Have you ever wondered why you pay money for some items? Many items that we buy are not essential to our everyday lives and seem to be unnecessary expenses. These items enrich the companies that sell them but don’t actually do much to enhance the lives of consumers.
Here are a few expenses that cost more than the value received. (more…)
Are you currently in the market for a credit card for your small business? Are you having a difficult time getting access to credit? If so, then this article may be of interest to you. There are some pretty good cash back cards with a 0% introductory APR. So, take a look and see if it meets your needs.
At a time when unemployment is near 10%, employers are becoming even more selective about hiring new employees. Employers are subjecting new employees to credit checks before hiring them. They are using these credit checks as a way of determining an employee’s dependability and reliability. Credit scores are being used as a test of trustworthiness and character. The question that this begs, Is it morally right to put all new employees through a credit check?
Once again it’s time for a look at the best posts on investing and personal finance on the Internet. These posts should help you with your investing strategy and manage your money better. Here are this week’s best posts from the financial blogosphere. Happy Reading!
Buy Like Buffett now has a social forum for you to discuss all of your money management thoughts. The MoneyTalk Forum is a place to discuss investment ideas, share personal finance tips or ask a question. Topics include investing, making money ideas, stock talk, retirement planning, credit help, college planning, budgeting and any finance related topic.
You can enter the Money Talk Forum by clicking the Money Talk Forum tab located at the top of the page.
Favorite Investing & Personal Finance Posts
Free From Broke explains how Dollar Cost Averaging Helps Eliminates Emotion.
Money Help For Christians discusses how investors will be affected by Mutual Fund and Capital Gains Tax Changes.
Invest it Wisely has an interesting article on A Millionaire Teacher.
Adam at Rabbit Funds has a different take on The Number One Thing You Should Consider When Investing.
Barel Karsan has an investment opportunity for investors with Small Portfolios Out There.
Len Penzo lists 8 Reasons Why You’re Getting An F In Personal Finance.
Money Monk asks Have You Really Looked At How Much Money You Make?
KNS Financial elaborates on a Yahoo Finance article on 12 Tricks To Make Us Spend Big.
This is an older post by Joe Taxpayer about Warren Buffett: Hero Or Opportunist. I added it because it discusses Warren Buffett.
ESPN has a story on the bankruptcy of Mark Brunell. Brunell invested in businesses in which he did not have more than enough cash to cover the liabilities. Mark Brunell was one of the best QB’s in the NFL in the 90′s and I am certain that he is a good man. Brunell invested in a number of different real estate ventures that have led him to the doors of bankruptcy. The only way that he can escape his creditors is through bankruptcy. Don’t blame Brunell though. This can happen to just about anyone when you allow yourself to become overextended.
It’s estimated that Brunell made over $50 million dollars during his playing career. It’s believed that Brunell now has less than the $3 million dollars needed to cover the loan repayment. While we shouldn’t mire in the misery of others, you can learn an important lesson from the Mark Brunell case. You have to live within your means. Even athletes have to budget their money. They make a great sum of money for a limited time and need to adjust their spending so that they can maintain their standard of living after the glitz, glamour, and big contracts are long gone.
What one investment is guaranteed to give you a 100% return on your money? The answer is…..none! I wrote this post to illustrate how con artists and scammers use tricky verbiage like this to entice investors to turn over their hard earned dollars. Anyone who offers you a 25%, 50%, or 100% guaranteed return on your money is lying. Let’s take a look at code words used by individuals trying to defraud you of your hard earned money.
1. I guarantee that you will…..
Most individual guarantees are not even worth the paper that they are written on. The only guarantee that you should believe when investing is one that is backed by the Federal government. FDIC and US Treasury guarantees are good as long as the United States government is still viable.
2. Double your money in..30, 60, 90 days, etc.
There is no savings account, CD, stock, bond, mutual fund or security that can guarantee you this kind of return in such a short period of time. The higher the return that you can get, the greater the risk you are taking. Any investment that has the potential to double your money also has the potential to lose all of your money.
3. This deal is only good for today and today only.
Always ask yourself what deal is so great that I have to give an answer right now. Con artists and fraudulent companies use high pressure sales tactics to force you into making irrational decisions. They know that you wouldn’t make these decisions if you had time to think it over.
4. You will be a millionaire in a few months.
Get rich quick schemes always offer big dreams only to end in disappointment. Is it possible to become a millionaire in a few months? It’s possible but highly improbable. Unless you hit the lottery, make it big on American Idol, or invent the next iPod, chances are it may take you a little longer than a few months to get rich.
5. My friend’s friend _________ got rich during this.
They always know a guy who got rich off this idea but it’s never the person that you are talking too. Larry, Rich, Mike or whoever got in early has made all of the money. Mike may live in a mansion and drive a Lamborghini but the guy who is pitching you on this great idea does not.
Always remember if any business opportunity or investment sounds too good to be true then it probably is.
I posed the following question to 10 different people. “How much money would you need to have to consider yourself rich?” I wanted to get different peoples responses as to how they would describe wealth. The answers varied dramatically.
Here are some of the responses.
- 6 people said $1 million dollars is a sign of wealth.
- 1 person said $2-3 million dollars.
- 1 person said $5 million dollars.
- 1 person said $50 million dollars
- 1 person said enough money that they were financially comfortable. (bills paid, not stressing over money)
I have always thought about wealth in numerical terms. My personal goal for wealth has always been to acquire $1 billion dollars over a 25 year time period. Why such a lofty goal? My thinking was always that even if I fall short of the goal, I would be quite happy with $200 or $250 million dollars. However, the last response caused me to rethink my position. Being rich is about more than just acquiring a bunch of money. Don’t get me wrong, it would be nice to be a billionaire but it is not all that matters. You should consider yourself financially rich if you live a comfortable lifestyle. Being rich is about financial peace. You no longer have to stress over mortgage payments, car notes, and college loans. You aren’t working yourself to death 50-60 hours a week just to make ends meet. You should have some time to enjoy your life. You cannot put a price on this kind of financial peace.
The main impetus for acquiring wealth is to improve lives. Once you have acquired significant financial resources then you can give back. You can help family, friends, charities, and the less fortunate. Remember the goal is to not just simply acquire money but to give back and help someone else. So, if you haven’t achieved all of your financial goals just yet, don’t stress out. Stick to your plan and remember that if you have a loving family and friends, you are already rich!
Photos by: AMagill
Here is a list of some of the best financial posts on the web. Happy Reading!
A good article from Five Cent Nickel on Should You Roll Over Your 401(k) Rollover.
Money Under 30 debates whether you Should Borrow Money To Invest For Retirement.
Bible Debt writes about the importance of dedication in his Faithfully Rich post.
Cashmoneylife deals with a very difficult issue: How To Bail Out Family Members Without Going Broke.
Personal Finance Ninja writes about How To Invest In The Economy: The Best Investments For Each Business Cycle.
Clever Dude talks about 5 Lessons About Getting Out of Debt That You Don\’t Have To Learn The Hard Way.
Bad Behavior has blocked 1795 access attempts in the last 7 days.
