How To Budget And Save Money

Are you looking for ways to stop letting money control your life?

In this video, Stefan provides you with some money management tips for how to budget and save money.

Millionaire Habits You Should Be Doing Now

Rachel Cruz shares some millionaire habits that you can start implementing today.

The 4 Money Principles That Will Make You Rich

Everyone wants to be rich, to have enough money to live and create their dream life without the need to work for someone else to make that money.

But most people believe that it is only the very lucky who will get there, or have to rely on a lottery big win to ensure that happens in life.

Here’s the truth – ABSOLUTELY ANYONE can be rich enough to have the life of their dreams with commitment and dedication.  

All you have to do is know and trust a few simple money principles and keep your eye on your financial goal.

Here are the four principles tried and tested that will get you to your goal.

Step 1: Start investing in your future today and DON’T STOP!

The single most important principle, and the younger you apply it the better, is to pay your future self a portion of every pound you earn right now.

A good place to start is aiming for 10% of your Gross Salary each month to go straight to your future self in Pensions or Investments.

Reason being if you use a portion of your money each month to generate income when you choose to retire from working, you are creating security and income when the days come that you don’t want to or can’t work.

To aim for the Goal of financial freedom and retiring earlier than normal retirement age of 65 – you want to aim for as high a percentage of your Gross Salary as you can comfortably live, and usually at least 25% and above.

Understanding the power of Compound Interest on your money and investments, where the natural laws of time allow your money to grow and multiple faster, is key to this wonder of saving a portion of your money each month.

Normal savings accounts currently offer between 0.1% – 1% interest rates if you are lucky, so do all you can to feel comfortable and research investing in Stocks and Shares to get the maximum return on your money you are investing.  

A good place to start might even be to look at ISA accounts (Cash or Investment) where the government will not charge you Tax on your interest increases up to a limit of £20k a year per person.

If you feel confident enough to – Put your money into the stock market, giving someone else your money for short term to make more money with on their efforts and create passive incomes from your savings too.

Never pass up the opportunity for FREE ADDITIONAL Pension contributions from your employer towards your future.  

Most companies offer additional pension contributions as a way to effectively pay you a higher wage, without the tax costs to themselves.  

If you company offers your matched contributions, make sure you sign up to the maximum percentage you can afford as for every wage you put in they are also adding even more money to it for your future.

Want to become Financial Free? There is even some simple maths to find out the exact amount of money you need to have saved to generate income for life.

Simply take the total amount of money you need each year to live and survive, or have the life of your dreams with, and multiple that by 25 to give you your exact Financial Freedom Goal Number.

Next is to work on a plan to save and achieve it.

Step 2: Spend your money like it was your last penny.

Rich people who stay rich for life spend their money smarter than most people.

They take time to find the best deal, time to consider if they really need that purchase and make sure that it is an investment worth their while and won’t lose money.

Too often we end up mindlessly spending money on luxuries we don’t really need, so perhaps give yourself a 24 hour cooling off period each time you “Click to basket”.

Check if you truly want that item, have found it at the best price possible, before you hit the order button.

Take time to be more mindful with your spending and you will find that the pennies all start to add up quickly to a small fortune.

Step 3: Keep your living costs as low as you can

Minimise all your expenses and keep looking to exchange your hard earned money for what you truly love only.

When you start a journey to financial security or freedom, we need to take time review our spending habits each month and make sure what we spend money on is worth it.  

Regularly look for ways to reduce your subscription spending – think car, home insurance, phone contract costs, credit card charges and ask the company for a better deal.  

You can save potential hundreds of pounds back into your pocket with a 10 minute phone call and a little effort with comparison websites.

Test your spending every few months by taking non-essential bills (such as that magazine subscription or gym membership) and go “cold turkey” for a week or monthly only.  By setting yourself a temporary goal of going without for only a short time, the sacrifice won’t seem so tough and you never know what you might find out about your spending patterns in the past.

Use the 10% Overpayment Rule to get rid of as many debts as you can, if you can without any overpayment penalties.

By paying 10% more on your monthly repayments for any debts, such as your home, car, credit cards and store cards you will very easily and without noticing pay one extra monthly amount towards that debt each year.

