Money Fest | All things cash, from investment info to how to save money

Save money with simple changes

Look into these things and you might be able to save some money.

Most people are constantly trying to find ways to save more of the hard earned money they have. Money seems to leave my hands almost as quickly as I receive it sometimes, especially because I have kids. There are so many ways to save money though, and in these economic times, it is worth looking into.

One way you may be able to save a significant amount of money is on the insurance that you have. Insurance is a necessity for everyone, but overpaying for it is not. You should periodically request quotes from companies for all of the insurance types that you have. You can also ask your current insurance company if there are any options in lowering your premiums. Some insurance companies offer discounts, but if you don’t ask what they are, they might not tell you. You will not know if you qualify if you don’t know what they are.

A cell phone bill is another area where you might be able to save a lot of money. Some companies will offer to pay your fees to get out of the contract you are currently in. They will do this just to get you to switch carriers. You can find out details about this online, and this could save you a bundle.

Finally, look for ways to save money on energy costs in your home. Replace your light bulbs with ones that are more economical. Shut off lights when you are not using them, and always unplug electronics or appliances when you are not using them. These tips may make a difference in your budget, but you need to look into them to find out.

Winning the online business game

Useful links

If you have been reading my recent articles, you might have already realized that I am trying very hard to get an online business up and running. Nothing is more awesome than checks in the mail!

I think the number one thing to keep in mind is that there are no shortcuts and patience and persistence are the two key things to always have at the back of your mind as you try to get that online business endeavor going. I guess the problem is dealing with distractions and I have many!

The problem is there are actually pretty remarkable odds at is has been said on various sources on the internet that 99 percent of people will not make any substantial amount of money through passive income. The way to be in that one percent is to actually try and learn as much as you can and keep trying and testing things along the way.

Well, the reason I decided to post this article was mainly because I wanted to share two important links that I thought you would not only find very helpful but also enjoy.

Chris Guillebeau is the author of the $100 startup and the website 100startup.com. Here is a post he made on Ramit Sethi’s I Will Teach You To Be Rich blog about how you can win the online products game.

After you finish with that post, I want you to check out this link for free materials that Marie Forleo is offering every person out there that dreams of having a successful online business!

Again, remember be dedicated and continue to learn and you will succeed.

Low interest rates

Refinance now if you can.

I just heard this morning that interest rates are at the lowest point they have been in 60 years. The average rate on a 30-year mortgage is roughly 3.84 percent. This is extremely low, and it offers a great way to save money.

If you have a mortgage and have not refinanced yet, it is something you should consider. Of course, if your loan is already around this rate, it will not benefit you a lot. Another factor to consider is that if you do not have excellent credit, you will not be approved for the loan. If you have excellent, or even good credit, you may be able to be approved for a refinance loan.

If you can drop the rate on your loan at least ½ percent, you may be able to save a lot of money.

The interest rate on a loan helps determine your monthly payments. When the interest rate drops, your payment will drop. If you can afford to continue paying your original payment amount, you will pay off your loan is less time and this is a great way to save money on interest charges.

Consider talking to your lender about refinancing your mortgage. Find out what rate you would qualify for, and also ask about the closing costs. If the closing costs are too high, it might not be worthwhile. Another factor is the time frame you are looking at. If you are planning on moving within 5 years, refinancing your home loan may not be the best option.

The power of small wins

Using psychology to achieve goals.

A lot of the time people get overwhelmed and then not do anything at all. This only makes the situation worse and yours truly has been guilty of this on more than one occasion. I have read many books written by famous self-made entrepreneurs and they all stand by the power of small wins.

It is the idea of trying to get a few things done as you try to achieve that big thing that you have always wanted to accomplish. A lot of the times what happens when we set about trying to achieve something whether it be taking a class or earning some money on the side is that we are faced with 50 different choices that we get overwhelmed prematurely.

So what must be done is to try and look to break it down into steps and tackle each one of these steps. Even if you fail on any of these steps, the small wins that you achieved in the previous steps will propel you forward. It all comes down to confidence!

Trust me when I tell you that those huge success stories that you hear about everyday all came into being because of small wins. The power of small wins is that it helps in keeping you moving forward to achieving that goal. There are a lot of little things that keep us from getting things done and these mental barriers can be removed every time we have a small win. That is the power of small wins.

Celebrate the small wins as they come and go and learn from the failures that are all the pillars of the large wins that will surely come in due time.

Saving money on vacations

Tips for saving money on vacations

If you are planning a vacation, there are so many ways that you can save money. A vacation is expensive, and you should always plan for it for months in advance. The best way to save up for a vacation is to save money toward it for many months. This is the best way to do it without racking up any credit card bills for the trip.

The first thing to do is to compare shop. There are numerous websites that offer travel discounts. If you spend a few hours looking at these sites, you will not believe the great deals that you can find. This is true for airplane tickets, hotels and rental cars. One thing you can also do is to wait to book your hotel until the last minute. You might not get into the hotel you want, but you will be able to find a decent place to stay for an excellent price. Just remember that when you are on a vacation, you will not be spending a lot of time in your hotel room, so the condition of it is not really that important.

Another tip is to purchase discount tickets. If you are planning on going to famous tourist places, you can get discount tickets by visiting a time share. This will take an hour or two out of your day, but you will be able to get tickets to popular places for much lower prices.

If you take some time to think about these things and plan them thoroughly, you can save hundreds of dollars on your next vacation.

