Tag

save money

Who Manages Your Personal Finances

Who manages your personal finances? Seems like a silly question, but if you ask many people they will tell you, “no one, my money doesn’t need managing”. “I just pay my bills and spend what I can”. I hear this quite often with those who make a lot of money and those who make a little money.

They are clueless about the fine tuning of their budget and creating finances that will create money that lasts. It is imperative that you
understand budgeting tips and investing tips that create financial
growth.

When I give meeting attendees just a few of my suggestions they are surprised at the information that will change their lives. They were surprised to find how hard it is to get the right information.

The following are three things you can do to improve your personal finances. This is part 2 in a four-part series I am writing this month on personal finance.

Budgeting tips, investing tips and save money;Money, Understand that it is complicated, budgeting counts


MANAGE YOUR OWN FINANCES

Managing your own personal finances is crucial. Why does that sound strange – most would say, of course, I manage my own finances? But, for many, that is not true. Wives let husbands manage all the family finances, and there are husbands that let wives handle all the family finances.

Then, there are elderly people who allow adult children to manage their finances. There are even people who allow complete and total strangers to manage their finances since they are convinced they are not capable.

You can and you should manage your own finances – get personal with your finances and stay that way. Married couples should manage their finances together, and everyone else I mention should stay close and manage their own finances – this is the core of personal finance.

If you don’t feel competent enough to manage your own finances, you should think seriously about finding the time or finding help learning how.

Home buying the right way take skill


YOU CAN GET YOURSELF OUT OF DEBT

I have heard of folks turning their money over to a small business that manages their money to get them out of debt. You can get yourself out of debt if you got yourself into debt. With budgeting tips from MsFinancialSavvy and understanding investing tips, you can monitor your own finances. You know far more about your finances than strangers will ever know.

It is ok to use someone to help you get out of debt but work with that person hands on. Don’t turn your money over to someone else to do it for you.

Not only should you not turn it over, but it is important that you stay close to the process so you can understand how to get out of debt and how to stay out of debt.

Once you have an awareness that you are at a level of debt you should not be in, start to think of what got you there and create ways to stay clear of returning to debt.


UNDERSTAND YOUR FINANCIAL HABITS

Managing your finances and getting out of debt begins with an understanding of your personal finance habits. Some habits are so automatic, it is as if some are spending money with their eyes closed.

They fail to understand the seriousness of their blind spending and the future implications.

You know you are engaged in blind spending when you ask yourself at the end of the month, where did my money go? Create your own budgeting tips, investing tips and create your own ability to save money. You will never be blind to your own finances.


Get Your Finances Right With This Detailed Money Management System, Get honest with your finances, get honest with your spending, and start your journey now.

The ultimate guide to the great money workover

Make sure you watch my latest video here.

Who Manages Your Personal Finance - Here are 3 Ways to Manage Your Personal Finances with Budgeting tips, Investing Tips and Save Money

10 Ways To Save Money In Any Economy

Many Americans complain they are having a tough time paying bills and can’t save money because of the economy, but for many of the complainers, their bill paying was tough in a good economy. Why? They overspend no matter how much money they make.

Save Money Now

Pick up Your Savings and Budgeting Printables Here — It’s free

Therefore, I will show you several ways to save money in any economy. If they under spend when the economy is good, they can save money when times are good and then live off the savings when the economy is tough.

Also, when the economy is tough, your good habits will be rewarded with financial peace of mind, transferring the good habits you learned from the better economy to the poor economy. Since the U.S. economic status fluctuates every 2-20 years, it is best to keep a sound financial budget in good times and bad.

1. Put away your credit cards

Paying off your credit cards is one of the best ways to lower financial stress and save money. You can’t pay them off if you are constantly adding to the balance. Carry only one for dire emergencies, and pay more than the balance, to pay off the balance in a reasonable time span.

Make sure you tell the company the additional payment goes toward your balance and check your statement when you get it, to verify you were properly credited with the over-payment.

Save Money When You Invest, Get the 7 Mistakes of New Investors Here PDF Swipe File

2. Lower your cable cost

This is one of the more obvious cost cutting features. Get the bare minimum and put the additional money toward your credit card bills.

3. Plan your meals

Plan your meals for the lowest cost possible, and shop from a Specific grocery list generated from your menus. Food cost vary widely but you will save a substantial amount of money if you shop wisely from a planned menu and shopping list, and cut out prepackaged and junk foods and non-nutritious drinks. Get a free meny planner here.

Save Money When You Learn to Buy a Car The Right Way

4. Click coupons

Coupons are available everywhere, newspapers, magazines and the internet. Many coupon products are new and not always necessary. Make sure the coupon product is something you need and will use after purchase.

5. Loose the “I’ve got to have it syndrome”

Women are blamed for overspending on items they don’t need, but men are just as guilty. Women have a tendency to shop constantly, while men shop occasionally on much large priced items. It you refuse to recognize the fact that you have the “I’ve got to have it syndrome” you are your own worse financial enemy and financial peace and happiness will allude you forever. Get help with saving money, here, find your best finances.

6. Lower your rent

If paying your rent is stressful, shop for lower rent in a good area until you find reasonable living.

7. Pay attention to gas prices

When I’m out driving sometimes I notice five gas stations within a block or two, some prices are lower than others. Concentrate on the lower priced high quality gas.

