a disaster strikes. Lois Center-Shabazz is the founder of the personal finance website, Msfinancialsavvy.com and the author of the award-winning book, Let s Get Financial Savvy! Msfinancialsavvy.com, Now Get Free Business Tools Here

Need a Money Making Idea?

Need a Money Making Idea? If you are in need of creating an additional income stream either part time or full time then you might want to consider some online money making ideas that can earn money for you from the comfort of your own home. The internet is a money making idea that is often overlooked by many who feel that the world of computer s is just to overwhelming. This couldn t be farther from the truth. Today there are so many money making ideas you can choose from online that anyone no matter what skill level can find something that will suit there needs and help them pull in a little extra cash while at home. Below is some of the most popular and easiest money making ideas you can find on the internet. Affiliate marketing has taken the internet by storm as the most prominent money making idea. The way it works is you are basically an internet salesman of sorts. Many online companies have an affiliate program that is free to sign up for. After you sign up to become an affiliate most will give you a general idea of how you can go about promoting their product. Any time you make a sale you will get paid a commission. Some affiliate programs pay as high as 50 to 75% per sale. You can easily see why this is the internet s most compelling money making idea, especially for beginners. Another easy money making idea is to use Google Adsense. Google Adsense is free to sign up, just go to the google home page and click on advertising programs below the search bar. The reason google adsense is such a great money making idea is because it requires no real work on your part. What it does is display ads on any web page that you create. Google will look at your web page first and then display ads that are relevant to the content on that page. This increases the chance that someone who is reading your web page will click on an ad. You will get paid every time someone clicks on an ad. The amount depends on how much the person who placed the ad has chosen to pay per click. I have sen clicks that range from 10 cents to 5 dollars. There are a number of ebooks and online programs that are geared for helping the beginner discover these and other money making ideas, along with step by step instructions on how to implement the money making ideas and start earning some real money on the internet. There are also a lot of money making ideas that promise to turn you into a millionaire overnight. In my opinion, anyone who believes in these bogus money making ideas practically deserve to have their money ripped off. Be prepared to put in the time and effort it will take to start making money on the internet. Look for things like 24 hour phone or e-mail support in case you have a question about something. Also never buy anything that doesn t come with a 100% satisfaction guarantee or your money back. Any reputable money making idea will have no problem doing this if it really is a worth while program. If are interested in making money on the internet using affiliate marketing and want to see what kind of programs are available to you please visit my website Johnny s Scam Report. I have tested many of the internet s so called money making ideas and can help save your time and money. Also click here to see what I believe to be the best opportunity for making money on the internet. -All The Best-

Who Is In Charge Here?

Who Is In Charge Here? Most of the time you are - unless you want to put things on auto pilot or let someone else take the wheel. Autopilot is like cruising in the comfort zone. There is a set routine, no big changes are anticipated and you are just enjoying the ride. You relinquish control when you let others drive your life - at work, at home and with your finances. Your boss decides what your career progression is, your family decides your lifestyle and your financial advisor decides what should be in your portfolio. In my experience - I did not want to be in control because I was not confident I could deal with the responsibility. I was expecting others to make the best decision for me. It was naive thinking but I learnt my lesson. Over a period of time it become clear that the person with the most vested interest in my success is me. To succeed I can t just be a passive bystander but an active participant. In corporate life I come across this lethargy often. Folks not willing to adapt to change or even acknowledging that things are changing. Pension provisions are being terminated, there is no life-long employment, outsourcing is a way of life, globalization is a fact ... the list goes on. To get a pink slip is traumatic and devastating but it can be avoided. Observe the signs, look at your industry, look at market trends, evaluate your skills and you will see where your career is headed. Take charge - acquire skills, negotiate, compromise, learn and make your own decisions. If you don t make the decisions - someone else will decide for you and it may not be the best decision for you. After the fiasco of the dot-com bust and letting my portfolio be controlled by “expert” financial advisors, I learned the lesson that no one cares about my money more than I do. I have the responsibility to learn how to manage my money, how to make it grow and how to become financially independent. I can seek guidance, help and counsel from the experts but ultimately it s my decision. I am in charge of my money, my life and my destiny.

