Category Archive 'Personal finance'

Where Are You Keeping Your Money?

Personal finance

Where have you been putting your money? Most of us want to keep our money somewhere interesting. We search the web to see where we can invest and how to invest. I’m here to give you some help by throwing out some of the most common options.

Where can you keep your hard earned savings?

Your checking account.

Some folks keep their money in their checking account or a fairly-liquid account because they refer to this as their “emergency fund.” While it’s easy to scoff at this idea, it makes sense because you always have access to your money. You don’t have to stress about ever going broke or covering for emergencies. You don’t have to use your credit card to pay for it and then worry about insane interest rates.

What if you want to take some risks?

The stock market.

This is of course one of the more riskier options because there are no guarantees. When you invest in a specific stock, you have to worry about every single move that the company makes. If there’s a public blunder, you can almost always guarantee a drop in stock price. You always have to stay on top of the moves that the company is making. This isn’t passive at all.

On the bright side, the returns can be higher. When the returns are high, you’re smiling and proud of your investment. Just please remember that there are risks involved. Don’t get too greedy. I’ve gotten far too greedy in the past. I once could have cashed out and doubled my money. Instead I waited. Why? Because I wanted more money! What happened? I lost money because I waited too long. You live, you learn.

Real estate.

Real estate is where you need to have the most money to get involved. You need dozens of thousands of dollars before you try to apply for a home mortgage. You need to tie up a serious amount of capital into a property because property isn’t cheap these days.

Since I recently invested into real estate, I’ll share my best tips on the topic:

  • Research all properties in advance.
  • Save lots of money.
  • Perform the property management all on your own.
  • Ask for many opinions.
  • Shop around for the best mortgage rate.

Safe investments.

This is where a term deposit comes into play. Term deposits are a stress-free investments with flexible options. These are ideal for those of us that don’t want to stress about our money. We work hard enough. We don’t have to risk the chance that we could lose any of our money. That’s the last thing you need.

Where are you going to keep your money? These are some of the top options, but you don’t have to limit yourself to what I covered on here. There are tons of other options.

How-to Save Money Before Breakfast Tomorrow

Personal finance

Do you finally want to save money? Are you ready to amp up your savings account? I want this to be the year that you start saving more money.

2013 is here and I don’t believe in resolutions. There’s no time for that. I would rather take real action to see real results. I’ve learned over the years that a few small moves today can really benefit you in the future. The beauty is that you don’t have to be super-educated or break your back to see some serious savings.

How can you save money before breakfast tomorrow morning? How can you take a few minutes to amp up your savings?

Create automated savings.

Have you set your savings yet? I don’t like to think about budgeting money and putting my money away. I want to just set it and forget it. I want life to be simplified. I don’t want to think about money non stop. A few years ago, I filled out a form with my employer. It allowed them to take $50 from my paychecks. This was the best idea ever because I’ve managed to passively saving over a thousand dollars every single year. Not bad for no effort.

Cut a subscription.

How many monthly subscriptions do you have? Whenever I want to get serious about my savings, I look over my fixed expenses to see what can be cut. I often find a subscription or something that can be cut out. Then I go after it. This will take you a few minutes maximum. You’ll now be saving more money without much effort at all. Will you get rid of that iTunes account?

Put something up for sell.

Look around your room. Do you see too much crap? Did you know that you can easily sell this stuff for money? You can go on eBay to get rid of some junk and get paid in the process. You’ll have much more space in your home and you’ll have more cash in that good old savings account. A win-win situation if you asked me.

Find a paying gig.

Are you not making enough money? You can put up an ad on Kijiji to see if someone is willing to pay you for your services. What are you good at? What can you teach others? A paying gig will help you make money for the time being. This beats saving money on daily coffees. Once you find your first paying client, you can leverage this to find even more clients and more revenue.

How will you save money before breakfast? As fun as it is to go through Facebook or Twitter to see the newest jokes, you can really benefit from taking a few minutes to do something interesting.

How Much Credit Card Debt Do You Have?

Personal finance

Are you aware of how much credit card debt you really have? Nobody wants to be in credit card debt. We all want to be free of debt. We want to be released from the payments. We want to keep more of our money.

Do you want to crush your debt?

The first step is to determine how much money you owe.

How do you do this?

  • Look at your credit card balances. You need to dig up your balances to see what the totals are like. This might be the toughest part because you have to face your failures.
  • Add up all of the totals. What’s the total amount of money that you owe? Is it more or less what you expected? Are you ready to take on this amount of money?
  • Compare the interest rates. How much money are you spending on interest? You should consider using a credit card calculator to see where your payments are going.

Now it’s time to move on…

What can you do when you figure out how much debt you have?

Decide your next move. Will you focus on earning more money? Will you start saving more on a monthly basis? You next move is critical because it’ll determine how rapidly you become debt free. Earning more money is an excellent strategy for attacking debt. Saving up more money also helps because you don’t have to work any harder. You just have to optimize your spending.

Figure out which debt reduction tool you’ll utilize. What sort of tools will you use to assist your process? There are all sorts of apps and programs available to help you deal with your debt. What you choose to use is ultimately up to you and how serious you want to get about crushing the debt.

