Posts by :
- Buffett estimates that he spends 80% of his working day reading and thinking
- Bill gates reads about 50 books per year
- Mark Cuban reads for more than 3 hours every day
- Oprah Winfrey selects one of her favorite books each month for her book club to read and discuss
- Save $1000 as an emergency fund,
- Pay off all your debts,
- Build up a 3 – 6 emergency fund and
- Save for stuff you want to buy without incurring debt.
- Do I really need to buy this?
- If yes, is there a cheaper alternative?
- Thomas Edison tried almost 10,000 prototypes for the electric bulb before finally getting it right and ushering the world into the light age.
- Colonel Sanders was rejected more than 1000 times when he tried selling his KFC recipe. He was also living in his car!
- James Dyson created 5126 failed vacuum cleaners before hitting on that one that catapulted him to success and made Dyson a household brand.
- Tim Ferriss, the New York Times Bestselling author of the Four Hour Workweek fame was rejected 25 times by publishers before his book got national fame and landed on the New York Times list.
- Richard Branson has failed in over 300 ventures; yet he keeps on trying
- Even President Trump had a string of failed businesses; yet he never gave up and has gone to occupy one of the world’s most powerful position as leader of the free world!
- Sign up to the service – You can sign up through FB, Google, or email. As you sign up your identity and eligibility to drive is verified.
- Search for the perfect car – When you enter the travel dates and location and you are presented with a wide selection of unique locally owned cars
- Book the Car – Book the car that you fancy and the owner should confirm or decline your request within eight hours. Alternatively, get instant bookings by clicking on listings that have the “Book Instantly” badge
- Pick up the Car or Have it Delivered – Meet the car owner, show your license, inspect the vehicle and drive off into the sunset for a time of your life. Many car owners offer delivery and can bring the car to you.
- Return the Car – After your trip, replace the gas used and meet the owner to give them back the car. Again, inspect the car, hand over the keys and thank them for their service.
- List the Car – You can list your car with just a few clicks. Remember to include a description and a few photos of the vehicle to improve chances of it being rented. Additionally, keep the calendar up-to to date so travelers know when the car is available.
- Respond to Inquiries – Notifications are instantly sent to you when someone requests or books your car. Be sure to confirm or decline as soon as possible and contact the traveler in case you have any questions
- Deliver / Give out the Car – Communicate and organize with the traveler about pickup details. Inspect the traveler’s license, check the car for fuel and mileage and then hand them the keys.
- Earn in Your Sleep – You can kick back and earn in your sleep. Turo covers your car with $1 million in liability insurance and 24/7 roadside assistance throughout the trip. Just lie back and watch as the dollars roll in.
- Pick up your Car – Meet the traveler and receive back your car. As always, inspect it to ensure everything is as it should be. And don’t forget to rate and review the traveler in the app to keep the marketplace transparent.
Seniors have found that technology improves their quality of life. As such, today we want to discuss the absolute best apps for seniors and baby boomers.
The right mix of apps for seniors on their smartphones or tablet promotes significant lifestyle improvements.
Baby boomers don’t always get the credit from the younger generation for being tech savvy. Yet research clearly indicates that they have embraced technology.
Retirees can use smartphone apps to keep in touch with family and friends, manage their health, and keep updated on local and international news.
Technology also allows them to easily organize their travel arrangements, keep their minds engaged and entertained, plus a host of other benefits.
Today we explore the top five best apps for seniors, retirees, and baby boomers that they can use to improve their quality of life.
Best Apps for Seniors #1: Skype
Skype changed the way we keep in touch forever.
With the tap of a button seniors with this app installed on their smartphones or tablets can talk face-to-face with children and grandkids miles away.
There are no more excuses for missing the milestones in your friends and family lives. Skype is low cost and supports voice calls and texting as well.
Best Apps for Seniors #2: Mint
Worried about your finances in retirement? Install Mint.
It is hands-down one of the best apps for seniors.
The Mint app lets you manage money in one convenient place. Set alerts for bills and other financial obligations.
