Listen to the most recent episode of my podcast: 2 tips to save money daily
This is one of my favorite ideas I’ve had in my head since before I sstarted my podcast.
Making your own coffee/tea and bringing your own lunch, aka brown bagging it will save you a boaload of bucks!
Send all feedback to tony@changeinadvance.com
Do You Need to Save Money or Make More Money?
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If you make enough money you dont have to live in save mode and love with a scarcity mindset.
Do you need a cushion, an emergency fund?
YES.
Is that the first thing you should focus on?
The answer for most people is YES.
However, if you don’t focus on making more money, and then on having that money make money- you will never be free.
I save but my mind is always trying to figure out how to MAKE MORE MONEY.
I’m sure @daveramsey will disagree, what about @grantcardone ???
Admission of the week:
I am not as financially prepared as I need to be.
So no long story or fancy financial news or social media hacks today.
Today what I have for you is a stark admission- I am not financially prepared to a level I need to be or should be given the amount of financial intelligence I possess.
I know how to make money. I know how to save money. I know how to be resourceful. The problem is I haven’t put all these skills together. Now as my own lawyer I will say I left my home state and job career excetera to relocate with my family when it was only three people deep and now there’s four people deep cuz my next son is coming in 2 months. Now I can say that that was the reason I could not get ahead. But I’ll be honest and say that the impetus of having a family should have moved me before I had a family. I know that’s a lot to swallow it’s a simple fact and a basic truth. I did not commit when I should have. I was having making some money having some Investments and getting some stocks.
And yes I own some Tesla and some Sprint and some muscle farm and some other companies. But it is not enough. My family deserves so much more. And you know what, in all honesty my peace of mind deserves more. When we say we do it for our family or friends are Legacy excetera that’s all great oh, but you should be doing it for yourself. I should be dominating the world because I want to. And I want to. I just kind of quit when things got comfortable. The lesson tonight is simply don’t get comfortable build build build, sleep when you’re dead.
It is never too late to improve your finances.
Looking for a plan?
A solution?
Or maybe just a second set of eyes?
Let’s chat.
tony@changeinadvance.com
Live Brolic!
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Sailing off into the sunset may just be a dream for many who still need to work to save.
Source: Not As Many Americans Saving For Retirement, Study Finds « CBS Los Angeles
Words of Wisdom
“Only a fool tells people that only fools buy gold. In the coming future, I’d rather have fool’s gold than dollar bills. Ask Zimbabwe.”
Jarod Kintz
“I predict future happiness for Americans, if they can prevent the government from wasting the labors of the people under the pretense of taking care of them.”
Thomas Jefferson
No preamble this time- I just want you to read, contemplate and comment folks.
Check out these “guideposts” from Fidelity, a leading retirement provider:
—Age 35: Try to have saved at least as much as your current salary by the time you are 35.
—Age 45: Have three times your salary saved by the time you’re 45.
—Age 55: Save at least five times your salary by your 55th birthday.
—Age 67: When it’s time to retire, your goal should be to have saved at least eight times your ending salary.
#thriveorsurvive.
No one goes to the Olympics for silver.
Thoughts? Concerns?
Questions? Think I’m wrong?
Let’s chat.
Need ideas?
Want to learn how to invite?
Let’s chat.
Want a mentor or maybe the guy who will bounce ideas back and forth with you?
Let’s chat-
Tony@Changeinadvance.com
@changeinadvance
http://www.changeinadvance.com
Or simply reply to this article.
Here are the top five money saving myths that we fall for:
1. Savings accounts save us money
Having money in a savings account for emergencies is a good idea. It’s easy to get to, but not too easy. But if you are looking to save money or make your money work for you, an old-fashioned savings account isn’t necessarily the best way to go. First, you have to look at what you are paying out in interest rates. For example, if you have a student loan with a 5% interest rate and a savings account making 3% interest rate, your savings are costing you approximately 2%. You would be better off paying off that student loan with your savings account.
It goes the other way around too. If your debt has less of an interest rate than your savings, your money is working better in the savings. But with today’s interest rates being so low, your debt is probably higher than the amount of interest you are earning on your savings account. That means you are actually losing money.
2. Sales shopping saves money
I used to be a shopaholic, and sales were my drug of choice. Let me tell you that you aren’t always saving money. Yes, if you really needed the item, then you are saving money. But sales often lead to the purchase of items that normally wouldn’t be purchased. And you usually buy twice as much because it’s on sale. So you haven’t saved any money.
Then if you never use the item, you’ve actually wasted money. This can also apply to bargain shopping and shopping in bulk. It doesn’t matter if you bought your daughter 35 pairs of shoes at garage sales for $1 each. If she only wore two pairs of them, you just wasted $33.
3. Refinancing your home pays off
When you refinance your home, you aren’t necessarily saving that much money in the long run. Yes, your monthly payments are smaller, but you have refinanced for another 30-year term. This means that if you have already paid 10 years of mortgage, then refinance for another 30, you have basically extended your loan to a 40-year mortgage. Sit and do the math and you’ll see if you are really saving anything.
If you really want to save money, refinance for a lower rate and a shorter term. Your monthly payment may not go down, but your overall repayment may.
4. Zero percent interest saves money
When you take out a card with a zero percent repayment term, you aren’t saving money. You are just delaying paying for items. You don’t save and you don’t spend more. But if you don’t pay the money back within the zero percent period, you’ll be paying interest on those items. That costs you money.
