Managing Your Money Effectively

Managing Your Money Effectively

How Managing Your Money Can Keep You Out of Trouble

Managing your money effectively is not hard to learn. The very first thing you need to understand is your monthly bills don’t determine how all of your money is spent. You do! Spend as much time as you need, to know exactly where your money goes, and why.

If you ask the typical person “where does your money go”, after a blank stare, he may say, my bills. They may, in fact, go to the bills, but what bills? Most of us have rent or a mortgage payment, maybe a car loan, and today especially, student loans. Many others have high credit card balances too.

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5 Tips for Couples to Manage Their Finances

5 Tips for Couples to Manage Their Finances

5 Tips for Couples to Manage Their Joint Financials

Financial issues often lead to frustrations when they are not organized well enough. When it comes to couples, it is even more important to have strict and tight administration, as it can slowly but steadily build up unwanted tension even in the best relationship. In this article, we gathered a few tips and tools that make our lives easier.

Tip #1 – Be open about it

Both members of the couple will join the relationship with some kind of history. One may have had an adventurous life, while the other may have had an eventful financial past. If you are open about your economic background from the beginning View full post…

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Creating an Emergency Fund

Creating an Emergency Fund

Creating an Emergency Fund for Difficult Times

We all have our own definition as to what an emergency is, but in this article, we’ll give you the true meaning of an emergency, and how to prepare for one. Creating an emergency fund is one of the most important steps to take.

There’s two things for sure about any emergency – they can hit you from anywhere, and they will always happen at the worst possible time. And, if you don’t have a cash buffer handy, you’re in for some hard times.

Does Covid-19 ring a bell? Those who set up an emergency fund are having an easier time meeting their living expenses than most others. This is a perfect example of how and why the need to create an emergency fund.

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10 Personal Money Management Concepts

10 Personal Money Management Concepts

10 Personal Money Management Concepts High Schools Should Teach

Personal money management topics are highly neglected in the school system and I believe this is something we all should be very concerned about. Our children grow up with virtually no concept of personal money management, the importance of money, or what to do with it when they have it.

It’s a mistake to rely only on parents to teach their children these things because many parents don’t practice good personal money management themselves. It’s a vicious cycle and it needs to be broken.

We all benefit from learning about the basic concepts of personal money management from an early age. Of course, it’s never too late, but money education should begin in the early grades and progress throughout high school. It’s the only way to prepare these kids for college and the real world.

Here are the 10 core personal money management concepts high schools should be teaching:

  1. Budgeting

Every graduating high school student should understand budgeting and know how to apply it effectively to their personal finances. Sure, they don’t have many resources to manage at this stage in their lives, but they still need to be able to budget. They will need it sooner rather than later, so it’s important to introduce them not only to the concept, but also to the available budgeting tools.

  1. Loans & Borrowing

Loans and borrowing are another important core concept that students need to understand. After all, they’ll be exposed to student loans very soon and they need to understand interest rates as well as the repercussions of not paying their loans on time. Providing the knowledge of loans and borrowing now will allow them to make good choices in the future. Applying for a mortgage when buying their first home can really be a big eye-opener.

  1. Use of Credit Cards

Most adults don’t understand how to properly use credit cards, so why do high schools assume that it’s not essential to teach children about it? Buying things now and paying for them later may seem simple enough, but when you max out your card and you don’t have the money to pay, you get yourself into a vicious cycle. This can be avoided if kids are taught proper credit card use from an early age!

  1. Good Credit Score

This is another very important personal money management concept everyone should learn from an early age. Having a good credit score and maintaining it throughout your life will have a positive effect on many aspects. It determines the credit cards and loans you’ll be able to obtain, your interest rate, and it will even improve your chances of getting a job.

  1. Interest Rates

Interest is discussed very vaguely in most math courses, but it’s never explained in a way that’s applicable to real life. Students need to be taught how interest rates can affect them and how to navigate them. Especially when it comes to loans and borrowing, because interest rates will determine if they’re getting a good deal or not.

  1. Debt

No one wants to be in debt, which is why it’s so important our children are taught how to avoid it, if possible. College tuition is high and student loans are increasing, so it’s very easy for students to accumulate high debt that will take them many years, or even a lifetime, to pay up. Having a better understanding of debt will allow students to avoid the most common traps and steer away from it or at least handle it intelligently.

  1. Insurance

Insurance is rarely discussed in high school and never expanded upon, but it’s a very important concept because we absolutely need it. Most students are vaguely aware they need auto insurance for their car, but they may not understand what it covers, what the benefits are, and why all states require it. Most adults don’t fully understand the concept of insurance either, so it’s important for students to be exposed to the subject. Understanding the types of insurance policies available, why they’re necessary, and how they work is key to purchasing the right ones and staying safe.

  1. Saving for Retirement

Young people don’t think seriously about retirement simply because it’s too far away. But that doesn’t take away from the fact that saving for retirement is an important concept to understand as soon as possible. Setting aside a small amount of money every month for retirement will allow young people to create a sizable net to fall on when the time comes. The sooner you start, the earlier you’ll be able to retire. Imagine that!

