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Effective Money Management

Create a spending plan

A spending plan specifies exactly how you will spend and save your money. I prefer not to call it budgeting as this implies constraint and scarcity of choices. A spending plan on the other hand suggests mastery and control of your finances. It is vital to track every cent that you spend. The idea is to create a list of spending priorities that is aligned to what is most important to you. There is one thing that is non-negotiable. You may not spend more than your earnings and at least 10% of your income must be saved so that you can build capital for investment. You should have a short-term plan that covers the period of a month and a long-term plan that is for a year. This is because certain expenses like home improvements may need longer planning periods. Long term home improvements can also be managed by taking out a loan and paying a fixed monthly amount that fits in with your plan.

Simplify your lifestyle

You can save and live a life with lesser stress if you just

Tricks Improve Your Finance

Pay Yourself First

After you start saving, you will have money starting to pile up. The most appropriate thing is to pay you first by bumping up one’s retirement contributions or to transfer some certain amount of money to a savings account. You can as well do both.

Completely Dump Debt

List all the debts you owe others and prioritize them according to highest interest rate or size of the balance. After you have had a budget and started realizing much savings, start paying your debts from the highest prioritized moving downwards till you clear all the debts. In short, crate an actionable plan and get out of debt.

Get Right with Retirement

In case you have been borrowing money from your work sponsored retirement plan account, you are headed for trouble at retirement. At your savings rate, will you achieve your retirement goal? Discuss this with a financial planner and make appropriate steps to track your investments.

Contribution Beyond the Company Match is Paramount

If you fail to contribute the required amount in

About Online Bill Payment

What is the best reason to choose online bill payments? First of all, you can save time and money when paying late fees and postage. It is also actually safer than paying through mail. Personal information is at risk of falling into the wrong hands when it is printed on paper and goes through the whole postal system. Besides, you can manage your finances more easily when paying bills using your credit card. Furthermore, you can even save cash rewards and airline travel miles whenever you use it.

When you pay your bills online, you will save on the use of paper, doing your share in preserving Mother Earth.

Perhaps the greatest advantage of using online bill payments is getting rid of all the paper sent to your billing address. There will be less mail and envelopes to open and discard. Now, you can receive all your billing statements and reminders in your email inbox. Your service providers and banks will ask if you would like them to email your bills and reminders. They will

Personal Economic Independence

Opting the Right Profession

There are boundless economic works available in the modern world. Needless to say, the invention of internet and technology has further introduced oodles of online works as well. Selection of the right profession is duty of the economic agent. How may he/she opt for the right profession? Jeff Goins, author of the bestseller, The Art of Work, gives answer to the question. He offers a stunning approach to discover the purpose of life. Once the purpose is realized, one can consequently comprehend the right profession. Jeff writes: “when you pay attention to your life and the lessons it can teach you, you won’t feel so lost. Your story will seem less like a series of disjoined events and more like a beautifully complex narrative unfolding before you. You will understand each setback, inconvenience and frustration as something more than what it appears to be. And perhaps, as you listen to it, your life will speak.”

Jeff, in his case, listed out a few memories from his life and during the exercise, he was able to grasp his purpose; to become a writer. An economic agent, at the outset, can also implement the

Gain Control Over Money

Financial freedom means understanding not just what comes in, but also what goes out; more importantly where the money goes. The third step to financial freedom according to Suze Orman is to take back charge of your money, to get back in touch with your money, just the way you did when you were a kid. It is time for you to face the truth honestly and know exactly where you stand today.

What you need to do ASAP:

Grab a piece of paper or a notepad

Assemble all documentation showing all your expenses from 2 years ago. Yes this might take a while, but it’s worth it since it will be saving you so much more time and money in the future (for example for me, my bank sends me each month a computerized statement showing all my spendings and earnings/income. I am able to see where the money went, what I spent it on… almost like an x-ray!). These documents could include ATM statements, credit card bills, cancelled cheques, etc.

Examine each dollar spent and divide the spendings into sections or categories (food, rent, utilities, gas, phone, cable, etc.)