Mint also comes with activity alerts to prevent the financial abuse prevalent for this generation. CDC estimates that as many as 500,000 cases of financial abuse and scams affect seniors and others of the older generation.
With Mint, you can get alerts inreal-timee and mitigate against the abuse or at least get someone to look at the suspicious activity.
Best Apps for Seniors #3: Medisafe
Health issues are a leading concern among retirees and people in the older generation.
According to one research study by IMS Institute for Healthcare Informatics, Americans ages 65 – 75 get an average of 27 prescriptions per year.
Keeping track of the dosage and times can get daunting even for people with lower prescriptions and no problems with memory loss related problems.
Medisafe is a pill reminder app for the smartphone with pleasant visual touches which display the pill one is supposed to take and at what times. Additionally, it can send alerts to a caregiver or family member if you miss a dose.
Best Apps for Seniors #4: SkyScanner
Retirement is a time to kick back, relax and enjoy life. And travel is one way retirees choose to do just that.
Skyscanner is an app that makes it easy to quickly search for, compare and book flights and hotels. It simplifies the logistics and hectic planning that go into making a trip successful.
Whether you are traveling alone or you want to surprise your kids with a dream vacation, SkyScanner has you covered.
It also features customizable searches to make finding that flight to your dream destination much easier. Just don’t get too trigger happy with the cheap deals on flights!
Best Apps for Seniors #5: Kindle & Audible
Even in retirement, one has to keep their brains sharp.
Reading accomplishes just that and has the added advantage of keep Alzheimer’s and other dementia-related problems at bay.
The Kindle is not only a physical device on its own but comes as an app for the smartphone. With it, you have access to a plethora of reading resources.
Best of all, it has accessibility features like enlarged text and the ability to adjust screen brightness.
If you have sight problems or prefer to listen to your books instead, Audible is the perfect app for you. It features more that 180,000 titles you can select from for your enjoyment.
Bottom line, with these best apps for seniors, retirees and baby boomers can improve the quality of their lives and achieve more independence and autonomy.
You can save money in more ways that one, and it’s easy. No secret tips or detailed strategies are needed.
You don’t even need to change the way you live or drastically cut back on your spending.
All it takes is a little motivation and know-how.
The below easy ways to save money outlined below show you how to sock away more cash each month without being cheap.
Easy Ways to Save Money: Budget
A recent Gallup poll shows that only one-third of Americans use a budget plan.
Yet using a budget plan is one of the top time-tested money-saving tips. Creating a budget plan takes your income and expenses into consideration so you know exactly how much money you have to spend on certain things.
A budget plan, as well as tracking your expenses, helps you see exactly where your money is going. It allows you to make necessary changes. It also keeps you honest.
Easy Ways to Save Money: Groceries
The Bureau of Labor Statistics lists groceries as the third top expense among Americans.
Yet all too many people go about their grocery shopping willy-nilly. Utilizing smart grocery shopping habits is one of the best ways to save money.
The number one smart grocery shopping tip is to plan ahead. Check your refrigerator, freezer, and pantry before writing a grocery list so you don’t buy any items you already have.
Using a list at the store helps ensure you only buy what you need.
Easy Ways to Save Money: Utilities
The Energy Information Administration lists the average monthly electrical bill as $110.21 in the United States.
Like grocery shopping, changing a few habits can greatly cut down on that figure. Chief among them is actually using less electricity.
Turn off the lights when you’re not at home, invest in a smart thermostat (like Nest), and limit use of the AC in the summer.
Another of the easy ways to save money on utilities is to invest in energy efficient appliances.
Sure, replacing your washer and dryer might be expensive upfront, but it will save you huge amounts of money in the long run. Zillow estimates swapping out an old-fashioned washer and dryer with a new energy saver model saves roughly around $110 per year on utility bills.
Easy Ways to Save Money: Impulse Buying
Impulse buying is one of the worst spending habits of all. Fortunately, it’s relatively easy to replace with better habits.
The Simple Dollar suggests using the 10-second rule for small purchases. Whenever you pick up an item at the store, spend at least 10 seconds thinking about whether you actually need it.
