Archive for November 2020

Tips on How to Stop Accumulating Debt

Learn the tips you can take to stop accumulating debt now!

hands in the air sinking into an ocean

As a consumer, you know it is very easy for you to have debt. It might take a very short time for you to have thousands of dollars in debt, and what is worse is when it comes time to pay them off.

Debt cases are increasing every day worldwide. It is very hard for people not to get into debt, especially when one has too many responsibilities that require money, such as education and health.

Even though having a little debt is not a bad thing, you can prevent yourself from accumulating large amounts of debt.

There are times when we need to make a purchase for our comfort and health needs.

For example, we might need a new mattress to get our good sleep. The smart thing is to look for a sale, such as a Black Friday mattress sale, and try to pay for your purchase in full. If we can’t pay for it in full, then try to get it paid off as quickly as possible.

Types of Debt

Did you know there are different types of debts? Well, there are good debts and bad debts.

Debts that are regarded as the bad ones are those once taken are accompanied by a huge percentage of interest. For instance, if you purchased an item through debt, you will pay more than the original cost due to the huge amount of interest. Bad debts can hinder you from getting loans when you need it.

The debts referred to as the good ones are the ones, if taken, will add more value to you in the future, such as loans to get an education and buy a house. This kind of debt usually has small repayment interest.

Reason Why People Go Into Debt

To understand the best strategy for you to prevent debts, you must know why people get into debt. Some of the most common reasons include poor spending techniques, medical expenses, reduced income, and inadequate saving methods.

Strategies You Can Apply to Avoid Accumulating Debt

The following are some of the best strategies that you can apply to avoid or to get out of accumulating debts. If you’ve already accumulated debt, learn what you can do if you have too much debt

Never Buy Anything That You Can Never Afford

Buying assets such as a home is one of the major decisions that one can make financially if you are not careful to make a wrong decision. You probably can qualify to take a loan to buy that home, but you should never be in a rush; instead, think through your decision and ask yourself if you can afford the loan you are about to take.

You should know that you should never spend more than thirty percent of your monthly income on repaying a loan. Instead of buying a big house, it is advisable to buy a small house that is not stressful to raise money to reduce the risk of having accumulated debts.

Read: the value of sensible debt.

Live Below Your Income

When you have to purchase something such as a car or a house, you must take a loan to purchase it. You can decide to do away with or reduce some items you buy for a month or year.

You can eliminate your monthly subscription services, do away with entertainment, and other unnecessary spending. Cutting down on some things means that you will save more and you will be able to afford important items without getting into any debt.

Apply for Scholarship

If you are a student, education is very important, but you can apply for a scholarship instead of taking loans to facilitate it. Even though having a loan to ease your education is good debt, you do not have to accumulate debt that you will fail to pay in the future.

If worse comes to worst and you fail to get a scholarship or a sponsor, you can apply for part-time jobs to raise money to facilitate part of your education fee.

Get Good Insurance

In recent years, one of the major causes of having huge debts is health. Even though no one wishes to sick, it important for you to be prepared because no one knows what can happen tomorrow.

If you fall sick and aren’t prepared for it, you can get into huge debts that might be very hard for you to get out of. If you invest in a good insurance policy, you stand a chance of reducing future debts should you fall sick.

Learn how to save money on health care costs

The good thing with the insurance is that you do not have to deposit thousands of dollars. You have to come up with a good plan where you can be depositing a few dollars a month, which can save you big time in the future.

If you wonder how you can avoid accumulating debts, then wonder no more as the above tips will help.

Get Out of Debt in 5 Easy Steps!

Have you had problems with debt in the past? What have you done to relieve them? Comment below and let me know!

Types of Personal Finance Goals to Help You Reach Freedom

a computer with papers on the side and text overlay

The global crisis has shifted the way we think of many things we used to take for granted. Finances are one of the top concerns during times of uncertainty.

Many people have lost their jobs due to the outbreak. They are now deeply worried about savings, expenses, bills, and the usual do’s of any person of legal age. The landscape is more worrisome for those with children and relatives, depending on their income.

a computer with papers on the side and text overlay

How Can You Master Your Finances?

