Newcomers face several challenges in the market at the beginning of their trading life. So, if they want to stay in the market, they need to learn how to deal with these. Otherwise, it would be tough for them to trade properly. Bear in mind, if you have sound knowledge about the market, trading will become easy for you. So, you have to know about the basic and technical factors so that you do not face any complications to take the right measures. [Read more…]
Leading Through a Crisis
Life has a funny way of throwing curveballs when one least expects it. Whether it’s the real estate market falling just after the purchase of a high-price building or a recession hitting right as the business starts to grow, it is not so much the problem itself that will define a person but how a person responds to it. There are many different types of advice about how to overcome obstacles but the principles below are common throughout. [Read more…]
More Money, More Problems?
The Notorious B.I.G., or Biggie, once said “more money, more problems.” For Biggie, that rang true in many ways, but most of us “everyday” people think to ourselves. More money would probably solve 90% of my problems. However, it is true. The more money you make, the more problems you’ll have to solve.
Why We Need More Money
In my case, we have to push to earn more money to solve our problems. We’ve had a lot of unexpected expenses recently. Doctor’s visits, car repairs, and buying health insurance have had us pinching pennies for several weeks. Our fix? Well, make more money, of course.
Many people in the personal finance space tend to say, “No, you don’t need more money, you need a tighter budget” or “You need to pay down your debt.” While these things are absolutely true, our cost-of-living for our family is increasing. Here are some of the recent (expected and unexpected) costs we’ve encountered.
- Two out-of-pocket doctor’s visits: $500
- Purchasing health insurance: $278 (and $278 recurring cost)
- Oil change on the car: $106
- New tires on the car with alignment: $550
There are some more repairs needed on the car in the near future as well. As you can see, we’ve had well over $1,000 in recent expenses and these are only continuing to pile up. So, we’ve been looking at ways to earn more money.
Hubby Got a New Job
Our biggest “win” as far as earning more has been my husband landing a new job. He has been contemplating whether or not he wants to go back to work in a shop or not. After moving back to North Carolina from Atlanta, he decided to focus on looking for something car-related but not as a mechanic.
He landed an awesome gig writing about cars and working from home. It has been about two months and he has been published multiple times now. Eventually, he would like to expand to car reviews, videos, and podcasts, but this is a great start. What’s even better is it pays really well, so we are going to be able to afford all the repairs coming up and my health insurance each month.
We are also going to need new computers soon (both of ours are on their last legs). Luckily, we both have some flexibility in our earnings and can push to make more when we need it. So, in our case, more money will solve a lot of our problems.
I still love the Biggie song though…
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10 Ways To Boost Your Business Efficiency With Automation
When it comes to automation, the whole point is to make things as simple as possible when running your business. To accomplish this, there are many resources available to streamline communication and task management. If you are unsure where to begin, this list can provide a great start. Without further ado, here are 10 ways to boost your business efficiency with automation. [Read more…]
The Missing Piece in Your Decision Making Process
Have you ever looked back at an investment or a business decision and realized it was driven by emotion, rather than strategy? This is far more common than most entrepreneurs would care to admit. [Read more…]
Student Loan Debt: How Much is Too Much?
College is insanely expensive, we all know that. It might seem easy to just take out some student loans to pay for your tuition because you can just pay it all back later, right? [Read more…]
How Brokers Benefit from MT4
If you want to become a broker, it is simple to set up a brokerage business with the MetaTrader 4 platform. There are already over 750 brokers that offer services to millions of MT4 traders. You can also become a broker and provide brokerage services to many people looking to join the https://www.equiti.com/accounts/compare-our-accounts/ platform. [Read more…]
Making Debt Resolutions
More people than ever a resolving to be more financially healthy in the coming 12 months than ever. Each year, we typically sit down and list out our goals. Things like “lose 20 pounds,” and “save $1,000” usually frequent such lists. However, in the personal finance world, I have seen some really amazing (some lofty) debt resolutions for the new year. Honestly, they are inspiring. It made me sit down and reflect on what my resolutions for 2020 were.
2020 Resolutions
When 2020 began, I had some pretty hefty resolutions, as many people do. None of us expected COVID to derail our plans. Financially, I’m glad to have been able to pay my rent for all 12 months this year. I am glad to have had a little money in my bank account at all times. More importantly, we haven’t accrued any new debt. When it comes to having met last year’s goals though, there was a valiant effort made.
As far as cutting our debt in half, that did not happen this year. We were on one income for most of the year and were doing good to make minimum payments. The bigger deal is that we did not accrue any new debt. Both of us hustled more this year with side work, freelance, and other opportunities where we could make money. That goal was definitely met.
The others on the list, well…
I did not reach my goal weight, nor did I finish my novel, or run a 5K. I did learn some German (though I’m not fluent) and I read more this year (40 books in total). I also took a few minutes every day to practice some sort of self-care: goal met. While these may not seem like a huge deal, they were things that significantly improved 2020 for me.
Debt Resolutions for 2021
Now, for my finances in 2021, I’m hesitant to make any big debt resolutions or financial goals. When it boils down to it, I don’t know what the next 12 months will bring us in terms of our money. My husband is starting a new job next week, so we will have an additional income. For the first three months of the year, we will be tying up any loose ends in Atlanta, taking care of things like tires for the car and maintenance items, and getting fully settled in our new home.
