Today I had a conversation with a New York client and I had to explain to him that just because he has the financial reserves (savings) that does not mean that he should be buying everything simply because he can afford it.
I explained to him that 2023 is going to make or break a lot of people. And if he wants to remain in the position he is in 5 years from now he is going to have make even smarter moves with his money.
By Aura Carter
It’s #4 and #5 for me. If you are at a point in your life where you feel stuck use the many resources around you to get out of your situation:
• The Library
• Book Stores
• The Internet (Financial Blogs/YouTube)
• Social Media Money Profiles
• Seminars
As an adult you have two choices; to complain about how your life isn’t going, or to make the active changes needed to place you in the position that you want to be in.
Article By Aura Bea Carter
The pandemic created a lot of six figure earners and even millionaires. But it also created a panic amongst people who want to make more money but don’t know how.
When I was growing up I wasn’t taught about money. I wasn’t encouraged to discover my passion or even think about what field of work I wanted to be in.
I know I’m not alone. Many from my generation were told to, “Go to school and get a job.”
Not having any guidance in personal financial or building wealth is a major setback compared to those who do.
When it comes to creating a successful lifestyle many don’t know where to start. If this is you, let me know in the comments below the type of content you’d like me to post.
Sincerely,
Aura B. C.
When it comes to saving money many people assume that they don’t earn enough money for any extra to go to the side. But the thing is even if you are living paycheck to paycheck it is still possible to put some money to the side. Chances are no matter how frugal you are, you still end up making purchase of some kind that isn’t necessary.
You can be the type who only buys what they need, but out of those needs are you only purchasing the least expensive store brand version? Do you bring your lunch everyday and never eat out 365 days out the year? Are you creating a budget and sticking to it monthly no matter what?
Odds are there are things that you buy that you don’t have to. They aren’t needed but in the moment of pleasure or convenience you buy them without hesitation. I am not here to tell you how to spend your money, but I am here to tell you that it is possible for you to start a savings.
Here are three clear ways to start putting money away for a rainy day or even retirement.
Many people have both a checking account and a savings account but they only use their checking. No matter if you bank with a retail bank or credit union, online access to your accounts is available. If you haven’t already activate your online banking and setup an amount you can afford to transfer automatically from checking to savings.
What I mean by can afford is start with a small amount monthly. Say, $5-$20 on the first. As time goes on increase the original amount with another $5-10. If you are not in the position to save and your account goes negative from time to time, this I not recommended.
Earn $50 When You Open A Chase Account
Back in the day piggy banks were popularized with that final day of it being completely full arriving and the owner breaking it with a hammer. No one I know owns a piggy bank and there was much emphasis on putting leftover change in them. Nowadays most people don’t have change especially since the peculiar national coin shortage that came and went a year ago.
With a money jar you can see how your money is adding up and if needed you can simply twist the top off and take what you need. Not everyone feels completely comfortable with keeping all of their money in the bank and as long as your home is safe this can be a good alternative.
Many people like the idea of saving for multiple purposes. It may be that you don’t want one savings and you have different goals that you need money put aside for. Write on the envelope what you are saving towards. As previously suggested add to it, or them, when you can.
This method is so popular that you can go online and find clear money pouches with savings goals already on them to get you started.
Conclusion:
Limiting your beliefs to saying what you can’t do will keep you from moving forward in your life. Personal finance is personal. Meaning, it’s up to the individual to learn how to make the best decisions money wise.
Article By Aura Bea Carter
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Many people dream of being rich, though what that means varies widely among people of different backgrounds and experience. To some, it means never having to worry about expenses. For others, it is not working so many hours. Others define it as complete financial independence.
No matter what your definition of “rich” is, experts offer suggestions for how to get on the road to greater wealth.
Learn: Here’s How Much You Need To Earn To Be ‘Rich’ in Every State
Also Read: 25 Secrets Every Rich Person Knows
“Being rich means having time freedom and location freedom, to do the things that matter to you,” said Andrew Lokenauth, CEO of Fluent in Finance LLC. “Wealth often comes first from being frugal. Many millionaires are wealthy because they know how to keep and invest their money — and not spend it on unnecessary things.”
Beyond frugality, Kyle Kroeger, finance expert at The Impact Investor, extends the definition of rich to mean “someone (who) regularly earned enough to be far from troubled paying their fixed expenses such as rent, electricity and other utilities, car maintenance costs, health insurance and educational expenses.”
EarthyRealist.com 