Top 4 Tips To Claiming Your Unclaimed Cash

Every day thousands of people find unclaimed cash in the United States. But once they FIND unclaimed money, then you have to claim it! Claim your lost money correctly the first time so that you do not have to spend time sending in additional documents, delaying your check. This article will give you tips to claiming it the right way! Claiming Your Unclaimed Money After you conduct a search for unclaimed money you have to claim it! The process for claiming unclaimed cash is pretty simple but has to be done right or it will delay the processing of your claim and thus delay you receiving your lost money check. The process may very slightly from state to state or claim to claim but there are basic things to watch when submitting your lost money claim. Submit the Claim Form: Each state or federal agency has a claim form that you submit with the claim. Good databases will provide your claim forms and information. Make sure to COMPLETELY fill out the claim form prior to sending it in. Include Proof of Identification A check cannot be sent without proving you are who you are. Therefore, you need to submit proof of identification. This is most easily done with a Driver s License or Identification Card and either a birth certificate or social security card. Make sure the copies are clean copies and readable. How Do I Know This Money is Yours? When submitting a claim for unclaimed cash think like the person reviewing the claim. How do I know you are owed this money? How do I know this is not owed to another person with your name? Submit any forms or that show you are the person who owns this unclaimed cash account. These documents might include statements from the account, proof that you lived at the address associated with the account, papers that you received associated with the account, etc. Are You the Heir? If you are submitting a claim for an account that is not in your name due to inheritance, submit forms showing you are the executor, heir or power of attorney so that does not have to come into question during your claim process Keep Copies Make sure to keep copies of all the forms and documents you submit with you claim. This will allow you to reference them in the future if there are any questions or problems with your claim. Also, you will have the forms in the event anything was not received by the agency you submitted it to. Follow Your Claim Make sure you follow the progress of your claim. Claims normally take about 2 to 16 weeks to process, depending on the agency processing the claim. Many of the states offer updates online or by phone. Don t forget to follow-up and make sure your unclaimed cash claim is processed and your lost money check is received! Claiming your unclaimed cash does not have to be difficult. Following the above tips will help ensure your claim is processed and you receive your lost funds quickly! CLAIM YOUR UNCLAIMED MONEY NOW! Nicole Anderson offers more information about unclaimed money at usunclaimed.com Cash Unclaimed s database covers all state and federal databases, has Name Match technology, which will search variations of your name to ensure nothing is overlooked, and offers unlimited name searches to members. Click on usunclaimed.com for a free money search and locate your missing money today!

Financial Freedom Not Reached Until Mid 50 s

Financial Freedom Not Reached Until Mid 50 s Britons are not obtaining financial freedom until they get into their mid-50s, new research has indicated. Released today, Birmingham Midshires’ Life 2 report shows that it is not until they reach 55 that consumers are free from various “pressing financial strains” such as paying mortgages and personal loans and supporting their children. According to the findings, just under half (47 per cent) of respondents in their early 50s still have their grown-up offspring living at home, with 49 per cent giving monetary support to their offspring. However, once past the age of 55, only one in six of those surveyed are under the same roof as their children, with about a quarter providing financial handouts. Meanwhile, 41 per cent of people aged 50 to 55 are still paying off their mortgage, although this figure halves to 22 per cent for over-55s. The research also showed that just over half (55 per cent) of early-50s respondents are still in full-time work. However, once surpassing the 55-year barrier, just under a quarter (23 per cent) do not work nine to five. Commenting on the study, Jason Robinson, director of savings operations for Birmingham Midshires, said: “After years of bringing up children and working hard, those in their 50s can look forward to a more relaxing way of life, with fewer financial strains. The saying goes that life begins at 40 but it is interesting to see our research indicates otherwise. This could be down to a number of economic and social factors, such as rising house prices and people having children later in life, all of which take their toll on the age of financial independence.” In addition, the findings indicated that the high property prices in London are “taking their toll” on the over-50s, with a third of such parents living in the capital having their children live at home. Conversely, only 15 per cent of respondents in the south still share their roof with grown-up offspring. Meanwhile, consumers in Scotland are intimated as being the most financially independent as a fifth of over-50s in the country are providing financial help to their grown-up children. The study showed that people from the region are the most likely to have paid off their mortgage in their 50s, with 80 per cent said to have done so. This compares to 62 per cent of consumers from East Anglia in this age bracket. According to Birmingham Midshires, more than half of the over-50s in the eastern part of England are financially supporting their children. In related news, prospective first-time buyers are looking to their family and friends for help getting on the property ladder. A recent study released by Abbey showed that some 23 per cent of consumers have asked loved ones for advice on getting their first mortgage, compared to 13 per cent seeking guidance from brokers. However, just over a quarter of people aged between 25 and 34 have opted for such professional advice, in comparison to two per cent of those above the age of 65. Abbi Rouse is Editor in Chief for All About Loans. Our visitors have access to online loans of all types: From home improvement loans to bad credit debt consolidation loans .

