Personal Finance Archives - Super Saving Tips

Budgeting

The BBBB Zone: The Big Budget-Busting Bonehead Zone

April 19, 2019 April 19, 2019

You are traveling through another dimension, a dimension not only of sight and sound, but of mind. It’s a journey into a land of overspending. Your next stop: the BBBB Zone!
– (With apologies to Rod Serling)

Even the most frugal people have some area(s) where they tend to overspend. They just can’t help it and neither can you or me. It is unfortunately just a part of our human nature that we have some sort of weak spot and that means we can’t easily control the acts of excessive spending on some damn thing or another. For most of us, it’s limited and only slightly out of control, but for some people, it’s not. It’s money they spend that they either don’t have or will never have and yet they simply can’t prevent themselves from entering into the BBBB ZONE: The Big Budget-Busting Bonehead Zone!

We all have areas of overspending that lead us to the Big Budget-Busting Bonehead Zone. But it is possible to escape!

What Are You Telling Me Here?

Just about every well-intentioned personal finance writer will tell you that in order to be successful with your money and your spending, the very first thing you need to do (once you have an income) is to make a budget. Of course that makes absolute sense. When you have a budget you understand where your money comes from and where it’s going and you are allocating that money to real needs and requirements. The problem with that is that what you “require” may not be a good thing. If you’re spending money on illegal drugs because you “need” them due to an addiction issue, you can budget for them all day long and you aren’t exactly making any kind of good decision there. And that is besides the health and legal issues.

Income and Career

Who Else Wants to Make Money Without Spending Money?

April 16, 2019 April 15, 2019

There is an old adage that “you need to spend money to make money”. The idea itself is certainly legitimate in many circumstances, as most business approaches require some capital investment to get rolling, whether it be buying product, creating a contract, hiring employees, or renting a space.

In an ideal world, you could make money without spending money. Here are a few ways to get started with little to no funds at risk.

However, having to spend money to start a business is risky! In fact, if you aren’t risking anything at all, you’re likely getting involved in a scam. I can attest to that because I was the victim of a big one of those back when I was in my late 20’s. Even though it was that long ago, I still remember every detail! Doing anything related to business is either going to risk time or money, no matter what.

Personal Finance

Will You Ever Escape From Your Financial Stress?

April 12, 2019 April 12, 2019

“Financial Freedom” is a term that’s often kicked around and discussed here in personal finance blogs, on TV and in books, etc., and it seems like it is a never-ending part of the chatter that only adds stress in your financial life.

There's a lot of financial stress out there, but is it possible to escape to financial freedom? And if it's possible, is it likely that you'll get there?

Financial freedom means that you get to make life decisions without being overly stressed by those decisions and their financial impact on your life. When you start to control your finances instead of being controlled by them, you begin the path to financial freedom and that is not any kind of get-rich-quick strategy.
– Dave Ramsey

But can you ever be financially free? Will you ever be financially free?

Retirement, Saving & Investing

Can You Be a Millionaire By Retirement?

April 5, 2019 April 4, 2019

One out of every six people in America today gets to retire a millionaire! That sounds fairly optimistic since most of us at some point in our lives dream of becoming one of them. One out of every six retired Americans is now retiring as one and that is from a documented report by online investing company United Income which analyzed data from multiple sources including the Federal Reserve Board and the U.S. Bureau of Labor Statistics. The purpose of the study was to find out how retirees are faring now compared to previous generations and compare the results.

Not only is it possible to retire a millionaire, but it's fast becoming a necessity. Here's what you need to do to make that retirement goal.

One way I suppose to become a millionaire is to buy lots of scratch off tickets in your state lottery or to try to get on a quiz show like “Who Wants To Be a Millionaire” but let’s be somewhat realistic here. There are other ways, aren’t there?

Personal Finance

Low Inflation in 2019 – Is It Just a Big Lie?

March 29, 2019 March 28, 2019

Perhaps it’s just me. I know that it may be, but every time I see and hear someone talk about low inflation, I immediately think about everything that I purchase that costs more today than yesterday. One of the detriments of getting older is that you can actually remember the prices of things from even 20, 30, and 50+ years ago so yeah, I may have a distorted view of rising prices (at least just a little bit).

The stats show we have low inflation in 2019, but my own observations have me wondering if that's really true. Here's how inflation affects your finances.

But the real story is this, no matter what the government stats try to tell you, the everyday prices of things you buy are going up. Just last week, Fed Chair Jerome Powell said that “inflation is running about what the Fed target calls for: 2.0%” and that’s why he has slowed down the call for interest rate increases so far in 2019. Interest rate increases are implemented to prevent the inflation rate from moving upwards and out of control and so his comments sound like a good read of the current conditions. But are they? Is inflation under control so far in 2019 or is it just a big lie?

Family & Relationships, Personal Finance

What Is A Revocable Living Trust and Why You Need to Know

March 26, 2019 March 26, 2019

There are some subjects that we just don’t like to talk about and can make us feel really uncomfortable. One of these subjects is our own death and how our assets and property will be distributed when that event ultimately occurs. Having said that, it is imperative that everyone think about their estate plan and what they need or want to do with their assets when they’re gone. You have the final say as long as you do something about it while you are alive and well. While many people choose a Last Will and Testament, another option is a Revocable Living Trust (RLT). So you may be wondering, what is a Revocable Living Trust?

The RLT Option

Most of us, when we do think about what will happen to our families when we are gone, think about a Will. But an RLT is becoming increasingly more popular as an estate planning tool since changes have been made to make them friendlier to establish and use. An RLT lets you determine who receives your property and assets, and divides them while you are still alive and helps you avoid probate court. Continue reading“What Is A Revocable Living Trust and Why You Need to Know”

Budgeting, Family & Relationships, Personal Finance, Saving & Investing

Why What You Don’t Know Can Hurt You

March 22, 2019 March 21, 2019

Do you remember that old phrase of years gone by, “ignorance is bliss”? Even if you never have heard that one (although I doubt that), it is something that seems to be true. After all, you aren’t going to worry about that big pothole on the road just a few hundred feet ahead of you when you’re driving to work on this sunny morning—if you are totally unaware of it, right? How can you? You don’t know it’s there. You haven’t heard any problems about it and your mind is drifting along with the latest tunes on the radio as you sip your coffee from your freshly brewed homemade K-cup coffee machine that you made just 10 minutes earlier. Life is good. And then…kaboom! What you don’t know can hurt you.

When it comes to your finances, what you don't know can hurt you. Here are some basics to get you started on your way to learning what you need to know.

Funny thing about that “ignorance is bliss” thing, it has a tendency to sneak up on you and hit you squarely in the eye or even worse, your rear end and lower back like driving over a huge pothole does! That simply proves the premise doesn’t it? What you don’t know can and will hurt you!

Personal Finance

How Do You Have Financial Struggles with a Six-Figure Income?

March 19, 2019 March 18, 2019

To most working families, a six-figure income seems like the antidote to all of their financial struggles. After all, $100,000+ incomes are still not the typical numbers that most people earn these days even when there seems to be more and more of those high-salaried people around us.

It can be difficult to understand, but even families with six-figure incomes can have financial struggles. Here's why that happens and what to do.

I guess the truth about that is a little bit hidden. After all, we never really know exactly what our neighbors’ and friends’ W-2’s look like and the chances are it doesn’t come up in a conversation with them. Even if it did, would they ever tell you the absolute honest truth? It has always been my experience that the answer is a resounding “no”.