You’ll often find that you don’t need it nearly as much as you originally thought you did.
LifeHacker recommends pairing the 10-second rule with the 30-day rule. Wait at least 30 days before making a big purchase.
Use that 30 days to reflect on whether you actually need that item or not. You’ll often find that the urge to buy that item passes after a month of waiting.
Easy Ways to Save Money: Automate
Automatic transfers are one of the easiest ways to build up your savings account. Many people describe it as “paying yourself first.”
Set up automatic transfers so that a set amount of money is transferred to your savings account each month without thought. It ensures that money is actually saved and helps build better financial habits in the process.
Saving money is easy when you break it down piece by piece. Implement one or two of the top easy ways to save money discussed above and you’ll notice immediate changes.
The key is to stay motivated and not to overdo your efforts.
Trying to do too much at once will only have negative effects in the long run.
Every so often there comes a time in our lives where we take a long look in the mirror and say, “I need money.”
Shortages of funds will happen, but that doesn’t mean you just have to suffer through them. There are plenty of ways to score some extra cash if you know what to do.
I Need Money: Pawn Some Goods
It’s not generally the first option on people’s mind, but when you’re crying “I need money,” a trip to the pawn shop starts to seem like a more attractive option.
The advantages? You can pawn off just about anything and get some money quickly. Pawn industry stats show that over 30 million Americans use pawnbrokers for short-term funding, and to great effect.
Just remember that the pawn shop will keep your item as collateral and that if you can’t pay back the loan within the agreed upon amount of time, they will keep your stuff.
I Need Money: Sell Stuff On The Internet
An alternative to taking your valuables to the pawnbroker is selling them online.
You’ll have to part with them for good, but you’ll get the money you need and won’t have to worry about repaying a loan.
Services like Craigslist and eBay make it simple to snap a few photos of your items, post a description, and wait for the highest bidder to make an appropriate offer, answering your calls for “I need money” in short order.
I Need Money: Sell Sperm Or Eggs
If you don’t mind parting with them, you can donate sperm or eggs to those in need for extra money.
You’ll have to go through a screening process to make sure you’re the right fit, but once you’re in you stand to profit.
I Need Money: Sell Your Talents
And now, for my favorite ways to earn extra income: the sharing economy!
If you’ve got skills as a designer, photographer, or in any other creative field, this is a surefire way to get some quick cash.
In most cases, you can set your own rates, so you know you won’t get undercut for your services.
I Need Money: Sell Rides
Ridesharing services are easy to sign up for and a quick way to make some significant money.
The amount you make varies depending on how much time you spend giving rides, and what hours you spend driving.
For more on Uber, check out this resource.
I Need Money: Sell Your Rooms
Technology has also enabled you to rent out rooms in your home to make some extra cash.
Just list your room on a site like Airbnb, and arrange for dates for visitors to use the room.
Just be sure there are no restrictions against renting out rooms where you’re at.
To get a better idea if Airbnb is right for you, check out our free resource.
I Need Money: Pet Care
Walking dogs, boarding dogs, checking on cats, people pay good money for individuals to take care of their pets. And, you can make a fair amount working for a pet care service or building a client base of your own.
If you decide to go solo, though, just make sure you have the appropriate insurances and necessary registrations!
Let’s say you’re interested in cutting back on how much you spend.
Let’s say you’ve been talking about it for a while, but, for whatever reason, you just haven’t been able to pull the trigger, so to speak.
Sometimes, all you need to get started is a little push, so here are our top five frugal living tips to give you a nudge in the right direction.
Frugal Living Tips: Live Well Within Your Means
Perhaps the most prominent of our frugal living tips is controlling your expenditures.
We’ve all heard the phrase “live within your means.”
Living well within your means, though, takes things a step further. If you can get your expenses so low that you’re generating surplus capital and not just scraping by, you’re building a future basis for savings, wealth, and investments.
Check a savings calculator, by tucking away just $917 a month; you can get to 200,000 in savings in about 15 years.
To take your savings to an even higher level, you can find a way cut your costs and increase your income.
