An anonymous reader writes: “Frugality has allowed me to: Chase my dream career, even though it’s low-paying and inconsistent work. Lessen my impact on the environment. It’s an excellent way to go green. Save up an emergency fund that’s given me the freedom to move when I want and leave terrible jobs. Find money I thought I didn’t have so I could save up for retirement. Free up money to buy more expensive quality items that last longer, rather than cheaper versions that break quickly. Completely change the way I view objects and money, for the better.” An article on US News shows why frugality is so important. It lists the five basic skills you can work on to get started saving money and living the frugal life. (usnews.com)
An anonymous reader writes: “Contacting your internet provider to complain about slow browsing speeds is a tiresome chore which none of us enjoy, but one man has found a solution. He has configured a Raspberry Pi computer to automatically tweet a complaint to Comcast when his internet falls below 50Mbps, well below the 150Mbps he pays for.” It would be nice if more providers take the initiative themselves to provide customers easy way to report problems. (ibtimes.co.uk)
For young people saving money is a real challenge. After graduating with big student loans, they have to compete in a brutal job market with stagnant pays. “There’s nothing more valuable than that freedom to walk toward your own better future on your own terms,” Stefanie O’Connell, 29, said. “It’s peace of mind that today’s 20-year-olds need and are craving,” in such an unstable job market. Here are some tips from MarketWatch about saving money now so you can fire your boss later.
- Get emotionally connected to your finances
- Figure out exactly how much you need to live the life you want
- Find a way to hold yourself accountable
- Spend as if you’ve already quit your job
- Automate your savings
- Always be looking to make more money
- Regularly check up on your finances
Buying a brand new car has its own benefits such as latest safety technologies and options and free from mechanical problems. However, buying new car is hardly ever worth it financially. If you’re deciding between buying new car or used car, here are 3 reasons to never buy a new car from Wise Bread.
- The obvious reason — you’ll pay more
- Faster Depreciation and negative equity
- You get more for the money buying used
Whatever you choose, good luck on your decision. But be sure to consider it from financial perspective. (wisebread.com)
American spends almost $19 billion per year for Valentine’s Day. That means on February 14 the average person shells out $142.31. Men spend $190.53, while women spend $96.58 on gifts. Well, you don’t have to measure how much you love by how much you spend. Here are 9 frugal ways to celebrate Valentine’s Day by Everything Finance.
- Go on a date … at home
- Have a movie night
- Give a massage
- Leave hidden notes everywhere
- Have a fondue date
- Write love letters to each other
- Plan a scavenger hunt
- Spend it with someone who’s lonely
- Opting out of Valentine’s Day
For those just graduate from school and lack any practical experience, no-experience-needed jobs are indeed out there. Money Crashers list 15 best paid jobs with no experience needed. Starting from these entry-level jobs can lead to growth opportunities as you progress in your career. Also, check on Money Crashers to see the details about salary estimates and employment requirements for these 15 jobs. Let’s look at the list:
- Delivery Driver
- Bill Collector
- Garbage Collector
- Security Guard
- School Bus Driver
- Real Estate Broker
- Entry Level Oilfield Worker
- Cable TV Installer
- 18-Wheel Truck Driver
- Human Resources Assistant
- Table Games Dealer
- Taxi Driver
- Library Technician
- Police Officer
An anonymous reader writes: “There is a significant importance for tax professionals to be capable of assisting clients and entrepreneurs with the process of choosing the correct business entity structure. There is a greater importance for entrepreneurs to seek assistance or to also understand the advantages and disadvantages of the available business entity structures available as well. Choosing the appropriate business entity structure will not only assist a business in accomplishing their business objectives, but also will determine aspects regarding taxation of income and how their assets will be protected. The most common business entity structures include: Sole Proprietorship, Limited Liability Companies, Partnerships, and Corporations. Understanding the tax advantages and tax disadvantages of the previously mentioned business entity structures may become the difference of operating a successful business and operating an unsuccessful business.” (cornbeltfinancial.com)
Last article talking about are you better off spending your spare time being frugal or earning more money? Now that you’ve decided to pursue your dream in a side business to make more money. However, nearly two-thirds of new businesses are doomed. Havard Business Review has a great advice about whether or not you should give up on your new dream. “You’ve recently launched your brainchild. But things aren’t off to a roaring start. Is it just the low end of the S-curve of growth, the flat line before things start to improve? Or is it just…well…a flat line?” Here’s how to decide to stick with your dream. Does your business occupy an otherwise unoccupied niche? Are you playing to your strengths? Have you assumed the right risks? Do you find your work difficult but not debilitating? Are you gaining momentum? If the answers are yes to those questions, then you’re on the low end of the curve and growth is coming. If you’ve carved a niche that you occupy from a position of strength, then it’s time to settle in and persevere. Otherwise, “knowing when to pull the plug can be the difference between sinking a rowboat and sinking the Titanic.” (hbr.org)
