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talabib · 4 years ago

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Steps You Need To Take To Achieve Financial Freedom.

What happens to couch potatoes? Sitting around all day doing nothing, they get fat. Curiously, the opposite is true with money. Leave it sitting around, and you’ll find that the total just gets smaller and smaller. To make that pile of dough grow, you need to exercise it, or make it work!

This post explains exactly how you can turn a small nest egg into a mountain of cash that will let you live your life exactly how you want to. If you invest your money in the right places, then financial security will follow. And if you’re smart about it, you may never need to work ever again!

Compounding can ensure that your money keeps growing year after year.

How hard is your money working for you? If you're like most people, your money probably hasn't been exercising at all. It's been sitting lazily in your bank account, growing only minutely – if at all.

This needs to change. We need to make our money work hard, especially as we won't be able to rely on traditional saving methods in the future.

You may imagine that growing your money is difficult. Maybe you're happy with your income, even if it's not enough to cover your retirement, because you assume you can rely on a pension or retirement fund to help you out.

Other pension plans were hit hard by the 2008 financial crisis, and those who paid into them lost a great deal. You can avoid this if you let your money work for you, by compounding.

Compounding means letting your money develop year after year, by allowing interest to build up. Say you invest $100, and this generates a 10 percent profit. If you leave the investment untouched, you'll generate another 10 percent on $110 the year after, then on $121 the following year, and so on.

When Benjamin Franklin died in 1790, he left $1,000 to the cities of Boston and Philadelphia. He stipulated that it had to be invested and not touched for 100 years.

After that time passed, half a million was drawn from the account, and the rest was left untouched for another 100 years. By that time, the original sum had transformed into $6.5 million. Always put some money into your investment fund each month, even if it's not a lot.

So if you want to become financially secure, where do you start?

The first rule of financial security is simple: add money to your savings. If you don't, your situation simply can't improve.

Saving is never easy, but try not to think of it as a boring, sometimes painful pursuit. Imagine that you're adding to your freedom fund, the base on which your financial freedom will be built.

Your freedom fund is like your own personal ATM, a place from which you can always withdraw funds. You won't have a lot of cash in the beginning, but you can build the amount gradually.

Think of it like climbing a mountain. At first, it’s hard and you won't seem to be getting anywhere. When you reach the top, however, you'll suddenly realize why you worked so hard!

Adding to your freedom fund is so vital that you need to keep doing it, even when you think you don't have enough cash to go around.

You always can put a bit aside for your freedom fund. Do you really need to go out for dinner again this week? Can you order a pizza or cook for yourself instead? Make any small adjustments you can to be able to save more.

And luckily, the magic of compounding ensures that the more you add, the greater the returns you'll get. Ultimately, you should aim to save 10 percent of your income, though that'll be difficult at first. Even if you can manage just 5 percent or less, however, you'll still benefit from the generated interest.

Don't fall for investment myths, but do your homework and research the best places for your cash.

Any talk of investing automatically sets off alarm bells. You may think, “What happens if I invest in the wrong thing?” or “Should I get a professional to manage my investments for me?”

Financial professionals really don't know what's best for you or your money. Many people let stockbrokers manage their investment funds, but here’s an important thing to remember. Your advisor gets paid, whether you profit or not. Their job is to sell you things, whether good or bad.

Other people invest in mutual funds, or combined pools of investment opportunities managed by a professional. Mutual funds often come with large fees attached, however. When you consider these fees and the average returns they earn, it's clear such funds aren't the wisest financial decisions.

There is one expert you can trust: a fiduciary. Fiduciaries are professionals who are required by law to have no other interests except your own (unlike stockbrokers). This means you can actually trust their advice.

You can learn to invest on your own, however, as long as you remember a couple of helpful rules. The first rule is that you have to believe in yourself. If you have a fatalistic attitude when you try something, you're bound to fail.

Next, do your research. Don't fall into the trap of believing myths or blindly following what others do. Find out what you need for yourself.

You can also try learning about what other successful people have done with their investments, and see if you can do the same.

Finally, be cautious. Don't expect that you're going to beat the market, as very few do. Try your best, but know that there is no simple or magic path to success!

Do you have a financial goal? Do you want to just cover basic costs, or live the life of the rich?

How much money do you think you’ll need to feel completely free from financial stress? Do you need a couple hundred dollars, perhaps a few thousand, or even a few million?

The first thing you need to remember is to be realistic. Don't try for goals you can't actually achieve. Ultimately, your goals depend on you and what you want. Here are five different goals to get you thinking about just how far you want to go.

Goal one: Generate enough money from investments to cover your basic monthly bills, for things like rent, mortgage, food, energy and transport.

Goal two: Generate enough to cover basic needs plus extra for fun things, like new clothes or entertainment.

Goal three: Generate enough to secure your financial independence. This means living entirely on compounding interest and never having to work again. The average annual spending for an American adult is $34,688; so if you want to generate this amount each year, you need about $640,000 in your freedom fund.