Start attacking your debt. Now you have to take action. Since you figured out how much money you owe, the only option is to start paying back this money. This is money that you borrowed to have what you wanted at the moment. You enjoyed the purchases. Now you have to pay this money back. This is where things get serious. This is where you have to sacrifice and get creative because every dollar counts when you’re trying to attack credit card debt.

Keep on going. You just have to remain consistent. This is key. You can’t stop until you’re out of debt. As tempting as it is to start spending money again, you can’t. Your target should be on become debt free. Once you’re debt free, you can live the life that you’ve always wanted. No more feeling strangled by your debt. No more spending your whole paycheck on debt.

How much credit card debt do you have? The second you figure this out, you can start tackling your debt!

Three Courses I Wish Existed in High School

Personal finance

Do you remember your high school days? I had some fun times. I’m not sure how I managed to get through and pass my courses because I really didn’t like any of the classes that I had to take. Before I go any further, please don’t get me wrong. I’m not here to bash the educational system or to say that I know it all. I just wish that the educational system had more practical courses back in high school. I wish courses existed that set us up for the rest of our lives.

What are three courses that I wish existed in high school?

Public speaking.

I suck at public speaking. I’m trying to get better.

How does that saying go? I still remember the Jerry Seinfeld joke. People are most afraid of public speaking and dying. So we’d rather be the one in the casket than the one giving the eulogy.

I haven’t read enough on this topic to assign the definitive textbook. I do believe that Never Eat Alone would be a great choice. It’s important that we learn how to interact with others. I’ve met too many selfish young folks that are clueless about this.


None of us know how to be leaders. All of my friends are just looking for a map or script to follow. A guideline to get things done. We aren’t taught to lead and solve problems.

The ideal textbook for this course would be Linchpin by Seth Godin. This is by far the best book on this topic. This is the call to action that young folks need to wake up and do something!

If leadership was taught in high school, more of us would be able to solve common problems and get ahead in life instead of waiting around.

Mastering money.

How do you save money? What money do you pay your bills with? Where should you put your money? How do credit cards work?

All of these questions are left unanswered upon graduating from high school. We’re all clueless. I was once visiting my brother away at college and one of his roommates wasn’t sure how a credit card works. This dude wants to become a doctor one day, but he didn’t know that you don’t pay interest on a credit card until you miss your deadline. He thought that he would start paying interest the second that he made a purchase.

We’re all left uninformed on how to save money or budget our money properly.

The best book on mastering money is I Will Teach You To Be Rich. The author covers everything from automating your savings to paying off credit card. These are the fundamentals of saving money and getting ahead.

Those are courses that I wish I had the opportunity to take. If I was in charge of putting these courses together, I would also ensure that I could choose the books as mentioned in the post. These courses would also be mandatory to passing high school. You get a pass or fail grade, so you wouldn’t have to worry about getting a poor grade if you didn’t excel at public speaking..

The Formula For Saving Money in Your 20s

Personal finance

Whenever friends or acquaintances find out that I blog about personal finance they’re usually curious to learn more. Money is one of those weird topics to discuss around friends.

How do you save money?

How do you get rich?

These sorts of questions usually come up. It’s like when you meet someone that works out. You want to know how to get huge. When you’re confused about money, it’s difficult to know where to start or what to do first. So you just ask general questions. Today I’m going to help you figure out this whole money thing.

What’s the formula for saving money in your 20s?

Increase your skills.

To make any money in this world, you need marketable skills. You have to do something that others are willing to pay for.

How do you increase your skill set?

  • Education.
  • Experience.
  • Online courses.
  • Books.
  • Private coaching.
Once you increase your skills, you can increase your income.

Pay yourself first.

Once you start making money, you need to figure out how you’re going to keep as much of it as possible. If you don’t keep any money, then you won’t have anything to show for your hard work. What’s the point of working so hard?

Paying yourself first is actually pretty easy. You go to your employer or your bank and you ask them to take off a set amount from your paycheck every single month.This money comes off your check automatically. You don’t have to do anything. You just fill out the initial forms.

How sweet is that? The money goes away and you never see it. Your goal is to figure out how to live on the rest. This is where the fun begins! You keep on saving this money without even thinking about it. When you’re ready for a big purchase, you simply have the funds available to do so.

Avoid debt like the plague.

We all know that debt is bad. Just like we all know that smoking is horrible for your health and that junk food makes you fat. Yet so many of us are in debt. Why? Because we all happen to be emotional beings.

I don’t want to preach to you. I’ll just leave it at this: do your best to avoid debt. You don’t want to be in your 30s paying off credit card debt that you racked up in your younger days.

Reward yourself.

The trick to remaining consistent with personal finance is rewarding yourself. No fun will lead to you being miserable. I don’t want you to be miserable while saving money. That will make you hate the world of personal finance.

You have to plan excursions, sneak fun into your life, and get out there. I personally try to plan every few months just to reward myself for consistent hard work. How you have fun is totally up to you. As long as you don’t borrow money for a trip, you should be good to go.

That’s the formula for saving lots of money in your 20s.