In this article, we will teach you some key pieces of advice you should embrace in 2020. It all starts by taking one step at a time. You start small, but eventually, you will get to your personal financial goals. First, let us summarize what kind of goals you should set: personal, professional, or other. The following are some examples you can note down:

  •  Become financial free in 10 years,
  •  Save up to 30% of your income,
  •  Be able to spend holidays every year.

Of course, financial milestones vary from one person to another; you should focus on finding yours. What makes you happy may not work for someone else. Take a moment to write down some long-term personal finance goals you’d like to achieve.

man holding spread out 20 dollar bills in his hand

Top 5 Tips to Master Finances

Now that you have a big milestone in mind, you can start working towards it. You can rely on payday depot to get your goals sooner. Their short-term loans can come quite handy in times of low liquidity.

These are some powerful tips you can embrace in 2020 to excel at your personal finance goals:

  1.  Increase your savings up to 20%-30% of income,
  2.  Reduce expenses to a viable minimum,
  3.  Work on a side job or a side source of income,
  4.  Manage your money with care and attention,
  5.  Remember that money is not everything that matters.

While having a comfortable lifestyle is good for your health, you need to avoid taking it too far. You need to find a balance between money and comfort in your life. For some people, this implies working 9-to-5; for others, it may suppose traveling the world with a bag. It depends.

Think of what you’d like to focus on. Do you want to improve your professional career? Do you want to help your relatives? Do you need to spend time somewhere else to relax? Then, focus on this financial goal until you reach it.

woman standing with her arms stretched out looking at the sky

Financial Freedom is Possible

First, what does financial freedom mean? This term is commonly used online and refers to a state where you, and only you, are the owner of your money.

This is a condition most people may dream of, but only the most constant in the will can achieve. You need to stick to a method of your own to make it happen within some years.

For instance, start saving today for a course, for those holidays, or your retirement. In some years, when you have an amount of money to sit on, you will thank yourself for this decision and all the effort.

What’s more, you may be able to live from your savings if you reach the needed cash. In that case, you could also think of helping your loved ones close to you. Isn’t financial freedom wonderful? Get started today.

Read More About Personal Finance…

Comment below and let me know about your personal finance journey!

What’s the Story Behind Tim Sykes?

photo of man sitting inside a car with a computer in his lap

photo of man sitting inside a car with a computer in his lap

Source: Tim Sykes’ Instagram

Tim Sykes is a name that stirs up quite a debate among stock traders. Some view him as an overhyped wanna-be rich kid that can’t go more than three Instagram posts without posing in front of a private jet or bragging about his supercar.

Haters are going to hate. And that’s fine. To each their own.

via GIPHY

But anyone that has taken the time to get to know Sykes through his stock programs and videos will quickly understand he is much more than flashy cars and exotic vacations. The real Sykes is a hard-working penny stock pro that earned every dollar by providing value to anyone who wants to learn from his experience.

And he also happens to have an excellent taste on how to spend his money. Check out this story.

Why Tim Sykes Teaches Instead Of Trading

There is a famous saying that many think apply to Sykes. The saying goes “those who can, do; those who can’t, teach.”

If Sykes is such an incredible penny stock guru why would he be wasting his time selling $300 courses? Surely, a trader like Sykes can make 30 times that amount before lunch — on a slow day.

This is a legitimate question on the mind of the vast majority of would-be students. Watching a few hours of his videos and interviews leads to the conclusion that Sykes is looking to create a business. No, an empire.

Sykes made his millions before graduating from university. He made even more money afterward and from what I observed, the novelty soon wore off. What’s the difference between $3 million in the bank and $4 million?

I wouldn’t say Sykes got bored with full-time trading, rather he recognized his unique skill can help others achieve their financial goals.

Sykes wants to find people who will dedicate a year of their life to studying HIS techniques, principles, and strategies. You can tell he doesn’t fake the pride in his voice when talking about his apostles who made millions of dollars like Tim Grittani.

Sykes made a select few people very wealthy, many more people have become rich, and even more are living a comfortable life trading from their homes.

Sykes Sells What He Knows

What I like the most about the many products Sykes sells on his website Profit.ly is that he sells knowledge. He isn’t selling cheats, hacks, unicorn dreams, or made up strategies that make sense only on paper.