Frugal Living Tips: Plan Your Purchases
This set of frugal living tips starts with recognizing when you just want something and when you really need it. 4
Knowing the difference will save you from making purchases that are not necessary and save you some money. When you do have to buy something, make sure you buy smart.
You don’t need every piece of new tech that comes out to handle every niche task. Look at consolidating items that can take on more than one role, or buying a similar but less expensive option. When looking at items, make sure you go for
When looking at items, make sure you go for quality. The longer something lasts, the less often you’ll have to replace it. You might have to pay a greater cost up front but will recoup that cost with the lower replacement rate.
Another strategy is to consider going with a quality used or refurbished item. If you go with a reputable vendor, you might find that it works just as well as buying a newer and more expensive version of what you want.
If you go with a reputable vendor, you might find that it works just as well as buying a newer and more expensive version of what you want.
Frugal Living Tips: Rent Instead Of Owning
This frugal living tip is not universally applicable. It can, however, help out in certain situations. Owning a property isn’t always an investment that pays off in the long run, so before you enter any living situation, make sure to crunch the numbers.
You may find that the cost of a mortgage on top of insurance, utilities, home maintenance, etc. far outweighs the amount you would spend simply renting.
You can bank the extra money, and spend it on a real investment down the line when you’re in a better position to do so.
You can also consider renting cars instead of owning them, or taking an Uber instead.
Frugal Living Tips: Stay Well
Keeping up your health will translate to lowering your overall costs. You’ll feel better, become more productive, and be in a better position to make good decisions and earn more.
On the flip side, you’re less likely to become sick or injured, so you won’t incur the medical costs associated with ill health.
You don’t have to break the bank on a gym membership either, just look online for exercises you can do at home and stick to a regular workout schedule.
Frugal Living Tips: Downsize
Chances are you have a bunch of things that you’ve been holding onto that you don’t need. Instead of having them take up space, consider selling these items to make some money and
Instead of having them take up space, consider selling these items to make some money and simplify your lifestyle.
You can hold a garage or yard sale, or head to online services like Craigslist and eBay to advertise your wares to interested bidders.
There is also a huge psychological impact of decluttering and owning less stuff.
Follow the above frugal living tips and you’ll be well on your way to a more financially flexible and productive life.
Money and finance education books are a dime a dozen (pun intended).
Everyone has an opinion about your money. Including me!
But there are finance education books whose principles have stood the test of time and changed people’s fortunes.
The average millionaire reads an average of one non-fiction book per month. In fact, a study of 1200 wealthy people found that they have one pastime in common, reading!
The ultra-rich take it a notch higher:
Reading isn’t so lame now is it?
Wealthy people don’t just read for entertainment, they read for education, self-improvement, and success. Reading not only makes you smarter, interesting, and attractive, it also improves your imagination and sharpens your analytical skills.
These are critical components of a successful and wealthy life.
It begs the question then, how many finance education books have you read so far? Here is a list of the top finance education books to get you started on your path towards changing your money mentality.
Because let’s face it, most people aren’t losing the money game because they don’t have money, rather, because they have limiting beliefs about it.
Best Finance Education Books
1. ‘Think and Grow Rich,’ by Napoleon Hill
Published in 1937 after more than 20 years of research into what sets millionaires apart, Think and Grow Rich remains as relevant today. Napoleon Hill summarizes the “secret” to wealth in 13 principles and points out what holds most people back from achieving true wealth.
A personal finance classic, this book will change your perception about wealth. You learn that getting rich is about mindset and your own psychology more than anything else. Napoleon sets out the steps you should take to create wealth through the power of your thoughts.
Napoleon sets out the steps you should take to create wealth through the power of your thoughts.
For finance education books, Think and Grow Rich is a classic.
2. ‘The Millionaire Next Door,’ by Thomas J. Stanley & William D. Danko
Think the rich live in McMansions and drive the latest imported luxury cars? Think again.
Your low-key neighbor with his old looking car and a modest house is probably the millionaire. Based on interviews with millionaires and high net worth individuals, The Millionaire Next Door by Thomas J. Stanley, PhD & William D Danko, PhD debunked the myth of the flashy millionaire.
