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Compound interest. The 8th wonder of the world.
Do you know the power of compound interest in its entirety?
It’s the greatest thing in the world…when it’s working for you.
When it’s working against you, it can be one of the most devastating things in the world. A catastrophe, really.
I’m just going to take a minute or two to show you the amazing power of compound interest. Then I’ll let you decide if you would rather it work for you or against you.
Here it is. Compound interest. The good and the bad…
There’s something special about the morning hours and that’s why you’ll often find successful people taking advantage of those hours.
These routines are very different from each other, which goes to show that there’s no “right” answer on how you should conduct your morning ritual. There’s no one-size-fits-all answer, but you can get some ideas for your own ritual.
You’re not going to stick with a ritual you don’t like, so add the stuff you like and leave out the stuff you don’t like.
Also, these entrepreneurs are successful, but that doesn’t mean they have everything figured out. Simon Cowell hits the snooze button, which continues to be shown as having a negative affect on your energy. Again, just because some successful person does it, that doesn’t make it right, but we can learn from them both positively and negatively…
Selling your car isn’t fun, but it can earn you some cash towards your next car.
Ideally, you would be able to buy another used car with cash, but even if you have to finance, as long as you have a good credit score, financing isn’t the end of the world.
The money you earn by selling your current car could be a great down payment on your next car and this infographic is going to show you how to get the most value out the car you’re selling now…
As a military member myself, I’ll be the first to say that most active duty service members have no idea what they’re doing when it comes to their finances.
It’s true that most people in general don’t have a clue, but it almost seems worse in the military.
That being said, when I do meet someone in the military who shares my love of finances, it’s an automatic friendship.
Enter my friend Eric. A retired Army Lieutenant Colonel and now a financial advisor for First Command.
With 20+ years in the service, Eric knows a thing or two about the military and he also knows about money. That’s a rare combination, which is what makes him so interesting.
Here’s what a retired Colonel taught me about money…
“How to Save” articles always include the tip “Build an emergency fund,” and for good reason. As its name implies, an emergency fund tides you over during unexpected events – like fires, accidents and sudden deaths in the family.
Essentially, it’s your last line of defense finance-wise, in case you end up in a situation where you have no other sources of cash.
That’s why it’s important you know how to build an emergency fund from the get-go. For that, here are some guidelines you can follow…
There’s plenty of information out there on sleep. It’s an exhausted topic (pun intended).
There are countless debates over how much sleep you really need; we all remember the timeless advice that you must get in your 8 hours.
Well first off that’s probably not how much you need. So how much?
We’ll get there, but let’s start by looking at how the 8 hour figure came to be…
I started to write a gigantic list of everywhere that offers a student discount and then I thought twice about it…
Why waste your time searching for companies that offer discounts when there is a better alternative?
Here’s what you should be doing…
We are always trading our time for something. Everything we do is a trade-off.
If you want to be happy, accomplish your goals and live a fulfilled life, you’ll have to stop focusing on what doesn’t matter and start focusing on what does.
How do you do that? You’ve got to take your time back. Start by spending less time on these 5 things…
After months of research, I’ve finally decided to switch MoneyMiniBlog to a new web hosting company.
I was so excited about this company that I had to share how awesome they’ve been.
Whether you’re looking for a web host, already with a web host or even if you don’t have a website yet, you need to see why this company is the best. This is an important change for MoneyMiniBlog. Not only will this site load faster and be more secure, but you won’t ever have to worry about it being down when you visit.
If you have a site or ever plan to have a site, you can save yourself the research and take advantage of all the work I’ve put in to finding the best web host. Here are all the details…
More often than not, college students are constantly facing shortage of money even if they have managed to acquire a student loan. While the funding may appear to be enough when you get it at the beginning of the term, it is not long before you realize that you will need to seriously budget to last it throughout. This is the hard part; budgeting, to make sure that you do not run out of money before you receive your next funding. However, it is not so difficult that you would term it impossible. I would like to list down a couple of saving tips for you college students.
If you have been active and following the markets through the first quarter in 2015, you will no doubt have heard of the amazing run in the biotechnology sector. The stocks that compose the biotech sector have had some of the hottest win streaks seen all year, with some being many hundred percent winners.
It’s easy to get caught up in the hype and feel the need to chase some of these monster movers, but as a trader, I prefer to dig down into the details and find the next big opportunity that I can ride for a monster win. The smarter play here is to recognize the opportunities before they become known to everyone else…
It may seem unrealistic to think about becoming a multi-millionaire before your 30th birthday, but think about all the people who did it. It’s not some crazy story about a guy working hard for 10 years on one project before it finally took off.
These are stories like David Karp, who started Tumbler and had close to 100,000 users within a couple weeks. He then sold it for a few million a year after he started the website, while he was still living at home with mommy. I think he could probably afford to move out after that.
