BEAT DEBT FAST

Remember, when we are working at our work place, most of our concentration is focused on doing a great job. We pay less attention to understanding and doing the retirement plan at work or worrying about our future life. Whether, we plan for it or not, retirement is just a few years away for most people. Make sure you plan and take care of your financial life by running away from this two common retirement mistakes. During your workplace waiting period before enrolling into the retirement plan, do not start spending all your money instead start an IRA (Individual Retirement Account). Missing a year worth of contribution is a big risk to your future retirement and investment for a better life. Putting $5,500 into the yearly IRA with an average 10-12% annually will change your future and retirement life. In addition, make sure you keep investing for your future and it is important to move your funds from your former employer in order to maximize a better investing options. Do not cash ou

I have met many people whose every minute conversation is like my car is great, I love my car, it drives awesome, and it is the best car ever. But, do you know that your fancy car might be stealing your future and making you lose money every single day. If, you are not financially free and still living paycheck to paycheck, your fancy car might be stealing your financial security every second and minute of the day. Do you change your car every few years? If, you are one of those individuals, you might be losing a lot of your personal wealth on depreciating assets on your cars. A recent study from the Suze Orman organization suggests that drivers are only holding their cars for just four years compared to seven years during past years. Do not let your car steal your life and future. It is your life, grab it quickly or your fancy cars cannot save your retirement ruins and tears from lack of resources. I am not saying that you should not drive a car, but try to drive a car within your bu

You do not have to break the bank to go to college or go in debt to go to college. Even though, I am a truly believer of education, you should not roll yourself with debt to make this work. Remember, we have to calculate the return on investment (ROI) to balance any investment. Please, you do not have to put your child college fund first and abandon your retirement fund. You should help your child with financial education and help get a job for him or her, so the child can start making money for their future. Your child should not go to expensive school, if he or she cannot afford it and not you-the parent. Parents should make sure that their college bound children are studying the right major which will help them get jobs afterwards. In addition, college graduates does not get jobs or get big money offers due to the top college attended. I do not advocate a career based on dollar amount. As your college children searches for college, help them to do their homework by scanning through

Remember, no project is easy to start. If, it is easy to start, then it will not be called a project. Nothing makes our life to be stressful like dealing with our finance such as investing, saving, and retirement. In addition, the most powerful wealth-building tool is your income. You need to start saving, and investing your income for future retirement. 1). Start investing in a 401K. 2). Contribute to a Roth IRA. 3). Find a financial consultant who can help you start investing. The right financial consultant will help: 1). Educate you on investment choices so you stay in the driver's seat. 2). Empower you to make the right choices with the investing options they provide. 3). Offer a client-first approach. 4). Commit to a long-term approach to investing. Sources: www.daveramsey.com

If you want to win and succeed with money, then you need to let go of budgeting myths, excuses, and misunderstandings. 1). I do not have the time to budget. 2). Budgeting is boring. 3). Making a budget is difficult math and I hate math. 4). I can do a budget in my head. 5). I budget by keeping track of everything I spend. Source: www.daveramsey.com

How many people are on their way to retirement starting today? The question that everyone have in mind is how can I retire early? You can start thinking of retirement by planning today and setting a financial framework after you hang your working boots. Here are some areas to plan for early retirement. 1). Determine what kind of lifestyle you want in retirement. 2). Create a mock retirement budget. 3). Evaluate your current financial situation. 4). Get serious about lifestyle changes. 5). Pour everything into investing. 6). Meet regularly with a financial advisor. 7). Play it smart when you retire early. Source: www.daveramsey.com

Recently, the American College of Financial Services surveyed retirement-aged people on how to manage their money and save for retirement. The result showed only 35 percent of men and 18 percent of women passed this test. This is a mind blowing problem that our society need to tackle immediately for a better financial future. Who are we depending on for our financial future? Is it the government, that have showed that they can manage resources effectively and efficiently. If you are a man or woman, please start taking action today because tomorrow is never promised. In addition, women usually live longer than men and alone for sometime. So, it is essential to start planning for tomorrow, even though you cannot see it yet. Remember, there is always winter and raining season; then why cannot we prepare for it. The only way to increase your confidence and future is to be educated and keep learning everyday. How many of us can balance their checking and saving accounts? How many of us kno

Remember, when you car breaks or when your equipment breaks and you need to fix it immediately for work or daily function. And, you do not have enough money to cash flow it. What happens next, you start digging into your emergency fund, if you have one. If, you do not have an emergency fund, please start one today. It will help you feel protected and get ready for recession. What is an emergency fund? It is the money you have saved for any unexpected cost that destroy your monthly budget. These can be emergency room trip to the hospital, buying a new tire for your car and buying a medication for your child. Most people are only a few crisis away from filing a bankruptcy due to their inability to handle and manage money. We should not let life happen to us instead we should manage life and handle any issue that arises. A job layoff can cause crisis that requires the emergency fund. The emergency fund will help to keep light on, keep food on the table, and start looking for the nex

It’s the cold, hard truth:  Credit cards enable people to go into debt faster than ever before. That’s partly because it’s never been easier to get a credit card. Did you know 72% of American adults have at least one credit card? And many have more than one! A few decades ago, we didn’t have this problem. Before the 1950s, when modern credit cards were introduced, people pretty much bought just what they could pay for in cash. Fast-forward to today: The Federal Reserve says  Americans are facing over $1 trillion in credit card debt.  And the average credit card debt for a U.S. household carrying a balance is $16,048. Yikes! While a lot of people are determined to take control of their money in every other way,  they can’t seem to quit their credit cards . For those folks, credit cards are the last thing to go. Here are some excuses behind the credit card obsession, and proof that no reason is good enough to keep that plastic around.  1. “They’re so easy to use com

I know that researching mutual funds can be difficult and it takes a lot to understand all the front-loaded funds, end-loaded funds, over-loaded funds and others. How can we work 40 hours a week and still work on our mutual funds without making mistakes. The best way to find the solution is to find a financial advisor that has a heart of a teacher. The most important point is you are the decision maker for your portfolio and your mutual funds. You have to open your mind to learning something new everyday. Try to understand different types of mutual funds such as mix of stocks, bonds, and money market accounts. Here are the four types of mutual funds that I will advice you to implement immediately: 1). Growth and Income Mutual Funds: This fund creates more of a stable foundation for the portfolio. They are big and boring companies that offer goods and services for people over decades and they can withstand recession. They can be listed under large-cap or large-value fund known as Blu

If you have extra money laying around, it is essential to use this to convert your IRA to Roth IRA in order to avoid any unforeseen tax hike. Remember these benefits with Roth IRA: 1) The Contributions are tax free. 2). There is no limit to the amount to be rolled over. 3). There is no grace period on the time frame to complete a roll over. Go and be prosper