Make some extra money at home

Find a job that you can do from home for a way to earn money

If you are struggling with your finances, there are ways to make extra money from home. One way is through online writing. It may take a little bit of time and research, but you can find great companies to work for doing this type of work.

Many people are trying to supplement their incomes with part-time jobs. This is very common, but a lot of people don’t want to spend more time away from home. If you can find some companies to write for, you will be able to earn money from your home. This is what I do. I actually work from home as a writer. I earn a full-time income and I work about 30 hours per week. I love my job and I love my schedule.

I am able to work as much or as little as I like, and I can work whenever it is convenient for me. I do have deadlines for most of my projects, but they are not daily deadlines. If you are interested in doing this as a full-time job, you must be very self-disciplined. It is so easy to be distracted while working from home. I have two kids and two dogs, and they all have a tendency to distract me.

This is a great job to do full-time or part-time, but you must be able to write fairly well. If you can write, you can do this job. It is a great way to be home with your family and make some extra money on the side.

What will you do with your tax return?

Right now is tax time. You may have filed your return months ago, but many people will wait until the last minute. This is mainly because of two reasons. One reason is that people owe money and they will wait until the last day to pay it. The other reason is because filing taxes can be a headache. It requires gathering all sorts of documents together and making an appointment with an accountant.

When you finally get them filed and receive a tax check, what do you do with it? This is something that many people look forward to each year. I usually get a tax check back and I always use it for a specific purpose. This year I took my children on a weekend getaway with the money I received back. Some people buy a new car, and others just spend it on useless things.

One key principle I have always heard about this is that if you are getting a tax check back, it is time to change your withholdings at your workplace. Getting a tax return back means that you loaned money to the government for free. Most money experts always recommend steering away from this. Instead of letting this happen, you can bump up the number of withholdings on your paycheck. The result of this will be increased paychecks and a reduced tax check.

This principle has a great foundation, but for me it would not be beneficial. To make this theory work, you must take the extra amount of your paycheck each week, and save it in some kind of account. The problem is, could you really do this? If you can, you can earn money on the money the government once borrowed from you for free.

What are some characteristics that highly successful people have in common?

If you can relate to some of these characteristics you may already be very successful or on the way to being so.

I have done a lot of studying on successful people whether they be Wall Street’s highest paid hedge fund manager Raymond Dalio, NBA superstar Kobe Bryant or an up and coming tech titan like Kevin Rose. What are the characteristics that these highly successfully people have in common?

A highly competitive nature. People like Bill Gates welcome competition and have continuously talked about how it brings out the best in someone and I think I agree with this too from certain experiences I have had in my own life.

A schmoozer. Relating to people and being able to make people like you and see your way of thinking can do wonders in many different areas whether it be politics or business or anything else for that matter.

Having a big ego. I guess it wasn’t the best way to put the whole idea of how some people think that they are so special. But it has been a very common trait among too many successful people that I had to mention it here.

Being a nerd helps. There is the famous speech by Bill Gates – I have mentioned him twice already in this post – where he says “Be nice to nerds. Chances are you’ll end up working for one.” I have looked at my life in general and noticed how at every stage it was the academically brilliant kids that have gone places in life. Even outside of my experiences, I have seen how getting high grades and being good at tough subjects such as engineering and math is revered on Wall Street.

Great at coming up with and executing ideas. Apple founder Steve Jobs, Microsoft founder Paul Allen and Albert Einstein. Need I say more!

Again having some of these traits should mean that you will do big things in life, but there are always examples of those that have succeeded without being alpha in any of these characteristics. Nevertheless, I really think these characteristics will help you get far in life and business.

Golden Girls on Banking

Sophia: "At least the government didn't have to bail them out"

Sophia Petrillo briefly gripes about bank bailouts... in the 1980's.... and the sentiment still rings true today:

Blanche: "Just the very idea of a bank having sperm..."

Sophia: "At least the government didn't have to bail them out"

Of course the reference the character is making is probably geared towards the Savings and loan crisis (S&L crisis) of the 80's and early 90's (and not our recent financial crisis... that we are painfully still enduring), but the clip did get me to wonder when the banking industry will learn from its mistakes. They can not continue to play around / boom and bust like this, and if they do, there should be no financial incentive for them to continue lending money.

Just my 2 cents... which I will not be investing into any corporate bank (or other company) for a hefty return.

Shark Tank – A great show for the budding entrepreneur

Shark Tank is an entertaining show that gives a lot of insight

As if the life stories of the five ‘Sharks’ that are on Shark Tank was not enough, we have a show that brings in budding entrepreneurs – some of who are even making $20M a year through their businesses – to share their story in their pitch to the Sharks to make them invest in their company.

It is not only the innovative ideas that the entrepreneurs have and how they have grown their businesses that have inspired me, but also the Sharks themselves. I was already aware of Mark Cuban because he is the owner of the Dallas Mavericks and I like his outspoken personality and his rise to riches from pretty humble beginnings. But it was Daymond John that stood out to me the most.

I have heard of FUBU and LL Cool J, but for some reason this was the first time I had heard of John. His story has got to be one of the most inspiring especially how he grew his company by still working full-time at Red Lobster. The funny thing about FUBU’s rise was how he used 10 T-shirts that had the label printed on them and kept trying to get them on music videos and at the same time wore them on dates and stuff.

As I said earlier, Shark Tank is entertaining and has a wealth of knowledge. It makes for an enjoyable hour of television that is filled with ideas on how to succeed as an entrepreneur and impress a potential investor. Lessons like knowing how much cash is going in and out of your business, being able to share a good story and having great marketing ability but remaining humble at the same time.

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