April 2017

What to Do When You Desperately Need Money

We’ve all encountered a time when say out loud “I need money desperately.” When the money just isn’t there it can feel as if the whole world is crumbling down around you. But there are options on the table available to you. What can you do when you need money desperately?

Steps to Take When You Desperately Need Money

Step 1 – Take Advantage of Your Immediate Income Sources

To conquer your immediate needs, you should take advantage of any immediate income sources available to you. If you lent money to a friend or family member it’s time to call that loan in. If you have something you’ve been meaning to sell it’s time to get around to that now. The first step requires the least amount of effort and no self-sacrifice.

Step 2 – Raid Some of Your Investments

Another income source you have at your disposal is your investments. Some of your investments will be more accessible than others. For now, you should stay away from your retirement accounts because you may not be able to get this money back and you’ll be penalized on your taxes for the early withdrawal. Selling some shares for an immediate payoff from your taxable investment accounts (non-retierment accounts) is an easy way to get the money you need now.

Learn How to Trade Stocks Online with Forex Trading Classes

by Guest Contributor

Essential Tech for Currency Trading Online

Do you know how to trade stocks online? Learning to buy or trade stocks is an essential investment skill. Buying a stock online requires the investor to enter buy and sell orders, use stock symbols, refer to charts and research reports. The ability to trade stocks can be a rewarding endeavor. Possessing the foresight to know when to buy and at what price to sell builds wealth. Some traders choose online trading as a job. Others rely on stock trading as the means of growing a retirement nest egg. Regardless of your investment strategy or perspective, learning how to trade online can help you manage a portfolio of financial assets. Online Trading Academy Reviews provide traders with online trading skills. … Read more

Stop Driving Your Budget Down: Smart Strategies to Keep Your Car From Making You Poor

by Guest Contributor

You wouldn’t want to be without your car, but when you work out exactly much it is costing you each year, it can be a scary number and goes some way to explaining why your bank balance is so slim.

There are loads of expenses attached to car ownership. They can range from the cost of gas to repairs and maintenance, plus insurance and other payments you have to find in order to keep your car on the road.

Strategies to Keep Your Car From Making You Poor

Here are some tips on how to keep a lid on car ownership costs, including why staying loyal to your car pays off, a look at the price you pay for a poorly tuned car, plus some maintenance tips that help to save more of your cash.

Get your money’s worth

It is always tempting to consider the idea of changing your car after a few years for a newer model but the cost of upgrading and the amount you get for your trade-in are likely to be costing you heavily.

The cost of new cars tends to go up each year, so when you factor in that your car will inevitably depreciate in value over time, you are going to end up paying more for a new model and will get less for your old car.

This double-whammy can be a real blow to your finances.

The way to beat this money trap is to buy a decent car in the first place and then commit to keeping it for at least five years or more. This strategy will ensure you get the best value from your investment (as depreciation is not so steep after the first few years) and the potential savings can add up to thousands of dollars.

Keeping your car for longer will save you money in the long run.

Getting a good tune out of your car

The facts and figures are there for all to see, a poorly tuned car is going to cost at least 25% more in extra gasoline charges each year and your repair bills can also be higher when it breaks down.

Skimping on regular maintenance is a false economy, so how do you keep your car nicely tuned without spending fortunes?

A good solution would be to carry out some of the basic maintenance and repair tasks yourself. You can download Toyota service repair manuals (or whatever make and model you have) and follow the step-by-step instructions on how to change the oil and filter, check fluid levels, and a host of other essential maintenance tasks that are well within your capabilities.

To Buy or To Lease: Financing Your New Car

by Guest Contributor

When it comes to getting a new car, you have two options – buying it or leasing it. And, according to recent statistics, leasing is becoming an increasingly popular option, with over 30% of Americans choosing this option over buying.

Financing a New Car – Should You Buy or Lease?

However, both of these choices come with their advantages and disadvantages, and we’ll explore these below:

Should You Buy Your Next Car?

If you’ve always bought your cars outright, you’ll have enjoyed the fact you can keep them for as long as you want and can trade or sell them when the time’s right for you. You’ll have probably enjoyed that feeling of ownership too. Equally, if you’re one of the many who’s used an auto loan to finance your new car purchase, you’ll have basked in that feeling of finally paying off the loan and the car being yours.

