Financial Management

Written By: Cayden Ryan

True financial freedom seems to be a mystery, as most people have not discovered it yet. Some think it’s not even possible. It is, and it’s possibly one of the easiest things to do, you just need the commitment. Four of the major things you need to do with your money are:

Make sure you have more then one source of income

Money is not necessarily the only way to become financially secure, but it definitely helps speed the process and also makes it easier. The more streams of income you have to work with, makes it easier. Many people have decided that the one stream slump is the only way to be secure, this thought process is not ok. You need more then one stream to get out of a paycheck to paycheck slump.

You need to save

You have heard it from everyone all over the place, but have never actually done it. Saving money will increase your self pride and make it easier to feel financially stable. Creating a detailed plan will help you achieve this. Also if you have direct deposit, having the money automatically go in to a savings account that you won’t access is a great idea. There is truly no way to achieve financial stability if you do not save. The only problem is you might not have enough to pay bills and still save, this is why having more than one source of income is so important.



You need to invest

Your money won’t grow if you don’t invest it. This requires saving a little more then you would with just savings. That’s where budgeting and having several income streams come in to play. If you put money into a plan but no interest or profit is being returned to you, your being treated unfairly and your not being given the opportunity you deserve.

Cut the costs of your living

Once you start earning money you realize how easy and fun to spend it is, you need to go back to the mentality of you having no money. This will increase the amount you save and invest by tremendous leaps and bounds. You need to write down the expenses you can’t live without, and only spend on those. You can spend on yourself a little, but always spending all your money will get you nowhere. Poor people who work are poor because they spend what they earn. Rich people who work are rich because they made themselves get there. Free handouts are rarely available, and when they are, the they are usually scams.

Guest Post Written By:
Cayden Ryan – Your Wealth Puzzle

221 Rohrerstown Road :: Lancaster :: PA :: 17603
Phone: (717)406-1889

“I have not failed. I’ve just found 10,000 ways that won’t work. “

Financial Advice for a Picky Eater

Written by Gary Foreman

The Dollar Stretcher Blog

I have a 5 year old that is a very picky eater. Will not eat veggies, except green beens or corn. Meat only hamburger or ham. Can you give me some suggestions as to what dishes I can make? My husband and I are tired of eating the same meals. Thank you.

Sonny

Sonny asks a good question, although at first I wondered if it weren’t better suited for a parenting column. But given more thought, it occurs that it really helps illustrate a point about raising financially responsible children. How so? Let’s take a look.

We’ll begin by considering what Junior is saying when he refuses to eat anything but hamburger or ham. Part of it is good. He’s exploring how much control he has over his world. And, although I’m not a child psychologist, that strikes me as healthy. It’s all part of the growth process.

Read the rest of this entry

Written by Gary Foreman

The Dollar Stretcher Blog

Surfacing this time of year are all kinds of forecasters, prognosticators and swamis. The temptation to join them is too much. But, in the interest of trying something a little different we’ll forecast things that will NOT happen in 2010.

The credit card company will not lower the interest rate they’re charging on your balance this year. Even though other interest rates are near record lows. New laws make it harder for them to raise rates on troubled accounts. So they’ll protect their profits. It will be harder to get a rate decrease even if you deserve it. So, if you get an unsolicited letter from your credit card company offering to lower your rate, check your calendar. It could be April fool’s day.

You will not win the lottery. Ok, it’s possible that one or two of you might win a sizeable prize. But, this prediction will be right for almost every reader. If you doubt it, check the odds on winning the lotto game you play (how many decimal places can you count?). So, if you quit playing you’ll be ahead of the game in 2010. In fact, you could be the real winner.

Contrary to a popular request, your savings account will not grow magically. Unless you put money into savings and leave it there to accumulate interest, the amount that you have in savings will not increase this year. Feel free to make me a liar by regularly depositing money into your account. I’d be happy to have you challenge my forecasting ability when you tell me how much larger your account is.

Read the rest of this entry

Hope for a Spendaholic

The Dollar Stretcher Blog

Written by: Gary Foreman

I have been married 40 years, I am 59 and am a spendaholic. I have been following Dave Ramsey’s plan and trying to get my credit cards paid off. We have no money and no retirement. Is there any hope for us?

B.

Yes, there is hope for B. It might take awhile and may not be easy. But just because she didn’t overcome her spendaholic tendencies in the past doesn’t mean that it cannot be done.

Read the rest of this entry

Author: LiveCheap.com

Earlier this May, President Obama signed into law the Credit Card Responsibility Accountability and Disclosure Act.  The new law had sweeping changes for the credit card industry after years of shady practices resulted in millions of consumers being negatively affected financially.  The law is set take effect in February although the Senate has a amendment that would make it apply immediately.  For a list of all the major changes read “New Credit Card Law Summary” CCRAD Summary and feel free to distribute it and republish it with proper attribution.  The following ten changes are likely to have the largest impact on you:

Read the rest of this entry

Written by: Gary Foreman – The Dollar Stretcher Blog

According to Gallup polls, about 1/3 of Americans plan to spend less on the holidays this year than last.

<http://www.gallup.com/poll/123608/christmas-spending-forecast-down-year-ago.aspx>

For some families who are really struggling there will be very little money available for holiday spending.

But, that doesn’t have to mean that the holidays will be ruined for your family. In fact, it may give you an opportunity to have an even happier holiday season.

Begin by focusing on what you have, not on what you don’t have. It’s true that you might not have much money. But perhaps your home is full of love. Just by thinking about what you have, you’ll lift your spirits.

Take some time to enjoy the season every day. Get a copy of Dicken’s “A Christmas Carol” or other holiday book and read a bit each night. Even if you don’t have children in your home. Books have a wonderful way of mentally transporting us to a different time and place.

Read the rest of this entry

The Dollar Stretcher Blog

Written by: Gary Foreman

I recently bought a certified pre-owned vehicle at a dealership. Although I am not struggling to make my montlhy payments I would like to know what my other options are. I’m kind of having regrets buying the car. I don’t really want to pay for the car anymore. This was my first time purchasing a vehicle and the decision was based irrationally.

My loan is $28,000, 6 year, around 10% interest rate. The car is a 2007 Honda Civic Si Sedan.

My boyfriend is bugging me about adding his name to the title. He said he would help me with the monthly payments by matching my monthly payment. By doing this we would be paying off the vehicle faster. He also says that by doing this, it would increase his credit score. Is this true? And what are some benefits to me by doing this?

Michelle Read the rest of this entry

Written by Gary Foreman

The Dollar Stretcher Blog

Dear Dollar Stretcher,

From the total salary what percentage is ideal to spend for various needs, and how much to be saved for future?

Dee

It’s a question that we all must answer. Even if some of us would prefer to ignore it! Because, with rare exceptions, we all have to deal with having just so much money to cover all our expenses. And, if we spend more than we take in for very long we get into trouble.

Let’s look at a “typical” spending plan. Then we’ll discuss it.

Read the rest of this entry