Or what about Michelle Phan, who has the ultimate blogger success story and now she’s worth a few million.
I’m not saying it’s easy, but it is possible…
I’m a walking productivity experiment.
I like to try new things and find new ways to increase my productivity. Then I bring you the results and let you decide whether or not to implement these things in your life.
I’ve been doing three new things that have really been working to make my life more productive and actually, all three of these are saving me money too.
These are kind of random, but brilliant and you won’t find these all over the internet like most tips. Here’s what I’ve been doing…
I remember when I didn’t have control of our family’s money. I remember it well…unfortunately. We were $24,000 in consumer debt. We had no emergency fund, no investments and no savings whatsoever. I had used most of my wife’s savings to buy a new drum set (because that’s what responsible husbands do, right?).
My wife had been through Dave Ramsey’s Financial Peace course and honestly, she knew quite a bit more than I knew about money, especially managing it (well, and everything else related to money). She gave her input, but why would I listen? I was in my early 20s and I already had everything figured out. I didn’t need her input – I knew what I was doing. Yeah…
I’m not going to drown you in the tears of my past wrongdoings, but I am going to tell you why you need to take control, what happens if you don’t (from personal experience) and how to take control right now. Yes, today is the day that you will take control of your finances. Today is the day that you will change the course of your financial life. Sounds cheesy, right? Well sometimes the truth comes with a little cheese sprinkled on top, but seriously, you can change your financial future if you start today. Let’s do this…
A resume is one of the most important documents of a job seeker. It is the first and easiest way to show the employers that you are a perfect match for the company. A lot rides on what and how much you have mentioned in your CV. Everything from the interview to the whole selection process starts with this one document.
While the need to have job-related technical skills is unquestionable, it’s also a fact that everyone applying for the position will have them. So how do you think you’ll stand out of the crowd? The answer is simple, mention the prime job-related (non-technical) skills.
What does Sam Walton and Colonel Sanders have in common?
They both started from scratch and turned a small business into a multi-million dollar enterprise.
I’m sure you’re familiar with Sam Walton’s Walmart, which is the world’s largest company in revenue, according to the Fortune Global 500. You’re probably also familiar with Harland Sanders, also known as Colonel Sanders, and his giant fast-food chain, Kentucky Fried Chicken. KFC actually ranks 2nd in sales among fast-food restaurants, only trailing behind McDonalds.
Here we have two companies with thousands of stores and millions in sales. Many would consider them among the ranks of other “evil corporations” that under-pay and simultaneously hurt the economy. You don’t have to go far to find an article about Walmart and how unfairly they treat their employees or about how they’re too big for their own (or anyone else’s) good.
So where is the line drawn? At what point do these small start-ups turn from being “just another business” to being corrupt, evil or too dominant?
Charisma is one of those intangible qualities of a human being that you cannot exactly describe in words. In some ways, it is the X-factor that separates the ordinary from the extraordinary.
Charisma is a virtue that accentuates and sheds light on every other virtue in a person. When you have charisma you become a charismatic man or woman.
Charismatic people have always enjoyed the perk of being treated exceptionally by others in society. Here’s how to increase your charisma in 4 easy ways…
How often do you read about productivity and improving your efficiency? Since your here, I can only assume that you read about it pretty frequently, but where are you applying what your learning? Are you applying it to your job? Your side hustle? Your personal life?
What about the break room at work?
So how do you have a productive break? Well first off, no I’m not talking about cramming productivity book reading into a 5 minute break. That’s not a break, that’s just stressful. We have to remember the purpose of a break and how to make them as effective as possible. Let’s take a look at this informative, fun and well…pretty infographic (it is quite beautiful isn’t it?)…
You’ve heard how important it is to fund your own retirement.
You’ve heard that Social Security
may not won’t be there for you.
You’ve heard that you need to be investing in some type of IRA, 401k or some other retirement account that must be an acronym and may include numbers. However, you may not realize some things about those retirement accounts.
No worries! I’m here to let you know about six common retirement account misconceptions. So here they are…
It happens to everybody. We get our first jobs, we work hard, we excitedly rip into that first paycheck and, as Rachel so famously said on Friends, “Who’s FICA? Why’s he taking all my money?” Congratulations! You’ve just been introduced to taxes!
Here’s the good news: for many of you, all of the money that is taken out of your paycheck over the course of the year for federal and state taxes will be refunded to you when you file your taxes. Trust me when I tell you: this is the easiest way to do taxes. When you go into business for yourself or start freelancing, taxes get a whole lot more complicated. But that is another article for another time.
Here’s how to manage your money now so that you can lay a solid foundation for later, when you’re ready to start investing in bigger things than CDs (which we’ll talk about in a second). For now, though, baby steps (no offense).
Whether you’re a home-buyer or seller, you have to deal with a real estate agent for a safe and hassle-free transaction.