8. Cell phones and contract prices vary

Many folks have several cell phone minutes left each month because they are not using what they pay for. Get the lowest available cell phone contract for your needs.

Your Savings Will Soar When You Learn to Buy a Home The Right Way

9. Turn off your lights, heat and air

Using too much energy is environmentally wasteful and uses unnecessary money. Don’t overuse on home energy cost or car air conditioning.

10. Sell your car

If your car note is difficult to pay, and you don’t owe more than it is worth, sell your car and buy one you can afford. Look at certified used cars, or a car owned by someone who kept it in good condition. Be careful to verify the car is in proper working order before you purchase. One idea is to seek a traveling certified mechanic who will go to the site of the car owner and run test to verify its quality. Get help getting out of debt here.

Fantastic Finances Tips eCourseFantastic Finances by Email

10 Ways to Save Money in Any Economy

11 Powerful Ways to Save Money on Utilities, and Use it for Your Budget

You can save on utility bills and then use the money for your budget. I have a lot of experience with utility bills. The many homes I have owned give me experience in utility choices, use, and maintenance. After living in areas with high utility bills and areas with lower utility bills, I can safely say I have utility experience.

The areas with low utility bills have a way of sneaking high cost in if you do not pay attention. Understanding utility use and care is a large part of maintaining a home.

11 Great Ways to Save Money on Utility Bills And Find Money for Your Budget:

Women and homeownership, learn to save money on utilities

1. Lightsuse energy efficient light bulbs and automatic on/off switches to conserve energy

When you use overuse lights it makes a big difference in your bill. In some places electric bills are awfully expensive where there is a utility monopoly. Too many families or even singles do not keep what I call, “light awareness”. If you leave a room, turn out the lights, it is that simple.

If you want to use lights for security purposes, use automatic on/off switches. You can pick up one from your local hardware store, there are many examples. These are useful when you go out of town and do not want others to know that no one is home. Just make sure you keep the light use to a minimum.

Energy efficient light bulbs shave considerable money off your bill. Some energy efficient bulbs you will use, will seem to last forever. If you use the combination of low light use and energy efficient lights, you can see low utility bills here by far. 

Children are another reason lights are kept on too long. It is OK to explain to your kids, no matter what their age without putting pressure on their little minds. Some kids even feel important when they are asked to help and why.

Fantastic Finances Course by Lois, Learn to save money on all utilities

2. GasKeep gas for cooking and fireplaces to minimum to knock a dent in your bill.

Many of you love cooking with gas, so there is a lot of gas being used. There are also gas fireplaces. There are two types of gas. Natural gas usually used in the cities and LP Gas (liquid propane) usually used in rural areas.

Because I have experience with both, I can say that electricity is far cheaper than LP gas in rural areas and natural gas is less expensive than electricity in urban areas.

Because LP gas is so expensive, I never run my pilot in my country home fireplace. Of course, natural gas is cleaner to burn for the environment. To save money, it is best to build a wood burning fireplace, especially where wood is plentiful. Keep all gas appliances during off during non-use to save money on burning. Keeping gas use low, will enable a low utility bills in this area.

Find money for your budget, when you save money on utilities

3. Water – Is one of the least expensive utilities, but you can save money by controlling use
If there is a leak, you water bill will explode. One way you can find if there is a leak is if your water bill is exceptionally high over past few months. Use only what you need and turn your water off when not in use. Get leaks fixed immediately.

4. Low flow water fixtures are recommended – these save on water and heat

Low flow water fixtures keep the flow to a minimum, so you do not use as much water as if you have a high flow valve. So, they save on water and if it is hot, save on hot water.

The problem is that many people do not understand how important this is and instead they remove the part that restricts the water flow in show heads and faucets. It works best with toilets.

Understanding the difference, it can make in your water and heat bill, will help to understand its importance.

Free printables for small business and personal use at MsFinancialSavvy; Daily Action Form, Budgeting Form, and Savings Form

5. Septic/sewerAvoid busted pipes and improper maintenance

In rural areas or urban areas that have not been fully transformed you will have a septic system instead of city sewer system. It must be maintained with a septic enhancer or you could have an expensive backup. You also must have it cleaned out every few years or you could get into expensive trouble.

6. Landline phone vs cell service You can now get one monthly fee for local and long distance.

With landline phones you get enhanced 911 calling, which is important for the extremely sick or elderly. This means if you live in a major area the call is traced to your location immediately. The ambulance will know where to go even if you hang up.

With cell service this is usually not the case, they can only tell the general location.

Small Savings Become Big Money Over Time, -Lois

Landlines are usually is less expensive than cell service. The issue is you will not have cell service when you are away from home if you do not own one. There are very inexpensive cell service contracts, you must talk to your chosen carrier and get an inexpensive fit for you. Cell phone contracts are competitive and constantly changing, so stay informed.

Home buying the right way takes skill, afford a home when you save money on utilities

7. Heat/air — This is where the cost can be quite high.

The thermostat is king; keeping the thermostat down with heat, and up with air, can save a few thousand dollars a year. Investing in a programmable thermostat will save when you are away. The largest costs come when you must replace your system. Know what the costs are before you ask a professional to replace your system.

Also, updating to an efficient system will save money over time and pay for itself. We upgraded to a complete heat, air, and programmable thermostat modern system and it paid for itself in 3 years. Out bill was almost cut in half. Here is where you can find money for your budget in a huge way. 