Goal four: Don't just get your investments to free you from work but make them improve your lifestyle. Earn even more so you can go on better holidays or eat in nicer restaurants.

Goal five: Achieve absolute financial freedom. This means having enough money to do anything you want at any time!

Think about these goals and determine which fits your dreams and financial aspirations.

If you don't have a plan, it’s easy to feel overwhelmed or get lost in the details. When you know what you're aiming for, it's much easier to get there.

When you decide what amount you need in your freedom fund, you can start thinking about how you want to invest your money.

The path to financial freedom may be slow at first. But don’t give up; time is on your side.

When you start your journey toward financial freedom, it'll be hard at first, but don't give up! You can achieve financial freedom, as long as you keep working at it.

Along your journey, you'll definitely encounter others who are saving more than you, and at times you may feel like your income isn't high enough for you to save. But don't let these things discourage you! You have to ignore that inner voice that might tell you to give up.

Self-doubt isn't the only thing that might distract you. Another thing that often holds people back is short-term thinking. Many people overestimate what they can accomplish in a year, but then underestimate what they can accomplish in a decade. If you don't meet your goals for your first year, keep working – you can still catch up over time.

As you keep working toward your financial freedom, keep a few tips in mind. First, speed things up by changing your life and lifestyle. Don't wait until retirement to downsize. Do it now so you can save money on mortgage payments, heating and taxes.

Also, only invest when you know you'll get good returns, to ensure your compounding continues at a decent rate. A good rule to use here is to only invest when you expect returns of over five times the amount. Even if you fail to get those returns three out of five times, you'll still have earned enough.

Finally, always keep trying to lessen your tax burden. The average American pays 54.25 percent of their income in taxes. Make it a goal to reduce this.

To make the most of your freedom fund, diversify your investments and keep things balanced.

So after you've saved enough in your freedom fund that you’re ready to invest, what's next?

The key to investing wisely is knowing how to diversify. You should invest in different financial products that have varying degrees of risk. There are three areas, or buckets, where you need to concentrate your investments.

The first bucket is your security bucket. This is where you put investments that are the most secure, even if they aren't necessarily the most profitable. Bonds, for example, should go in this bucket. Bonds don’t offer massive returns, but are also unlikely to lose value.

Next there is your growth bucket, which is for investments that are riskier. This is where you can earn big returns, but you can lose more, too. You might invest in equities, meaning stocks and shares. Many stocks beat the market average in the long run, but they may be volatile and lose value in the short term.

The last bucket is your dream bucket. This is where you put some of the profits you earn from your other buckets. Your dream bucket helps improve your lifestyle.

Remember: the entire point of achieving financial security is to spend your money in ways you enjoy. If you don't have a dream bucket, saving and investing is useless!

So how much should you put in each bucket? Well, it depends on your attitude, how risk averse you are, the strength of your freedom fund and what you're trying to get out of life.

Strive to keep everything balanced. As you earn and lose money, you'll need to keep constantly moving it around to ensure that each bucket has the optimum amount.

Take advice from smart investors to guide your path, but be sure to insure yourself against bad times, too.

If you want to succeed in anything, it's a good idea to learn from people who have succeeded before you.

Finance is no different. When you analyze and copy what other successful investors have done, you'll have a much better chance of reaching your goals.

Ray Dalio is a good role model. He founded Bridgewater Associates, the largest hedge fund in the world. Dalio's investment plan is known as the All Season Allocation. It's designed to help you make money, no matter what financial conditions you're facing.

The economy goes through different periods, just like the seasons of the year. All Season Allocation strategies guide you on how to make money despite the market’s changing conditions.

Consider this investment mix, used by Ray Dalio: Put 7.5 percent of your assets in gold and 7.5 percent in commodities. Gold and commodities are often good investments, even during periods of high inflation. Then put 30 percent in stocks, especially during seasons of high growth in which you can earn more. Finally, put 55 percent into US bonds, which are very low-risk.

Also, no matter what method you're following, get yourself insured for the bad times. Convert some of your savings into annuities, or financial contracts where an insurance company guarantees future payments in exchange for immediate payments. This will help ensure that you get a guaranteed lifetime income.

When you are comfortable with All Season Allocation, and you establish your income insurance through annuities, you'll be able to reach financial freedom!

Anyone can reach financial freedom if they're dedicated, willing to save and ready to follow the necessary steps. So keep at it, even if your progress is slow at first. Diversify your investments, seek advice you can trust, prepare for different financial “seasons” and get yourself insured. If you work hard, you can become the master of your money and live the life you really want.

Action plan: Don't forget your ultimate goal: spending your money the way you want.

Money itself can’t bring you happiness, it's what you do with it that matters. Having lots of money in your bank account won't make you happy, but spending it the right way will. So remember that you're working to be able to spend it on experiences you enjoy, or that give your life meaning. Don't forget that saving itself isn't the point!

#Steps You Need To Take To Achieve Financial Freedom.