Only a few sellers prefer to purchase or sell a home without help of a real estate broker. But most of those for-sale-by-owner transactions are done between buyers and seller who are already related to or know each other. On the other hand, most home-buyers work with a real estate agent while buying a property.
Here’s how your realtor gets paid…
I wrote an article for LifeHack that got over 50k shares. Of course with that kind of popularity the naysayers will come out of the woodwork.
Some of the initial comments were things like “great article!” and “loved this!”. Then I got a “this article made me want to vomit”. I’m not totally sure, but I’m assuming she wasn’t going to vomit our of excitement for how much liked my article. And it got worse from there…
The article was about the differences between the rich and the middle class. I explained how to think like the rich if you want to be rich. That’s where the excuses came from. All kinds of excuses about how some people will never be rich and how they will always be poor no matter what they do. Excuses about the rich inheriting their money and not working for it. It was sad.
Here’s what I have to say about that – more specifically, what I have to say about excuses…
If you didn’t catch my Digit review, you can check it out here.
Digit is a simple automated way to save money that tracks your checking account and strategically pulls out money you can do without – it’s all based on the intelligence of Digit to track your spending habits. It’s also all totally free to use.
I’ve been using it for a few weeks now and I must say, I’m highly impressed with the results. Here’s an update and a few more things I’ve learned about Digit…
Tax deductions can be weird in the first place, because it’s all too common for people to “stretch the truth” about what they actually used for their business and what they are just claiming to reduce their tax bill.
This goes beyond the usual meals, vehicles and tools that are often deducted and ventures into the world of deer meat, body oil and cat food.
If that sounds weird to you, well that’s only because it is, but hey, if it works go for it.
You may even get some new ideas for things to deduct from your taxes this year or next.
Here are 12 bizarre tax deductions with the explanations…
I’ve been there. Over $20,000 in consumer debt with interest rates higher than Cheech and Chong combined.
I remember seeing the offers pouring in to lower my interest rates. This one stuck out:
“0% interest rates on balance transfers for up to 15 months!”
It was a Chase Slate card. 15 months was the longest zero interest offer I could find for a balance transfer at the time. I calculated how much we needed to pay each month to pay it off in 15 months. We applied. We were approved.
It worked for us. We went from paying interest rates of 12%, 15% and even 17% to paying no interest whatsoever. But what would have happened if we would have went over the 15 month mark? Around 23% interest would have happened.
We had to ask ourselves if we were certain we could pay off the account in time, no matter how many unexpected costs popped up, but that’s not all we had to ask. Here are four questions to ask if you’re considering a balance transfer. Two to ask the company and two to ask yourself…
Attending college is a rewarding and exciting time in a young person’s life. It’s a period marking your transition from childhood to adulthood and the obligations that come along with it. A critical area of responsibility necessary for this change is finances; you must be financially prepared for college and everything that comes after. Savings, scholarships and grants, and student loans are topics you need to become educated in.
A classic car can provide a number of priceless experiences and joys – tuning it, caring for it, repairing it, and last but not least, driving it! Whether you’ve had a classic car for decades or just recently acquired one, you are certainly familiar with its intangible values.
Monetary value, on the other hand, can be a lot harder to get a handle on.
There are so many variables that go into appraising the value of a car, it can get a little overwhelming. Knowing which steps to take in order to protect its value adds yet another layer of complexity.
Do you take advantage of your mornings? Or are you the type that likes to slip out of bed just in time to rush into work five minutes late?
You have about 25,000 mornings in your adult life. Make them count.
After you see these positive productive ways to start your day, I think you’re going to change your routine if you’re not already waking up early…
Student loan forgiveness has been a hot headline over the last year. The ever increasing mass of student loan debt continues to weigh on the hearts and minds of our college graduates. Today, 7 in 10 college seniors are graduating with student loan debt! While student loans are a necessary tool for some students, they should be used carefully by borrowers.
You may have seen the late night television ads preaching the benefits of student loan forgiveness. Despite what these television ads say, not everyone is eligible for student loan forgiveness. These ads are often being run by unethical telemarketers looking to take advantage of uneducated student loan borrowers. To qualify for student loan forgiveness you must meet certain eligibility requirements for federal programs. Don’t find yourself victim to a student loan forgiveness scams.
The following U.S. Department of Education programs can actually forgive your student loan debt:
Warren Buffett is constantly in competition for the richest person in the world #1 spot.
And he is self made. That’s probably my favorite thing about him. He made his money through investing just like almost everyone else.
The difference is that he is really good at it. Which is why Berkshire Hathaway usually maintains about a 19% annual return. If you don’t own any shares, you should consider it, but you’ll probably want to go for their BRK-B stock since BRK-A trades for well over $200,000/share.
Before we check out the 10 lessons in the graphic, there are a few things that stand out…