THE ULTIMATE HOME BUYING COURSE FOR WOMEN->

8. Fireplace – A wood burning fireplace is a great alternative for heat.

You can keep the thermostat down exceptionally low and make up the heat with the fireplace. It will basically take the chill out of the air. But, you will be comfortable.

9 Open windows In places where you get a cool breeze from windows.

Use natural breeze instead of air conditioning. Air conditioners are an extremely expensive way to cool when you have free cool air. Keeping air conditioning use to a minimum will allow you to find a maximum 

10. Energy efficient window coverings help to control the atmosphere.

There are many types of window coverings that control the heat or cold at the surface of the window. Energy efficient window coverings run the gamut from shades to curtains. Check with your local window covering retailer and they will review the best options for your windows.

11. Unplug plugged up electrical appliances use electricity and generate costs.

Many homeowners and apartment dwellers do not know this. You will see a difference in your electrical bill when you unplug all unnecessary outlets. It is also wise to unplug during major electrical outages to prevent short circuits.

Consistency is the Key to Saving Money, -Lois 

THE IMPORTANT FACTS ABOUT HOME BUYING ARE HERE->

Ladies, it takes skills to purchase a home and non-owner occupied rental property

In Summary

If you do not need the lights, gas, air, or heat – keep it off, and you will lower your bill. You will save money on utilities that you can use for your budget, only when you have “utility use awareness”.

Leave home and turn off – do not keep your electricity or heat on if you leave home. There are a few exceptions. An exception would be if you live in an area that gets cold winters and your pipes would freeze if the heat is not kept on low. Remember to wrap pipes, wherever you can to prevent frozen pipes bursting during cold winters.

Use an automatic timer to turn on and off lights when you are away, or they need to be on for an extended time.

Fireplaces are great for heat if you can get the wood at low or no cost.

A septic/ sewer system requires maintenance, find out from your local septic person.

Water is not free, so use it sparingly, in some areas it is downright limited.

You can get an inexpensive landline or cell phone contract, do your research.

These are surefire ways to save money on utility bills. As you use these suggestions, you will see a deep cut in the money you spend on utilities.
You will be surprised that you will find money for your budget, you hadn’t dreamed of. Save money when maintaining a home, by understand how to efficiently use your utilities.

UNDERSTAND FANTASTIC FINANCES FOR BIG THING BUYING HOMES->

 

Lois Center-Shabazz| Money Strategist | Course Delta Agency

Get your FREE financial consultation from Lois here; let’s chat
Pick up your FREE course, delivered to you by email, now!
Like and follow “Fantastic Finances” on facebook
Follow me on Instagram
Find out how you can understand Home buying and Car buying like a pro
Ready to dig deep and get the financial life of your dreams,read more…
Join me on Pinterest

11 Powerful Ways to Save on Utilities and Find Money for Your Budget

5 Frequently Asked Questions About Mutual Funds For Women

Frequently asked questions about mutual funds

5 Frequently Asked Questions About Mutual Funds For Women
I have given a lot of lectures about mutual funds for women. I like mutual funds because, if you do your research you can purchase low-cost and low-risk mutual funds on your own. Mutual funds are easy to understand and invest in. You can do it yourself once you have done some research. Here are five of about twenty-five of my most frequently asked questions about mutual funds by women I lectured to. After a few decades of successfully investing in mutual funds, I felt it is only fair that I share my expertise with you.

skills to manage money are essential, learn budgeting

  • ARE MY MUTUAL FUND INVESTMENTS GUARANTEED AT ALL?

Insurance is provided by the SIPC, which covers fraud. In other words, if you invest your money in company “C”, a registered investment company (registration with finra should be checked), and it is stolen by the President of Company “C”, you will be covered for up to $500,000 for each account, depending on the circumstances. Example: If a husband and wife have a joint account it is covered up to $500,000, if the each have additional retirement accounts in their separate names, the retirement accounts each are covered up to $500,000. Here is the SIPC insurance breakdown.

Free printables for Business and Budgets

  • WHAT ARE THE ADVANTAGES OF INVESTING IN A MUTUAL FUND?

With a mutual fund you will get professional management, diversification, an affordable investment, and it is liquid. This is one of the main reasons that I encourage investors to invest in mutual funds, after reading my frequently ask questions about mutual funds. It only takes a little research and study to master mutual funds, but because there is a learning curve I encourage you to master them first.

Dream your best home - secrets to successful car buying tips for women

  • WHAT ARE THE DISADVANTAGES OF INVESTING IN A MUTUAL FUND?

You still have costs even when returns are negative, you don’t control the investments totally, you don’t know for sure if the price will go up after you purchase – but after research you can verify that you are getting a quality mutual fund where there is a good chance the price will rise in the future. If you invest on your own you can keep cost low and more money will go to you, but if you go with a broker, you will be required to pay brokers fees which are sometimes hidden and costly.

  •  YOU CAN EARN MONEY FROM YOUR MUTUAL FUND IN THREE WAYS

Dividend Payments — A fund may earn income in the form of dividends and interest on the securities in its portfolio. The fund then pays its shareholders nearly all of the income (minus disclosed expenses) it has earned in the form of dividends.

