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The Price Being Paid for High Paid Jobs

Teena — Wed, 04 Nov 2009 16:06:34 +0000

The possibility of acquiring a decently paid job is quite difficult these days, given the scenario of the recession hit world and whats more difficult is being in a high paid job and maintaining it.

But does your high paying job make you pay more price in terms of losing your quality time with family, leading a stressful life, and inability to do something of your choice in a leisure time?

Then why don’t you consider shifting your job? Do i sound Insane? Well i might but i have my own point to be put across. When you reduce the expenses by adopting to a less expensive life style, you wouldn’t be threatened by the fact that you might have to lose your high paid job. This way your options for a decently paid job would be more, you could turn your hobby into income by investing sometime in a side business and spend your weekend with your family.

Get the picture now? Well give it a thought and share with me your experiences and decisions.

Fix your Finances in 7 Days- Day 5

Teena — Wed, 04 Nov 2009 15:53:47 +0000

On day 5 of our attempt to fix our finances in a week, we are going to concentrate on retirement savings. Yes retirement savings is an essential part of financial planning.

There are many tools available online like a retirement savings calculator. Make use of such tools and start saving from today. Even if you are just 25, it better to start saving for your retirement right away. The earlier you start , the saver you would be as far as retirement is considered.

Choose your own method of saving. You might want to opt for a retirement saving plan or just put aside some money in a savings account every month. whatever may be the method, just make sure you save enough for your later years.

On our day 5 thats all we are going to do. With just two days left i am sure if you had followed all the 5 day’s agenda properly, you must be already feeling relieved.

Fix your Finance in 7 Days- Day 4

Teena — Tue, 03 Nov 2009 21:10:01 +0000

Hi everyone!!! I hope that all of you must have done your 3 day ritual regularly and i am sure you are sensing some improvement already from within. Today , the fourth day we are going to concentrate on Credit Cards

Analyze the payments you are making for all your credit cards every month. Ask yourself if you really need the number of credit cards that you own. If not surrender some and have as less as necessary.

Also make the monthly bills on time to keep a clean record of your credit score. Make use of offers given by the credit card companies. Do not fall victim for marketing gimmicks and buy a credit card on an offer as the APY might be a lot higher compared to the traditional ones without offer.

Determine how much credit card debt you owe to the company and start allotting a considerable amount every month.

Thats it!!! We are done for the day. This will not take more than an hour to analyze. So you can go to sleep with a satisfaction that you have completed more than 50% in your attempt to fix your finance.

Fix your Finances in 7 Days-Day 3

Teena — Mon, 02 Nov 2009 06:22:52 +0000

Hope everyone had a wonderful weekend like me. Coming back to work, lets begin our third day ritual on fixing the finance. On the third day, we are going to look into the number of bank accounts we have and how to set up the necessary number of bank accounts.

Take time to analyze if the account you hold in a bank solves your purpose. If you have just a checking account, set up a Savings account and start putting some cash each month into it. An online high yielding savings account is the best option to earn some extra cash.

Make it compulsory to have just 2-3 bank accounts to solve your purpose and not more in order to make your finance simple.

Make use of setting up automatic payment options to pay your bills and debt installments on time. Ask the bank for their time to time offers and make use of them to your benefit.

Isn’t it simple? Yes thats all you need to do for today.

Fix your Finances in 7 Days

Teena — Thu, 29 Oct 2009 05:26:45 +0000

Still haven’t taken a step to manage your money? Well you aren’t alone, there are a million waiting for an auspicious day to begin this sacred ritual. So i thought why not do this together? Yes lets all start to manage our money and fix all our financial troubles in this week. Lets take the first step now.

Day 1:

Today is the first day in our ritual. Lets spend half hour and take the most important step. Calculate our personal net worth. All we have to do today is dig up all old documents or if you have great memory, sit with a diary to write down all your assets, its value and then the value of the liabilities and finally subtract the liability from the assets. Bhoom!!! You have just calculated your net worth.

Yes thats was simple isn’t? Yes thats all we are going to do today. Tomorrow we will take our next step. Till then relax!!! We are surely going to fix your finances in 7 days.

Bank Accounts and Periodic Reviews

Teena — Sun, 11 Oct 2009 01:11:32 +0000

You must have already known that asking for a better deal from utility provides regularly could save you a lot of money, but did you know you could apply the same rule to your bank?

Are you still using a brick and mortar bank like i do? Then here are some tips that might help you.

Ask for better interest rates, enquire whether there is an account similar to your existing one, with better interest rate.
Do not forget to ask about free checking because its not advisable to waste money on service charges and other similar fees.
Enquire if the bank has a new website through which you could automate all your payments. This way you would never miss paying any bill.
Keep yourself updated with any new promotion that the bank might be running.

Have some more tips to add to the list? let us know.

Want to be Rich or Just Appear Rich?

