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Tag Archives: Personal Finance

Lessons Learned From Wealthy Investors

saving-money-how-to-get-richLearning and developing the characteristics of wealthy people is a great way to start fostering your own financial independence and success. Most people who amass an abundance of cash and resources, do so because they have the right personality traits and lifestyle habits. Their ability to remain steadfast in their pursuit of goals and to save what they possess, allows them to enjoy richer, fuller and more stable lives. Following are 3 characteristics of wealthy investors that anyone can pursue.

Investors  Are Optimists

Of the different characteristics that wealthy people possess, contentment is likely the most important. Although many people believe that money brings happiness, in reality, the opposite is actually true. If you can maintain an upbeat state of mind, you will start becoming more aggressive and proactive in your wealth-building endeavors. Those who are perpetually depressed and downtrodden are often too beaten down to even try.

Able To Avoid Impulse Buys

The typical consumerism mentality does not apply to those who are rich. This is because they do not have as many emotional associations with spending. Buying new products is not directly associated with their happiness and thus, they can commit to purchases from a very realistic and balanced mindset.

Conversely, people who are constantly searching for happiness in things are more prone to buying items that they really don’t need or won’t use. For this and other reasons, in order to start generating real wealth and hanging onto it, you will first have to learn how to define the source of your happiness differently. If you can achieve a positive mindset and feelings of contentment without spending, it will be much easier to invest and save.

Perseverance

Wealthy people get where they are because they are willing and able to persevere. In spite of the unfortunate and all too common belief that rich people have it easier, negative developments and events are inevitable for every living being. The ability to rise above these things and to make changes wherever possible, is how people are able to take their proverbial lemons and turn them into lemonade.

Getting Out of Financial Rat Race

Sometimes it seems like you are racing on a treadmill when it comes to paying your debts, you are always trying to pay up your debts with a lot of difficulties but you never get them over you. Getting out of the race may not be as easy as many would think, it requires one to have some skills to be able to pay up the debts easily and live a stress free life.

Here are several  tips from wise investors:

1. You may hide your credit card so as to avoid adding new debts every now and then. You may be in need for your credit card in case of emergency but let it not be as near as being in your wallet. This prompts you to use it in matters that don’t really matter. It will be safer if you leave it in a desk at home or even keep it in a huge block of ice so as to avoid accessing it easily. The point here is that you should avoid having it close to you as this may tempt you to use it.

2. Learn to pay your bills in order of their interest rates. This is recommendable as it reduces the burden that you will have in time to come hence making life easier for you.

3. Ensure that you even pay the smallest balance on every bill and more towards the one with the highest interest rate. This aids in avoiding late fees.

4. Follow up your spending habits within a week and get to know where you use more money on. Each and every one of us buys food but you don’t have to eat each and every day anyway! On tracing your spending habits you will be surprised how it’s possible to cut down on some expenses that are not very necessary.

5. Get rid of the unnecessary expenses and use the saved cash to pay up your bills. Instead of hanging out for a movie, get a free one from the library and so forth. You will be surprised how things will start getting easy on you.

6. You may now pay the next debt after you are through with one with the highest rate. Eliminate your debts one by one and within some short while you will be out of the rat race!

Michael Hastings is passionate about saving, investment and business. He is also a savvy investor who works for Nick Scali, a furniture company.

 

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Protecting Your Personal Details Online

shop-online

When it comes to internet safety protecting your personal details is of paramount importance. Online crime is escalating at a rapid rate thanks to our increased dependence on the internet for shopping, personal finances and entertainment. More and more of us are conducting the majority of our shopping and personal finances online; partly for ease of use and partly because of the huge cost reductions the online world facilitates. However our personal details can often become targeted by less scrupulous individuals so we need to exercise caution when we browse and buy online. With that in mind we’ve put together a quick guide to protecting your personal details online.