We all have spare time every now and then, either during the weekend or certain hours everyday. But are you better off spending that spare time earning more money or being frugal? Simple Dollar delves in this excellent question to help you choose higher earnings or lower spending on your spare time. “The more precarious your financial state, the higher priority you should put on frugality. The reason for this is very simple. Frugality’s big advantage is its speed.” So, if your finances are pretty precarious being frugal in your spare time is better. On the other hand, “the more options you have to move up in your current career path, the more worthwhile it is to spend your free weekend preparing to earn more money.” Earning more money is a better choice if you already take care of your finance, complete most of the frugal projects already and have consistent blocks of spare time. Whatever route you choose on your spare time, whether being frugal or trying to earn more, it can greatly improve your personal finance situation. (thesimpledollar.com)
Mr. Money Mustache preaches about minimizing one’s car-related expenses to the bare bone. “When it comes to the Automobile, you really have a choice between two possible relationships. You can be the Master, and thoughtfully use cars as a tool as needed to reach your goals. Or you can be a Slave to the auto – worshiping it, allowing it to steal your money, your physical fitness, and your sense of control over your life.” In his situation, by spending only $1500 per year on vehicles’ expenses comparing to $9000 for the average two-care family’s spending, he’ll come out ahead by $104,751 over 10-year period. However, his friend Ben has a totally different saving route regarding to car-related expenses. Ben shows how he makes profit after he has owned and driven over 50 cars. Basically he gets his cars for free by buying, fixing, driving and selling cars for profit. Ben’s recommendations are to buy low, to look for neglected cars, to research and do as much work as you can on your own. Then sell quickly at a modest price. That way you still save money and have fun at the same time. (mrmoneymustache.com)
Younger generations are flooded in debts. In fact, the average millennials starts off in life after graduation with $25,000 in the hole. But it’s hard to save money when you’re deep in student loans and credit card debts.
According to Dr. April Benson, a psychologist, “young people can’t think of a time when they’ll be too old to work, or not want to work, or will need money for buying a house. The pace of their lives is so fast, and savings are slow.” But there are ways to save money when you’re young, dumb and broke as shown in an article by Vice. First you’ve to confront your fears and start monitoring your personal finance. Then you have to figure out what expenses you need to cut.
There’s a relationship between money and life satisfaction according to Ryan Howell, a professor at San Francisco State University. “Basically, what we find is that the more credit card debt you have, the less you enjoy your discretionary spending. So to be really happy, you need to make sure you feel financially secure—and get your credit card debt under control—and then you should use your discretionary resources to bring you closer to your friends and family. That is the simplest path from money to happiness.”
To key to save money when you are broke is to make a realistic budget that works in your daily life and to cut back all unnecessary spendings. The good news is that time will be on your side since you are young.
As the number of print personal finance magazines shrink, more and more personal finance blogs publish their work over the internet. If you only invest an hour each day reading over personal finance news, it only makes your life better. Here are the top 10 personal finance blogs you should read by Kiplinger:
- Block Talk
- Christian Personal Finance
- Credit.com Blog
- Credit Donkey
- Good Financial Cents
- Money Under 30
- PT Money
- ReadyForZero Blog
According to an interview for PBS television’s Frontline, over 900 people in any given 1,000 person retirement plan will retire in poverty or run out of money before death. The average 65-year-old retiree can expect to have two more decades ahead in retirement. Daily Finance show you 5 retirement planning mistakes and how to fix them.
- Mistake: Focusing solely on your rate of return. Solution: Create a diversified portfolio.
- Mistake: Forgetting about taxes. Solution: Have a tax plan for investments and assets.
- Mistake: Thinking the start of retirement marks the end of planning. Solution: Review finances and goals every year.
- Mistake: Saving too little. Solution: Start now and automatically increase contributions with every raise and bonus.
- Mistake: Saving too late. Solution: Stay in the workforce or look for guaranteed income streams.
Retirement planning is one of the most important financial goals you’ll undertake. Don’t make the mistake of not taking retirement planning seriously enough. (dailyfinance.com)
A survey from Bankrate.com found out that over one-third of American’s don’t have a penny saved for retirement, including more than a quarter of those ages 50 to 64. As you already know the best way to stay on track for a comfortable retirement is to start saving early. But If you’re late on the retirement saving, fear not. USA Today has an article to help you back on track. Here’s 5 simple ways to catch up on your retirement savings:
- Focus on debt
- Max out tax-deferred accounts
- Reduce advisory fees
- Work longer
- Don’t fall for shortcuts.
An article on The Wall Street Journey reports that the cost of investing is falling toward zero for mutual funs and ETFs. This is an excellent news for common investors everywhere. However, “some money managers that get much of their revenue from actively managed funds are fighting back, partly by getting more vocal about the potential risks of index investing. They say the strategy forces investors into risky bonds or pricey stocks just because they are part of a benchmark.” Despite their talks, indexed funds consistently out perform actively managed funds. That’s not good news for fund managers. They still don’t accept their fate yet in order to get some revenue by being a market-leader in indexed mutual offerings and by profiting more so due to high volume. The tough time is ahead for actively money manager as fee cutting pressure remains relentless while Vanguard automatically lowers fees as its funds grow. (wsj.com)