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kennethherrerablog · 5 years ago

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Blooom Review: Affordable Online 401k Management For The 99%

I was 23 years old and getting ready to start my career as a firefighter.

It was a twelve week long academy where we would spend 50 hours per week fighting fire, pulling heavy hoses, climbing ladders, learning how to safely rescue a trapped victim, and how to not get killed inside our dangerous profession.

In addition to everything I just mentioned, we also spent one hour at the very end of a long academy going over our retirement plan.

One whole hour.

Table of Contents

Did this Happen to You too?

Why Would They Want to Confuse Us?

What Can You Do About It?

Do it Yourself

Self Directed Option

Blooom: Professionally managed for $10/month

How Blooom Does It

So, How Does Blooom Work?

What Does This Look Like?

The Story Behind Blooom

When Blooom is NOT a Good Fit

Questions I had for their founder

Do I have any control over my 401(k)?

Just 401(k) plans?

How long does it take for Blooom to do a free analysis?

How long does it take Blooom to fix my 401(k)?

Does Blooom notify me when they make a change to my investments?

Is it all done by computers or by people?

Is there someone I can actually talk to at Blooom about my 401(k)?

Are the any other fees?

Do I have to move my 401(k) anywhere?

Is Blooom a fiduciary?

Next steps for you

Did this Happen to You too?

You started your career and spent five minutes going over your 401(k) plan with your HR department during employee orientation?

This is all too common and today I speak with so many people who are saying things like:

“I have a 401(k)…I think.”

“I should be contributing to my retirement, but I don’t.”

“I think my employer is saving for me.” (Sadly, many are not.)

“I looked inside the pamphlet they sent me and it was really confusing.”

“I’ll just save for my retirement later.”

“I don’t know how my retirement is doing because I’ve never looked at it.”

The problem isn’t you, the problem is the system is completely broken and you are left to figure it out all by yourself.

This may be a little bit conspiracy-ish, but in his book Unshakeable, Tony Robbins interviews the world’s top 50 investors, and what he discovers is shocking to say the least.

In a nutshell, our 401(k) plans are designed to be as confusing as possible.

Why Would They Want to Confuse Us?

Well, as Tony Robbins describes in his book, the less you know the more they make (for themselves).

Think about it – the mutual fund companies inside your 401(k) are required to send you a prospectus each quarter, but have you ever opened one of these up and peeked inside?

Do yourself a favor and try reading through the next one that comes come in the mail. I have friends who are licensed financial advisors with decades of experience who will tell you they don’t even have a clue what is going on in there.

Not to mention, it’s also 50-pages long and written in a very hard-to-read light gray ink with a size 6 font!

I don’t think these things were ever really meant to be read.

What Can You Do About It?

There are some great choices you can take to have a better chance at a rewarding retirement, and each one of them comes with it’s pros and cons based on your level of experience.

Do it Yourself

According to the CNBC, there are on average 25 investment options for you to choose from inside your 401(k). These can be made up of mutual funds, stocks, bonds, company stock, money market accounts, target date funds, and more.

In addition to these options, you still need to identify the pros and cons for each of your investment choices in terms of fees, performance, and any underlying rules that are unique to a fund.

If you don’t have an investment background and you don’t want to dive in and learn, I would not recommend you use the DIY method when saving for your retirement and your future.

Pro: You have complete control inside your 401(k).

Con: Unless you have an investment background, this can often be overwhelming for the majority of plan participants.

Self Directed Option

The majority of 401(k) plans offer a self-directed account (SDA) into a brokerage account. This allows plan participants to still save pre-tax dollars inside their 401(k), but opens up their investment options to a whole universe of funds versus the limited funds inside the employer-sponsored 401(k).

Pro: You are no longer limited to the pre-determined investment choices inside your 401(k) and your financial advisor can now help manage your 401(k) plan via a Schwab brokerage account for example.

Cons: Since you now have access to a universe of investment options, it can become extremely overwhelming to choose where to invest. In addition, if you choose to have a your 401(k) managed by a certified financial advisor, you will be paying an added management fee which can eat into nest egg over time.

Blooom: Professionally managed for $10/month

Blooom (yes, with three o’s), takes the best of both worlds – professionally managing the available funds inside your 401(k) for a flat fee of $10/month.

How Blooom Does It

Blooom attaches to your 401(k) plan and uses a proprietary algorithm to analyze and optimize your investment portfolio.

So, How Does Blooom Work?

Free Review of your current allocations: They have a free feature which is as simple as it gets. Once you create a free Blooom account and connect your employer sponsored plan via their software, they do a full analysis of your 401(k) plan.

To make it as user-friendly as possible, they use a flower symbol to show you the health of your current 401(k) performance and even gives you recommendations to improve it. If you chose to be a do-it-yourselfer, you can take their advice and optimize your 401(k) at no extra cost to you.

Checking Your Current Expenses: As mentioned above, your 401(k) plan offers limited investment options and many of them have hidden high fees. Blooom takes a look at all of your plan’s investment choices and breaks each one of them down into one of 14 categories.