How To Start Saving Money

Most of us were taught the importance of saving money when we were young. You probably remember your parents or a favourite aunt or uncle urging you to put coins into a piggy bank or a portion of your Christmas and birthday money into a bank savings account. Sadly, for most of us those lessons were among the first to be left behind as we grew taller and, supposedly, smarter. Why exactly that happens, no one knows. If I had to guess, I d say it s because, for the vast majority of us, the sudden economic pressures of adult life coupled with insidiously effective marketing messages caused us to forget those early, ever-so-valuable lessons. The people who cave in to the dictates of extreme consumerism often never come to their senses until retirement looms near. By which time it s too late to salvage the situation. But such tragedy doesn t have to be your fate. Chances are good you stopped by here because you re curious to learn effective ways to start saving money seriously. If so, let me not keep you waiting. Here are three strategies you can put to work immediately in your life: 1. Remind yourself that you matter at least as much as everybody else; 2. Understand the true power of compound interest; and 3. Unleash the power of goal-setting in this vital area of life. 1. Remind yourself that you matter at least as much as everybody else The reason most of us never get serious about starting a savings programme is our deep-seated harbouring of a dangerously mixed up set of priorities. What most of us tell ourselves is: I ll pay all my bills first, and then see what s left at the end of the month to save. Because our month lasts longer than our money, that particularly popular approach is a potent recipe for lifelong impoverishment. If you work for your money - as most of us do - then surely you deserve to pay yourself first, or at the very least second depending upon your religious convictions? By deciding to first set aside a chunk of change for yourself, you ll be sending a message out to the universe. One that s bold, simple and clear: I matter to myself. That s why I pay myself ahead of others. This puts me in control of my economic destiny. 2. Understand the true power of compound interest Many books suggest we set aside 10% of our earnings. I happen to believe that real economic heavyweights should set much higher targets. In fact, in my own financial planning practice in Malaysia, I try to inspire my clients to gradually expand their skill set so they ll be able to earn more and more money. Simultaneously, I urge them to set a personal goal of reaching a 40% to 50% savings cum investment rate over the next ten or twelve years. That may strike you as being rather extreme. And it certainly is by the standards of today s consumer-orientated society. So, relax! What s more important than setting such high final savings targets is for you to decide TODAY to simply get started. Given enough time, even small sums parked in low-yielding financial instruments can grow to surprising sizes. Here s an eye-opening example. Did you know that if you d been able to set aside 1 cent in a modest savings instrument that, say, only yielded 2% per annum at the time of Jesus Christ s birth in Bethlehem around 4 BC, you d have more than $1,900 trillion today? That amount of money would make you 40,000 times richer than Bill Gates - the richest person on the planet at the time of this writing. Of course, you don t have 2,010 years or more to save, but you also are likely to have more than just 1 cent to set aside today as seed money, right? So, make a start. And while you re at it, don t forget the primary lesson we all absorbed in childhood: We should learn to crawl before we can walk before we can run. Learn to save before you try to invest or, scarier still, speculate. 3. Unleash the power of goal-setting in this vital area of life If we don t get serious about establishing a personal wealth building plan, rest assured we will end up becoming pawns in someone else s personal plan to grow wealthy... at our expense. Learn to set challenging and inspiring goals to help motivate yourself to begin your personal journey to financial freedom. That start is nothing more sophisticated than determining within your heart that you have great value, and you re entitled to save money for yourself. I suggest you begin your personal savings programme in something as safe and uncomplicated as a bank account or a money market fund. Focus more on gently raising your personal savings rate than in reaching - or over-reaching - for yield. If these three simple pointers have inspired you to begin a personal savings programme or to get far more serious about the one that you already have, then I m delighted. I wish you well in your personal quest for financial freedom. for more information visit us:- rajvitthalpura.blogspot.com