That overpayment could take years off your payments, returning more money to your pocket sooner than the bank or company would have liked.

Step 4: Start your own side business.

We live in a world where a single source of income, one job all your life, is no longer guaranteed.

We also live in a world where we have information and resources are literally at the touch of our fingers via the Internet, and absolutely anyone can put in the time to start their own side business.

Look to start a side income to add even more money to build your fortunes with, and also something you are passionate about if possible.

When you are able to control and generate profit from your own business, rather than work for an Employer, there will be no limit to the confidence it will bring in our life and to your earning potential.

By diversifying your household income as much as you can with a few income streams is not only a smart thing to do, but a great way to protect your financial security in the future too with your own talents and merits.

Think about turning a hobby into a small weekend business, or perhaps using a talent from your main job as a freelancer for some income in the evenings.

Over to you now…

Source: https://blog.themoneyshed.co.uk/the-4-money-principles-that-will-make-you-rich/

How to Properly Manage Your Money Like the Rich

It's not about how much money you earn. It's what you do with the money that matters.

In this video, Tom Ferry shares what the best professionals do to manage their money.

Investing for Those Starting at Zero

Over the past decade and a half I’ve had the chance to teach investing and money concepts to tens of thousands of people all over the world. And I’ll tell you, the results for each of these people is exactly the same. As you pursue your journey to become an investor, you can gain an important new vision of how money works. You’ll never look at it the same way again. Your confidence will grow. And you’ll have a great time along the way.

I’m the author of two books, Stock Market Cash Flow and 401(k)aos that help people learn some of the problems they are facing with retirement. I also show you how we can solve these problems.

The road to becoming a successful investor might have some bumps along the way. It’s completely normal. Bumps in the road do not mean that you are failing. It just means you’re on the journey.

With each of my own failures along the way, I have faced a point of decision to either move forward or quit. When you decide to stand up and move forward, you transform that failure into a lesson learned rather than an ending point to the story. I’m so grateful for my mistakes. I know that sounds weird. I’m not saying they were fun, and I’m not saying I want to repeat them.

One of my greatest mentors is Robert Kiyosaki. He’s the author of Rich Dad, Poor Dad, the best-selling personal finance book of all time. I’ve had the chance to work closely with Robert and his personal team during my time as a Rich Dad Advisor for paper assets.

For those who really know Robert, he’s much more than an author. He is an entrepreneur and an investor extraordinaire. One of the most powerful lessons I’ve ever learned from him is this: “We must know the difference between an asset and a liability if we are going to invest successfully.”

My purpose isn’t to help the person who already has millions of dollars. Instead, my goal is to help the single mom starting from scratch. It’s for the father who was wiped out by medical bills and is trying to climb out of bankruptcy. This is for the college student who is struggling to find a field of study she feels passionate about, and deeply wants to become an entrepreneur.

I have started businesses and purchased real estate without any money. The purpose of this article is to help you begin to see how anyone can start at that same beginning point and find success. Whether your desire is to start a business, invest in real estate, trade stocks, or buy commodities, this information is designed to help you achieve your goals even if you have nothing to start with.

At this point in your journey, don’t become too preoccupied with getting across the finish line. Instead, I want to help guide you to the starting line. I don’t believe there’s any one recipe I can hand you that will magically make you millions. What I can give you are the principles used by the rich every single day. As a result, you will gain an understanding of how you can create something valuable from nothing.

In my travels I have met tens of thousands of people who have the heart and desire to succeed, yet feel the heavy challenge of starting at square one with nothing.

Doesn’t It Take Money To Make Money?

All of us carry a lot of beliefs about money, and our beliefs tend to guide our actions, our feelings, and our thoughts. By the time you finish going through the Nine Secrets of the Rich that I have put together for you, I am willing to bet that you will no longer believe that it takes money to make money. If you do, perhaps investing on your own isn’t the right path for you.

There are two reasons why I believe this notion of needing money to make money is false:

1. My personal experience has taught me that it’s 100% possible to achieve good success when starting with no money. I have personally reaped many thousands of dollars in cash flow for me and my family starting with nothing. And I’m going to show you examples of that, large and small.
2. In my circle of friends and mentors, I’ve seen firsthand how other people have accomplished the same thing. They have shown that it doesn’t take money to go out and make money. I’m going to show you many of their techniques, philosophies, and how simple it can be for an average person to do the same thing.
   