5. Savings is dependent on income
No matter how much you make, you can save money. You simply have to spend less than you make. If you make more money and spend more money, you aren’t saving anything. In fact, you could even be spending more. Don’t wait until you have more money to start saving. You have to start now.
“To be you, be true.”-Corey Woods
Even if this recession weren’t still deep we all need to save money. And every chance to keep a few pennies in our pocket is a blessing. And so in that vein I offer you a small and simple way to save money asap.
Buy Forever Stamps from the USPS Now.
On January 27th the price of these stamps will go up. So why not buy more now at the lower price? You will probably need a few stamps. So why not buy one book?
At less than 14 bucks its a win win to secure your needs ahead of time.
Consider it postage insurance.
Save folks.
#thriveorsurvive.
Thoughts? Concerns?
Questions? Think I’m wrong?
Let’s chat.
Need ideas?
Want to learn how to invite?
Let’s chat.
Want a mentor or maybe the guy who will bounce ideas back and forth with you?
Let’s chat-
Tony@Changeinadvance.com
@changeinadvance
http://www.changeinadvance.com
Or simply reply to this article.
SAVE NOTHING!!!!
NO MORE SAVINGS ACCOUNTS!!!
Savings accounts are killing your dreams. Your fancy IRA and 414k are slaving you out! Stop saving your money.
Okay. Wait up folks. Let me get into all this.
There’s a lot you need to know and I only got a few of the pieces. Let’s get it in my friends.
–Ok, go ahead and save.
Save something but you shouldn’t be betting it will save you. A lot of people work like dogs and sock away that glorious 20%. Great plan. I applaud you. However I don’t agree. At this stage of my life I’ve committed to paying down my debts. I need financial freedom now. And before the economy tanked this was my thought. I knew I’d make up for lost time with the extra dollars, but couldn’t do both. So saving money is a last goal not a first. I say save something. Get up to a grand and stop. Suze Orman says save 6 months- for me that’s 18,200 bucks. Sorry Suz, but before the economy took a crap in my wallet you had a different plan for me. Ill skip you and a few others.
–Your job won’t save you.
This part corresponds to the last one. Your job won’t provide the income you need. If you aren’t a top level CEO with that golden parachute forget it. Move on. Now you don’t have to quit but reassign your drive.
–Make money. Create cash flow.
This is the only way I think we can thrive and not just survive. A friend and I have committed to buying a small amounts of .999 pure silver to hold wealth and barter if necessary. Now yes, I know this is savings. However its not fiat currency in the bank. Its not devalued dollars and I can trade it in this economy and in the event of an economic collapse- global or local.
Now this may not fit with the part of the article I started but wait- as my silver appreciates I make money. As I buy volumes cheap now I will beat the rise I see coming. And as I cash in ounces over time I will have a consistent cash flow. See how that works? Disagree with my concept fine but I have a way that is fluid and set to the constraints I designed. I have a plan. I’m in control. And a savings account wouldn’t do this for me. Look at the interest rates from ’06 to ’12 and tell me what you think.
–Let residual income save you.
This is the way most people hate. Or even outright malign and avoid. Residual income simply means money coming in the future from past efforts. That’s it. You don’t need an mlm but why not try one? Tax breaks, fiscal education, what do you lose? Its a good way to learn at the very least. If not what do you think dividends in mega-conglomerates are? Get it. Continuous income is a key strategy. Why do banks charge interest? Car loans, mortgages, school loans. These are residuals for a bank. Create your own my friends.
–You can’t reach your full potential wit a safety net.
This might be the key to my article. The heart of existence too.
When we aim for safety first we lose first. Life is a quick trip some say. I’m in my thirties and I let fear get me a lot when I was young, heights, rock climbing- no more. Last time I hit a theme park I got on every ride and got the cam picks to prove it. I screamed like a little kid but loved it in the end. And in life there is a saying: go for broke. If you do nothing but play it safe nothing will change. There is no growth. There is no dream. There is no hope.
Now I refuse to be safe. I use the club in my car and have alarms in my apartment and a go bag. But I don’t wait for safety in finance. I don’t wait for safety in my blog or my ventures. I reach for the stars. I commit funds and worry later. I’m not foolish but prudent. And here’s why: I’m used to making safe and or smart decisions and so when I take risks they are calculated. And that is smart. I share my world in this blog. I share my mind and heart with anyone willing. And I follow the financial strategies most shun.
And for me that works. I take a lot of fiscal risks. And yes I’ve lost money. I bought fools stocks too. The learning I gained was priceless. The courage I found- more so. This is my life and I won’t follow talking heads. I’m moving forward with no qualms.
I will be rich. By my hand, my choices, and with no safety net. Sorry to my fiscally prudent fellows- I won’t save to fight fear when success trumps all.
#thriveorsurvive.
Playing it safe is the cousin of fear when its true rationale eludes us. -CEO, Change In Advance.
Thoughts? Concerns?
Questions? Think I’m wrong?
Let’s chat.
Need ideas?
Want to learn how to invite?
Let’s chat.
Want a mentor or maybe the guy who will bounce ideas back and forth with you?
Let’s chat-
Tony@Changeinadvance.com
@changeinadvance
http://www.changeinadvance.com
Or simply reply to this article.
Changeinadvance 