How To Make Your Money Propel You Forward, Instead of Hold You Back

When we are planning for our finances, we must decide how we will measure our success. One measure is achieving Financial Freedom - but what does financial freedom really mean? The term financial freedom is thrown around both by traditional financial planners and investment advisors, as well as every infomercial get-rich-quick scheme. Typically, most of the schemes are using the term to mean being so rich you never have to work again. But really financial freedom means being released from uncertainty and being able to confidentially know that you will be able to meet your life goals - that your finances (or lack thereof) are no longer holding you back from achievement. This may mean that you have enough passive income (through pension, investments, business ownership, or real estate rental income) to finance your basic expenses. Or, it may mean that you simply know how to use your income, and investments, to create a life where financial issues are no longer holding you back from your goals. But what I think is not important -- What does financial freedom mean to you ? If you lived in a world where you KNEW that you were going to be able to reach your goals, and you KNEW exactly what to do to reach your goals, how would that feel? What words come to mind when you think of financial freedom? Action #1: Brainstorm some words that mean financial freedom to you. When I say brainstorm, I mean no filter, no editing, no judgment - just jot down some words, emotions, verbs, adjectives, feelings - that mean being free from financial issues, according to you. Where Are You Going? So, what s the point? Why are you here, trying to learn about your money? The answer is your Financial Vision. Your Vision is your objective, or ultimate reason, of why you want to master your finances. Imagine -- you have a Financial Action Plan sitting in front of you on your desk, table, or lap. This Plan spells out the exact steps you need to achieve your goals. You now know exactly what you want to do, and feel confident that you will be able to complete these tasks. How does that feel? What does it mean to you? And not just what s in your head - how do you feel in your body - are your shoulders relaxed? Your achy, stressed-out stomach relieved? Do you sit up straight, chin high? Imagine - you have achieved your major life goal, that goal that you are worried about right now. Maybe it s paying off debt, buying a house, starting a business, sending kids to college, or retiring from your job. Whatever it is - you re there. All the tasks are completed, you ve done what you needed to do, and you have achieved your most important goal. Where are you? What are you doing? How do you celebrate? This Vision of Success is your motivation. When you are thinking about procrastinating, spending your savings, taking a lump sum to buy a new car you don t really need, chickening out on taking a risk - you refer to this Vision to remember why you are here. Why you are learning, sacrificing, taking risks, making change - so you can reach this Vision of Success that you have envisioned. Action #2: Create your Vision of Success. Write a few sentences, jot down an email to yourself, sketch a drawing, make a collage. Now post your creation on your bulletin board, log it into your blackberry, stick it in your wallet, save it as your desktop wallpaper - wherever you will see it every day as you make your financial decisions - this is your motivation to make every decision in a way that agrees with your goals. What Happens When You Get There? Are you a perfectionist? Do you feel that your tasks are always unfinished? There is always one more thing, you have never really done that much, you always have more to truly reach your goal. If so, you are probably not acknowledging your accomplishments - and this lack of finality, of celebration of a job well done, may be holding you back from success. We all have done something on our finances. You ve paid off a credit card, bought a house, opened up a 401(k), raised your retirement contributions, saved money each month, met with an advisor, opened up a life insurance policy. So you say, no, not me, I haven t done anything yet? You subscribed to this eZine, and are actually reading it! A major accomplishment! So, did you celebrate? Did you take the time to rejoice in a job well done? Designing and implementing your new financial plan is a long process, which may take you months to complete. To maintain your positive attitude, you need to acknowledge each step along the way - regardless of how far you are from your ultimate goals. Action #3: Make a list of everything good you have done about your finances - the tiny to the huge. Celebrate Each and Every One of Them. Buy a package of gold stars to paste in front of each item, eat a m n m for each task, spend five minutes getting a message per each completed event, drink a martini for each accomplishment What s Stopping You? What s holding you back from taking the next step on your finances? Simply, you are. Perhaps you have some technical issues that need to be addressed - finding the right person at the pension administrator to give you the projections, figuring out how to fill out the forms, allocate those accounts, find time to schedule the appointment. But you can deal with all of those issues, with minimal, if any help. Why haven t you done it? The Real Reason is likely some issue you have about money, finances, or success. We are all walking around with personal issues from our past experiences, in childhood, our teenage years, our prior relationships, or from our friends and community. Rules such as - people like us can never be rich, money is the root of all evil, corporations are evil, women are not good with money, I don t know anything about money, I m just going to get into debt again, what s the point? Until we figure out what these issues are, you will continue to subconsciously hold yourself back from taking the next Action Step you know you need to take. So how do you discover those rules? One way is to keep track of your Roadblocks. Where do you get stuck? When do you stop Taking Action on your finances? Do you see a pattern? When did you start doing this behavior? Do you know anyone else who does this? Action #4: Start a log of your roadblocks. Brainstorm a list of action items you currently know you need to take on your money, but have not yet done so. List your excuses. See a pattern? Do you see a Real Reason emerging? If not yet, don t be discouraged, it may take some time tracking your roadblocks for your Reason to emerge. Money Maven Elizabeth Potts Weinstein, CFP(r), JD, helps women achieve their most important life goals through financial planning, money coaching, classes, books, and The Money Mastermind membership community. To get her free Special Report, How to Avoid the Top 10 Money Mistakes, go to TheWealthSpa.com

Five Easy Steps to Asking Your Parents for Extra Money While at College

Have you seen this old joke of a university student writing a letter to his parents asking for some money? Dear Mom and Dad, Gue$$ what I need? Plea$e $end $ome $oon. Be$t wi$he$, Your $on His parents later wrote back: Dear Son, NOthing much is happening here. Please write aNOther letter soon. Bye for NOw. Love, Mom and Dad In order to successful ask your parents for extra money while away at college, you need to have a strategy. You can’t send off a silly note and expect your parents to send you money. Here’s a simple outline of some steps to take to successfully ask your parents for extra money. First, you should ask for extra money face-to-face whenever possible. If face-to-face isn’t possible, you can ask for money over the phone. Asking for money by mail or email isn’t recommended. We recommend face-to-face as parents will be able to see your body language ie: tears streaming down your face, begging on your knees, etc. It is more difficult for a parent to say ‘NO’ face-to-face than it is in an email. Second, be specific about the amount of extra money that is being requested. If you simply say, “Mom, I need some extra money”. She may be thinking you need only $20, but in fact you need $500. Third, parents are more likely to hand out extra money if it’s for a necessity, such as rent, food, clothes, or transportation. State that you need the money to cover one of these expenses and you’ll soon have that extra money in the bank. Fourth, if asking for some extra money backfires and your parents say ‘NO’ to your initial request, that’s okay. This is just a step in the negotiation process. You need to have a come back if their response is ‘NO’. If your parents say that the amount you are requesting is too much, you can suggest an alternative way of receiving money. You can suggest they pay for a certain bill such as the telephone bill so that you can communicate with them more often. You could suggest rather than getting a lump sum payment at once, that a monthly payment be set up. Fifth, set out a repayment plan for the money that was received. Parents will love to see that you are responsible for money matters and that you are serious about the money that you are asking for. Most of the time parents will simply say, ‘Don’t worry about it’ and will ask that you don’t repay the money and that it’s a gift. Richard Haire is the founder of StudentMoneyMaker.com a website dedicated to helping university students make extra money while earning their degree. He holds degrees in both commerce and marketing.

