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One of the hardest things for many of us to do is to manage our finances properly. It can be hard if you’ve had no training and you’re used to just spending freely, whenever you want. There are thousands of people out there that can’t balance their checkbooks let alone plan for their future, but there is no shame in that. You just need to take that first step towards learning about how to start managing your finances and getting ready for the future.

For some, this may just not be possible, and again, there is no shame in that. If you simply cannot make sense of your money, you will need to get some help before you get into trouble. An accountant can really make a difference if you’re struggling and they usually do not cost that much money. You’ll actually be saving money in the long term and you’ll be able to spend less time worrying about your money.

But for most of us, it’s important to learn how to do this on our own. Unless you are incredibly bad at math, there is no reason that you cannot manage your finances. It’s really just basic addition and subtraction and anyone can do it. It takes a little bit of focus and you may need to learn a few terms along the way. However, you’re investing in your future when you learn how to manage your finances and it will pay off.

Let’s start off with basic financial planning. A lot of people hear that term and simply turn off. However, it’s actually pretty easy. Here’s an example - You need to ask yourself, how much money do I want to have saved five years from now. Now, divide that number by five. This is how much money you’re going to need to put aside every year to meet that goal.

If your goal isn’t reasonable, you may need to fine-tune it a little bit to bring it line with your income. Now, you’ll need to take that yearly figure and divide it by twelve. This is the amount you’ll need to put aside every single month. Set up an interest bearing savings account and make that deposit every single month. You may need to discipline yourself for the first few months, but it will get easier. If you find that your finances are a little tight, try revisiting a few of your expenses to free up some cash.

Lastly, it is important to understand how debt works. There is bad debt – which most of us are in, and then there is good debt. A simple formula to tell the difference is:

Bad debt = money spent on consumables and things that will never give you a return

Good debt = money spent on something that will create new income streams or pay off in the future.

By using good debt, you can reach your savings goals a lot faster and it won’t be so difficult.

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If you want to start making money, you’ve got to stop looking at your finances like a regular person and start treating your checkbook like you work for the bank. This is the key towards successful management of your finances and will help you grow your current income and create more streams of income at the same time. By getting the right mindset in place, you can easily start making more money and get on the road to financial independence.

In the event that you’re not good with managing your own money, it’s definitely time to take a crash course in good debt management principles. Remember, you’re going to need a little bit of debt to build up your credit and if you want to get ahead and make more money, you’re going to need to leverage that debt properly. The first place to start is to make a budget and force yourself to keep it. Put aside enough money every month to pay your bills so that you can keep your finances running smoothly.

A banker looks at things a bit differently than the average person. They are all about returns – and making more money. Bankers want money to go to work instead of sitting there collecting dust. If you want to start managing your money effectively, you’re going to need to adopt this mindset. Instead of thinking, “cool, I’ve got an extra $500 I can blow,” start thinking, “How am I going to invest that $500 so it becomes $1000?”

After all, who wants to settle for a little money, when you could be making a lot of money? The next step towards thinking like a banker is understanding risk. All banks take risks every single day and while some are more conservative, other recognize that in some cases, big risks have big payoffs. The key is knowing how to read an opportunity and knowing how to take advantage of it.

Let’s say that you’ve got a chance to get in on a stock that is bargain basement priced, but has the potential to quickly take off. You don’t have a lot of spare cash on hand. In this situation, a banker would go to the board and get a loan in order to get in on the opportunity. You need to do the same thing. Once you’ve determined how risky the investment is, and come to the conclusion that if it does fail you won’t be ruined, go out and get that loan to take advantage of it!

Bankers also know that the bottom line is essential. They don’t run around overspending your money, so why should you? Never get into debt over your head and curb your spending habits so that they’re in line with your income, not your desires. By thinking like a banker, you’ll be able to turn your finances around and start seeing some amazing returns in a very short time. Give it a try and see what kind of a difference it makes.

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No matter how old you are, or how much money you have in the bank, it is never too late to start setting new financial goals. A big part of successfully saving money and making more money is the formation of goals, keeping track of your progress and finding that motivation that is key to your financial success. Goal setting is a very important part of any financial plan, and if you are finding it difficult to put money aside, formulate new streams of income, or just get by, these goals can make a huge difference in your life.

The first step to take is to come up with a five, ten and fifteen year plan for yourself. Where would you like to be financially at each junction on the way? It is very important to be realistic here, and perhaps even undershoot it a little bit when you are first starting out. Setting attainable goals will help keep you motivated and on the right track. Once you’ve developed each of these three plans, you’re going to put the last two aside, and focus on the five year plan.

