Category: Money

  • Financial Tips with Low Risks to Become a Millionaire

    Financial Tips with Low Risks to Become a Millionaire

    Saving is not enough if you are dreaming to become a millionaire. Here are some financial tips that do not require high risk to achieve your financial freedom.

    1. Live below your means

    By living below your means, you will be able to set aside money for your emergency fund and other investment portfolios. To ensure that you can set aside funds for your savings and investment, automatically subtract these specific allocations. Whatever amount is left, is for your expenses. For you to become more conscious with your spending, use an expense tracker to determine where you put your money.

    2. Diversify your income streams

    Today’s situation revealed the importance of attaining various income streams. People with various multiple sources were able to mitigate the financial crisis brought by COVID-19. Having side hustles and passive income to generate other sources of bottom-line will allow you to fasten in obtaining your financial freedom.

    Interestingly, as you diversify your income streams, you also get a chance to do what you are passionate about. Side hustles make you more creative and innovative.

    3. Improve your financial literacy

    One of the financial tips that are underrated that most people should know to become a millionaire is to improve their financial literacy. Here are the five financial books that can help you learn more about how you can attain financial bliss.

    Learning financial matters each day is essential for better understanding how money can work for you. Importantly, as a golden financial rule, you should not invest in things that you do not understand.

    4. Do your math

    To know how many years you should be working and saving, it is recommendable to do your math. How early is your early retirement age? Well, to do that you should compute how much you allocate per month with your retirement financial goal.

    Being rational with specific numbers will help you to be financially secured once you decide if you want to stop working and live the life you are dreaming of.

    5. Diversify your investments

    The investment portfolio should always be diversified. This strategy can lessen your financial losses when a certain industry in your investment faced difficulties that can attribute to declining revenues.

    All these financial tips do not guarantee making you an abrupt millionaire but these techniques will aid you to achieve your financial goals without losing much similar to the schemes that promise easy money.

  • 5 Books to Improve Financial Literacy

    5 Books to Improve Financial Literacy


    Today’s pandemic confined people to stay at home. This leads us to lessen spending and increase our financial bliss to mitigate the effects of the recession brought by COVID-19. This article will discuss five interesting books to improve financial literacy to attain financial freedom.


    Setting your financial goals and simplifying your money management helps you to achieve a meaningful life. Reading the book Keep It Simple, Make It Big by Michael Lynch will help you create strategies to invest and save for the people whom you support.
    This book helps people not to be overwhelmed with trending financial investments and entrepreneurial trends. It will teach you how to simplify financial plans rather than complicate them.


    Another book that will improve one’s financial bliss that is well-known for most people is the Rich Dad, Poor Dad of Robert Kiyosaki. Good grades and a high-paying job does not guarantee you to be financially equipped. In the first chapter, Robert stated that rich people do not behave like common individuals. What is more interesting, they learn every day how money can work for them.


    If you are burdened by your financial debt, Down Home Money by Myra Oliver is a great book to consider. The message of the book conveys how you use your money is more important than how much of it you have. This book teaches how to get out of debt and obtain high-yielding rental portfolios that made Myra achieve financial freedom. Not to mention, when she was still young, she didn’t allow consumerism and debt to dictate her life.


    One of the great books that will help you improve your financial literacy is Pass It On by Lori & Roger Gervais. Financial literacy is not taught in school. That’s why this book aims to pass down wealth to your kids and grandkids by highlighting the proper handling of money and the wisdom beyond it.


    Lastly, another book that improves your financial know-how is You’re Making Other People Rich by Ryan Sterling. This book helps you to be conscious of your spending habits. Controlling the purchases that aren’t beneficial to you will help you get the most out of your money. A strategy that will help you to be disciplined in handling your spending habits is to track your expenses daily.


    These five books to improve your financial literacy are one of the many literature that enhance one’s financial bliss. The ongoing pandemic is an opportunity for you to invest in learning money management, investing, entrepreneurship and savings to help you achieve financial freedom.

  • Is Investing in a Cryptocurrency Savings Account Safe?

    Is Investing in a Cryptocurrency Savings Account Safe?

    Nowadays, people are talking about investing in a cryptocurrency savings account. Before investing in something, you need to understand everything about it. This article will tackle the things you should know about cryptocurrency.


    Cryptocurrency savings account attains a higher yield of interest relative to traditional banks. This new type of saving accounts is made to accept and hold crypto deposits, including Bitcoin, Ethereum, and other cryptocurrencies.


    “BlockFi gives account holders earn up to 8.6% APY on their crypto deposits. This highest rate currently applies to the cryptocurrencies like the Gemini Dollar (GUSD) and the Paxos Standard Token (PAX), yet you’ll earn more like 5% to 6% with digital currencies like Bitcoin and Ethereum,” as Forbes report stated.


    Moreover, BlockFi, Linus, Outlet, and Gemini are platforms that offer services to invest in cryptocurrency savings accounts. But like any other investments, cryptocurrency savings account obtain risks that people should assess to manage their risks.