Blooom then uses their proprietary software to analyze your proposed retirement date versus your expense ratios (fees) for each fund, and creates the optimal low-cost portfolio inside your current 401(k).

What to Expect:

First Blooom will analyze your current 401(k) asset allocations and will show you what how good or or bad your 401k is doing

Blooom shows you what is the best option for you using their proprietary software.

They have a simple slider for you to drag to help determine your risk tolerance.

There is also a tool to show you what you need to do to retire earlier

Also, Blooom allows you to add in other 401(k) accounts and you can compare both managed and non-managed funds inside the dashboard.

Access to Financial advisors: You will have access to one of their financial advisors, but only via email and/or online chat. Blooom’s founder told me their financial advisors are available to answer any questions – even those outside of investing into your 401(k) (paying off debt, planning a budget, and preparing for life events).

The Cost: Similar to Netflix – $10/month and it’s month-to-month.

This may be my favorite piece of the pie because today’s fees inside your 401(k) are completely out of control.

According to the Motley Fool, “a typical worker — earning the median income and paying the average 401(k) fees over their lifetime — will be assessed a total of $138,336 in fees. And the cost is much more severe for high-income workers, who, assuming a starting salary of $75,000 at age 25, are projected to pay an estimated $340,147 over their lifetimes, thanks to the fee structure of the average 401(k) plan.”

Blooom not only charges a $10/month flat fee, but they also don’t take that $10 from your 401(k) account. Instead, they charge your credit/debit card on file and you can start/stop at anytime.

What Does This Look Like?

I am going to use the 1% average fee you would pay your financial advisor via a Self Directed Account to a brokerage account as the example.

Account Balance: $100,000

Annual cost with SDA: $1,000 per year

Annual cost with Blooom: $120 per year (0.12% vs 1%)

Account Balance: $50,000

Annual cost with SDA: $500 per year

Annual cost with Blooom: $120 per year (0.24% vs 1%)

Account Balance: $25,000

Annual Cost with SDA: $250 per year

Annual cost with Blooom: $120 per year (0.48% versus 1%)

Account Balance: $10,000

Annual Cost with SDA: $100 per year

Annual cost with Blooom: $120 per year (1.2% versus 1%)

Account Balance: $2,000

Annual Cost with SDA: $20 per year

Annual cost with Blooom: $120 per year (6% versus 1%)

The Story Behind Blooom

When Blooom is NOT a Good Fit

As you can see from the fee breakdown, Blooom uses a flat monthly fee which which does not make sense for 401(k) accounts with a lower account balance.

For example, if you had a balance of $10,000, you would be paying more to use Blooom since the $10/month represents a higher percentage (1.2%) versus the traditional 1% model in terms of fees.

If you find yourself in this category, I would recommend utilizing Blooom’s free services to analyze your current portfolio until your balance has grown to a point where the monthly cost is an actual savings versus an added expense.

Get a FREE Checkup On Your 401(k)

and a free month to start

Questions I had for their founder

I had Chris Costello on Episode 71 of the Money Peach Podcast to learn as much as I could about Blooom and ask some questions about their service.

Do I have any control over my 401(k)?

Yes, you maintain full control of your account at all times.

Just 401(k) plans?

No. Blooom can work with 401k, 403b, 401a and 457 accounts.

How long does it take for Blooom to do a free analysis?

Approximately 5 minutes.

How long does it take Blooom to fix my 401(k)?

Within 10 – 30 days your account will be adjusted.

Does Blooom notify me when they make a change to my investments?

Yes, they will send you an email anytime a transaction is made.

Is it all done by computers or by people?

Blooom mainly uses an algorithm (computer) to determine how your investments are managed, but they also have registered advisors continuously testing and reconfirming the algorithms.

Is there someone I can actually talk to at Blooom about my 401(k)?

Yes, you can log into your account and connect via live chat, through email, or by calling 1-888-550-9956

Are the any other fees?

Blooom only identifies the investment fees in the account, there are most likely other administrative fees included that blooom will not identify. Plus, blooom is limited to the investment options in the employer sponsored retirement plan and will seek out the most cost-effective options from what is available and what is most appropriate for the client’s time to retirement.

Do I have to move my 401(k) anywhere?

No. As long as you have online access to your 401(k), Blooom simply connects to it just as you would logging in from your computer.

Is Blooom a fiduciary?

Yes. This term means they are required by law to act in your best interest, no matter what. Currently only 10% of financial advisors are fiduciaries.

Optimize Your 401(k)

Investing in your employer sponsored plan is an absolute must because of the pre-tax advantageous, the tax-free growth, and the company match if your employer has one.

Once you have your 401(k) operating as efficiently as possible, it’s time to start thinking about your next step – starting your ROTH IRA.

Next steps for you

Investing in your employer sponsored plan is an absolute must because of the pre-tax advantageous, the tax-free growth, and the company match if your employer has one.