For each

Frugal Without A Budget

Some people consider budgeting a waste of time. I’m one of them. I happen to have a budget. And here’s how I maintain it: I don’t. I do a budget once a year, and then either get too lazy to make adjustments and updates, or just plain forget about it. Yet, my frugality remains… it is a part of my way of life. I am further encouraged to Not keep a budget by what I do every month. It is something I learned from the great Robert Kiyosaki, author of Rich Dad, Poor Dad. What is it?

He called it, Pay Yourself First. This is what I do every single month without anything getting in my way. I take 10% out of my checking account (paid via direct deposit) and transfer the amounts to the Brokerage account I share with my wife, Jessica, and to our individual Roth IRAs. I currently net $6,400 a month from my job as a vice principal. This amount will change next year when I go back to teaching, but it won’t change my strategy. $640 is split into three accounts: $400 to my Brokerage, $120 to my Roth IRA, and $120

Taking Financial Risks

Let’s take a case scenario of two brothers who happen to be farmers in a village far away from any natural source of water supply. Farmer A and Farmer B plant their crops at the same time in a land not too far apart from each other. After a while, the rains stop falling, farmer A is contended with the natural order of things, but Farmer B is not… he seeks ways to provide an all year round supply of water to his crops so he devises a means of transporting water from a faraway stream into his farm land. Now, farmer A tries to dissuade him by pointing out the various disadvantages of irrigation which includes over flooding. Farmer B despite knowing that he risked over flooding his small farm, persisted, ignoring the risk and thinking only of the advantages.

Eventually, it is harvest time, both farmers cultivated their crops but as you must have guessed by now, Farmer B’s harvest was more bountiful than that of his brother… in the long run, the end justified the means.

Now the difference between this two brothers is that one of them did things differently from what

Costs of Passive Fund Investing

Active investing is when someone (a portfolio manager) picks the stocks that are in the fund and decides how much of each one to hold (the weighting). This portfolio manager would also monitor the portfolio and decide when a security should be sold off, added to or have its weighting decreased. Since there is ongoing research, meetings and analysis that must be done to build and monitor this portfolio, this fund manager would have research analysts and administrative personnel to help run the fund.

Passive investing has the same setup as active investing, but rather than someone deciding what securities to buy or how much of each one to buy, the portfolio manager would copy a benchmark. A benchmark is a collection of securities which the fund is compared against to see how well it is doing. Since everything in investing is about how much money you can make and how much risk it takes to make that money, every fund out there is trying to compare to all of the other funds of the same type to see who can make the most money. The basis for the comparisons is the benchmark, and then it becomes

Long Term Wealth Management


Having income properties and investments is, of course, important. However, for you to be truly content, cash savings is a must. It is highly suggested that you save a minimum of 20% of your income. The easiest way to do this is to have it directly deposited from your check into an interest-bearing savings account. This ensures that you won’t forget to set the cash aside yourself, and it prevents you from being tempted to spend the money while you have it. Having that extra cash in your back pocket will put you at ease in case any emergency situations arise.


It is essential to know how and when to use your credit wisely. This includes credit cards, mortgages, and loans. Do not overextend yourself when using credit by making impulsive purchase decisions or by taking out loans that you cannot afford. Paying any types of loan debts on time is the key to a good credit score, which will help build a positive impression for a future lender.


Take your investments slowly by first concentrating on small, achievable goals. If it is your desire to purchase that dream home

Personal Bank Loans


Generally speaking, there are two types of personal bank loans:

– Secured, which will require you to put up an asset, such as a home or car, for collateral. In exchange, you get a lower interest rate, and potentially a better chance at being approved.

– Unsecured, which can be harder to get approved for, particularly if your credit score is less than perfect. Interest rates are higher, but, on the other hand, there is no risk of losing your home or car if you cannot pay.

Though a secured loan can be very tempting, it is important to take a step back and consider whether or not it is worth the risk. You will also want to look into other options that your bank might have, such as auto loans that might be more favorable for your purposes.

Your Local Bank or Credit Union Can Help

Being an account-holding member in good standing at your local financial institution can make it far easier to be approved. They will often look at the account balance and age when you apply. Generally speaking, the higher the better. It is a good idea

Home Loan Pre Approval

When to apply for a Home Loan Pre-Approval

Only apply for your home loan pre-approval once you are ready to take the next step from inspecting and researching properties. Typically, the approval will only last 90 days so don’t apply for one until you are seriously considering purchasing.