Most of the people who appear wealthy are usually spending all they earn and carry huge debts.
The real millionaires, on the contrary, are ordinary people who live within their means and practice frugality.
3. ‘Rich Dad Poor Dad’ by Robert Kiyosaki
This is my personal favorite finance education book of all time.
Forget what you learned about money from school, and pick up this personal finance book to learn how the truly rich build their wealth.
Robert Kiyosaki tells the story of two dads in his personal finance classic – his “poor dad” and his friend’s “rich dad”.
Kiyosaki argues that it’s not earning lots of money that makes you rich, it’s what and how you manage your income.
For example, he says that the rich invest in assets while the poor and middle class pour their money into liabilities.
Of note is Kiyosaki’s definition of an asset – something that puts money into your pocket. Rich Dad Poor Dad will change how you think about money, and more important, how to handle it to build wealth.
4. ‘Your Money or Your Life,’ by Joseph R. Dominguez
This is not a book about amassing tons of money. Instead, Your Money or Your Life is about “finding the central values in one’s life and realigning your life and money to follow these values”. The real point of the book is to re-frame your relationship with money.
It leads you to delve into what matters in your life, and what makes the most sense for you.
Forget what other people are doing. Instead, focus on what works best for you to live life to the fullest on your own terms.
5. ‘The Richest Man in Babylon,’ by George S. Clason
Want to know the secret to getting rich? George S. Clason says there is no secret in this 1926 personal finance classic.
According to “The Richest Man in Babylon“, building wealth boils down to a few simple principles that anyone can follow.
This includes paying yourself first, living below your means, educating yourself and intelligently putting your money to work.
All this is woven into entertaining parables based in the ancient city of Babylon. It’s a short finance education book that’ll revolutionize your perception about money.
6. ‘Rich Habits: The Daily Success Habits of Wealthy Individuals,’ by Thomas Corley
True wealth doesn’t happen overnight, instead, it’s the result of the right habits practiced over time. To quote Will Durant, “We are what we repeatedly do. Excellence, then, is not an act, but a habit.”
In Rich Habits, Tom Corley delves into 10 principles he uncovered through years of research, that set the rich apart from the rest.
Did you know for example that the wealthy watch very little TV compared to the poor? Or that they take great care of their health by eating healthy and exercising?
By the end of the book, you’ll learn that it’s the little, seemingly mundane things that set the wealthy apart.
7. ‘You’re So Money: Live Rich Even When You’re Not,’ by Farnoosh Torabi
“You can have it all,” says Farnoosh Torabi in this entertaining read, ‘You’re so Money‘. The reason most of us don’t is because we have our priorities wrong.
According to her, “Having it all doesn’t mean being super rich, it means knowing what you want and what you absolutely can’t live without, and then going for it.”
You don’t have to live like a hermit, set your priorities right and build wealth without sacrificing the things that make your life fun.
8. ‘The Total Money Makeover,’ by Dave Ramsey
Renowned financial expert and TV personality Dave Ramsey dives into the nitty-gritty of getting your finances in order in this finance education book, The Total Money Makeover.
It’s a real, down to earth and straightforward guide into how to think about your finances and how to get your financial house in order.
Dave is a big proponent of staying away from debt and this book delves into that. According to him, the plan to get your finances in order is simple and achievable:
9. ‘The Intelligent Investor,’ by Benjamin Graham
Praised by Warren Buffett as one of the finance education books that changed his investing outlook, The Intelligent Investor takes out guesswork from investing.
It differentiates investing and speculating and offers the proper framework for the latter. Ben Graham posits that you don’t need a high IQ or inside information to succeed as an investor, what you need is emotional discipline to follow through with the simple investing framework he recommends.
10. ‘Ready, Fire, Aim: Zero to $100 Million in No Time Flat,’ by Michael Masterson
In Ready, Fire, Aim, self-made millionaire and bestselling author Masterson imparts the knowledge you need in your entrepreneurial journey.
