I was still in grade school when I was confronted with the following question; “Would you rather have a million dollars today or a penny doubled every day for 30 days?” Little did I know at the time that a penny doubled every day for 30 days amounts to more than 5 million dollars. Of …
Are you affected by Lifestyle Inflation?In one of our previous articles, we discussed the frugal living. The major obstacle faced in living frugally occurs because of one’s lifestyle.Lifestyle inflation occurs when you increase your spending with a corresponding increase in your salary. Even though you are able to pay the increased bills, you are limiting …
We’re all motivated by money in some way. Whether we think it can buy happiness or we believe it’s the root of all evil, our money hang-ups – often formed in childhood – can really impact our financial lives as adults. The key is to recognize these inherent convictions and do our best to approach …
Types of Car Insurance: There are a number of different car insurance policies around and it can get confusing, but we will break it down and make it easy for you to pick the policy that suits you best.Generally, there are 3 types of auto insurance cover: comprehensive, third-party and third party (fire and theft). …
In the last post, I wrote about how I have combined my emergency fund along with my vacation fund. On one hand, this had the benefit of a larger fund in case of any exigency. On the other hand, a fully funded account afforded us the luxury of a vacation and so we are always …
When I first started investing eighteen years ago, I seriously had no idea how to start the investing process. I had graduated with a degree in investments, so I could crunch some of the numbers and had a good understanding of stocks. In fact, I worked at an investment bank and my job was running …
By the time they reach 14 or 15, kids are capable of handling more financial responsibility, but are rarely given the opportunity to do so. Teens have more expenses as they get older, but most of them don’t have a clue how to budget their money when they start earning a paycheck.The 3-category kids-money-management system …
What exactly is “Managed” money? The term “managed” money commonly refers to investment accounts that are handled by a professional money manager where the money manager makes specific investments with the intention of achieving a specifically stated investment objective, investment performance, investment strategy, or maintaining a certain asset allocation or income stream. These accounts are …
Since American Social Security payments are not very generous, a contribution to a private retirement plan that complements “social security “is essential. It is necessary to understand everything before getting involved in this field. Regulations are complex for each plan, but here are how the main plans work in general: 1. Employer Plan with a …
When it comes to investing, there are tons of people out there that love to give stock advice. Which stocks to buy. Which to avoid. Buy now! Sell now! You can turn on the television and hear Jim Cramer shouting about the next great stock. You can go to Seeking Alpha and find many different …