Sykes doesn’t believe there are any shortcuts to success in trading penny stocks. Because there aren’t, as many unprepared traders can attest to. I could have been one of those that felt mentally prepared to conquer Wall Street after watching a few free tutorials from other educators only to have my account blown up in days.

Everyone quickly realizes that when it comes to anything free, you get what you pay for.

What’s great about Sykes’ educational program is how it is divided up by topic. Sykes teaches some of the basic courses, like how to short sell a stock and how to best identify stocks that are poised to breakout.

Sykes puts everything on the table in his videos. What he knows, he teaches with passion. Imagine being able to learn the inside strategies scoop on what it takes to make millions of dollars?

Sykes also counts on a select handful of other hand-picked trading gurus to diversify a bit from Sykes’ penny stock expertise. They offer the same passion Sykes brings, especially when it comes to some of the shall we say less exciting topics. One that particularly comes to mind is how to read a U.S. Securities and Exchange Commission regulatory filing.

Michael Goode, a millionaire student of Sykes, mastered how to analyze SEC filings to identify potential stock scams. Personally, I find this to be one of the more important videos because let’s be honest, few people want to learn about SEC filings and even fewer want to read them.

This creates a unique opportunity to make money where no one else is looking. The concepts learned can apply for day trades, swing trades (days to a few weeks), or to long-term holdings.

Final Takeaway: Learning Is A Long Process

Anyone that spends a few weeks reading how to play the piano won’t expect to be any good at first. The same holds true for trading.

There is actually a theory popularized by New York Times bestseller Malcolm Gladwell that states it takes 10,000 hours of practice to master a skill. While the exact figure has been hotly contested over the years, it is evident that new traders need thousands of hours to hone their skills.

Sykes couldn’t make it any clearer that he isn’t interested in anyone who feels otherwise. Anyone looking for a get rich quick scheme needs to find another teacher. The path towards becoming a profitable long-term trader is not possible without putting in the extra homework when the market is closed for the day.

Sykes can only teach those who want to learn so much. Successful trading is about mastering techniques that can be duplicated over and over and over again. But the only person who can perfect the strategy through proper risk management is you.

Sykes can’t and won’t trade your money. But he can give you all the knowledge needed to succeed. The rest is up to you.

5 Landscaping Strategies to Deter Burglars

5 Landscaping Strategies to Deter Burglars

One of the most important aspects of deterring burglars from your home is ensuring your exterior is designed to make a break in more difficult. There are many steps that homeowners can take to make their abodes less appealing to potential thieves. Here are five landscaping strategies to deter burglars.

photo of a front porch in the dark

Keep Bushes Trimmed Around House

There are a couple reasons why keeping the bushes around your house under control can help deter burglars. First, overgrown shrubs are a great place for robbers to hide. No matter the time of day, someone can conceal themselves between your home and some thick foliage, and completely evade detection.

Shaggy plants can also be a signal to burglars that you aren’t paying attention to your home. This might make them more likely to choose your home over one that has an orderly front yard.

Additionally, an unkempt lawn can be a sign of someone being out of town. This is something burglars look for when finding potentially vulnerable homes.

Strategically Plan Your Shrubs and Perennial Plants

Maybe you don’t want to be constantly trimming the bushes and trees around your home. Actually, unless you’re a true green thumb, you probably don’t want to be doing this at all.

This is where a bit of planning can come in handy. If you’re going to have bushes or shrubs right next to your house, try to pick ones that aren’t super thick, or else have some sort of defensive mechanism. For example, rose bushes can be a great choice because they have sharp thorns. Even the most dedicated of burglars isn’t going to want to wade through a weave of spikes.

It might just be a better idea to have no large shrubs next to your house at all, as this completely leaves burglars exposed to detection.

Get a Home Security System

A home security system is great for lowering the amount of time a burglar is willing to spend inside a home. This makes it more difficult for them to find your most valuable items, since they know they only have a few minutes before the police arrive.

There’s another benefit to a home security system: the decal. Sticking a home security sign in your yard or front window will make your home much less appealing to potential criminals. In fact, about 60 percent of convicted robbers in one study said a home security system was a deterrent for them.