Whether building a business from scratch or expanding an existing one, this finance education book will teach you the skills you need to succeed at each of the four stages of entrepreneurial growth and thrive in an ever-changing business environment.
This book is important because it cautions against waiting. Most people wait until everything is perfect to jump into a new job, investment, side income project, or business idea. Don’t wait!
Do some planning, think about it, and then LAUNCH! Adjust as you go, and know that at least you’ve taken action. Which is more than most people do.
So take action! Pick any of the above finance education books, read it, and apply it to your life.
Keeping a budget is one of the most common pieces of financial advice. But a budget might not be all it’s cracked up to be.
Depending on your financial situation, budgets may actually hinder your financial well-being. For some, budgets are important, but this is a small category of folks.
In general terms, I believe budgets are horseshit.
Why Budgets Suck
The type of budgets most often recommended are complete horseshit.
These budgets just don’t work.
They use the same tactics year after year with strict limits on spending spread across several different categories.
And then – boom – they fall apart, just like that, at the slightest hint of turmoil.
Even so, budgets can be a necessary evil. They’re especially important for those that don’t already have a firm grasp on their finances.
The key is to rethink your budgeting techniques, so you don’t make the same mistakes time after time again.
Budgets are horseshit because at the end of the day, you should just spend less. Sounds simple right, but most people forget this simple rule.
If you adhered to this, spending as little as possible, then you wouldn’t even need a budget. Constantly think to yourself:
If you abide by these two simply rules, then you don’t need a budget. That said, some people can’t follow these simple guidelines and need a line-by-line budget indiciating how much they can spend on various aspects of their lifestyle.
If that’s you, the maybe budgets aren’t exactly horseshit. Even though you should work towards not needing a budgets, here are some tips to help you break the budgeting cycle.
Welcome to budgeting 101. Here are the top ways to create an effective budget you can stick to for the long run.
Give Yourself Some Leeway
Strict budgets don’t work. They’re also not much fun. Sometimes we deserve to buy items that aren’t absolutely essential.
Give yourself some financial leeway by considering the trade-off. Want to buy a new jacket (even though you have a perfectly fine one at home)?
Personal finance expert Deena Katz recommends making a budgetary trade-off. Rather than spending money blindly or pulling out your credit card, see where money can be shifted from another area of your budget.
For instance, if you have money allotted towards eating out, put that money towards your jacket and limit how often you eat out for the remainder of the month.
Track Income and Expenses
Just because strict budgets don’t work, doesn’t mean you shouldn’t be tracking your income and expenses at all.
DePaul University states that knowing where your money goes each month is the most important aspect of your financial health.
Just seeing how much money you spend on unnecessary expenses will give you the incentive to curtail spending in these areas in the future.
Find the Right Money Management Software
Money management software is the key to tracking your income and expenses, but you shouldn’t just use any old type of software.
You might even prefer to keep track of your finances by hand in a notebook.
If you hate budgeting, then automatic transfers will be your best friend.
Set automatic transfers up for essential expenses like rent, bills, insurance, retirement contributions, and your emergency fund.
It’s a completely automatic way to ensure all your expenses get paid and that money gets put into your savings accounts.
Earn More Money, Balance your Budget
Budgets don’t work for a lot of people because they feel that budgeting restricts the amount they can spend. While that’s the point of a budget, after all, that feeling might also hint at a deeper problem: you just don’t make enough money.
Add more money to your monthly income by monetizing your hobby, starting your own business, or exploring sharing economy gigs. The extra money you earn will give you more leeway each month and make your budget feel much less suffocating.
Our extremely handy sharing economy income calculator will give you an estimate on how much you can expect to make from these type of gigs.
I personally feel that budgets are horseshit.
If you are always thinking to yourself: do I need to buy this, or is there a cheaper alternative? Then budgets become obsolete. As they should be.
That said, some people do not have the self discipline to adhere to the above recommendations. So, in these cases, budgets might be a short-term necessity.
But you should work yourself off your budget. Develop amazing money habits that become engrained in your lifestyle.
If you do this, then you can violently toss that shity budget out the window and begin a less restrictive life.