When you buy a car, you put equity into it, which is your down payment. In contrast, when you lease a car, the money you’re putting into it (which could be thousands of dollars), provides you with zero equity. And, even though you may be paying for the car on a monthly basis, you’re gaining increasing amounts of equity as you do this. Then, once your loan term expires, you have full ownership of the car, which could amount to several thousand dollars, if not more.

Once you’ve done this, you’ll have the peace of mind that you’re driving around in a debt-free vehicle, which you can continue to enjoy or you can use to put towards a new car. And that’s not to mention the fact that you can modify the car in any way you want and aren’t hit with charges if the car has a high mileage.

Nevertheless, there are some downsides to ownership, and a lot of this is found in the responsibility you have for the repairs and maintenance of your vehicle – which can start to add up. However, this might be a risk worth taking, particularly if you have a warranty on the vehicle which runs out at the exact same time as your loan payments do. Because you’re not paying your monthly loan fees anymore, you’ll have extra cash to carry out any necessary repairs.

Furthermore, you’ll often find that the majority of new vehicles on the road today are incredibly reliable, which makes the risk factor much lower. And, if you are concerned about the financial costs involved in fixing your car or truck, you could always weigh up the advantages of taking out a longer warranty.

Rent Poor? How Spending on Housing Is Crippling Your Budget

by Hank Coleman

According to the 2016 State of the Nation’s Housing Report from the Joint Center for Housing Studies of Harvard University, over 21 million people spend more than 30% of their income on housing. This suggests that millions of renters in the U.S. are cost burdened or “rent poor” because financial experts typically agree that housing should take up no more than 30% of an individual or family’s income.

A report from CNN Money confirmed the financial burden of being “rent poor,” as poor Americans spend approximately 72% of their income on housing, leaving them with little leftover funds to cover utilities, car payments, auto and health insurance, food, and other necessities.

Housing prices are increasing as the economy improves, which correlates with rising rental prices as housing demand outstrips available supply. This means that if you currently spend more than 30% of your income on housing – whether it’s rent or mortgage payments – then finding ways to lower your housing expenses is crucial for stabilizing your financial situation to ward off the negative consequences of rising rents and mortgage interest rates. Saving money on housing also creates new opportunities to save up for a down payment, pay off your loans more quickly, or even save up for a vacation.

What to Do if You’re Rent Poor

If you’re currently “rent poor,” then here are a few ways to cut back on your housing expenses:

Take On a Side Job

Sometimes, the problem isn’t expensive housing as much as it is underpaid jobs. If your present job doesn’t pay you enough to live comfortably in your area, then you might consider taking on a side job to supplement your income. This can be a challenge for anyone who works more than 40+ hours per week, but if you have a flexible or part-time schedule, then consider the following side gigs:

Drive for Lyft or Uber

Sell your services on Fiverr

Launch an online business

Selling blood plasma

Pet-sitting and dog walking

Create a Passive Side Income

If you have limited hours available, then instead of a side job, you could develop a passive income stream to make money with minimal maintenance the long run. Creating a passive income requires more work upfront, but over time, this income stream will grow more independently, allowing you to minimize your housing-to-income ratio.

5 Rules of Being Successful in the Stock Market

by Guest Contributor

Are you looking for the secret guide on how to be successful in the stock market? By now you already know that stock market is very unstable so you need to stop searching because a guide like that does not exist. There are dozens of factors such as inflation, demographics, the economic strength of market and peers, trends, etc. that can change the stock market in minutes.

With this amount of diverse factors, it is hard to come up with a set of rules that can guarantee 100% expected return. However, there are certain steps that can lead to success. Read along to find out the 5 golden rules of becoming the Wolf of the Wall Street.

How to Be Successful in the Stock Market

1. Research, study, repeat

If you chose to invest because you don’t want to study but want to earn money then, unfortunately, you are on the wrong path. The stock market is not the stock tracker on your iPhone. It’s way more than that. Studying the basics of the stock market will help you a) make the right decision, b) you will not be deceived. In the 21st Century, you can get access to well-written books, articles and research reports about Stock Market.

They are free and teach the essentials. If you don’t like learning the theory then turn to examples, study great investors such as Warren Buffett, Philip Fisher, John Neff and many others. If you still think you have space to grow then buy investment newsletters, take classes and go to seminars. This is actually the best way of getting an insight into the stock market, and you can learn the ins and outs of the market.