Equity Release Mortgage - Your Retirement Has a Source of Income

If you are living in the retirement phase of your life and are wondering if you could do with a little more income to serve your daily needs; if you find that you are somewhat short of money at the end of a month, it is time that you consider equity release mortgage on your property. However, one needs to proceed with full caution and planning while deciding on this scheme because it has a repercussion on what your heirs would inherit. Since you repay after death in the form of property possession by your creditor as what you receive as equity release mortgage amount, you have to be clear as to what your inheritors would be left with. It is quite advisable to consult financial experts who can provide you valuable insights into the matter. The senior homeowners should make thorough study of the options available: the assets to put on mortgage, the corresponding amount to gain, the property market price. The inflation rate and so on, to work out a feasible option which balances your interests as well as those of your inheritors. Property inflation since the last thirty years or so has prompted many homeowners to sell their assets and to relocate to smaller homes in an attempt to increase their savings and to then invest it on bonds, or even on annuity returns. This is another factor you need to consider while deciding on equity release option since this scheme does not apply once you move out of your house. It is thus much incumbent upon your personal conditions to determine whether equity release mortgage would bring the kind of benefits that you are looking for. Once you have decided on the scheme that would suit you best, with the help of expert financial advice, you can fill out the application form, sign the dotted line and throw a lifetime of financial worries out of your pocket. Adolfo is a real estate specialist and through his writing has given guidance to many people who are in search of buying or selling property. He is currently associated with VIP Services and writing on the topics like Rent Back and Equity Release Mortgage .

Commercial Loan - Broker Or Bank?

Commercial Loan - Broker Or Bank? There is an estimated 5.2 million commercial properties within the UK. The commercial property market expanded by over 32 per cent during 1990-2000 (according to the new products started) compared with the previous decade, in itself a decade of exceptional growth. Bank lending for commercial property deals rose by a record £7.7 billion in the first quarter of 2005, according to data provided by the Bank of England, and property experts believe the bulk of the new lending was for investment purchases. There has also been a substantial rise in the number of investors looking to buy commercial properties to put into Self Invested Personal Pension Schemes. Property investment funds received a boost as of late last year after the Government announced plans to allow them to be included in an ISA (Individual Savings Account) wrapper. Savers will now be able to add investments, such as property funds and funds of funds, that have previously been restricted from being included in ISA s because the asset class did not feature on a European standard of eligible investments and commercial property funds are seemingly the greatest beneficiary of the rule change. With this diversified interest in commercial property by investor, speculator and businesses alike the role of the broker has become a more integral part of the process. Increasing numbers of mortgage brokers have branched out into non regulated markets such as the commercial loan sector since Mortgage Day in late 2004 and subsequent involvement by the Financial Services Authority, interestingly 58 per cent of mortgage brokers claim profits are down since Mortgage Day. Commercial lending is now not the preserve of the high street banks who, in the past, have not only seemed to cherry pick but have also had a tendency to only lend to their existing business customers. The result was that there are now over 1,200 commercial lenders currently operating within the UK. The competitive market for commercial lending has also been confirmed by the rates available. There are also many other flexible options such as rolled up interest (No interest payments) for the first year to help with cash flow, start up finance, business expansion finance or even for finance on low yield investment properties. Lenders will typically lend up to 80 per cent loan to value but 100% is achievable with additional security. Three years audited accounts are also now not the normal requirement as self certification of income has also found its way into commercial lending. Adverse credit clients are now considered and in the majority of cases loans approved. However self certification and bad credit applicants can expect a loading on the rate of typically between 1 to 4 per cent. A cross section of business funding is available to retail businesses such as convenience stores, fast food outlets, specialist shops and supermarkets. Investment properties, professional practices such as accountants, doctors, vets and solicitors. Property development including speculative or pre-let for both commercial and residential. Offices and factories along with the health care sector including nursing homes, residential care and special needs homes. The leisure market has also been seen as the main stay for commercial lending over many years embracing hotels, guest houses, cafes, restaurants, wine bars and pubs. Although latterly pubs have often sought brewery loans as a traditional way of borrowing money in the trade often referred to as Advance of Discount (AOD) or Write Off loans, the interest rates seem favourable at significant discounts over the banks but barrelage discount is affected and the repayment terms are often shorter over 10 years. Lending on leasehold is also available up to 65 per cent on the security property (often the applicants main residence). With many businesses failing in the first year and business failure rates up 13 per cent in the first quarter of 2006 applicants must carefully consider whether they should be securing their main residence against the lease. To calculate monthly charges use one of our many custom built calculators. Commercial loan applications, for both single and joint applicants, are processed on our own dedicated secure server. Mortgage-Loan-UK is a premier resource for personal finance information along with an extensive collection of mortgage related calculators. commercial property finance is available to 100% with additional security along with non status and self certification lending, short term bridging loan facilities arre available with 2 day completion plans.

What Is True Wealth?

