I was walking around Target the other day when I ran across this shelf of piggybanks that are featured on this picture. And, I just had to snap this picture. I wondered if having a personalized piggybank will help inspire you to save more money. I have a jar sitting on my dresser that says “casino money” right on the front of it. It is one of many that you can buy that lists what your savings goal is. I have seen others that say things like “new car”, “down payment”, “vacation”, etc. Mine just happens to say “Casino Money” because I have a secret addiction to Las Vegas and Blackjack (now you know a little something extra about me!).
Hank Coleman
The Only Two Numbers You Should Measure in Your Finances
What do you measure in your life? Do you count calories? Do you count how many visitors check out your website everyday (or every hour if you are me)? You should be counting things in your life.
Counting implies that there is a goal in the end that you are counting towards something in the end. Thos with a goal have been shown in studies to ultimately be more successful in life.
A study of Harvard MBA students in 1979 who were followed for ten years found that the 13% of the class who had made goals for themselves were earning, on average, twice as much as the other 84% who had no goals at all.
In fact, 3% who had written down those goals were earning, on average, ten times as much as the other 97% put together. What you measure in life matters. It draws our focus to it like a laser. So, what are you focusing on with your money?
Measure Your Finances With Two Numbers
You Should Measure Your Net Worth
You should know how much you are worth. You should keep track of this number every month. You should have it written down and should compare it to the previous month’s outcome. How did your investments do?
Three Types of Insurance You Need to Buy Now to Protect Yourself
Insurance is one of those topics that people do not want to discuss. No one really wants to think about when they will die, getting sued, or becoming disabled. No one wants to talk or think about dying, getting sued, or becoming disabled. But, there are types of insurance you need to consider to protect yourself. But, the people who are hurt the most are our family members when we do not have the proper insurance plans and coverages. Unfortunately, there are many types of insurance that you need to consider owning. Below are some of the most critical ones. Three Types of Insurance You Need Term Life Insurance I’m a huge fan of term life insurance over whole life insurance. … Read more
Dissecting My Twelve Loans That Defaulted On Lending Club
Last week I made a horrible confession. I am a greedy investor, or more importantly, I WAS a greedy investor when it came to my Lending Club account and investing in peer to peer lending loans. But, I have learned the errors of my ways. I love Lending Club and the idea of earning a great rate of return by investing directly in peer to peer loans of people who need funding and may not otherwise receive it.
So, I’m not giving up on investing in peer to peer lending through Lending Club. I’m trying to be a better loan picker and evaluator. So, here are a few areas that my Lending Club default loans have in common. Maybe by understanding a little more about why these may have defaulted, I can avoid making similar mistakes going forward in the future with new peer to peer loans.
Traits Of My Defaulted Peer To Peer Lending Loans
36 Month Maturities
Every single one of the 12 loans that I have that defaulted have a 36 month length of maturity. This is a little hard to gauge because I started investing in some of these peer to peer loans before Lending Club started offering five year loans.
How I Got Greedy and Lost My Shirt with Peer To Peer Lending Loans
I completely messed up investing in peer-to-peer loans through Lending Club because I was greedy. Jim Cramer is famous for saying that both bulls and bears can make money, but pigs get slaughtered. What he means is that it is one thing to make money or make a living with your investments. But, to try and make a killing on them, you will often be crushed by those very same investments. I’m ashamed that I got greedy with my Lending Club investments, tried to push the envelope, and got burnt. Keep reading to see what happened and what I’m doing now with the new loans I’m investing in through Lending Club. Peer To Peer Loans And Lending Is Awesome I don’t … Read more
Top 3 Easy Places to Find Money in a Pinch When Times Are Tough
Surveys have shown that most Americans, 60% to 70%, live paycheck to paycheck. There will always be hiccups in your personal finances, and those tough times are often multiplied if you do not have a written monthly budget. But, how do you find money to pay your bills on short notice if you are in a pinch? Going to a payday lender should be one of your last resorts because of the enormous amount of interest you will ultimately pay on such a short-term loan. Payday lenders provide a horrible service that preys on struggling people and allows you to roll short-term loans over with interest continuing to build and build. But, you do have other options if you need … Read more