After that, we plan to focus on snowballing every extra penny we have towards our debt. In essence, my husband’s new salary should all be additional debt payment cash (whew!). I’m excited about the potential for change for us, but hesitant to be too optimistic, as I am sure many people are feeling right now.
2020 changed a lot of people’s ability to look forward and plan things like debt goals for the next 12 months. For most people, it is hard to plan for anything more than 30 days in advance. So, for now, we are taking everything in stride. I can’t wait to keep you updated on our progress through the next year.
Readers, are you making any debt resolutions for 2021? Are you finding it difficult to look forward to the next year too?
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Debt and the Holidays: An American Story
Are you someone who goes into debt every holiday season? You’re not alone. Debt and the holidays go hand-in-hand with one another for many families. Many people spend more than they have or money they simply don’t have to fund the holiday season (i.e. gifts, a Christmas tree, cards, dinners, treats). However, they don’t consider the lasting impact on your finances throughout the rest of the year.
Debt and the Holidays: A Story
Growing up, I was good friends with a larger family that was fairly well-off. Each year around Christmas, their mother took out a loan to pay for gifts for the kids. Yes, a LOAN. It sounded insane to me then and it still sounds fairly crazy to me now, but I realized more people do this than you might realize.
Every single year, they would have new Michael Jordan sneakers under the tree, a new phone, a new iPod, and literally whatever they asked for. In my family, we always had a nice Christmas, but within reason. When I would visit and see how they celebrated, it would always blow my mind. To me, it didn’t feel much like Christmas. It felt more like they were showing off for someone. But who?
I’m not sure if that is true or not, but it is certainly how it felt. Once I learned a loan was taken out for it each year, my jaw dropped. How did that make any sense at all? Then it was explained to me that they would pay it off before the next year’s celebration. While, in theory, this could work and even benefit your credit score, I’d still avoid it like the plague.
Why This is Generally a Bad Idea
Of course, if you have the means to pay off the loan in a short period of time like they did, great. But wouldn’t it be even better if you used that money and put it into savings each year? Your savings can accrue interest, while your loan’s interest isn’t the desirable sort.
On top of potentially putting yourself in a hard spot financially, it is also supporting bad habits with your money. When you take out a loan to cover Christmas gifts, you are giving yourself the “okay” to do it with other things too. Before you know it, you have tens of thousands of dollars in credit card debt and need a loan to be able to pay for rent, not just gifts once a year.
So, before you go over the top and think about getting a loan out or going into debt over the holidays, think about how you can better budget your money, save, and give meaningful gifts. After all, the true meaning of the entire season is the spirit of giving – that doesn’t mean you need to spend a fortune.
Readers, what do you think about debt and the holidays? Have you ever considered getting a loan out for Christmas or any celebration?
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How to Succeed at the 365 Day Money Challenge
Several years ago, online challenges became really popular. Individuals challenged one another online to do 100 squats a day, lose weight, write journals, and save money. Of these challenges, one of the most popular has been the 365 Day Money Challenge. This was a finance-focused challenge that helped people save a set amount of money throughout the span of a year.
About Money Challenges
If you’ve never heard of a money challenge, don’t worry! They are fairly simple to understand and extremely easy to participate in. The 365-day money challenge helps you save $668 over the span of a year, one penny at a time. Depending on your savings goals, you can pick-and-choose between many different money challenges that have higher (or lower) savings goals.
Other challenges also have altered time spans as well. For instance, there is the 26-week money challenge, or the bi-weekly money challenge, that helps individuals put money away every other week. No matter what your goals are, there is a money challenge out there for you.
The 365 Day Money Challenge
The money challenge was one of the first to appear online. Essentially, you start with saving $0.01 on the first day, $0.02 on the second day, $0.03 on the third day, and so on. On the 365th day, or after one year, you will have accumulated nearly $670.
One problem with challenges, however, is that many people fail to complete them. Maybe they grow bored with it or they don’t have a plan in place for saving. Whatever the case may be, follow these tips to successfully perform the challenge:
- Print this sheet to track your 365-day money challenge progress. Tracking your savings will help encourage you to continue on. You’ll be able to see the money stacking up over time. Also, writing your contributions down will help make you feel like you are being held accountable for saving that money.
- Join a Facebook Group. The 365-day money challenge has been around for a few years and thousands of people have tried it out. There are plenty of forums and social media groups to talk about the money challenge, ask for help, and bounce ideas off other individuals. Having support like this can encourage you to continue saving and complete the challenge.
- Ask a friend to join you. By asking someone you know to join you in the challenge, you can create a small feeling of competition, making the challenge more interesting. It can also provide you with someone to go to if you are having trouble saving or sticking to your plan.
- Keep your eye on the prize. Whatever the reason is for you want to take on the 365-day money challenge, write it down on a sticky note and put it wherever you are stashing your pennies every day. Seeing that reminder will help you continue driving forward with your savings goals.
No matter what those goals are, participating in a challenge like the 365-day money challenge is a great way to add to or kickstart your savings. Making the decision to take on a year-long challenge is a big commitment but can prove to be extremely beneficial.
Have you tried a money challenge? How much did you save?