While this isn’t necessarily going to increase your home’s curb appeal, it will keep you safer from intruders. Plus, having a home security system can lower homeowners insurance rates.

Speaking of insurance, during this time of uncertainty, it is important to make sure you have the right insurance that is responding to the situation.  Read a little more about homeowners insurance and COVID 19.

Related Article: 5 Hacks for Saving on Homeowners Insurance

Put Up a Fence

It can be expensive, but building a fence is one of the best ways to keep out potential burglars. There are a few things to consider before you decide on a fence.

Despite what you might think, a thick wall, or solid fence isn’t necessarily the best choice when it comes to home defense. These are typically easier for a burglar to get over because they have no give and provide ample footing. Better options are fences with vertical metal bars or chain-link fences with a solid foundation.

Install Some Exterior Lighting

It can be expensive and wasteful to leave exterior lighting on all night. For some people, however, doing this is necessary for their peace of mind. There are some other options to consider that are a bit less extreme, and can provide equally effective results.

Consider attaching your exterior flood lights to motion sensors. This will cause them to only go on when they detect a significant level of movement. By doing this, you can get the benefit of a lit yard, without wasting too much energy.

These are just a few things you can do to help keep your home safe from burglars. Your landscaping is a great place to start if you’re trying to make your home security air-tight.

 

Have you ever been robbed? What do you do to protect your home from burglars?

 

Photo courtesy of: KristopherK

Securities Demystified

When learning about investing, people hear a lot of terms. It is easy to get confused. When discussing securities, you’re basically just talking about things you already know but haven’t realized it. Equities fall into two basic categories and combine to make a third category. The following is a brief overview of these categories and if you’re interested in actually investing, you should talk to someone with tax trader status. It’s important you get advice before putting any money into any form of investment.

Equity Securities

Equity securities refer mostly to stocks: publicly traded shares of ownership of a company, partnership, or trust. The investor makes money from selling the shares at a higher price, also known as capital gains, or by receiving a dividend from the entity issuing the shares. Dividends are a portion of the entity’s profits spread out amongst the shareholders.

In short, equity means profit, so buying equity security means you have a way to make a profit from the investment. Be aware of any profit made from investing in equity securities, because they can be subject to taxation, even dividends. This is called a capital gains tax, and it can be anywhere from 0%, 15% or even 20% depending on income and filing status. Make sure you get help when preparing your income tax return in order to avoid having a high tax bill because you made a mistake somewhere.

Debt Securities

Debt securities mainly refer to bonds. This doesn’t mean you go into debt investing in these, not unless the entity issuing the bond goes out of business. No, it refers to the fact the entity issuing the bond goes into debt issuing the bond. They are using the bonds as a way to raise money, and when the bond comes due, they owe you the money you loaned them plus interest. Bonds are safer than stocks, but only if the entity remains solvent over the life of the bond.

Hybrid Securities

Hybrid securities are a combination of both stocks and bonds. An example of a hybrid equity security is an equity warrant. These allow shareholders to buy shares at a special price during a specific time such as a limited time sale on shares.

An example of a hybrid debt security is a convertible bond. These are bonds that can be turned into shares in the issuing entity. Entities will issue convertible bonds when their money is tight but their stock is on the rise. The bonds are converted into common stock shares in the hopes the price of the stocks they are converted into will be higher than the market price of the stocks thus encouraging the holder to sell. This then greatly reduces the entity’s debt.

Five Ways to Invest for Retirement is a great article to read about the basics of investing if you want to do further research on the topic of investing in general. The author, and the site, both have a lot of useful information about investing, and not just in securities.

To learn more about securities and the market they are traded in, Investopedia.com explains more about the SEC, the Securities and Exchange Commission.

The information above is just a trio of the types of securities you can invest in. There are more, far more, but these are the best ones for the beginner. They will help you get a toe wet in the ocean of investing and get some experience to keep you from drowning. Securities trading and investing isn’t something to be scared of. They are just another vehicle to make money for retirement, or anything else you need money for and have time to save.

This article is only intended to inform, not to advise. Investing is not a sure-fire way to make money, and everyone has their own reason for wanting to invest. Knowing how much you have and how much risk you want to take, along with having more than a passing idea of what investing entails, will go a long way in helping you make wise decisions about what to do with your money.