Savings Archives - Page 2 of 5

What is Savings

If I said before I’ll say it again, savings is a means to an end. What end that will be is completely dependent on what you value for your money life. What is Savings? Something as simple as taking 3 years off to raise you’re kids, can be a savings goal. Another one can be saving for a business venture. We tend to over assume things will just work out, and we don’t prepare enough with finances. What is savings defined in my life, well you will soon read below.

When you have long term savings goals, life gets interesting because you’ll usually achieve them, but without a plan you will most likely just get by completing smaller savings goal. Lets rev up our internal engines or brain waves and save some cold hard cash.

No excuses here for this topic because having savings is and should be a priority even above paying Chase. Because Chase will never cover your monthly expenses if you lose a job. Find out below why you need savings today.

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Creative Ways to Save Dollars

Money is a difficult tool to understand or grasp the gist behind how to manage it. No literally people cannot find a way to keep it in their possession for long. This will not be my usual post and rather it will be inspiring and motivating write up for the readers who want more out of life. Do you want to be the same person you were 5 years ago, specifically in the same spot financially?

Well if you’re up to the challenge follow the creative ways to save dollars listed below. We all have goals and if you publicly admit you don’t have any, shame on you. Let’s get back on track with the positive thoughts we all prefer to read about.

Imagine 5 years in the future and you accumulated $20 grand because you followed the steps below. Wow what a fantastic “brand new” person will stare back at you in the mirror at the reflection of somebody financially relevant. Yes you were always important, but if you had $20 grand in your savings account that you never had before in your entire life, wouldn’t that make you feel more secure and proud to achieve a mega money goal. Now let’s get into the best creative ways we all can use to save some greenbacks.

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All the things I’ve owned for 10 years

Making a list like this is not easy as we live in a consumer driven society. Which means that most people are constantly upgrading things before it’s even necessary? Can you remember all the things you’ve owned for 10 years? This my very own experiment to really test how long things can last and instead of just throwing things out because a shiny new product is glimmering from the retail store display. All the things I’ve owned for 10 years is a real feat, because I’m breaking records and have no desire to make any replacements unless its necessary.

Stuffitis is a real disease going around since before the 1970s, no really I was not even born yet, but I read history books. Garages all over America have been filled with all the extra stuffities, including 2 retro refrigerators because folks buy new ones instead of replacing a little motor.

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Saver or Spender

Like it or not we are either born as savers or spenders. It is just a part of our DNA, and it can dramatically affect our lives when it comes to dealing with finances. The way to hack your inner self is to realize which one you are, and learn how to change the code within your DNA.

No we are not literally changing our DNAs, but we can use financially intricate systems to help us become something we are not and transform our behaviors. The best secret to impart change is to decipher the errors, take notes, begin to implement, and make the positive changes consistent. The definition of consistent means sticking to things for the long haul aka years and decades.

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Reasons you need an Emergency Fund

I released a gem of a post a few months back and it was all based on the good old emergency fund topic we all love. Now I will impart unto you a second rendition of the reasons you need an emergency fund.

This is a great topic that everyone can relate too, and I created with a semi-comedic twist to make all of you crack up literally while reading. Talking about money can be funny if you just try a different approach.

I wonder if everyone had an Emergency fund how much easier and simpler life can be. One of the basic foundations of money management is having a savings fund. If this is too hard for you, and you are employed in today’s world then something is seriously wrong. Now let’s get back to having a blast with this topic as I would like to keep things light.

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Will you Achieve Financial Independence

Well you guessed it, as I am talking about reaching financial independence once again. I am posing this question today, will you achieve financial independence before age 65? Well the jig is up and there’s a ton of examples online of people who actually reached the imaginary Financial Independence before getting grey hair.

This is my goal and it should be everyone’s lifetime goal also, because long gone are the days people worked for 40 years dedicated to a job who can easily replace any of us with the next person. Granted I am not telling you to stop working forever, I am just advising you that you can work on your terms when you reach this next stage of life. What a fun stage it can be, don’t you agree?

Below is the list of bloggers who already reached Financial Independence.

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Windfall of Lifetime Earnings

Hey imagine you received a windfall of lifetime earnings at once? Would you treat this windfall differently? Do you know how much income, side hustle, illegal activity you’ve made in your lifetime? If you already have 5 years of working history under your belt after college, and made on average at least 50K-55K annually how much is that amount. For those of you who are not too good at math it is 250-275K thousand dollars. Now back to the first question asked, imagine you received all of that money at once?

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Withdrawing from the 401K

Many people are withdrawing from their 401k funds and losing out on a big opportunity to make money in the future. Every time someone switches jobs I bet a little piece of them is wondering, what can I buy with this 401K money I have saved for years? The answer should be nothing, but that is not the case for millions of working adults. It goes to show that many people do not understand the full effect and repercussions involved when they take out retirement account money.

The only funds you can take out are the contributions of a Roth IRA that has been established for some time. When in doubt ask, and when in further doubt, have the check made out to Vanguard. (Never have the check made out in your name) Why do we tap into these funds without finding out all the information involved in the transaction?

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