|

Personal Finance Information
Develop Your Financial IQ
Chapter #1:
Foundation in Financial IQ
Definition Of Insanity
Naturally, most if
not all of us want and crave for
something better. It is all part of us
if we want a bigger car, a better house,
buying good things for the family. We
keep hoping for more but, in order to
get what you don’t have, you have got to
do something you have never done
before.
How To Buy A Car
With No Credit Or Bad Credit
Introduction
For many people, their cars are
extensions of themselves and their
personalities. Whether it’s a classic
Mustang convertible or a brand new
Jaguar, the kind of car a person drives
can tell a lot about that person in
general. Never mind about the guy with
the junked out pick-up truck!
More
Found Money:
How To Generate Quick Cash In An
Emergency
Introduction
At least once in
every person’s life comes a time when
the need is great and the resources are
few. It can be hard enough to make ends
meet on a decent wage, but, when the
times get tough and the money just is
not there to meet the need, a person can
easily despair.
More
That simply means:
Doing the same thing
over and over again YET expecting
different results!
As an employee, you
can’t stay at the same job forever and
hope that a miracle will happen and your
boss will suddenly give you a raise. You
will be lucky that there is no
downsizing in your company. Switching to
another company will only provide a
short term solution to a long term
problem.
Sure, you can take up
a second or even third job, but do you
have enough hours and stamina in a day
to sustain it?
The bottom-line:
Trading time for money isn’t wise
financial sense in the long term. You
keep on increasing the hours just to win
the rat race, but in the end of the day,
you are still a rat on the mill!
Increasing your wages
only puts you in a higher tax bracket.
Your salaries increase but so does your
expenses on your house and car. How will
you invest in yourself when all the time
you spend working for a company, working
for the government paying taxes and
working for the bank paying off your
house and car? What if you fall sick and
can’t work tomorrow? Will the government
take care of your family?
I highly doubt so.
So isn’t it time you
take your finances a tad more
seriously?
What Is
Money?
You see, there are
many ideas of what people think money
is.
Some say it is a
form of measurement.
Yes, but a
measurement of what? Wealth? In the
olden days, people measured wealth by
how many cows, sheep and horses they
had. But do people measure wealth today
by your cows and horses? How about
slaves? Was there a time where manpower
is considered a hot commodity? Are
slaves worth anything today? Are your
dollar bills sitting in the bank going
to protect you if a recession strikes
the country? No, wealth can not be
measured by the dollar bill.
Some say it is a
form of power.
Yes, money can give
you power, but if you are stuck on a
desert island forever with a trillion
dollars, will that money mean squat to
you? If someone offered you water and a
helicopter to fly out of there, you
would trade all your money in a split
second, so money is not an accurate
measurement of power – it heavily
depends on how and wisely you use it (hint!).
Your
First Mortgage
Are you thinking about
purchasing your first
home? Or perhaps you
would like to refinance?
If so, don’t even begin
the process until you
read what we have to
say. . .
If you thought that
buying your own home is
out of your reach, think
again. Every year
thousands of people just
like you are becoming
home owners and you can
too.
There are many programs
available to people at
all income levels. Much
of that money is never
used because people just
don’t know it is
available.
More
Many believe it
is the root of all evil… and several
others take on this belief without much
questioning.
Now, now, now… money
is NOT the root of all
evil (otherwise, why do you think
churches still accept monetary donation
and charity?). The love of money
is the root of all evil. Remember, money
is an excellent servant but a terrible
master. If you are trading your life
away for the dollar, money then has
power over your time and life.
And unless you have
proper financial intelligence, the lack
of money can spawn a lot of evil
thinking and negative mindset as
observed in primarily cheats, thieves,
criminals, breakups, freeloaders,
cheapskates, and more to name.
But what is money,
really?
Money is an idea,
backed by confidence.
While money has
naturally been developed by merchants in
the older days to replace the
questionable barter system, money today
is literally invented by the rich and
wealthy.
Entrepreneurs are
willing to part with their money to buy
other people’s time. Other people’s time
i.e. employees and self-employed
people becomes their employer’s
asset and the employers this priceless
resource to go on to create more wealth
for themselves.
And here’s the thing:
as long as you work for money, you
are enslaved by it!
80% - 90%
of the populations today are being
enslaved involuntarily.
How to
Set up a Family Budget
Most families might
feel that budgeting is a futile effort,
unnecessarily burdening them with
thoughts and ways, to go broke
methodically and slowly, without the
creature comforts and indulgences of our
human modern-day society.
