Compound Interest - The Not-So Secret Power Did you ever sit there and just wonder how did the richest people in the world get so rich? We have Bill Gates (Microsoft) with $50 billion, Warren Buffett (Berkshire Hathaway) with $40 billion, Lawrence Ellison (Oracle) with $27 billion, the Walton family with $21.5 billion and not to mention the mighty Mr. Moneybags (that would be me) whose net worth is so large that any calculator in the world would simply explode just by trying to fit all … [Read more...]
Money is an Emotional Roller Coaster
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Most of the time, we are not aware of our spending habits. We tend to overspend and after some time, we are already bound with high debts. Most of us purchase products just because they are the “it” or “in” things. What we do not realize is that we are spending too much on the things we do not really need. We often times abuse our credit cards. Having a credit card makes us compulsive buyers. We do not really think twice when purchasing items. Before we know it, we are in big money … [Read more...]
Saving Money during a Recession
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Nowadays, people are having a hard time budgeting all the expenses and paying all the bills. Even companies and government agencies are going under one after the other. Now that there is a global recession affecting each and every single one of us, we need to find ways to manage our spending. This involves strategic planning, analyzing your expenses and changing your spending habits. It starts by only paying for what is necessary. This includes mortgages, electricity and water bills. … [Read more...]
10 Tips to Mastering Your Money
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Want to save more of what you earn, but just can't figure out how? Follow these easy tips and watch your cash grow. 1. Set a Target Shoot for having three to six months of your regular expenses available for unforeseen emergencies. 2. Make Your Money Work as Hard as You Do Keep idle cash in an account that pays interest. 3. Slim Down Your Checking Keep just a little more than you need to pay the bills until your next paycheck, and move the extra to a savings account that pays more … [Read more...]
Fix Your Credit
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Ever noticed how the moments seemed to stretch on whenever waiting for a credit approval, especially when you have less than perfect credit? Ruth DaMarcus knows that feeling. After her divorce, her credit rating plummeted, and applying anywhere for credit became an embarrassing situation. “I never knew when I was going to get approved or rejected,” DaMarcus said. “Most times, I was rejected. I knew I had to fix my credit, I just didn’t know how or if it was even possible.” Yes … [Read more...]
Personal budgets are the key to financial success
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Have you ever gone to the bank, taken out $100, and by the end of the week try to recall what you spent it on? “I am not sure. I know I got some stuff,” are some of the common answers. It’s what most people do, and it's the perfect example of not living on a personal budget. When you live on a budget, you know penny for penny what you spent that $100 on. In fact you will find by spending less than you earn your debt disappears. That's because the first step to getting out of debt is … [Read more...]