What to have ready

The lender will ask you to verify your personal and financial details and provide evidence in the form of pay slips, tax returns, bank statements and identification documents. You will also have to provide information about any outstanding debts. To ensure a reliable and accurate pre-approval, be honest about any anticipated changes to your personal circumstances, such as a redundancy or starting a family.

What’s the next step?

Your Pre-app is not a guarantee of finance from a lender so you will still have to obtain full (or formal) approval once you have found a property. It’s not until you have this final approval that the loan application is binding. The benefit of having obtained pre-approval is that it will significantly speed up the paperwork process.

Watch out for

Home loan Pre-approvals can be called conditional approval, indicative approval or approval

Buy Income for Life

I suggest you avoid fixed indexed annuities, variable annuities, indexed universal life, variable universal life and whole life insurance products for generating retirement income. Their payback periods are long and these are high commission products, which is why they are sold. Some can have high surrender charges and the illustrations that I’ve seen are very optimistic. Separate your investment and insurance needs.

Insurance should be used to mitigate risk and not bought as an investment. You should focus your annuity needs on the contractual guarantees they provide, not on hypotheticals or what they might do. Also, avoid any free meal seminars you might get invited to; it could end up being a very expensive meal indeed. High commission products are typically sold at those seminars.

Here is a very interesting table for a hypothetical, single premium immediate annuity. SPIA for short.You make a lump sum premium payment to an insurance company and exchange they pay you an income for life. The income you get is a function of the premium you paid, current 10 treasury yields and your life expectancy. Here are the details for the table:

The top scale is the age at which

Binary Option Strategies

The MACD-based 60-second strategy is a great way to take advantage of the quick, instant-gratification focused option-types that most binary option brokers feature these days. This strategy is based on the Moving Average convergence and divergence indicator, which is the only technical indicator used for this approach. The MACD has to be used with certain settings for this strategy to work, and it will show up as a blue line following the white line of the price signal. Whenever the MACD line crosses the price signal line, we have a trading signal. The MACD is essentially showcasing the momentum of the price-change, so its fluctuations represent a sort of prediction in this regard. If the MACD line crosses the price signal from below, we have an impending reversal of a downtrend into an uptrend. If the MACD line crosses the price signal from above, we’re looking at the impending reversal of an uptrend into a downtrend.

This strategy can be combined with various candlestick patterns that offer further confirmation of the upcoming reversal, and with other indicators too. For short-term options like 60-second options though, keeping the setup simple should always be a priority.

Using various candlestick

Become A Millionaire

Have a predefined objective

Do not set goals which are unattainable. Have some goals with clear vision. For instance, you can fix a particular date, that on that day, you will clear off all your debts and become financially independent. Likewise, make yourself a promise that each month you will be saving a particular amount of money.

Expand your budget

A budget or a financial plan is normally a collection of aspirations & dreams. It is a chart of your destination as how you wish to utilize the money for the benefit of your family. Hence devise a budget with clear goals. Evolve your budget with more financial goals which will ultimately lead to prosperity.

Curtail your expenditure

Reducing your expenditure is a vital strategy which you must follow so as to become financially independent. A majority of the successful millionaires lead their lives less than their means, which you must also pursue.

Start investing and augment your assets

You must begin investing and increase your assets in the form of stocks & buildings. These assets will increase the value your wealth into manifolds over a period of time.

Financial Virtue

Persuasive advertisers often encourage you to buy their products with a sense of urgency, as they insist that you can’t afford to miss out on the latest fashions or their amazing sales. When you’re spending your money, sometimes you may feel under pressure to act quickly to get the best deal.

Most times, applying a little patience when spending will not let you miss out on must-have items or a once-in-a-lifetime shopping event. In fact, taking your time and thinking twice before you hand over your money can help you to avoid making impulsive purchases that you may regret in the future.

Before you commit to any purchase, ask yourself if it is the best use for your hard-earned dollars. Are there more important purposes to which your funds could be allocated? If you postpone your purchase until the following day, you may actually be relieved that you didn’t give into the desire to spend.