Once you have your 401(k) operating as efficiently as possible, it’s time to start thinking about your next step – starting your ROTH IRA.

Related Posts You May Like

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7 Simple Ways to Invest $1,000

Blooom Review: Affordable Online 401k Management For The 99% published first on https://mysingaporepools.weebly.com/

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gdolowokandi214-blog · 6 years ago

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3 meaningful ways to use your holiday bonus

The holidays are here! That means quality family time, sumptuous dinners, and an endless stream of cheesy Hallmark movies.

And if your boss decided to play Santa this year, it might mean a holiday bonus for you.

That bonus is likely to be pretty hefty too. The average holiday bonus in 2017 was close to $1,800, according to a survey by staffing and recruitment firm, Accounting Principals, and it's expected to grow with each year.

When you get your bonus, you'll find yourself faced with a great question: How should you use your Christmas bonus?

We're all about the Rich Life here at I Will Teach You to Be Rich. That means using your money to build the kind of life you want to live. To do that, you should use your holiday bonus three ways:

Spend it

Save it

Invest it

Let's take a look at each area now and break down how you can optimize your holiday bonus.

Christmas bonus tip #1: Spend it

The first - and arguably, most fun - thing to do with your holiday bonus is to spend it. After all, what's a Rich Life without spending extravagantly on the things that you love?

Notice I didn't say spend it on the latest tech or fashion. I said spending it extravagantly on the things you love.

That could mean spending your bonus on the latest fashion or tech, but if you really examine what you love spending money on, you might be surprised to find it's something else entirely.

The area where you love to spend your money is called a Money Dial. These are things you naturally gravitate to when it comes to your spending. Once you recognize your Money Dial, you'll be able to lean into it and spend more in that area - while ignoring most everything else.

Take Ramit Sethi, founder of I Will Teach You to Be Rich, for example. If you took a look at his spending habits for just a few minutes, you'll be able to see that his Money Dial is convenience. He knows this too. That's why he has that dial turned all the way up to 11. That means spending money on:

A private chef ($21,635.64 / year)

A personal trainer ($16,380 / year)

A nutritionist ($3,000 / year)

Not to mention his personal assistant who helps plan his day-to-day schedule as well as his travel arrangements. That means when he travels, he'll get his favorite seat on the airplane, the perfect room in the perfect hotel, AND he'll have food waiting for him at the check-in desk so he can keep up with his personalized diet.

Source: Instagram

All told, he spends more than $50,000 on convenience each year. That might seem crazy to you - and that's okay. Convenience is a Money Dial for Ramit and a lot of other people. You might have a different one, like travel.

People who have the travel Money Dial love to spend money on everything travel related. They tend to know exactly where they're traveling for the next year starting on January 1st, and they have a massive list of potential destinations they want to go to next.

If you turned this Money Dial up, that can mean things like:

Luxury safari tours ($3,000 / day)

Inspirato membership ($3,500 / year + $20,000 initiation fee)

Private tour of the Vatican ($300+ / person)

ACTION STEP: Spend your holiday bonus on your Money Dial

If you don't know what Money Dial you naturally gravitate to is, that's okay. It's actually fairly simple to figure it out.

As Ramit says, “Show me a person's calendar, and I'll show you their priorities.” If you showed me your bank statements, I could tell you your Money Dial.

Spend 10 minutes examining last month's bank statement. What common themes do you see?

Are you spending money at the gym and workout clothes? Maybe your Money Dial is fitness.

Are you spending money on movies and events with your kids? Maybe your Money Dial is family.

Are you spending money on the newest shoes and clothes? Maybe your Money Dial is fashion.

Once you've identified this, you can actually save money by spending more toward your Money Dial. By knowing what really matters to you, leaning into it, and mercilessly cutting out spending in other areas, you'll be able to actually save money and put it toward the things that make you happiest.

No matter what your Money Dial is, recognizing and leaning into it will help you live a Rich Life.

Which brings us to …

Christmas bonus tip #2: Save it

Sure it's easy to spend your holiday bonus money on something fun for yourself - but maybe you should put it away for your savings goals.

When it comes to savings goals, there are two great ones you should consider putting your holiday bonus into:

An emergency fund

A BIG purchase

An emergency fund is money you've saved for unexpected spending. While the amount you'll have in your emergency fund is going to be different from the next guy, a solid rule of thumb is to save three to six months of living expenses.

This encompasses things like:

Rent

Utilities

Food

Mortgage

Car payment

Student loans

Why save for these things? Simple: You don't want to go into a financial crisis because of an unexpected expense. I'm talking about things like emergency medical bills, car repairs, or loss of income. A rainy day fund helps soften the financial impact of an emergency.

The second area you can save is for a BIG purchase. I'm talking about things like a down payment on your home or your future wedding.

A great way to do this is by saving money in a sub-savings account. These are smaller accounts you can create along with your normal savings account. The difference is that your sub-savings accounts are dedicated to specific purchases or spending.