Your computer
Your computer is one of the easiest targets for people to steal confidential information – if you leave it unprotected that is. If you don’t run home security software then your computer is incredibly vulnerable to attacks; both to steal your personal details and to damage the computer itself. Use reputable software and make sure that it has the following features: Online support, regular updates, virus scanner, virus removal, quarantine function, remote access blockers and software updater’s. These are essential e-safety features and you shouldn’t be without them. Finally make sure your browser is up to date and that you password protect any files you do not want falling into a third parties hands. This will create an additional layer of defence.

Browsing
Browsing safely is key to keeping your personal details safe. Stay away from any site that feels at all dodgy and you should be kept relatively safe. If you search through one of the established search engines (Google, Bing, etc.) then you should mainly find reputable sites. Be wary of clicking on links and advertisements from other sites though as there I no guarantee that these will send you to a reputable retailer – even if the site you started on is itself reputable. Always avoid downloading from or inputting your personal details on any site that you do not recognise and/or trust.

Shopping
Shopping online is incredibly rewarding and we wouldn’t want to discourage you from it. However you need to make sure that the company you are dealing with are doing everything they can to secure your personal information. Initially you should take the time to read their privacy policy and terms and conditions of use as this will give you a good idea of what security measures they take. Then when it comes to actually making a purchase you should be careful to check that a padlock symbol appears in your address bar and that the URL begins https:// as this means your personal information is being encrypted. Always be wary of sites that have offers that seem too good to be true as these often will be scams that will charge you repeatedly on your credit card. If you can try and use alternative payment methods such as PayPal as these provide additional security and recourse should you suffer at the hands of an unscrupulous vendor.

Personal finances
Many of us now use the internet for a variety of personal finance tasks such as online banking, policy renewals, vat returns etc. These systems are usually fairly secure but you still need to make sure that you are doing your utmost to protect your personal details. Your computer security is the first step but you also want to ensure that you are choosing strong passwords and that every account you use has a separate password. A password should be a string of seemingly random letters and numbers with capitals and lower case letters mixed in to ensure that it is as hard as possible to crack. Change your passwords regularly and make sure that you use different passwords for all your needs. Finally, if you are using your computer for personal finance documents it is a good idea to store them on a separate USB so that they are not constantly attached to your computer.

Jane writes about various internet safety topics for both children and parents. If you are interested in more information on this topic please see the Vodafone internet safety guide which provides a wealth of information and support.

 

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You have 96 seconds to read this or…

Of course they never really tell you what.  The paper will self destruct like mission impossible?

Being more than slightly overweight I looked into “Metaphase”.  Whether or not the stuff works (and I imagine it does, because if you eat Styrofoam for a month you lose weight) it is still a scam.  If you enroll in the VIP program they will give you two weeks’ worth of Styrofoam free.  The only catch is that you have to ACT NOW – offer good until Dec 31st.  What happens then, they aren’t going to take your money?  The other thing you get is the benefit of having them charge your credit card and ship you more Styrofoam every month whether you want it or not.  What happens to most is that they have piles of the crap in the garage and don’t get around to cancelling it (which is no easy task) for several months.

My favorite is “register now because space is limited…” for a webinar.   How can space be limited for an internet function?  I asked a few times and was told it was because they mailed out follow-ups.  OK, so Constant Contact now limits the number of emails you can send out too?  Better sign up now before they go away.

The clock.  There is nothing that makes me want to get up off my couch and grab the iPhone more than a little hourglass or stopwatch in the lower right corner ticking down the seconds till…. Till what?  Does the TV blow up if I don’t dial the magic sequence and stop the bomb at exactly 007?

For goodness sake people, wake up!  They will take your registration, commitment, time, or oh yes MONEY, any time you want to offer it.  Don’t let yourself be rushed into making a decision.  Why do you think auto dealers have a “no cooling off period” sign hidden behind the dartboard in their little cubicles.

It’s because most Americans buy stuff we don’t need, on impulse, and they are afraid that if we think about it we might just sober up and pass.  By the way, my house is paid for and my credit cards have a 0 balance.  Guess I’m just not a good American.

 

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