Simplify your lifestyle

When a trading company is at risk of being liquidated there are two things they focus on: cost savings and generating income. In other words simplifying the cost structure.

In personal finance terms this means simplifying your lifestyle. Sure, everybody would love to have the best gadgets and toys around but many people have these things at the expense acquiring extra debt which they have to pay off over years. What is the point of doing this? Usually media/peer pressure or image/reputation.

To begin to live financially free, take a look at your current expenses and see which items you currently pay for or have a loan against, such as a sports car or mobile phone contract. Ask yourself: do you really need these items? What would happen if you didn’t have these items. Start to think along these lines, and by simplifying, it will be much … Read the rest

Seniors make up for one third of the nation’s net worth, which makes them a considerably easy target for advisors looking to exploit them financially. Ninety percent of abuse comes from family members or trusted others like, financial advisors. According to a 2007 University of Miami study, since many elder suffer from cognitive impairment, investment skill deteriorates dramatically after the age of 70. Warning signs of elder financial exploitation often include sudden reluctance to discuss finances, unusual unexplained cash withdrawals and wire transfers.

Between 2008 and 2011, a Metlife Study of Elder Financial Abuse found a 12 percent increase in the dollar amount of which elders were being defrauded. One of the most common scams targeting seniors are “free lunches,” marketed as educational presentations. However, these meals often end up as sales pitches for investment products with misleading claims. The elderly are put in a situation where they are given … Read the rest

Understand exactly what you are paying

Independent RIAs charge a fee based on a percentage of total assets managed. This fee structure has many advantages. It’s simple, transparent and easy to understand, helping to avoid surprises. It also gives your advisor an incentive to grow your assets-when you succeed, your advisor succeeds.

Advice for your complex needs

Independent RIAs provide services that address a variety of complex investment needs that often arise when you accumulate wealth, such as assisting you with the sale of a business, complicated tax situations, trusts and intergenerational issues. They can also help you prepare for future goals including college funding, debt management, and retirement planning. They should be your point of contact for every financial issue that may come up.

You won’t be sold a “Product”

An Independant RIA is not paid on commission. This means they will not push loaded mutual funds, non-public REITS, … Read the rest

• CLOTHING . Whatever type of clothes you wear to work – casual, formal, or something in between, you can find them used in great condition for very little money at thrift stores. But one thrift store may not sell everything you need to wear. Also, not every thrift store will have your size. So, visit several of them to buy those clothes.
• COFFEE, I don’t think any employee can go through the workday without drinking at least one cup of coffee. But, if you are a coffee connoisseur, you probably can’t resist buying your morning cup of Joe from Starbucks. Don’t go to Starbucks every day, or any other coffee shop that competes with Starbucks. The smallest cup of regular coffee there costs roughly $1.50. If your tastes lean towards gourmet you could spend up to $3 more per cup. You could spend between $7.50- $30.00 for one cup of

Not having a financial plan

If you never utilized a financial plan for your own accounts, then risks are that you are going to fail miserably this season!

What amount would you say you are going to spend? What amount of cash would you say you are going to need? In particular, what are you going to afford? Shopping without a financial plan this Christmas is one of the top mistakes consumers do. Implementing a financial plan is the first thing everybody ought to do when planning on going to shop this Christmas season.

No budget Christmas by any means

If you do budget each month then you most likely are liable of this; not planning for Christmas. We are not perfect, and truly, this is a slip-up that many people do almost every year.

Do not plan for Christmas. Knowing the fact Christmas is coming. You will realize that … Read the rest

1. Measuring where you are now

You know the expression “you can’t know where you are going, if you don’t know where you have been.” Nothing could hold more truth, in relation to your personal finances.

If you don’t know your key money numbers (your net worth, monthly cash flows and several others), learning how you need to proceed forward in a helpful way is made more difficult.

If these calculations are properly determined they will tell you: what you have now (assets), what you owe now (liabilities) and what you have retained (equity). Further, the money that you earn and spend will be uncovered in detail, which will give you the extended information of what you can save, debt you can either pay-off or your capacity for new debt and serve to indicate if you have the funds to give money away and/or invest.

These questions are not easily answered … Read the rest