What Is True Wealth? If you hold a high paying job with a lot of perks and good recognition, are you wealthy? Especially as this money keeps coming only as long as you are at your job? If you are a professional, recognized the world over for your skills, and charging thousands by the hour, are you wealthy? Not really, because you would have to keep holding on to that job to continue to be wealthy . You would have to continue working those many hours to earn the fees that keep you wealthy . Your are wealthy only so long as you are working for it, you do not have the choice to stay away, doing something else that you wish to do, to follow a dream or a passion. I believe that true wealth is not just about money, it is about the freedom that money brings. I will consider myself truly wealthy when I have an established flow of passive income that will allow me to continue with my preferred lifestyle, let me choose to work or not to work on a regular basis, allow me to support my favourite causes and charities, allow me to follow my passions without having to think about where the money is going to come from. This passive income can be the return from my investments, royalty or licencing fee from my books, music or software, or from my automatic money machines on the internet. This income comes to me without my having to be working full time very day, and requires only short spells of focussed work .I have the freedom to work when I choose to, from where I choose to. This freedom is my wealth. And all financial planning and investment are a means to establish for me that assured flow of passive income that will let me truly free, truly wealthy. Panikkarson has been a manager in a banking company for over two decades and has been following investor behaviour for some years. For more information on allowing your money to make you more money, please visit one of his websites, intercon-d.org For more information about passive incomes from the internet, please visit crazypartners.com

Personal Finance Software Review of Quicken Product Offerings

In this article I would like to conduct a personal finance software review of the Quicken product offerings designed for personal use. There are several personal finance software products on the market that do wonderful jobs of helping families manage their finances, but I am most familiar with Quicken as I have been a user of its products for over eight years. I have been completely satisfied with the features Quicken provides and would like to review and compare the benefits that its product offerings deliver. Quicken Starter Edition Formerly known as Quicken Basic, the Quicken Starter Edition is an excellent solution for individuals who will be using personal finance software for the first time. The three main features the Quicken Starter Edition delivers are: (1) balancing of your checkbook electronically, (2) tracking how you spend your money by being able to categorize purchases, and (3) monitoring and updating all your investment and banking accounts in one place. It basically provides a “one-stop shop” for all of your personal finance concerns. Quicken Deluxe Although the Quicken Starter Edition is a fantastic product, I believe the average family considering a personal finance software product should start with Quicken Deluxe. The reason is that, in addition to offering all of the features of the Quicken Starter Edition, Quicken Deluxe provides the capability to download banking and investment account transactions automatically. This makes reconciling your checking account, as well as your other accounts, extremely simple. In addition, Quicken Deluxe allows you to create savings goals and track their progress, store statements and records electronically, and plan for a new home, a baby, or retirement. For most families, this is the best place to start. Quicken Premier For those families who manage their own investments and require additional tools to monitor and measure their progress, Quicken Premier is the perfect solution. Quicken Premier offers all of the wonderful features from Quicken Deluxe plus several others, including: (1) generating various investment performance reports, (2) analyzing and optimizing your portfolio with special tools, (3) generating Schedule A, B, and D tax reports, and (4) setting investment alerts to notify you when certain conditions are in place. A truly remarkable tool for the do-it-yourself investor! Quicken Home and Business The three software solutions above are all excellent choices, but if you own your own business, none of these will be sufficient for the additional monitoring and record keeping required of you. Enter Quicken Home and Business. Though not as powerful a solution as Intuit’s QuickBooks products, it is the perfect choice if you have a small business with no payroll requirements, or especially for a part time business. In addition to providing all of the wonderful features of Quicken Premier, Quicken Home and Business allows: (1) tracking and categorizing of both business and personal expenses, (2) creating customized estimates and invoices, (3) generating profit and loss reports, (4) tracking vehicle mileage and other Schedule C items, and (5) monitoring upcoming bills and unpaid invoices. If you are considering a small part-time business, this solution is perfect to get you started. In conclusion, Quicken offers a wonderful lineup of products that are designed to meet the varying needs that different families require. This personal finance software review has aimed to provide you with a basic overview of each product to help you decide which solution would be most appropriate for your family. Hopefully this discussion convinces you of the incredible value personal finance software delivers to its users. I can only speak from personal experience. Charles Hebert shares his views on personal finances from his website, Smart Money Advocate , which advocates simple strategies for achieving financial success.

Don t Charge the Holidays

Don t Charge the Holidays When it comes to the holidays, so many people start getting out their credit cards. After all, it is just once a year, for the ones you love and you ll pay it back in a couple of months. So we are generous. Without realizing that we will pay on those gifts for the next year or more. They will cost up to 20% more than what we purchased them for, due to interest. Most people do this every year. It has become a holiday tradition for many consumers. However, buying holiday gifts, dinners and travel isn t a good use of your credit. You are increasing your debt and reducing your monthly budget. While it may seem great right now, later it will start to pile up on you. Most financial advisors will recommend that you save small amounts of money throughout the year in a special holiday savings account. All you have to do is know how much you plan to spend and then divide it by 12. Deposit the resulting amount in the account each month. That is your holiday spending. Or if you find it difficult to put this money into savings, have it put there for you by your bank. Many banks and credit unions have Christmas clubs that allow you to put so much a month into a savings account. They will often automatically deduct it for you. I recommend a unique approach to many people. Have a year-long shopping session. Yes, you will still need to save for your food and travel, but the gifts will be taken care of. Simply dedicate each month to finding certain people s gifts. For example, in January, I purchase my mother s gift. In February, I look for my sister s gift. This allows me to take advantages of sales and other bargains. If something is on sale that fits my sister better than my mom, I might swap their months. The idea is that I spread my shopping out over 12 months. I love to shop and am not great at saving, so this works perfectly. The holidays are truly a season of giving. But don t give away your future. By charging up your credit cards, you are spending next year s savings. Your budget will be stretched even more. Look to the consequences instead of just the benefits of spending a lot of money on your holidays. Be creative and give from the heart instead. There are many frugal holiday gift ideas out there. You can make things for those you love. Many families draw names, limiting the amount they have to spend. Others don t allow themselves to give gifts that they have purchased. They have to pass on or make something. These are nice traditions. They take the focus off of the shopping and put it back on the thought that goes into the present. When it comes to children, there are many ways to save money. Stock up on toys all year long, especially when they are on sale. Shop the discount and dollar stores. They often carry great small gifts that children adore. The gifts don t have to be high dollar for a child to love them. Put away that credit card and spend differently this holiday season. You ll thank yourself later. Martin Lukac MartinLukac.com , represents RateEmpire.com , an Internet consumer banking marketplace. RateEmpire.com is a destination site of personal finance, investing, taxes and mortgage rates. RateEmpire.com provides mortgage guides and financial rates and information. RateEmpire.com also operates a financial portal #1 American Financial, found at 1AmericanFinancial.com