  1. Stocks, Bonds and Investment

Saving money and managing it is important, but so is investing it intelligently and securely. That’s why it’s so important children understand stocks, bonds and investment from an early age. The topic of investment is covered to some degree in school, but I believe it should be an important part of the curriculum. Learning how to make money grow through investment is not simple; the more resources our children have, the better decisions they’ll be able to make in the future.

  1. Taxes

Last but certainly not least, is the concept of taxes, which has a huge impact on our lives. Children hear about taxes from adults, but not enough to fully understand why they exist, how they should be assessed or how to use them. It’s when they get their first paycheck and see social security, Medicare, federal, state, and local taxes deducted from their earnings, does it hit them. That’s wrong! They should know much sooner. Understanding taxes allows us to manage and budget our money more effectively, which is why it’s so important we give our children this knowledge.

I don’t deny the fact that some states have introduced courses about personal money management to some degree. What I believe is, there’s a greater effort that needs to be made. Every state should be required to introduce courses about these core concepts we’ve discussed today and have it be a part of the curriculum. Learning about personal money management truly makes a difference, so why not give our children the best possible chance for a sound and secure future?

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An Overview of the Cares Act

An Overview of the Cares Act

COVID-19 relief: Overview of the CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. In addition to funding the health care fight against the novel coronavirus (COVID-19), the roughly $2 trillion legislation provides much-needed financial relief to individuals, businesses, not-for-profit organizations, and state and local governments during the pandemic. Here are some of the key provisions for individuals and businesses.

Economic Impact Payments

The CARES Act provides one-time direct Economic Impact Payments of up to $1,200 for single filers or heads of households; married couples filing jointly can receive up to $2,400. An additional payment of up to $500 is available for each qualifying child under age 17. View full post…

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Freelance Entrepreneur – 5 Tips

Freelance Entrepreneur – 5 Tips

5 Tips for Today’s Freelance Entrepreneur

(BPT) – From millennials who have been grinding away in the workplace for a few years to Gen Xers looking to move out of their cube, many have been intrigued by the possibility of becoming a freelance entrepreneur.

It means the freedom to set your own hours, to work closely with clients, to be your own boss and have greater control over your career.

According to Forbes, there are 53 million freelancers in America today, and by 2020, it’s estimated that half of the workforce will be doing freelance work, whether full time, as a part-time gig or as their side hustle.

Unlike a traditional job, where you generally don’t need to bring more than a packed lunch to work, a freelance entrepreneur requires a few essential tricks and tools to succeed. Whether you’re looking to start out or refresh your personal brand, homeworking View full post…

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5 Ways To Manage Your Money Better

5 Ways To Manage Your Money Better

5 Ways to Manage Your Money Better & Take Charge of Your Finances

Do you put off making changes to better manage your money? If you have financial fears, does the prospect of financial planning seem next to impossible? If so, you’re not alone. Almost one half of Americans find this scary, and it doesn’t have to be.

There’s no need to postpone a much-needed review of your financial situation any longer. Getting your finances back on track and knowing where your hard-earned money is going, is not that difficult. Over 80% of Americans say that they would like to be in better control of their finances.

For that reason, we offer a simple checklist of five options that you can review to fit your specific personal circumstances. By following them, you will be well on your way to being able to manage your money better.

  • First and foremost, get rid of credit card debt. Many individuals are carrying several credit cards with high balances with high fees and very high interest rates. Many are only able to pay the minimum payments required, and in doing so, will be paying on those cards into old age.

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4 Simple Small Business Tips

4 Simple Small Business Tips

Some Important Small Business Tips for an Annual Checkup

There are many challenges that an entrepreneur faces daily, and one of the major ones is improving cash flow. Practically every small business owner looks for ways to cut expenses and to collect money that is owed to them. Working capital is needed no matter if it happens to be in a slow period or a time of expansion. Here are a few small business tips for your annual checkup.

Getting all of your financial records together for your accountant to file your annual business tax return takes some time, but it will give you the information needed for a review. This is a good time to take stock of your business operations for the past year. You have what you need to make sure that it is operating as efficiently as it can.

Your accountant can be a big help in pointing out areas that need to be reviewed. If certain expenses appear to be out of line, he can steer you in that direction to see why. In conjunction with the preparation of the business tax returns, we offer the following small business tips that may help you increase your cash flow for the new year.

Review your business plan – You do have one, don’t you? Many View full post…

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How to Get Your Finances in Order

How to Get Your Finances in Order

4 Things You Can Do To Learn How To Get Your Finances in Order

Are you familiar with financial phrases like credit score, retirement savings, debt retirement, or account balances? If so, that’s great, you’re well on your way to learn how to get your finances in order.

If these phrases tend to cause a bit of anxiety, you’re not alone. About 75 % of the current millennial generation feel as you do, according to the National Endowment for Financial Education. This organization was founded in 1972 and is a non-profit 501 (c) (3) foundation with its primary purpose being to help Americans improve the quality of their lives by educating them with basic programs that teach one to make sound financial decisions.

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