Everyone wishes they could save more money. Yet many people fail to time after time again.
The best way to save money is to eliminate your money-wasting habits and replace them with money-saving habits. Though there are dozens of different ways to do this, there are a handful of methods that are time tested to work for the majority of people.
Simple as that.
Below we show you the absolute best way to save money, preceded by 3 other great money-saving tips.
Best Way To Save Money: Eliminate Debt
According to Value Penguin, the average American credit card debt is $5,700.
Worrying about your debt makes saving money hard. Unpaid debt means you must make the tough decision of how much money to put towards debt repayment and how much money to put into savings each month.
Our preferred method is to eliminate your debt first. Put all your extra money towards your credit card debt until it’s paid off.
The high-interest of these cards kills your wallet, and the psychological weight of knowing you owe money can be crushing.
Once it’s paid off, you can then stick the same amount you were using for monthly payments into your savings account.
Best Way to Continue Saving Money: Create Savings Goals
It’s difficult to save unless you have concrete savings goals in mind.
First is to visualize why you want to save in the first place. Is it to buy a new car? Put down 20 percent on a down payment? Be set to go in retirement?
Setting concrete goals helps you stay that much more motivated to save. It also helps you actually figure out how much to save each month.
Chase suggests writing down your target savings amount next to each of your savings goals for even more motivation.
Regions provide a useful savings calculator that can help you figure out the best way to meet your goals, no matter what they are.
Use a Budget Plan
There are pros and cons to using a budget plan. But when it comes to saving money, a budget plan is a huge help.
Gallup shows that only about 30% of Americans utilize a budget plan. Yet countless financial experts, including those at Duke University, insist that a budget plan is perhaps the best way to save money.
A budget plan simply dictates how much you can safely spend on certain expenses each month. Your leftover income can then be put into a savings account.
Using a budget plan can also help you cut down on expenses. Knowing where your money goes might give you the incentive to cut back on spending in certain areas.
Though all it takes to create an effective budget is a pen and paper (or a spreadsheet), there are numerous online services that make it that much easier. Mint.com is a popular example.
Best Way To Save Money: Pay Yourself First
The number one best way to save money is to pay yourself first.
Set up automatic transfers so that some money gets put into your savings account each paycheck. An automatic transfer ensures that this is done each and every time you’re paid.
Wells Fargo considers the paying yourself first savings plan to be one of the best money-saving habits you can get into. It’s a relatively easy money habit to learn and will boost your wealth more than any other.
Most experts, including TIAA, suggest saving at least 20% of your paycheck each month.
Of course, that’s not doable for everyone. Even saving as little as $50 or $100 per paycheck will help you create healthy money habits that will contribute to long-term financial success.
The best way to save money is different for everyone. Yet it almost always starts with eliminating debt, setting savings goals, using a budget, and paying yourself first.
Use all of these tips and you’ll find that saving money is a whole lot easier than you previously thought.
Today I want to take a break from our regular side hustle programming to bring you something near and dear to my heart.
The concept of luck is a controversial one. There’s nothing I hate more than hearing someone tell me how lucky I am, or how lucky I got when I’ve achieved something.
Luck is around us all the time, yes, but you need to be prepared to take advantage of these lucky opportunities when they present themselves. Without preparation and positioning, luck is wasted.
Lucky Lottery Winners
What do entrepreneurs and lottery ticket buyers have in common? Tenacity! They keep on trying. Unfortunately for lottery ticket buyers, the odds are stacked heavily against you.
In a lottery where you get to pick 6 numbers from a pool of 49, your chances of hitting all six correct and winning the jackpot are 1 in 13,983,816!
Good luck with that.
According to the U.S. Bureau of Labor Statistics, “About half of all new establishments survive five years or more and about one-third survive 10 years or more.”
I know, you have probably heard about the 80-90% failure rate in small businesses, but I am also sure you have heard that the real successful people also had their fair share of failed businesses and projects before they succeeded.
Business ideas are like lottery tickets in that the only way you have a shot at winning is by trying. And, failing. A lot.