Teena — Fri, 02 Oct 2009 01:15:02 +0000

‘ Rich’ i can say without an iota of doubt that this word brings abundance happiness to most in the world. However not everyone is destined to enjoy its company. A very few have what it takes to reach the top. However there are people who succeed in appearing rich. Hence its important to decide whether you want to be rich or just appear rich. Want to be both? Then your last name has to be Jobs, Gates, Clinton or Ellison, so lets forget about that for the moment and get to the reality.

Lets now discuss about people who appear to be rich. These are people who own a luxurious apartment, a dazzling car , jewels and clothes that are in par with today’s trend , inspite of the fact that its beyond their range of affordability.

As a result, instead of enjoying financial independence , they fall victims of financial dependence. Every month they have huge amount of bills to be paid, hence their job becomes an integral part of their life which they have to hold on to even if they hate it. Juggling the funds would become an everyday routine, where you have to decide about which debt to clear immediately and which to postpone. These people always expect themselves to be in good health , because a major health issue would incur a lot of cost and obviously an emergency fund is out of question when they are busy shopping.

In a nut shell these are people who are used to the fake comforts that money offers and are not ready to accept the reality that something might go wrong someday and we have to be prepared to face it.

I personally would hate a life like that. Instead i would prefer to be rich in my own way. I won’t have the most amzing car, but i will have a vehicle that falls under my bydget to solve my purpose plus i will have financial freedom and lot of peace of mind. Instead of breaking my head over how to settle my monthly bills for all the debts, i would be spending my time in a constructive manner.

If i get bored with my job, i will have the courage to quit and follow my passion.To me living a life by my own rules matters more than the outward glamor that only leaves stress inside.I definitely cannot buy what i want immediately, but with months and years of secure savings, i would be able to acquire all that i desired some day plus i will have a sense of satisfaction, which i prefer to the fear of losing myself in debt.

So its high time you decide, what you want out of life. Because in the end life gives you what you desire out of it. Make a wise choice and start to act accordingly NOW!!!

Personal Finance Books for Beginners

Teena — Mon, 28 Sep 2009 21:32:27 +0000

Are you a beginner in the field of investment and money management? Want to know the basics and improve your knowledge in the field of finance?Then there are few things i recommend.

Use the internet wisely. There are various websites that offer abundant information about basics of stocks, bonds, insurance, tax and anything you wnat to know. Make use of it. Reading any of these regularly for atleast 10 minutes a day can increase your knowledge gradually.

Subscribe through Google reader to personal finance blogs. For example by subscribing to 8000credit, you would know when new posts are published through your Google reader and you do not have to visit the site. This way you can keep track of multiple sites in one page.

Invest on Books like

* I will teach you to be rich

* Rich Dad, Poor Dad

* The Automatic Millionaire

* One Up on Wall Street

* The Millionaire Next Door

You can even get these books from a library or at a cheaper rate from second hand book shops.

Do not forget to practice and preach what you have learnt.

4 Tips to Gradually become Rich

Teena — Thu, 24 Sep 2009 09:55:07 +0000

There isn’t anyone who would go away from the word ‘Rich’. However not everyone is able to embrace richness, this is because the rich are disciplined about money and follow some rules to make that money stay and multiply.

Here are 4 Tips you could practice to become rich:

Love the process more than the result:

If you keep on thinking abot becoming rich without enjoying the efforts taken, it could be a difficult journey ahead. Hence although the amount you save each month might be less, be happy that you are doing your job.

Treat Yourself:

After you reach a specific goal, you can treat yourself. Not necessarily by buying a luxury car with all your savings. A bottle of wine or a movie with your spouse would do.

Keep an eye on Fee:

When you start a savings account, the interests may be attractive but make sure the fee is attractive too else the earned interest would go waste on the fee.

Use your Power

The more you save , you might be eligible for special discounts and fee waiver at banks. Use these benefits to earn more.

4 Important Money Lessons

Teena — Thu, 24 Sep 2009 09:39:04 +0000

Hi Everyone! We have come across various tips to save money, to build wealth and start investing. Yet some of us remain hesitant towards taking our first steps. I not going to give up. I will do my job to keep you all as much motivated as possible. Today i am gonna give you all 4 simple lessons about money.

Lesson 1

Never spend more than you earn. It is simple mathematics. Spend as much less as possible than you earn, the more the gap is the more beneficial it is for you.

Lesson 2

Never invest while you are in huge debt. Start paying your monthly installments towards your debt, once it comes down, you can think of investing. However if all that you have is just a home mortgage that is taken care of regularly, then you could think of investment.

Lesson 3

Once you do this the friendship takes a new level and there are fair chances that you don’t see your friend as the person yo used to before. Be careful.

Lesson 4

Prioritize and work towards your goal. You might be having one major goal to achieve which you will have to accomplish a number of smaller goals. Make a list, prioritize andgo ahead. If you fail to get things organized. you are never likely to get there.