Sub-savings accounts are crucial psychologically. By reminding you of what you're saving for, you'll be able to keep motivated to accomplish your savings goals.

When I received my holiday bonus last year, I decided to treat it like I would any paycheck and divide up a specific percentage of it into my different sub-savings account. It was great seeing them balloon even more after the bonus.

My sub-savings accounts. Notice I have one for my emergency fund as well!

ACTION STEP: Decide how you want to save your holiday bonus

Whether you put some money into an emergency fund or a sub-savings account, saving is a crucial part of ensuring your financial future. If you really want to see your money grow in the long term, though, there's no better way than investing.

Christmas bonus tip #3: Invest it

Investing is possibly the most crucial thing you can do today to make sure you're financially stable in the future.

That's why you should consider investing a portion of your holiday bonus when you receive it. When you do, your holiday bonus will grow over time.

For example, let's assume you got a holiday bonus of $500. Not too shabby. Now let's see what happens if you invested it in a low-cost, index fund that tracked the S&P 500. Assuming an average of 8% interest each year, how much do you think you'd earn by the time you retired?

Let's take a look:

Data calculated at investor.gov.

Over the course of 50 years, your $500 will have grown to $23,450.81. That's a nearly 47x increase!

Also, that's with ZERO monthly contributions to your investment. If you invested just $50 / month on top of the principal, you would end up with $367,712.90! Pretty awesome.

ACTION STEP: Invest your holiday bonus for the future

When it comes to investing, there's no better way than investing in a 401k and a Roth IRA. These are the two best accounts to save for retirement as they are tax-advantaged, meaning you can avoid paying certain taxes when you invest into them.

How will you spend your bonus?

Now we want to turn it to you: How are YOU going to spend your holiday bonus? Are you going to be spending it on something you love? Saving it for a rainy day? Or maybe investing it to watch it grow?

Leave your answer in the comments below. We would love to hear your thoughts.

3 meaningful ways to use your holiday bonus is a post from: I Will Teach You To Be Rich.

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jamesheartfield33-blog · 6 years ago

Text

3 meaningful ways to use your holiday bonus

The holidays are here! That means quality family time, sumptuous dinners, and an endless stream of cheesy Hallmark movies.

And if your boss decided to play Santa this year, it might mean a holiday bonus for you.

When you get your bonus, you'll find yourself faced with a great question: How should you use your Christmas bonus?

We're all about the Rich Life here at I Will Teach You to Be Rich. That means using your money to build the kind of life you want to live. To do that, you should use your holiday bonus three ways:

Spend it

Save it

Invest it

Let's take a look at each area now and break down how you can optimize your holiday bonus.

Christmas bonus tip #1: Spend it

The first - and arguably, most fun - thing to do with your holiday bonus is to spend it. After all, what's a Rich Life without spending extravagantly on the things that you love?

Notice I didn't say spend it on the latest tech or fashion. I said spending it extravagantly on the things you love.

That could mean spending your bonus on the latest fashion or tech, but if you really examine what you love spending money on, you might be surprised to find it's something else entirely.

A private chef ($21,635.64 / year)

A personal trainer ($16,380 / year)

A nutritionist ($3,000 / year)

Source: Instagram

If you turned this Money Dial up, that can mean things like:

Luxury safari tours ($3,000 / day)

Inspirato membership ($3,500 / year + $20,000 initiation fee)

Private tour of the Vatican ($300+ / person)

ACTION STEP: Spend your holiday bonus on your Money Dial

If you don't know what Money Dial you naturally gravitate to is, that's okay. It's actually fairly simple to figure it out.

As Ramit says, “Show me a person's calendar, and I'll show you their priorities.” If you showed me your bank statements, I could tell you your Money Dial.

Spend 10 minutes examining last month's bank statement. What common themes do you see?

Are you spending money at the gym and workout clothes? Maybe your Money Dial is fitness.

Are you spending money on movies and events with your kids? Maybe your Money Dial is family.

Are you spending money on the newest shoes and clothes? Maybe your Money Dial is fashion.

No matter what your Money Dial is, recognizing and leaning into it will help you live a Rich Life.

Which brings us to …

Christmas bonus tip #2: Save it

Sure it's easy to spend your holiday bonus money on something fun for yourself - but maybe you should put it away for your savings goals.

When it comes to savings goals, there are two great ones you should consider putting your holiday bonus into:

An emergency fund

A BIG purchase

This encompasses things like:

Rent

Utilities

Food

Mortgage

Car payment

Student loans

The second area you can save is for a BIG purchase. I'm talking about things like a down payment on your home or your future wedding.

Sub-savings accounts are crucial psychologically. By reminding you of what you're saving for, you'll be able to keep motivated to accomplish your savings goals.

My sub-savings accounts. Notice I have one for my emergency fund as well!

ACTION STEP: Decide how you want to save your holiday bonus

Christmas bonus tip #3: Invest it

Investing is possibly the most crucial thing you can do today to make sure you're financially stable in the future.