So, you’ve got five years to achieve these goals, now split that into one year a piece. Start small and work out how you plan to achieve those goals every single year. A five year plan looks a lot more attainable, once you’ve broken it down. Let’s illustrate this process a little bit.

Let’s assume that you want to have an extra $50k in the next five years. Broken down over five years, that means that you will need to find a way to either make or save $10k extra each year. That’s not quite as daunting as the big number, so let’s work with that first. You’ve got a goal of making an extra $10k this year, so how are you going to go about it.

Breaking that number down even further, we see that on a monthly basis, you need to either save or make an extra $834. This looks a little easier, and even if you’re on minimum wage, there is a way to start socking that much away. For those with more disposable incomes, saving that much money each month should not be difficult. Whether you plan to get a second job that will be used solely for reaching your goals, or you just put aside that much each month, you’ll be working towards your goals.

Now, you don’t want to let that money sit there, doing nothing for you. By placing that $10k a year in a high interest bearing savings account, you’ll be adding to it, which means you will have to work less to meet your goals. Even a small amount of interest will add up over the course of five years.

Once you have your five year plan down, it’s time to pick up the ten and fifteen year plans again and do the same thing with those. Break it down, make it easier to attain and watch your financial future come together.

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Whether you are pushing thirty and trying to get your first home or your retirement is staring you in the face, there are times when you may feel as though you’ve run out of time financially. We don’t always make the best decisions when it comes to saving money and before long, we end up wondering where it all went wrong. If you’re trying to figure out how to catch up financially here are a few tips to get you started on the right track.

1. Fixing your credit.

First and foremost, your credit should be your main focus. This will make a big difference in whether or not you are able to get any kind of loan and it is always good to have as high of a score as possible. If you are below 600, there are plenty of things that you can do to improve that score. You’ll need to start by paying off any delinquent accounts. Then, open up a secured credit card or get a small loan and make regular payments. In six months, your score can jump as much as 80 points or more.

2. Putting money aside.

If you’re already in a financial bind, putting money away can seem impossible, but it’s not. There are a few ways that you can start saving money right now, even if it is only a little bit. Place it in a high interest bearing savings account to get the most out of your money and add to it as much as possible. Some nest egg is better than no egg at all, and every little bit does help.

3. Consider debt leverage.

In this situation, when you need to start getting more money in to secure your future, debt leverage may be the best choice. If you are not familiar with how this process works, you basically take out a loan and invest that money. Whether it is into stocks or even real estate property, the idea is to have it start earning money for you. This is a good kind of debt and one that can mean a big difference when it comes to retirement. If you don’t have a savings account, you’ll need to have an alternative source of income coming in that will last through your older years.

4. Realize that it is never too late.

Many people make the mistake of thinking that there isn’t any point in turning things around. It doesn’t matter how old you are, or how bad your situation may be. There is a way out and you can turn your financial life around. Never give up, find new ways to make more money and hang in there. By sticking it out, you will be able to start securing your financial future, one dollar at a time. It’s not the quickest way, but it will work, provided that you dedicate yourself to wise spending and investing.

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Ben Stein is a well known personality that many consider to be a genius. His book, How to Ruin Your Financial Life is incredibly concise, coming in at under 130 pages, and most of it reads, as the title would suggest, as a guide to how to end up in debt over your head. It’s a funny read and you’ll probably find yourself nodding your head at many points, especially if you recognize similar behavior in his anecdotes.

The basic premise of the book is that it is advice in reverse. Stein points out that few of us listen to sound financial advice anyway, so why not write a book outlining how to ruin your finances instead of how to save them. He certainly gets points for originality, but at times, we were worried that a lot of readers may not get the lesson. The anecdotes are amusing, but there are spots where some readers may just not pick up on the subtleties.

The book definitely scores with its short form and engaging style. The chapter titles are as pithy as Stein is, and illustrate exactly what you should not do if you want to be financially stable. The chapter on “Convince Yourself That You Can Beat the Market Without Knowing Anything About It,” was very telling and should probably be given to anyone that has ever thought about making a killing in the stock market.

It’s interesting to base a whole book on a cautionary tale, and you’ll find plenty within its pages. It’s a good read, verging on a little bit dull at times, but we did find ourselves chuckling at many of the points. The sad thing is, most of us are guilty of at least a few of these financial mishaps, and it can serve as a great check point if you are finding that you just don’t have enough money left at the end of the month. In this case, you really can learn a lot from the book and it does serve its purpose quite well.