Enlightening the Exceptional and the Ordinary

Education is what drives the world of today. There was a time when only the privileged classes were able to get educated. However, the growth of industry and trade changed all that. In addition to the changing living standards that were brought about by the immense technological developments, people began to feel enlightened about the world. People began to believe in the three catch phrases that had first been raised during the French Revolution: liberty, equality, and fraternity. With time, the term equality began to be used for every human being. The idea arose that every person should have access to schools and colleges. Even today, a vast section of the world s population is shut out from the world of learning. The cause, most often, is poverty. Even gifted students have no option but to drop out when the school and college fees become too expensive, and when filial duties begin to raise their heads. At times, the huge expenses in taking up a certain course dissuade meritorious students who go on to take up less notable courses elsewhere. Thankfully, times are changing. In today s world, students can make the most of available student loans. Even some decades ago, this was a nascent idea. However, thanks to the growth in the field of personal finance, more and more companies are coming up with all kinds of personal loans that that can foot the bills for all kinds of degrees. Without an education, most doors to a lucrative career are shut to even smart people without a degree. Of course, with the immense competition for well-paying jobs, companies have to find some form of a limit or disqualification. Most often, that line is drawn at the level of education. That is the reason why governments keep sending out messages to their citizens to complete their educational degrees. Scholarships and rebates to poorer classes allow those that are backward to come up in life. But sometimes, greater amounts of funds are required. This gulf is slowly being breached by the rising numbers of unsecured personal loans and secured personal loans . If you are on the lookout for a great educational loan to fit your personal wants, don t just go out there and grab the first loan that drops into your lap. Make it a rule to look up at least half a dozen other loan providers first. Only after you have carried out your basic studies should you decide on the best loan option for you. Thereafter, simply work hard for your degree, and you will soon be the king of the world. Compare personal loans to make sure you are getting the best.

Investing In Real Estate Alberta

Investing in real estate Alberta can make a prudent move for those who want to invest and make money in residential real estate. Alberta is the place right now to be putting your money for the long term. It is, in fact, the strong economy of Alberta that makes it the obvious place to invest in real estate in the country. It is because of this strong economy that despite recent large increases in values, Alberta has been such a hot place for real estate investing. The factors that translate into Alberta being the No. 1 region in Canada for investing in real estate Alberta include high energy prices, rapid population growth, low unemployment, an abundance of jobs, improved infrastructure and affordable housing costs. When it comes to investing in real estate Alberta, this year’s top ten places include list-topping Edmonton, Prairie, and Calgary, with Red Deer, Sturgeon County, and Strathcona County tied in fourth. Calgary was third in the previous list as well, while Grande Prairie jumped from eighth place. When it comes to investing in real estate Alberta, the potential for positive cash flow is still there for investors. It means rents can still cover all of the operating costs of property, especially in Edmonton. However, in Calgary, that is getting much, much more difficult from an investor s point of view. Overall, it is no secret that there are lots of great places to invest in Canada, but for Alberta to elbow its way up the line is very interesting. John Gutenburg has written many more articles about banks and loans .