Capital Gains Distributions — The price of the securities a fund owns may increase. When a fund sells a security that has increased in price, the fund has a capital gain. At the end of the year, most funds distribute these capital gains (minus any capital losses) to investors. Most mutual funds pay money into your mutual fund account yearly, a few pay on a quarterly basis. This means if you pull your money from your mutual fund that pays out capital gains and dividends at years end, you will lose your profits.  So, be patient, and know your payout date.

Fantastic Finances Tips eCourse, by eMail, by Lois Center Shabazz, for personal finance

Compounded Returns – unlike simple interest accounts the interest on top of the dividends and capital gains will compound year after year, giving you compounded interest.

  • WHAT IS THE NAV OF MY MUTUAL FUND

Increased NAV (Net Asset Value) — If the market value of a fund’s portfolio increases (from dividends and capital gains), and after deduction of expenses and liabilities, then the value (NAV) of the fund and its shares increases. The higher NAV reflects the higher value of your investment. The more the NAV increases, the more money your investment will be worth. The NAV value can fluctuate from month to month or year to year, the important point to look at is that it has a net increase over time.

You have two choices:

Let someone else manage your money and end up with little or nothing OR learn some simple basic rules that could turn a little into a lot over time. I provide you with all the help you need in my eBook on Mutual Funds. I even give a 30-minute free clarification session after you read this article. The eBook I have written is clear and concise, after you finish it you will understand how to efficiently invest in mutual funds.

Lois Center-Shabazz | Course Delta Agency

Interested in a Free Discussion about how I can help you with Fantastic Finances? Let’s Chat – Make an Appointment Here

Join my facebook group now for tips and tricks on personal finances

Get Your FREE Fantastic Finances Tips Course by eMail

How I Build Fantastic Finances ; Read More…

I cover dozens of frequently asked questions about mutual funds in this eBook. Get this eBook and 7 more when you take the “Course for fantastic Finances”

Learn to Invest, Stocks to Mutual Funds

9 Great Ways to Understand Mutual Funds

How to Understand Mutual Funds

9 Great Ways to Understand Mutual Funds

Understand mutual funds by beginning with the definition of a mutual fund, and then going on to understand the different types of mutual funds.

A mutual fund is a company that pools money from many investors and invests the money in securities such as stocks, bonds, and short-term debt.

The combined holdings of the mutual fund are known as its portfolio. Investors buy shares in mutual funds. Each share represents an investor’s part
ownership in the fund and the income it generates.

What Are Mutual Funds Used For?

Mutual funds are investments that are generally long-term investments that are used for general savings, retirement savings, and college fund savings.

Mutual funds are purchased because they are professionally managed, diversified investments, an affordable investment, and liquid.

Some have up front fees to purchase and or sell called loads. Some have no-loads, but all have yearly management fees from as low as .2 to 8%.

I prefer fees less than 1% with no-loads. There are good mutual funds that fall into all categories.

Mutual funds make money when dividends are paid, usually every 3 months to every 12 months. Capital gains are usually every 12 months. Mutual funds also make money when the NAV value of the fund increases. The NAV is the Net Asset Value of the mutual fund, similar to the price of a single share of stock.
There are many types of mutual funds within these nine types of mutual funds. Here are the 9 different major types of mutual funds. The risks of mutual fund investing runs the gamut of very low to very high and many levels in between within one type of fund. Do your research thoroughly before investing in order to understand mutual funds.

I have invested in mutual funds for at least 30 years now, and they have served me well.

step by step car buying tips for women

The 9 Different Types of Mutual Funds:

1. Allocation
Risk: Low to Medium

Allocation funds are a combination of stock and fixed income securities and are subject to the risks involved in each of these security types. Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. In general, the bond market
is volatile and fixed income securities that carry the interest rate, inflation, price volatility and other risks.

2. Alternative
Risk: From Low Risk to High

The fund may invest in securities that may have a leveraging effect (such as derivative and forward-settling securities) which may increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

3. Commodities
Risk: High

The commodities industry can be significantly affected by commodity prices, world events, import controls, worldwide competition, government regulations, and economic conditions.

4. International Equity
Risk: Medium to High

Foreign markets can be more volatile than U.S. markets due to increased risks of adverse issuer, political, market, or economic developments, all of which are magnified in emerging markets. These risks are particularly significant for funds that focus on a single country or region.

Make absolutely sure your budget is in order before you begin to understand mutual funds and start investing.

5. Money Market Mutual Funds
Risk: Very Low

A money market mutual fund is a type of fixed income mutual fund that invests in debt securities characterized by their short maturities and minimal credit risk. You could lose money by investing in a money market fund. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Before investing always read a money market fund’s prospectus for policies specific to that fund.

The Secrets to Successful Home Buying for Women

6. Municipal Bond Mutual Funds
Risk: Very Low to Low

The municipal market can be affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. Interest rate increases can cause the price of a municipal bond to decrease.

7. Sector Equity Mutual Funds
Risk: Medium to High

Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Sector funds can be more volatile because of their narrow concentration in a specific industry.

8. Taxable Bond Mutual Funds
Risk: Very Low to Medium

In general, the bond market is volatile, and fixed income securities carry interest rate risk. As interest rates rise, bond prices usually fall, and vice versa. Fixed income securities also carry inflation risk, liquidity risk, call risk, and credit and default risks. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

9. U.S. Equity Stock Mutual Funds
Risk: Low to Medium

Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal.

You will understand mutual funds when you begin with understanding the different types of mutual funds.

