I was on my way out of the fitness club today, when I ran into a buddy that I don’t often see. We both attend the fitness club regularly, but due to conflicting schedules, we don’t often cross paths. After exchanging hello’s, he mentioned that he was interested in purchasing a new pre-owned vehicle. I am a car-guy so I was eager to hear about it. He had his eye on German sports-sedan. The deal that he found on it was very good compared to what they cost new and the one he looked at had very few miles, given the year. He told me the car was listed at $36,000. Not bad since the car WAS approximately $75,000 Read the rest of this entry →
I had a very enlightening conversation with a friend yesterday. He contacted me for advice on how to improve his financial situation. He also asked about how to advise a friend of his, who has a lump sum of money on how to invest it.
There are so many facets of personal finance beyond just the income – expenses piece of it. I realized that while he initially only had 2 questions, my answers to his questions sparked new questions. Before I knew it, we had engaged in a 2 hour conversation that only ended because of an appointment I needed to be present for.
During this conversation, I found myself thinking about the many lessons that I have learned over the years through books, from people wiser than myself, my own mistakes, the mistakes of others, and successes. While thinking about these lessons, I began to realize how much I have taken for granted in terms of the GOOD HABITS Read the rest of this entry →
21 Ways Rich People Think Differently
By Mandi Woodruff | Business Insider –
1. Average people think MONEY is the root of all evil. Rich people believe POVERTY is the root of all evil.
“The average person has been brainwashed to believe rich people are lucky or dishonest,” Siebold writes.
That’s why there’s a certain shame that comes along with “getting rich” in lower-income communities.
“The world class knows that while having money doesn’t guarantee happiness, it does make your life easier and more enjoyable.”
2. Average people think selfishness is a vice. Rich people think selfishness is a virtue.
“The rich go out there and try to make themselves happy. They don’t try to pretend to save the world,” Siebold told Business Insider.
The problem is that middle class people see that as a negative––and it’s keeping them poor, he writes.
“If you’re not taking care of you, you’re not in a position to help anyone else. You can’t give what you don’t have.”
3. Average people have a lottery mentality. Rich people have an action mentality.
This Debt Elimination Plan Really Works !
Financial experts have long debated the best strategy for paying down debt. Some advise paying off debt in the order of APR, taking on the loan with the highest interest rate first. With this approach, you reduce the amount spent on interest charges every month and free that cash up to chip away at the rest of your debt. Others, including personal finance guru Dave Ramsey, advise tackling your smallest debt first, regardless of the interest rate; when that’s entirely paid off, you move on to the next smallest, and so on. Which approach is better?
Well, Ramsey’s “snowball” method eliminates the total number of different debts faster, but in fact it is also likely to result in paying more in interest over the duration of the debt reduction plan. So the smarter approach, then, is to first pay off the debt with the highest interest rate, right?
Actually, wrong… Read the rest of this entry →
Throughout history and across market cycles, investors have always faced uncertainty, discouraging headlines and bouts of high volatility. But over time, patient investors have been rewarded.
Following these four timeless principles of investing and working with your financial adviser to create and maintain a well-diversified portfolio can help you achieve your long-term goals.
1. Stay true to your objectives
If you’re like most investors today, you’re concerned about market volatility. And that means you’re probably paying close attention to the daily stream of news tracking the market’s ups and downs.
Problem: Where you focus your attention can influence the way you perceive your own progress.
Solution: Look past the inevitable market swings and steady drumbeat of news. If you stay focused on your own financial objectives, you’re more likely to stay on track and attain success.
To get a sense of how powerful context can be, take a look at the illustrations below.
The same 20-year period from 3 distinct perspectives
Inflation – Effect on debt and purchasing power
Inflation is described as a worldwide increase in cost and drop in the buying value of money. While phases of low inflation can be useful for customers; soaring inflation can be advantageous for debtors. Periods of depression may be unfavorable for people, particularly when deflation brings about a decline in the cash flow. Under such a phase of low money supply, it’s quite natural for people to face a lot of debt problems. At this point of time, it’s very essential to choose the best debt management program. With an increase in price, you’re able to purchase less with the same amount of cash. For instance, if five years back you could buy a candy and a pencil for $1, you may now get just a candy for that $1.
Effect on debt
If the net amount of liabilities and interest remain steady at a fixed rate, the price of debt will decline. As an example, if a phase of inflation takes place, salary will rise with inflation. However, as debt is not attached to inflation, increased wages will help Read the rest of this entry →
5 Reasons Why Most Don’t Become Wealthy
Posted by Brian Tracy
“Why is it that people don’t become wealthy?” In a country like ours, with the opportunities that we have, why is it that so few people retire financially independent? And I eventually found the answers. Here are what I consider to be the five reasons why people don’t become wealthy.