That's why you should consider investing a portion of your holiday bonus when you receive it. When you do, your holiday bonus will grow over time.

Let's take a look:

Data calculated at investor.gov.

Over the course of 50 years, your $500 will have grown to $23,450.81. That's a nearly 47x increase!

Also, that's with ZERO monthly contributions to your investment. If you invested just $50 / month on top of the principal, you would end up with $367,712.90! Pretty awesome.

ACTION STEP: Invest your holiday bonus for the future

How will you spend your bonus?

Now we want to turn it to you: How are YOU going to spend your holiday bonus? Are you going to be spending it on something you love? Saving it for a rainy day? Or maybe investing it to watch it grow?

Leave your answer in the comments below. We would love to hear your thoughts.

3 meaningful ways to use your holiday bonus is a post from: I Will Teach You To Be Rich.

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elfigmlinkbf16insurance-blog · 5 years ago

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suv with lowest insurance rates

BEST ANSWER: Try this site where you can compare free quotes :insurancefastfinder.top

SOURCES:

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suv with lowest insurance rates

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robertheiser-blog · 6 years ago

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3 meaningful ways to use your holiday bonus

The holidays are here! That means quality family time, sumptuous dinners, and an endless stream of cheesy Hallmark movies.

And if your boss decided to play Santa this year, it might mean a holiday bonus for you.

When you get your bonus, you'll find yourself faced with a great question: How should you use your Christmas bonus?

We're all about the Rich Life here at I Will Teach You to Be Rich. That means using your money to build the kind of life you want to live. To do that, you should use your holiday bonus three ways:

Spend it

Save it

Invest it

Let's take a look at each area now and break down how you can optimize your holiday bonus.

Christmas bonus tip #1: Spend it

The first - and arguably, most fun - thing to do with your holiday bonus is to spend it. After all, what's a Rich Life without spending extravagantly on the things that you love?

Notice I didn't say spend it on the latest tech or fashion. I said spending it extravagantly on the things you love.

That could mean spending your bonus on the latest fashion or tech, but if you really examine what you love spending money on, you might be surprised to find it's something else entirely.

A private chef ($21,635.64 / year)

A personal trainer ($16,380 / year)

A nutritionist ($3,000 / year)

Source: Instagram

If you turned this Money Dial up, that can mean things like:

Luxury safari tours ($3,000 / day)

Inspirato membership ($3,500 / year + $20,000 initiation fee)

Private tour of the Vatican ($300+ / person)

ACTION STEP: Spend your holiday bonus on your Money Dial

If you don't know what Money Dial you naturally gravitate to is, that's okay. It's actually fairly simple to figure it out.

As Ramit says, “Show me a person's calendar, and I'll show you their priorities.” If you showed me your bank statements, I could tell you your Money Dial.

Spend 10 minutes examining last month's bank statement. What common themes do you see?

Are you spending money at the gym and workout clothes? Maybe your Money Dial is fitness.

Are you spending money on movies and events with your kids? Maybe your Money Dial is family.

Are you spending money on the newest shoes and clothes? Maybe your Money Dial is fashion.

No matter what your Money Dial is, recognizing and leaning into it will help you live a Rich Life.

Which brings us to …

Christmas bonus tip #2: Save it

Sure it's easy to spend your holiday bonus money on something fun for yourself - but maybe you should put it away for your savings goals.

When it comes to savings goals, there are two great ones you should consider putting your holiday bonus into:

An emergency fund

A BIG purchase

This encompasses things like:

Rent

Utilities

Food

Mortgage

Car payment

Student loans

The second area you can save is for a BIG purchase. I'm talking about things like a down payment on your home or your future wedding.

Sub-savings accounts are crucial psychologically. By reminding you of what you're saving for, you'll be able to keep motivated to accomplish your savings goals.

My sub-savings accounts. Notice I have one for my emergency fund as well!

ACTION STEP: Decide how you want to save your holiday bonus

Christmas bonus tip #3: Invest it

Investing is possibly the most crucial thing you can do today to make sure you're financially stable in the future.

That's why you should consider investing a portion of your holiday bonus when you receive it. When you do, your holiday bonus will grow over time.

Let's take a look:

Data calculated at investor.gov.

Over the course of 50 years, your $500 will have grown to $23,450.81. That's a nearly 47x increase!

Also, that's with ZERO monthly contributions to your investment. If you invested just $50 / month on top of the principal, you would end up with $367,712.90! Pretty awesome.

ACTION STEP: Invest your holiday bonus for the future

How will you spend your bonus?

Now we want to turn it to you: How are YOU going to spend your holiday bonus? Are you going to be spending it on something you love? Saving it for a rainy day? Or maybe investing it to watch it grow?

Leave your answer in the comments below. We would love to hear your thoughts.

3 meaningful ways to use your holiday bonus is a post from: I Will Teach You To Be Rich.

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jalenjones214-blog · 6 years ago

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3 meaningful ways to use your holiday bonus

The holidays are here! That means quality family time, sumptuous dinners, and an endless stream of cheesy Hallmark movies.