Lois Center-Shabazz | Course Delta Agency
Personal Finance: Author, Blogger, Course Creator, Money Strategist

Interested in a Free Discussion about how I can help you with Fantastic Finances? Let’s Chat – Make an Appointment Here

GET YOUR FREE Fantastic Finances Tips Course by eMail

7 STEPS OF NEW INVESTORS FREE PDF

YOUR FREE PRINTABLES FOR HOME OR BUSINESS MORE FREE PDFS

JOIN MY Personal Finance FACEBOOK PAGE

Personal Finances Should be Personal

Your Personal Finances

I was speaking at a women’s meeting about personal finances and a young woman, about 35 came up to me and ask me what are “personal finances”. I was really shocked since being there meant that she was in some way affiliated with a business she owned.

She looked me in the eye with a very serious face. I pointed to her and said “your – personal – finances”. Your finances that you take very personal. You monitor, you manage, and constantly improve your finances yourself, even if you have help. It’s crucial that you understand your own finances.

It seems like it would be common sense to understand the term personal finance. But, the definition seems to elude some of the most intelligent, and highly successful people. The proof is in the finances of many.

The workplace embezzlements of high-level employees, the bankruptcies of high-income people, the general personal finance mismanagement of people which becomes evident when they lose a job and lose all or most of their assets due to mismanagement.

I CAN SUM IT UP IN 3 WAYS:

  • RANDOM SPENDING

Take your finances serious – don’t randomly spend money. This is the most important aspect of personal finances. Some folks act as though the money they have in their checking account belongs to someone else, so they spend it until it is gone or before all bills are paid.

Then they go to the credit cards, when those run out, they go to others to borrow money and make up the difference. Then they lose relationships, which is can be more serious than wasting their money.

  • TRACKING YOUR SPENDING

Keeping track of your spending is getting very personal with your finances. Most people don’t understand how fast money goes when it is spent randomly. You can see this also when you charge on credit cards the balance escalates rapidly.

A major aspect of getting personal finance maintenance is paying cash as much as possible unless you use a credit card for points and you have the money and discipline to pay off the balance once a month. With frequent credit card use, many tend to lose track of spending, and their finances become very impersonal.

  • BUDGETING YOUR MONEY

I talk to people all the time who tell me they thought they were budgeting until they read many of my budgeting articles and the advice I give on budgeting. My program includes guerrilla budgeting.

With all the distractions, we have – advertising – expensive products – overpriced cars and high maintenance homes- getting personal with your finances means that you must create a guerrilla budget to survive no matter what your income.

Some folks think all they must do is make more money until they find out they spend more for things and get more expenses, so they are either in the same place or worse financially, as income goes up. They realize the problem is they did not get personal with their finances.

Get Budgeting and Savings Right With the Budgeting Bundle

The three eBook Budgeting Bundle; Teach Your Teen to Budget

Lois Center-Shabazz | Course Delta Agency

Interested in a Free Discussion about how I can help you with Fantastic Finances? Let’s Chat – Make an Appointment Here

Get Your FREE Fantastic Finances Tips Course by eMail

How I Build Fantastic Finances ; Read More…

The Reason Your Personal Finances Should Be Personal

5 Retirement Tips for your Retirement Planning Young and Old

5 Retirement Tips That Make Retirement Planning a Serious Issue

5 retirement tips for your retirement planning young and old

Retirement tips are for those who never think that retirement day will come, or don’t know the potential difficulties they face when they retire. It always seems so far away, but those who have retired tell me it came faster than they ever imagined.

Here are some actual examples of problems seniors tell me they’ve had because they didn’t take their retirement date seriously in their 20’s, 30’s or 40’s. Here are 5 retirement tips to include in your retirement planning.

Retirement tips #1 – Medicare + 20%

Medicare pays 80% of most of the senior medical cost. Because of this, senior citizens are required to take out a Medicare Supplement policy. The supplement pays the extra 20%. Some seniors planned so poorly that they can’t afford or pay for the Medicare supplement. Because they have no supplement insurance, they are required to pay the 20% each time they go to the doctor, have surgery, chemotherapy or any other medical treatment. If they have a home, the home will be attached to pay for their medical balances, usually if they sell it or pass away. If they don’t have an insurance supplement or pay the 20%, some medical facilities will not treat them. There are two types of medicare: Regular Medicare (government sponsored) and Medicare Advantage (private coverage). Regular medicare typically pre-authorizes and pays promptly. Medicare advantage includes
many “extras” to “induce” seniors to sign up, but does not authorize major
treatment in many cases, and does not follow through with the extras. Doctors I talk to recommend seniors sign up for regular medicare.

Retirement tips #2 – Social Security as a Supplement

Many employees, both young and old, can pay into a 401k plan but opt-out of it, because either they, 1. Don’t understand what it is, 2. Don’t get matched by their employer, or 3. Feel they have plenty of time to worry about it later. The fact is there are numerous articles to explain 401k plans, the match is a nice side benefit—but you still get a tax benefit when you contribute without a match. The amount of a monthly social security retirement check is small compared to your working retirement income. Because of this, social security is meant to be a supplement to your retirement, so think hard about creating your main retirement now. The earlier you start, the easier it is, and the less you need to put into your account, monthly.

women love cars. So, buy them the right way.