Others might voice
that they feel as if they are merely
throwing money away, in a never-ending
and dizzying spiral of spend, spend,
spend. People are getting deeper and
deeper into debt, no matter how hard
they try to get out of it. Questions are
then raised : How do we stop these
courses of action? How do we change the
thinking around family fiscal
discipline?
Put simply, in “How
to set up a Family Budget”, we focus in
on how to empower families to set up
better, more realistic budgets, stick to
them and celebrate their successes (and
learn from their failures!)
More
What we don’t realize
is that there is a part of our soul that
cannot be bought at whatever price.
Would you chop off your little finger if
your boss offered you 24 months of your
salary immediately? You and I know we
are worth more than that. But when you
hear of cases of people selling their
body parts for cash in some countries,
we can have our eyeballs pop out of our
eye sockets.
On the other hand, we
occasionally DO sell out a part of
ourselves for money like a donkey and a
carrot.
Awareness
Before Change
Now don’t get me
wrong: I’m not banging on working at
a job (I worked at one before I became
an Internet Entrepreneur).
But let’s face it:
our needs today are growing more than
ever before in any period of history.
Prices go up, salaries don’t. There are
more baby boomers than ever and have
very little pension to show for their
decades of years of work efforts.
And there is no
guessing to how many people really,
really hate the unhealthy, hectic
lifestyle of getting up early, coping
with stress for most parts of the day,
join traffic jams, spend more money and
time in traveling, enjoy very little
rest, and repeat the viscous
cycle.
Definitely doesn’t
paint a nice financial and lifestyle
picture, huh?
The first step to
change is to be aware of the problem.
Awareness before change (or ABC
for short) is necessary if you are to
make any changes in life to start taking
control of your financial life and then
get out of the rat race.
We need the awareness
to know what state we are in so we know
where we are going. For starters,
indulge me in a quick exercise as we
exit this chapter shortly:
Time And
Money
There are generally 4
types of people in the world:
(1)
No time,
and no money.
Most employees fall
into the category. You can’t go shopping
on a Tuesday afternoon or fire your boss
whenever you like. Most employees can’t
even save money in their pension to last
3 years!
(2)
No time,
lots of money.
Self-employed,
professionals and small business owners
are in this category. They are slightly
better off than the employee because
they earn more, but they have to work
even harder than employees to keep up
with the diminishing profit margins,
competition and servicing their
customers.
(3)
Got time,
no money.
A lot of farmers,
villagers, college dropouts or bums have
lots of time but no money. Maybe
ignorance is bliss, but without a stable
source of income, how long can you last
many days forward?
(4)
Got time,
and lots of money.
It is the category
that big business owners, landlords,
investors are in. Imagine, not having to
work for money, but having money to work
for you by investing them and earning
profits by using your money to make
money.
To read more,
click here
Personal Finance News:
Live Search: personal finance site:msnbc.msn.com
Search results
News about money and personal finance -- get the latest personal ...
Personal finance news. The latest news about money and investing plus free financial tools and calculators from msnbc.com.
Bloggers open up about money matters - Money- msnbc.com
Most personal-finance bloggers lay out their financial goals and get feedback from readers, while others are aimed at teaching novices and sharing their advice.
Do you have questions about personal finance?
If any of these scenarios listed below describes you or your family, and you would like to share your story with us live on the TODAY show, then write to us with details and ...
Bankruptcy is no longer a financial lifeline - Money- msnbc.com
Bankruptcy is no longer a financial lifeline Lawyers claim ?Abuse Prevention ... Answer Desk: Submit your question about personal finance or the world of business
Investment toolkit- msnbc.com
Personal finance ... Got a question about business or your finances?
Experian settles free credit report charges - Money- msnbc.com
Experian settles free credit report charges FTC accused credit bureau of misleading ... Answer Desk: Submit your question about personal finance or the world of business
Life cycle fund investors: Doing it wrong? - Money- msnbc.com
Are life cycle fund investors doing it wrong? ?Retirement made easy? strategy ... Answer Desk: Submit your question about personal finance or the world of business
'Generation Debt' is going deep into the red - Money- msnbc.com
Generation Debt' is going deep into the red Young adults seen facing huge credit ... Answer Desk: Submit your question about personal finance or the world of business
No big pay raises for U.S. workers - Personal Finance- msnbc.com
U.S. workers will get an average 3.6 percent increase in pay this year. Some workers, though, might find something extra in their paychecks if their bosses are really pleased with ...
Why $5 million is the new $1 million - Money- msnbc.com
Why $5 million is the new $1 million Brokers seeing explosive growth in 'penta ... Answer Desk: Submit your question about personal finance or the world of business
Newsfeed display by CaRP
|