You Should Work On Your Finances Every Day

You Should Work On Your Finances Every Day
You Should Work On Your Finances Every Day

You Should Work On Your Finances Every DayDo you have money troubles? I can remember being over my head in credit card debt after college. I ended up burying my head in the sand so I wouldn’t have to deal with it too. You have to work on your finances every day.

How often do you think about your finances? Or, do you stick your head in the sand and just continue spending money you don’t have?

How often do you think about your budget or tweak it? Do you follow the news of companies you own stock in? Do you know what the mutual fund managers of your funds are doing or thinking?

If you focus on your finances a little bit each day, you will be able to handle and understand them better than ever. I’m not talking about buying and selling stocks everyday or watching their prices like a hawk. I’m talking about raising your financial IQ.

Work On Your Finances Every Day

You Are Good At What You Practice

The Tipping PointThe Tipping PointIt may not exactly be fun to everyone, and it may invoke memories of piano lessons of our youth. But, you are good at what you practice every day. Malcolm Gladwell is famous for pointing out in his awesome book, The Tipping Point, that it takes about 10,000 hours of practice at any one activity to become an expert at it.

So, all of you aspiring guitar players should definitely keep at it. The same is, of course, true for your finances. You have to practice to be good at it. What do I mean by practice? When was the last time you calculated your net worth? When was the last time you followed the stocks or mutual funds that you own in your retirement accounts?

Do you know the mutual funds top holdings and their rationale for it? Do you listen to conference calls of the companies you own stock in? It is not rocket science, but doing one small task each day will keep your finances in the forefront of your mind.

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Buy Back Insurance for Electronics Is a Waste of Money

My wife may shoot me when I say this because I have a history of buying the latest technological gadget, but buy back insurance is a waste of money in most cases. I am a gadget fiend. I love gadgets. I own a lot of them. But, I hate wasting money even more than I love gadgets. And, buy back insurance is a waste of money like buying an extended warranty. What Is Buy Back Insurance? Recently retailers have been offering buy back insurance plans which will guarantee a consumer a certain amount of money if they choose to sell their old electronics back to the store. This type of insurance protects consumers when technology rapidly changes or advances. Recently, … Read more

Top 5 Secrets You Didn’t Know About Shopping at Outlet Malls

Shopping At Outlet Malls

Everyone loves to save money and receive a good deal on the items they purchase. That phenomenon has given rise to the popularity of the outlet shopping mall across America. The outlet shopping mall are big business now with over 200 malls spread across the country. That works out to about 300 different merchants operating approximately 13,000 stores. I can remember when my mother and I had to drive over two hours from our home to reach an outlet store to rack up cheap clothing from retailers such as Tommy Hilfiger, The Gap, Ralph Lauren, and many others. It was an adventure to go to the outlets. An outlet shopping mall was a special trip which turned into a special … Read more

Send Me Your Money Questions for a Free Book

Send me your money questions about personal finance, investing, retirement, etc. If I pick your question and answer it here on the blog, I’ll send you a free copy of Dave Ramsey‘s book, “The Total Money Makeover”. Got Money Questions? Do you have a money question that you would love for us to tackle in our weekly blog post series “Reader’s Question”? Email us your money questions to Questions@MoneyQandA.com. If we pick your question to be featured, then we will mail you a free copy of Dave Ramsey’s book, “The Total Money Makeover” as a way of saying thanks! Do you already have a copy of Dave’s book? I don’t doubt it if you love reading about money and finances as … Read more

Global Financial Crisis – The Worst Thing You Can Do

Worst Things You Can Do In Global Financial Crisis

Worst Things You Can Do In Global Financial CrisisThe worst thing that you can do in a global financial crisis is not sticking to your plan. In 2008, we saw far too many people pull their investments out of the stock market during the recession at the lowest points.

This will lead you to selling stocks and mutual funds when prices are low and having to repurchase your investments when times are better and ultimately prices are higher. The best thing you can do is to continue on your financial plan that you established.

Worst Things You Can Do In Global Financial Crisis

A Declining Market Is Not The Time To Sell

Trying to time the stock market’s rise and fall can cost investors thousands in lost profits. Inevitability, timing the market does not work and you enter and exit the stock market at preciously the wrong time costing you profits or increasing your losses.

Not only do you have to time your exit when you are timing the stock market, but you also have to time your reentry back into the stock market as well.

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You Need Enough Insurance to Rebuild Completely After a Claim

You Need Enough Insurance to Rebuild Completely After a Claim

Far too many people do not have enough home insurance to rebuild their homes completely if they are destroyed or severely damaged. Many people forget to factor in inflation when they are faced with the possibility of having to completely rebuild their homes after a natural disaster or fire. This is a particularly devastating hazard for someone who purchased their home many years ago. Your home insurance should cover the cost to rebuild your house at today’s market prices for materials and labor. Many homes that were built several years ago still have the same amount of homeowners insurance on them as when the owners originally bought them. You should purchase either guaranteed replacement cost or extended replacement cost. Guaranteed … Read more