Retirement tips #3 – 401k Protection

A popular retirement supplemental plan is the 401k, but you must protect it. Once you start to fund a 401k protect it with all your might. The protections include; 1. Leaving it alone for retirement – this means no borrowing. This is a provision that should not be allowed in a 401k plan since it is meant for retirement. Everything should be done to avoid borrowing from your 401k, including careful planning early in your career. Here are some protection ideas. Make yourself several “would if” scenarios and fulfill those scenarios early.

The examples are — “what if I lose my job”, “what if I need a large home repair”, “what if I want to go on a nice vacation”, “what if I have difficulty paying my mortgage”. All those issues can be addressed by 1. Creating savings accounts, 2. Cutting your living expenses now, 3. Make all major purchases affordable. You can come up with more solutions. The point is to come up with solutions to problems that don’t exist yet, so you never need to borrow against your 401k plan later.

Another protection is to keep your 401k balance to yourself. Scam artist prey on older people and sometimes younger people who have large 401k balances, because they know you can take that money out of your account anytime. A large lump sum withdrawal will trigger a large tax bill if you take it out at once. But, that is no concern of any sales person (many of whom are fake), when it comes to your 401k. You should be the only one who knows the balance. It’s not a good idea to share your balance with strangers.

The popular show, American Greed profiled the case of two ladies, not very old, but managed to retire with large 401k type accounts. One had $600,000 and one had $1 million. Both told friends, who told a fake investment person, who contacted them, talked them into investing with him, and he stole all their money. Their primary problem was that they should never have met with or believed in a stranger who claimed to be investing in the music production business with high returns.

The only thing they got was a huge bill from the IRS since they took the money out within a short period. The man went to prison, but they did not get their money back. Friends, family, and strangers have no right to the information in your 401k or 403b plan. Some elderly people have had their 401k stolen from them by their own relatives, including greedy children.

Retirement tips #4 – 403b Protections

The 403b is like the 401k, usually for non-profits. Fund the accounts, make sure you understand where to keep the money when you retire, you will have a few options. But, mostly understand that your balance is your personal business, and you must pay taxes on the amount you take out. The purpose of your 401k or 403b is to supplement a pension or other retirement plan.

Retirement tip #5 – Tax Shelter Annuity Movement

Many school districts offer tax shelter annuities as supplemental retirement accounts. After retirement, they are offered the right to roll over into an annuity outside their job. Be careful, make sure the costs aren’t prohibitive.  Also, you can only take out a little at a time, otherwise taxes would be too high. Again, your tax shelter annuity balance is your business, no one else’s. Look at online investment banks such as fidelity.com, troweprice.com, schwab.com or others – call and discuss low cost annuities to roll over your annuity. You can also discuss other low risk options. Take your time and don’t allow anyone to pressure you.

This is only the beginning, but if you take these retirement tips serious, and include them in your retirement planning, you will be on the road to retirement bliss. Understand the limits of social security when you plan your retirement.


Lois Center-Shabazz 

Personal Finance:  Author | Blogger | Course Creator | Money Strategist

GET YOUR FREE 1 ON 1 CONSULTATION WITH LOIS AND GET FANTASTIC WITH YOUR FINANCES

YOUR FREE 30 WEEK FANTASTIC FINANCES TIPS BY EMAIL, HERE  

7 STEPS OF NEW INVESTORS FREE PDF

PICK UP YOUR FREE PRINTABLES FOR HOME OR BUSINESS
MORE FREE PDFS

Get a Quality Home or Mortgage With Big Thing Buying Skills

Home or Mortgage; Buying an Affordable Low Maintenance Home and Get a Quality Mortgage

YOUR BUDGET

The first thing you have to ask is, “How much house can we afford” The payments include P+I+T+I (principle+interest+taxes+insurance). Most of your payment will be principle and interest, taxes vary according to state, and insurance is not a very big cost.

But, you can figure it out with most online calculators. You have to know how to calculate P+I+T+I to get a quality home or mortgage.

You should be stable in your job or with your business before you decide to take the leap to sign on with a mortgage.  

Most banks want you to be on your job or in your business for a solid two years. Set up a file system for steps 1-8, don’t rush and do your research.

Home buying the right way take skill

Step 1

MORTGAGE COST

Below is a typical cost analysis of a home or mortgage with average tax state, always find out how much typical insurance and taxes are in your state before you decide your budget.

Choose a home price you think you can qualify for based on total payment. You will keep adjusting home price until you can find one that is close to your budget. Use my mortgage amortization calculator at LiveRichCalculators.

Say your home or mortgage costs are as follow:
$300,000  price of home
at, 4% interest
30 year
Taxes=6000/yr
Insurance=500/yr
Monthly Payment and Interest=1,432.5
Monthly Taxes and Insurance=541.67
Total Payment=$1,973.92

skills to manage money are essential, learn budgeting

Step 2

DOWN PAYMENT AND ESCROW COST

Find out what a typical down payment is at your credit union, bank, or mortgage company. Now, make sure you have the savings or start a savings account with the down payment and escrow cost.

If you find a buyer who is anxious to sell and they have a lot of equity in their home sometimes you can negotiate that they pay your buyer’s escrow cost.

For the example above the downpayment is:
5%=$15,000
A 1% escrow cost = $3000

Step 3

MAINTENANCE COST

Allow a monthly saving account for maintenance cost, most homes have maintenance repairs from time to time.