Lucky people don’t just get lucky one day out of thin air. They’re tried, failed, tried more, failed a lot more, and then finally were able to break through.
Some call it luck; I call it grit and tenacity.
Just consider the following examples:
Were these people lucky? Or were they tenacious?
Unlike lottery tickets, the odds in business are stacked in your favor, but you have to keep trying.
Keep trying out your business ideas, and treat them like lottery tickets. Keep playing!
Learning Through Failure: The Best Way!
An additional benefit with business ideas is that with each one you attempt, and fail, you come out with crucial lessons that improve your execution on your next business venture.
And the more you keep trying and failing or succeeding the more you learn about what makes businesses tick and what makes them duds.
A business opportunity can fail to take off due to a number of reasons.
It could be that you read the market wrong, a recession could happen just when you are about to take off.
Cashflow – the lifeblood of any business can be an issue, or it could be communication issues or any other number of reasons.
Or, it could just be a shity idea. Yeah, I’m looking at you XFL Football!
Bottom line is that for every problem, there are proven solutions and workarounds.
Learn from other successful businesses in your area. Learn from your past mistakes, but in no circumstance should ever give up on pursuing your ideas.
To quote Woody Allen, “80% of success is just showing up,” or to rephrase it, to succeed in business, you have to try many things before you get that breakthrough that catapults you to success.
Ask yourself, how many times have you tried and failed so far? What caused you to miss that business opportunity the last time? What lessons can you learn from your failure? Why do you do it? Answer those questions, then dust yourself off and try again till you succeed!
Business ideas are like lottery tickets, you get them, you fail a lot, and then you try again.
Although unlike lottery tickets, with business ideas, you actually have a legitimate chance of making some serious income.
Get out there and pursue some business ideas!
Something we get asked very often here at the Casual Capitalist is: how does Turo work? Today, we want to break this amazing car-sharing platform down for you.
Turo is a peer-to-peer carsharing marketplace that connects private car owners and people who require vehicles all via an easy web and mobile interface.
It was founded back in 2009 as RelayRides and inspired by the other sharing economy companies such as Airbnb. It later re-branded to Turo to reflect the changing nature of its marketplace – where users can rent out or find vehicles for their trips for longer periods of time, such as three, five days or more.
So How Does Turo Work?
On the Turo website and app, users can choose from over 800 makes and models of cars to rent.
Car owners offer their cars in over 250 cities and 300 airports across the country, sometimes with delivery included.
How Does Turo Work With Renting A Car?
Listing Your Car on Turo as an Owner
Renting out your car to travelers is an easy and straightforward process:
How Does Turo Work for Making Money?
When you list your car on the platform, Turo dynamically sets your car’s rental price based on a variety of factors.
This includes your vehicle’s market value, time of the year (for example during the holidays demand might be high), location and other factors in order to maximize earnings for your listing. Alternatively, you can manually set the daily rental price for your car.
Let’s say the market value for your car is around $20,000 and you are willing to rent it out for 10 days a month.
According to the Turo calculator here, you could earn upwards of 4500 in a year!
Your earnings are paid via direct deposit within five days of the trip ending. You can earn anywhere from 65% – 85% of the trip price depending on the vehicle protection package you choose and 90% of the trip price if you have commercial rental insurance and waive the protection Turo provides.
How does Turo work when it comes to listing your car and how much does it cost?
Well, the best part, it’s absolutely free to list your car with Turo. You incur no monthly fees or buy-ins of any kind!
Turo verifies the identity of each traveler and runs complete background checks as an added insurance against anything happening to your car. In addition, they assist you every step of the way to ensure you are earning as much as you can with your car while still enjoying your peace of mind.
And that’s everything you need to know to get started on Turo.
How Does Turo Work: Final Thoughts
So, do you have a car that is just sitting idle in your driveway?
Do you want to create another source of income and beat living from paycheck to paycheck?
Are you a retiree who doesn’t use their car often and could do with some extra income in retirement?
Now you know how Turo works, so check out them now and see if it’s right for you.
It will only take a few minutes, and cost you nothing!