Defer getting into debt

Lending companies also promote the idea that you don’t need to wait for what you want, as you can attain all the items on your financial wish-list if your credit rating permits you to borrow.

All about Money Changes Hands

There several different ways how money can be and can become an object. One scenario is if you needed funds back had a lack thereof, then that creates financial challenges. The second scenario is, if you have the funds available and you have access to it; to do want you want to do without hesitation of wondering where the funds would come from. Another scenario is if you have hired someone for certain services and have not compensated them according to the agreed amount for their labors, but you have withheld their wages, then this is fraud. James gives and ample warning to the rich who use these negative business transactions. James 5:1-6. We are to become wise stewards of all God has entrusted to us.

There is nothing wrong with having more than enough in material wealth. However, if the use of your financial status are not benefiting the need others, then as someone who has more than enough, you have missed the mark, because it is more blessed to give than to receive. Acts 20:35. Back in the early 70’s the American pop group the O’Jays had a smash hit record titled “For the Love

Asset Protection

Asset Protection Planning is a science and as in all areas of science, there are ethical issues.

Science – any systematic knowledge or practice

Ethics – a set of principles or moral conduct

The roots of Asset Protection are founded in debtor-creditor law. The goal is to remove the assets from the legal title and ownership of the debtor while the debtor retains control and beneficial enjoyment of the assets. An Asset Protection Plan should change the financial face of the client so that creditors have a much more difficult time attaching and seizing the assets, making negotiations favorable to the debtor. A properly constructed asset protection plan also allows the debtor to answer honestly in the face of a judge in court.

The goal is not to avoid debts; the goal is to control debts and settlements. The word debtor may scare you or bring negative connotations at this time because your debts are currently paid. Not only is this understood, but also, it is the most beneficial time to protect your assets. The word debtor refers a person in a in a “post” state of affairs as the accused or judged; in

Create Cash Cushion

As for me, I was on this Level for a long, long time – probably a decade. I always thought there was a better place to put my money “to work.” Your money should be working for you, right? Every three or four months, I would amass a good chunk of my goal. I would see that money in my savings account and say, “I need to invest this money and get a return. It’s just sitting there.” And, I would try and skip this Level. There were years, I thought I was playing at Level VII, but really I was still playing Level III.

In the beginning, I would take that money and put it in some risky stock speculation. I wouldn’t even call it investing because I was watching the stock prices daily and making trading decisions on a daily basis. That is not investing. I would invariably end up losing 20% – 40% and sell the “investment.” Then I’d be down and put the cash back into my savings account. After another three or four months, when I saved up another good chunk of my goal, well, you know what happened next.


Create Surplus

Increasing income with increasing expenses at equal amount does not help in increasing surplus. A budget plan plays an important role in determining how much to save and control expenditure. If you spend below budget, you would have surplus higher than expected. If you overspend, you would leave a smaller sum for saving.

Quotes by Warren Buffett:

  • on spending: “If you buy things you do not need, soon you will have to sell things you need”.
  • on savings: “Do not save what is left after spending, but spend what is left after saving”.

It is important to know the difference between what you want and what you need. Whatever not in your budget is not a need. Before any spending, please ask yourself: “Do I really need it?” If the answer is “No”, forget about it! There are more important goals waiting for you.

Financial Literacy

A healthy savings habit is the gift that keeps on giving. All of life’s major money milestones – whether it’s for a down payment, starting a new business, or a long period of unemployment- require having cash in the bank. For your children, the feeling of being able to tackle challenges like these without parental support is both extremely liberating and a memory they will pass onto future generations. Although everyone’s situation is different, a good rule of thumb for those starting out is to put 10% of total income toward long-term goals (like retirement) and 10% toward short-term goals (like the emergency fund or a house down payment.) To help ensure success, we recommend having these savings deductions automatically withdrawn from a paycheck into separate accounts each month. We find that it’s much easier to not spend if you don’t see the money. And for those who’re receiving holiday bonuses for the first time, save at least 50% for the future. We promise that this practice will have you remembering the holidays in a positive light for years down the road.

Every year on TV we see the Grinch who tries to ruin Christmas. But for