First, at the top of the list, is that it never occurs to them. The average person has grown up in a family where he has never met or known anyone who was wealthy. He goes to school and socializes with people who are not wealthy. He works with people who are not wealthy. He has a reference group or a social circle outside of work who are not wealthy. He has no role models who are wealthy. If this has happened to you throughout your formative years, up to the age of twenty, you can Read the rest of this entry →
Best Deal on iPad2 – Review
I finally broke down and climbed aboard the already crowded iPad2 bandwagon. Space was limited as I am quite late in joining the masses. I have used this device several times prior to purchasing it and have been very pleased with the iPad2 processor speed, the vivid screen, the intuitiveness and abundance of apps. The size and weight of the iPad2 offer the best of both worlds at 7.3in x .4in x 9.5in and only 21.2oz. The battery life is insane compared to my PC laptop battery.
The best deal I could find for the iPad2 was Read the rest of this entry →
The following story took place 2 years ago. I have decided to share this today because it has been recently brought to my attention that timeshares are still thriving, lying, stealing, and scamming people.
This article is being created to help and inform anyone who buys a timeshare specifically in Mexico. I screwed up when I bought a timeshare last week and the sad thing is that I knew better, however, against my better judgment, I did so anyway. Hopefully this thread will help someone who may have made the same mistake resolve it before it is too late. This is also to shed some light on some laws that protect the consumer. The key is “time” (your legal cancellation period). I will tell you how to get out of a timeshare.
I take this opportunity to share an experience and hopefully save at least one person many years of stress and financial erosion from a poor decision. Read the rest of this entry →
Two years ago tomorrow, will mark the birthday that the S&P 500 index hit a 12-year low after the financial crisis. Today, the Dow Jones at 12,000 has nearly doubled since March 9, 2009 when the panic stricken market was at its lowest in recent history. The Dow Jones is trading at only 2,000 points below its 2007 all-time high.
Statistical evidence provided by Investment Company Institute indicates that the individual investors have regained a degree of confidence in the market. This assessment has been gathered by the $24.2 billion invested into U.S. stock mutual funds since the beginning of this year. Still a ways away from the $96.7 billion withdrawn back in 2010.
Increased job security and Read the rest of this entry →
Motivation Goals – Zig Ziglar
Motivation is the driving force which causes us to achieve our goals.
LIKE Success Is Planned on Facebook if you have enjoyed this video! Success doesn’t just happen. Success is planned.
Capital: Raising Capital for a Small Business
Choosing the business that sparks your interest is a daunting task for some, while being a no-brainer for others. A business that you are genuinely passionate about is a key ingredient required for the success of a business. Once you have chosen the venture that you would like to start, the next step is determining how much capital will be required for funding your small business.
The capital funding for your small business can come from many sources. I believe that the hands-down very best source of capital funding is Read the rest of this entry →
Cash is NOT king… in Macy’s!
I visited Macy’s this evening to see if there were any President’s Day sales. I was told by the sales associate that if I purchased a minimum of $100 I would receive 25% off. I chose a few items and tried to pay with cash and I was told that I could not pay with cash, and that I had to pay with credit card of some sort (a Visa/Mastercard logo debit card would have worked too). I was waiting for the associate to laugh, but he was absolutely serious. To make matters worse, I have to come back on the 24th to get what I bought as part of the stipulation to get the 25% off. Clearly a forceful ploy to get you to come back to their store to entice you to buy again.
I am a little disappointed in Macy’s to say the least. While I am not going to banish myself from their store, I will not engage in a forceful transaction like that again.
I received a phone call from Macy’s yesterday Read the rest of this entry →
I thought it might be helpful to know that savings institute, Flagstar Bank is offering 1.5% APY on their FDIC-insured “SMART Savings Account”. In this low interest rate environment, this has been the highest savings rate that I have seen in over a year. I am not sure how long this offer will be in effect, but it may be worth checking it out.
Read the rest of this entry →
Investing in Gold
Gold! Gold! Gold! Determining whether to invest in gold will yield many types of responses. The gold commodity as a long term investment vs. a short term investment will yield and even greater opinion diversity. With any investment, my advice will be that you research, research, research! I am never afraid to share my own opinion on any topic; however, my goal isn’t necessarily to persuade people to do what I do just because I am doing it. I urge my readers to do as I do from an investment perspective or from a budget perspective because they understand the why, behind my strategy and agree with it. I do not advise anyone to make life choices solely because someone else is doing it, or because someone else told them to do it. Read the rest of this entry →