And if your boss decided to play Santa this year, it might mean a holiday bonus for you.

When you get your bonus, you'll find yourself faced with a great question: How should you use your Christmas bonus?

We're all about the Rich Life here at I Will Teach You to Be Rich. That means using your money to build the kind of life you want to live. To do that, you should use your holiday bonus three ways:

Spend it

Save it

Invest it

Let's take a look at each area now and break down how you can optimize your holiday bonus.

Christmas bonus tip #1: Spend it

The first - and arguably, most fun - thing to do with your holiday bonus is to spend it. After all, what's a Rich Life without spending extravagantly on the things that you love?

Notice I didn't say spend it on the latest tech or fashion. I said spending it extravagantly on the things you love.

That could mean spending your bonus on the latest fashion or tech, but if you really examine what you love spending money on, you might be surprised to find it's something else entirely.

A private chef ($21,635.64 / year)

A personal trainer ($16,380 / year)

A nutritionist ($3,000 / year)

Source: Instagram

If you turned this Money Dial up, that can mean things like:

Luxury safari tours ($3,000 / day)

Inspirato membership ($3,500 / year + $20,000 initiation fee)

Private tour of the Vatican ($300+ / person)

ACTION STEP: Spend your holiday bonus on your Money Dial

If you don't know what Money Dial you naturally gravitate to is, that's okay. It's actually fairly simple to figure it out.

As Ramit says, “Show me a person's calendar, and I'll show you their priorities.” If you showed me your bank statements, I could tell you your Money Dial.

Spend 10 minutes examining last month's bank statement. What common themes do you see?

Are you spending money at the gym and workout clothes? Maybe your Money Dial is fitness.

Are you spending money on movies and events with your kids? Maybe your Money Dial is family.

Are you spending money on the newest shoes and clothes? Maybe your Money Dial is fashion.

No matter what your Money Dial is, recognizing and leaning into it will help you live a Rich Life.

Which brings us to …

Christmas bonus tip #2: Save it

Sure it's easy to spend your holiday bonus money on something fun for yourself - but maybe you should put it away for your savings goals.

When it comes to savings goals, there are two great ones you should consider putting your holiday bonus into:

An emergency fund

A BIG purchase

This encompasses things like:

Rent

Utilities

Food

Mortgage

Car payment

Student loans

The second area you can save is for a BIG purchase. I'm talking about things like a down payment on your home or your future wedding.

Sub-savings accounts are crucial psychologically. By reminding you of what you're saving for, you'll be able to keep motivated to accomplish your savings goals.

My sub-savings accounts. Notice I have one for my emergency fund as well!

ACTION STEP: Decide how you want to save your holiday bonus

Christmas bonus tip #3: Invest it

Investing is possibly the most crucial thing you can do today to make sure you're financially stable in the future.

That's why you should consider investing a portion of your holiday bonus when you receive it. When you do, your holiday bonus will grow over time.

Let's take a look:

Data calculated at investor.gov.

Over the course of 50 years, your $500 will have grown to $23,450.81. That's a nearly 47x increase!

Also, that's with ZERO monthly contributions to your investment. If you invested just $50 / month on top of the principal, you would end up with $367,712.90! Pretty awesome.

ACTION STEP: Invest your holiday bonus for the future

How will you spend your bonus?

Now we want to turn it to you: How are YOU going to spend your holiday bonus? Are you going to be spending it on something you love? Saving it for a rainy day? Or maybe investing it to watch it grow?

Leave your answer in the comments below. We would love to hear your thoughts.

3 meaningful ways to use your holiday bonus is a post from: I Will Teach You To Be Rich.

0 notes

talabib · 5 years ago

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Steps To Achieve Financial Freedom

Compounding can ensure that your money keeps growing year after year.

This needs to change. We need to make our money work hard, especially as we won't be able to rely on traditional saving methods in the future.

Unfortunately, this isn't true. Many of the world's retirement systems are failing. In the United States, a 401k retirement plan was originally invented to supplement income in old age, but for many, it's the only thing they have to rely on. Other pension plans were hit hard by the 2008 financial crisis, and those who paid into them lost a great deal.

You can avoid this if you let your money work for you, by compounding. Compounding means letting your money develop year after year, by allowing interest to build up. Say you invest $100, and this generates a 10 percent profit. If you leave the investment untouched, you'll generate another 10 percent on $110 the year after, then on $121 the following year, and so on.

When Benjamin Franklin died in 1790, he left $1,000 to the cities of Boston and Philadelphia. He stipulated that it had to be invested and not touched for 100 years.

After that time passed, half a million was drawn from the account, and the rest was left untouched for another 100 years. By that time, the original sum had transformed into $6.5 million.

Always put some money into your investment fund each month, even if it's not a lot.

So if you want to become financially secure, where do you start? The first rule of financial security is simple: add money to your savings. If you don't, your situation simply can't improve.