Old homes usually have a higher maintenance cost than newer homes, unless all electrical, plumbing and other major items replaced. The important aspect of a good home is a good inspection, preferably by tradesmen.

I prefer hiring an actual plumber, electrician, and carpenter to inspect your new home instead of one single home inspector. Some of those home inspectors only take a 6 month home inspection course.

The tradesmen work in the field every day for years. You should also do your own inspection with a moisture meter and electrical meter to see if there are any glaring defects.

If you place a marble on the floor does it roll or stay put, if it rolls you could have a damaged foundation. That is extremely expensive to repair. If you know the repairs you may be able to add those into your mortgage and fix after your move in.

Step 4

CREDIT REPORT

Get a copy of your credit report before you start to look for a home. Read it carefully. Some people are shocked at the mistakes that get on their credit report. Make sure you document the mistakes on your credit report and challenge them with Experian credit bureau.

Experian will usually send the corrections to the other bureaus. When all corrections are in place, get another copy of your credit report, and credit score. Getting an affordable, quality home or mortgage starts with a good credit report and high credit score.

Step 5

PAY OFF BILLS

You know what your bills are, and you know if they are excessive. You will need to find room in your budget for a mortgage. You don’t want a mortgage that increases your current bills per month too much.

Like you don’t want to get from $500 per month of rent to $1900 per month for a mortgage unless you have been saving at least $2500 per month so that savings will go into your mortgage.

You should also still have room for a savings account or two after you get a mortgage. You will need savings for home maintenance, car maintenance, and general emergencies. Pay off as many bills as possible before you start a mortgage.

The ultimate home buying course for women

Step 6

SAVE FOR A DOWN PAYMENT AND CLOSING COST

Down payments are ranging anywhere from 5% to 10% down. The more you put down, of course, the lower your monthly payment will be. Then, there are buyers closing cost you must pay also. This is usually a surprise to new home buyers.

Closing cost is typically 2 to 5 percent of the purchase price. So, for a $300,000 home, the closing cost would be about $9,000.

Step 7

MORTGAGE RESEARCH

Before you decide to use a financial institute, do your research. If you have a credit union or local bank you do business with and you have good credit, it is usually relatively easy to get a loan at one of those places and you will save on additional cost that is charged by mortgage companies.

If you can’t get financing from your credit union or bank, research the best mortgage companies in your area. You can also ask friends and family who they had good luck with.

Before your visit anyone for a mortgage. Research mortgages, make absolutely sure you understand what a quality mortgage is. Know what the current rates are for a 15 year or 30-year mortgage.

Don’t allow anyone to give you a low-quality mortgage, if they think you have not done your research, some will try to give you a low-quality mortgage, even if you qualify for a high-quality mortgage.

If you qualify for a  low-interest high quality conventional low-interest rate 30-year mortgage, make sure you get one. The industry is full of nice, dishonest people, protect yourself.

Free printables for small business and personal use at MsFinancialSavvy; Daily Action Form, Budgeting Form, and Savings Form

Step 8

MORTGAGE RATES AND QUALITY

Call your local credit union or bank to get current rates on quality mortgages.

Use my mortgage calculators at LiveRichCalculators.

Use the department of housing website to read about various types of Mortgage Issues.

This is most of the information you need to purchase a quality home or mortgage if it is your first home or your second or third.

Get all the facts  to buy a quality affordable home with low maintenance.

Lois Center-Shabazz | Course Delta Agency
Interested in a Free Discussion about how I can help you with Fantastic Finances? Let’s Chat – Make an Appointment Here

Get Your FREE Fantastic Finances Tips Course by eMail

How I Build Fantastic Finances ; Read More…

Don’t forget | JOIN ME ON MY FACEBOOK PAGE AND LIKE MY PAGE AT:
Lois page

Summary

Remember that buying a home is a serious process. You should take your time and be very methodical.

Some places have home prices that are outrageous – in that case, you may have to drive a long distance to get to work, by living in an affordable area further from your center of town.

Some towns have affordable housing compared to income. Take your time it may take anywhere from 6 months to 5 years to go through the process I list above.  Article Updated 2019

How to get a quality home or mortgage with big thing buying skills

3 Ways to Save Money When You Own a Small Business

Save Money When You Own a Small Business

3 Ways to Save Money When You Own a Small Business

Owning a brick and mortar business or a online business can both be expensive, I have done both, but there are many ways to save money when you own a small business. So, you must know what to spend money on and how to limit and analyze your spending. If you don’t Spend on the right items, you will not have movement with your business. After deciding the business structure, the importance of knowledge of the product and your target market, then you have to find out how to get customers.

  1. Create a Marketing Budget

Most of the small business people I know spend a lot of time and energy on creating content or products but forget about marketing them. One of the most effective ways to get noticed is effective marketing. The more you market, the more you are loved. Don’t fail to market because you don’t have a marketing budget, create one. You can save money when you have a small business by doing your own marketing until you get established.

  1. Create a Monthly Advertising Budget

Advertising is trickier than marketing. The graphics and the text need to be ultra-attractive, otherwise, you will not attract any attention. No attention means a wasted advertisement. The best way to get effective ads, is to use an ad specialist. Ad specialist study and know advertising better than you know because it is their constant study and analyses.

Ladies for peace of mind when you buy a car you must understand the rules.