Applying For Personal Loans Online Could Be Cheaper

Those consumers looking to take out a low-rate loan could be well advised to apply for such a product online, it has been revealed. Research carried out by uSwitch indicates that some 32 lenders have increased the interest attached to their personal loans since the Bank of England raised the base rate in July. With the loan rates offered by these suppliers up by an average of 0.93 per cent - and in some instances as much as three per cent - borrowers could be on track to see more of their disposable income going towards loan repayments. However, the price comparison website suggested that those who have applied for a loan, either in person or by telephone, may develop even more financial difficulties. Since July, those who have applied for a personal loan offline have seen the annual percentage rate (APR) they are charged rise by one percentage point to 8.7 per cent. On the other hand borrowers opting for an online loan pay some 7.7 per cent in APR. According to uSwitch, taking out a 10,000 pounds loan repayable over five years would see offline borrowers be charged some 2,273 pounds in interest, in comparison to online loans applicants who would pay 2,006 pounds - a total difference of 267 pounds. However, research from the price comparison website also advised those considering taking out personal loans with their bank to do so with caution. Pointing to a number of financial services providers who offer personal pricing for their offline applicants, it was suggested that consumers could be losing out on getting cheap loans as such suppliers do not advertise a typical APR, instead giving them a personal rate. Mike Naylor, personal finance expert at uSwitch, said: There are already huge variations in the loan rates available to consumers amongst both online and offline deals. Throwing the personal pricing smoke screen into the melting pot is just causing further confusion, making it a complete minefield for consumers to shop around and get the best deal. It is far from transparent and a perfect way for the big banks to prey on loyal customers that trust their existing bank to provide them with a competitive deal. Consequently, Mr Naylor advised those looking to apply for a loan to take the time to search for the right deal for them. This comes despite the warning that the availability of personal loans with interest rates of less than six per cent is now just a distant memory . However, the market is vast and there are still competitive rates for those who take the time to compare the offers available, he added. Earlier this month, research carried out by the Resolution Foundation suggested that implementing a code of practice for price comparison websites could help borrowers search for cheap loans and other monetary products more effectively. By doing so, the firm indicated that the nation could become more knowledgeable when taking out a loan. The study also showed that 45 per cent of Britons have used such a portal over the past year to help them make a financial decision. Steve Smith writes for 1 Stop Finance Shop. A one stop shop for all your loan requirements, from payday loans , to secured personal homeowner loans , and UK tenant loans .

How To Become A Millionaire Even If You Only Earn A Minimum Wage

If you are an employee, you may have the mindset that you can never become a millionaire unless you are a boss, having a team of workers to work for you and making big bucks like moneymaking machine. However, this is not true, in fact, according to a self-made millionaire, it is possible for you, even if you make a minimum wage to be a millionaire. According to him, if you save 10% of your income every month throughout your working lifetime, and make investment that bring at least 10% of returns annually, of course if you can get a higher return, it would be great! Whatever investment vehicles you choose, make sure it gives you 10% of returns or higher. You will become a millionaire by the time you retire. Provided you start young and continue saving and investing along the years. For example, with a monthly investment of $100 with 10% returns for 45 years, you will become a millionaire. To achieve your millionaire goal in 38 years, you may double up your monthly investment to $200 with the same yield. If you have an investment vehicle that gives you 15% returns with a monthly investment of $200, you may become a millionaire in 28 years. If you would like to be a millionaire in shorter years, diversify your investment portfolio into different yield, from 10% to 20% or even higher. ALTERNATIVELY, you may increase your investment capital OR you can combine both of these methods (higher returns and higher capital), that would speed up your dream to become a millionaire. If you cannot save 10% or higher of your income, you may consider to reduce the rate to a level you are comfortable with. The rule of thumb is TO PAY YOURSELF FIRST. Yes! This is what I learn from millionaires and wealth creation programs. Even if you have tons of bills to pay, set aside at least 1%, if not higher of your take-home income for saving / investment fund first. Otherwise, if you spend all your money in bill paying, you are telling yourself that the bill companies are more important than you are! As you become comfortable with living on 99 %, increase your saving up to 2% of your income, then 3%, 5% , 10% or even 50 %. As you save more, your savings and investment also start to grow. Nevertheless, if you are afraid that the money that you have saved may be used for emergency fund or other purposes later, then you can split the money for saving under 2 accounts, one is for a emergency fund (3-6 months of your living expenses) and the other one is for investment only. At first, the amount that you invest may seem very little, but it pays off over the years. I totally understand that it is not easy to save money especially when you live in a material society nowadays. However, if you can practice frugality overtime, it will help you building your wealth. You may think that millionaires do not really care about little money, but this is not true. Even Bill Gates, the world richest man cared about how much he pays for parking fee. There was a time where Gates and his friend went to Hilton Hotel for a meeting, as they were late and could not find a place for parking. Thus, his friend suggested parking the car at the VIP parking lot, which cost $12, Gates disagreed despite the friend offered to pay the fee. And eventually they parked the car elsewhere with a cheaper rate. To Gates, a man that has contributed large amount of money on charity, $12 is very little, yet he ensures himself practiced frugality every moment and maximizes the benefits of every single penny he spend. Another case, have you ever asked for discount when you visit Starbucks coffee house, maybe not! Right? A millionaire told me that he always asks for discount whenever he visits Starbucks, and he got it! Many of us may think that asking for discount is ridiculous and it may bruise your ego if you get rejected or even make the request, especially in such a high-quality coffee house , but if a millionaire can do that, why not you? !! Always remember a dollar saved is a dollar earned, whenever you buy something, it is wise to ask yourself: Do I really need this or I just want it! In addition, if the one dollar can bring you a higher return, go for it! LeeMen Cheong. is an inspirer who share the Teachings Of Wealth Creation By Millionaires / Billionaires with the world. She has been committed to personal growth and wealth creation for the past few years by learning from the world-class millionaires/ billionaires; To Discover The Secrets Of How To Be A Young Millionaire, Get Your FREE DOWNLOAD Of Her Million-Dollar Interview Report with A Millionaire At Age 26, VISIT FastSuccessTips.com NOW!!