Overall, this was a pleasant read that was quite funny in spots. However, you could pretty much assemble your own copy by paying attention to the news and reading about how Americans spend too much, save too little and fritter away our lives. Is it essential reading? Probably not, but it’s still good for a laugh. It’s a great book to pass along to teens or college grads that are just getting started in life. They may learn a few great lessons and at the cover price, it won’t cost you much.

If you’re look for financial advice or a step-by-step guide on how to manage your finances, it’s probably best to look elsewhere. However, if you feel the need to reaffirm your commitment to getting your finances on track, it’s a great book to have around and revisit from time to time to make sure you’re doing things the right way.

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For many, the concept of prosperity is foreign and unreachable. If you are stuck in a dead end job or your bills haunt your sleep, it’s easy to feel as though you will never be able to break free. As the baby boomer generation nears retirement, it has become essential for millions of people to find a way to have enough money to retire. The good news is, prosperity can be attained, even by the poorest people. It may take a lot of patience, and it may not happen over night, but you can become prosperous. Here are some tips to get you started on your way.

1. Become enthusiastic about your job.

It may not be the most glamorous job in the world, but it’s yours. Start getting pumped up about going to work, even if you hate it. That enthusiasm will show in the quality of your work and you’ll be moved up in line for promotions and raises. It may not be easy to get excited about a lousy job, but find at least one thing about it that you like and then go from there. If it helps, make a list of jobs that are worse than yours and start thanking your lucky stars that you don’t have to do those.

2. Perseverance is key.

There is a saying that success comes to those that were able to hang on just a little bit longer and this is certainly true of prosperity. Let’s look at it this way. Have you ever invested in a stock, only to have it drop. You get scared and cut your losses. Three months later, it jumps back to the highest levels ever and you’re out all of those profits. You’ve got to know when to hang on and when to cut and run. Develop those instincts and learn from your mistakes. Hanging in there may be the best thing that you have ever done.

3. Create more income.

You may not be able to give yourself a raise, but you can work on creating new modes of income for yourself. Let’s say that you are a minimum wage worker with little experience, but you have an incredible green thumb. You could open up your own weekend landscaping business, or start a greenhouse. On the flip side, let’s say that you have a nice little savings account, but it’s not earning enough. You could put that to work in a smart investment or in a higher yield savings account.

The bottom line is that it doesn’t matter how much schooling you have or how much money you have. Everyone of us as a talent that we may not be using or a special skill and that talent or skill could provide security for the future. If you have a dream job, shoot for it. The sky is the limit for each and every one of us, if we take that chance and believe in ourselves.

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This really sounds like the ultimate oxymoron, but one of the best ways to get out of debt is to go a little bit further in. What’s that? First, to help this make more sense, let’s clarify – if you need to get out of bad debt, going into good debt will help you pay off those credit cards and make more money. It’s important to understand that there is a huge difference between good debt and bad debt. Going into good debt has some risks, but when managed correctly, you can end up making enough money to quit your job, pay off your bills and save for retirement.

Let’s take a look at one example of how going into good debt can get you out of bad debt. For this example, let’s say that we have a person who has $10,000 in credit card debt. They’re overextended with too many cards and paying way too much interest. It’s getting harder and harder to make those monthly minimum payments and it seems as though it will take decades to get out of this mess.

Instead of declaring bankruptcy and just giving up, let’s say that this person goes and gets a loan for $2000. Since their credit is still pretty much intact, this isn’t an issue. They take than $2000 and invest it into ten shares of a stock that sold for $200 a piece. Within the first month, the price of that stock triples. They now have $6000 and it’s only been one month. They take $2000 out of that amount to pay off the loan, and are left with $4000.

Over the next month, the stock once again goes up. That $4000 is now $8000. The person cashes out the stock, pays down their credit cards and is left with a manageable $2000 in debt. Why not pay it all off? The secret to great credit is leaving some debt that you continue to make payments on – this builds up your credit score. In two months, the person was able to go from $10000 in debt to paying off all but a small portion of it.

Compare that to getting a consolidation loan. In two months, the person would not have made a dent in what they owed. If the stock market isn’t your thing however, there are many other ways that you can use good debt as leverage to create multiple streams of income. Whether you deposit it in a high interest bank, buy a CD or purchase a rental property, a leveraged loan can help you get out of debt much faster than a consolidation loan.

The key is picking the right opportunities and managing your money. Once you’ve paid down your bad debt, keep using good debt to create more income streams. This is the secret that thousands of millionaires use every year to keep bringing in tons of cash and it will work the same for you.

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