  1. Create an Outsourcing Budget

You can’t grow alone. The best way to grow if you are online is outsourcing. There are people who specialize in the most minute areas from social media marketing to copy-writing. There are many web businesses that specialize in providing independent contractor who will work for you. You save money when you own a small business by outsourcing due to the fact you don’t have to pay employee taxes and salaries.

The Secrets to Successful Home Buying for Women

Lois Center-Shabazz | Course Delta Agency
Personal Finance: Author, Blogger, Course Creator, Money Strategist

Interested in a Free Discussion about how I can help you with Fantastic Finances? Let’s Chat – Make an Appointment Here


GET YOUR FREE Fantastic Finances Tips Course by eMail

7 STEPS OF NEW INVESTORS FREE PDF

YOUR FREE PRINTABLES FOR HOME OR BUSINESS MORE FREE PDFS

JOIN MY PERSONAL FINANCE FACEBOOK PAGE

3 Ways to Save Money on a Vacation and Still Have a Wonderful Time

Save Money on a Vacation

3 Ways to Save Money on Vacation and Have a Wonderful Time

There are many ways to save money on a vacation, with the understanding that vacations are expensive, for many the savings are crucial. Here I list just a few of the most effective ways to save money on a vacation. You can enjoy yourself if you spend a lot or a little, so why not save when you need to.

There Are Beautiful Places to Visit in the United States

  1. U.S. travel – everyone gets foreign travel photos in their social media news feeds on a regular basis. So, it is easy to get the foreign travel bug. And, of course you can find a full package for $2000 with an uber cheap flight and hotel packages purchased months in advance. The tricky thing is to research the airline safety and the hotel you will stay in.

As a less, expensive alternative: Say you look at beautiful local resorts, national parks, and big city tours for a full package flight and hotel for $600. You can pretend to suffer paying for the foreign travel package and put the difference of $2000-$600 = $1400. in the bank. You can also choose to travel by car which tends to be even less expensive than flying.

women can buy cars the right way

A Staycation Does Not Require Airline or Hotel Expense

  1. A staycation is something that appeals to people who haven’t done much to enjoy their own city, town or even home. If you live in an area where there are a lot of tourist attractions, you can do a staycation. Or, you have guest you would like to invite to hang out and see the local attractions with you, that would also be nice. The savings speak for themselves. The money that you save by staying close to home will go straight to savings.

Use a Windfall to Save Money on a Vacation

  1. Then there is the windfall, larger than expected tax return, or gift. If any of these occur, you can use half or less, of the proceeds to take an unusually nice extended vacation either U.S. based or foreign for the next few years. You can place it in a vacation fund. You will still save by putting away at least half of the proceeds into your basic savings. How much you spend depends on how much your windfall is. Don’t forget to tackle pesty bills you have had long term.

Here are just 3 ways to save money on vacation and still have a wonderful time, you can think of more.

Interested in a Free Discussion about how I can help you with Fantastic Finances? Let’s Chat – Make an Appointment Here


GET YOUR FREE Fantastic Finances Tips Course by eMail

7 STEPS OF NEW INVESTORS FREE PDF

YOUR FREE PRINTABLES FOR HOME OR BUSINESS MORE FREE PDFS

JOIN MY PERSONAL FINANCE FACEBOOK PAGE

JOIN OUR ENEWS AND GET A 30-DAY MsFinancialSavvy Tips! ECOURSE

 

3 Ways Mutual Funds Are Cost Effective

Mutual Funds Are Cost Effective
3 Ways Mutual Funds Are Cost Effective

You Can Choose No-Load

Mutual funds are cost effective mainly because you don’t have to pay to buy a mutual fund. Some investments including annuities and high cost mutual funds decrease your profits as time goes on.

You can pay $0 per purchase, for a mutual fund bought directly form an investment company, or you can pay $8 for a mutual fund purchase through a broker.

This means every time you purchase shares in a mutual fund you must pay a load. In no-load mutual funds there are still other charges that will affect your profits such as yearly fees. You can choose quality mutual funds with low yearly fees. I can demonstrate how to find mutual funds that have low yearly fees for you.

You Can Choose Low Cost When It Comes to Yearly Fees

There are many high cost mutual funds, but you can choose low-cost mutual funds that will significantly increase your returns over time, since yearly fees are charged every single year.

 As stated above there are many factors to look at. I can show you all the fees involved to maximize your mutual fund returns and show you that mutual funds are cost effective.

You Can Choose Low-Risk

There are many types of mutual funds, just because a mutual fund is medium or high risk does not mean it is not a good fund.

I have made money on many medium and high risk mutual funds through the years.

 It only means that the ups and downs are less, and the risk of temporary decreases in value is much less. I can show you how to determine if you are a low, mid, or high-risk person. And I how to create a great mutual fund portfolio no matter what you are using it for. 

When you consider the load, the fees, and a few other factors, you will find mutual funds are cost effective ways to build your money.

Interested in a Free Discussion about how I can help you with Fantastic Finances? Let’s Chat – Make an Appointment Here


GET YOUR FREE Fantastic Finances Tips Course by eMail

7 STEPS OF NEW INVESTORS FREE PDF

YOUR FREE PRINTABLES FOR HOME OR BUSINESS MORE FREE PDFS

JOIN MY PERSONAL FINANCE FACEBOOK PAGE

JOIN OUR ENEWS AND GET A 30-DAY MsFinancialSavvy Tips! ECOURSE