    According to the founder of Ternio Ian Kane, crypto-assets do not come with FDIC insurance, unlike traditional banks that can give up to $250,000 per account in the unlikely event of a bank failure to protect customers.


    Another risk you should know in investing in cryptocurrency saving accounts is that they have withdrawal limits. Thus, this will constraint you from being liquid when there is a financial emergency.


    Further, cryptocurrencies are affected by price volatility depending on market conditions. “They have no underlying fundamental value and suffer from many weaknesses as any sort of savings vehicle,” Robert R. Johnson, Ph.D., CFA, CAIA and Professor of Finance at Heider College of Business, Creighton University stated.

    Having cryptocurrency savings accounts will not give you full control of your money. You could lose all or part of your funds without recourse if the administrator of your crypto savings account lends money to other parties and is never paid back.


    Most people are discussing cryptocurrencies because of their high potential for yielding promising returns. However, it is important to note to do your due diligence to learn more about cryptocurrency so you can determine what strategy to take for your investment portfolio.

  • Start Saving as Early as 20’s

    Start Saving as Early as 20’s

    As the Chinese proverbs stated, “the best time to plant a tree was 20 years ago. The second-best time is now.” This is similar to start saving as early as your 20s. Why? To prepare for the opportunities that await you.


    Time is money. All investors treat time as the most valuable asset because they could not gain it back once they lose it. When you start saving as early as your 20s, you can accumulate greater value than saving in your later years. Not to mention, successful investors save in their early years so that they can own their time in the future. These types of people do not want to be at the mercy of their employers. Thus, they save to earn back their time.


    Respectively, as young as you are today, you have extra money to save compared to when you gain dependents on your next years. This is one of the things you need to consider when saving, time is truly precious.


    Another reason why you need to start saving right now is the opportunity cost. If you are not that liquid when a great opportunity to invest comes, you have to forego the chance of your money to grow. And remember, the opportunity will only knock once.


    Moreover, market trends are an opportunity. Once you have savings, you can ride on to the opportunities that are waiting, especially for long-term investments.


    Further, saving in your early years will help you prepare for recessions and calamities. Emergency funds play a significant role in life. It enables a person and even families to survive when fortuitous events may occur.


    Indeed, the Chinese proverb is right. It is better to start saving now rather than be sorry when something might happen in the future. You do not need to save that much now, what is important is that you are constantly saving money until you get the financial freedom that you are desiring.

  • Advantages in using Credit Cards

    Advantages in using Credit Cards

    Do you want to save money? Here’s the list of advantages in using credit cards on your own benefit. Let us know what you think.

    1. Credit Card Rewards

    The use of credit card as a payment gives you the chance to benefit on rewards such as cash back, air miles and travel points. Travel points allows you to take advantage of vacation packages, hotel stays and groceries. Air miles to earn points and save it for an air fare purchase worldwide. Lastly, the cash back where you can have the privilege to refund a small percentage on your purchases either in the form of cheque or credit.

    2. Improves Credit Score

    Credit Score is based on your credit history and utilization. But many people don’t know that not using credit card also affect their scores dramatically. Good credit score gives you a better chance on loan approval, lower interest rates on credit card, better car insurance rates and many more.

    3. Convenience

    The feature of a credit card tap and swipe gives you the convenience of paying for your grocery. There would be no more running to the ATM just to get that cash.

  • 5 Tips for Saving Money

    5 Tips for Saving Money

    Sаvіng mоnеу can bе as ѕіmрlе as 1, 2, 3, аѕ уоu’ll ѕее іn these 5 ԛuісk аnd еаѕу tips in managing уоur реrѕоnаl finances.

    1. The 30 day rule

    Wait 30 days before making a purchase to have a better perspective if the item is valuable and avoid urge buying.

    2. Make a Shopping List

    Shop only when you have a list to save money and get rid of impulse buying.

    3. Drink More Water

    The only drink with great health and financial benefits. It will make your body properly hydrated and make you spend less on beverages like pop or juice.

    4. The 10 Second Rule

    Before you put the item in your cart, STOP for 10 second. Ask yourself “Why do I need to buy this?” and “Do I actually need this?”. If there is no reasonable answer, then put them back.. you don’t need it!

    5. Avoid Convenience Foods

    Goods at convenience store are expensive, you might want to consider preparing healthy snacks and meals for your trip and save money instead.

  • The Three Bucket Strategy

    The Three Bucket Strategy

    https://www.youtube.com/watch?v=aJSOs67F5z0

    source

    The video shows the 3 bucket strategy that you can apply for you Long, Mid and Short Term Finance Goal.

  • The Unemployment Game Show

    The Unemployment Game Show

    https://www.youtube.com/watch?v=Ulu3SCAmeBA

    source

    Are you really unemployed?

    Discover the truth behind unemployment and how and the economy and the government identify a jobless person in the States.

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