   

Here’s even more proof for you. Consider the following famous wealthy people:

• T. Boone Pickens is an oil and gas investor worth about $1.2 billion
• Donald Trump is an icon in real estate, and his wealth is worth somewhere between $3 billion and $7 billion
• Richard Branson is an amazing businessman with multiple companies under his Virgin brand, currently worth about $4.5 billion
• George Soros is known as a master of paper assets (my favorite, of course) and is worth about $20 billion dollars
• And Warren Buffet, perhaps the greatest investor ever, is worth about $53 billion according to Forbes, and he has had success in almost every asset class

Now think about this: What if we took away all of the wealth of these people by taking every last penny from their bank accounts. Where do you think they would be in five years?

Since they don’t have any more money, do you think they would be destined for poverty?

Would we see them on the streets homeless without hope of ever getting it back?

Or do you believe that they would find their way back on top?

When I ask this question to groups of investors, almost everyone realizes that these icons would become rich again. If that is true, how could they do it? If it takes money to make money, how can a person that is absolutely penniless climb up to the highest levels of wealth again?

Is it because of dumb luck happening again and again to the same person?

Or is it because they possess some type of knowledge that other people don’t have?

The Answer Is Education

These people, and many others, have risen to the top for a reason. They have taken responsibility for their financial education and learned how to invest properly and wisely. They didn’t take shortcuts. They continually improved their financial education levels until the inevitable outcome was huge success.

If a person wants to be a concert pianist, the only thing that stands between where they are now and performing on a stage is training, mentors, hard work, and time. The catalyst for everything is education.

You will see that the secret ingredients to every worthwhile investing strategy are education and effort. If you are willing to put in a little work, a little time, manage risk wisely, and get out of your comfort zone, you can begin to experience your own success.

My greatest concern in showing you how to invest with no money is that some people may assume that they don’t have to do anything. There will still be important lessons to learn and legwork to be done. There are no shortcuts. In the end, though, I believe you will find it’s worth the effort.

Source: http://www.richdad.com/Resources/Rich-Dad-Financial-Education-Blog/April-2018/Investing-for-Those-Starting-at-Zero.aspx

Financial Advisor Told Me To Invest Instead Of Paying Debt

That's a big question - is it better to invest my money and pay of my debts with my returns, or should I get my debt cleared first?

You'll get different advice from different people - so who's right?

Check out this great video that should answer this very question for you!

Saving Money On 4 Huge Household Expenses

Most people suggest starting small when you want to save some cash and to go out less and skip your morning coffee. Of course, this works, and it certainly adds up over time, but it’s never going to add up to the kind of savings that most people are after. If you want to start putting tens or hundreds of pounds into your savings account, rather than pennies and the odd fiver, then you need to stop sweating the small stuff and focus on your biggest expenses; Housing, energy, transport, and food. Here are some things that you can do to cut costs.

Housing

Regardless of whether you pay rent or have a mortgage, your housing is likely to be your most significant expense, so starting there is a sensible move. The first thing that you can do is see if you can haggle with your landlord or mortgage lender to get reduced payments. This won’t always work, but sometimes it does and can save you a lot of money if you’re renting. It’s also useful in the short term if you’re on a mortgage, but, of course, means that you’ll be paying off your mortgage for a little bit longer, so think about it properly.

Energy

Energy is another huge money drain, which is unsurprising considering the number of devices that you have plugged in all day every day. To cut down your electricity bill, you need to be unplugging these devices when you’re not using them. You also need to make sure to switch off lights as you leave the room. Gas bills can also get pretty high, so you might want to consider installing double glazed windows to make your home more energy efficient. Of course, this isn’t cheap, but the windows will pay for themselves in no time.

Transport

The value of your car deteriorates over time, so you may want to think about selling yours now and consider other transport options. If your own car is a necessity, then this leasing broker has some cheap deals, many of which are sure to be cheaper than most car finance monthly repayments. This means that you’ll be able to afford a better car for less. If you can survive without a car, then public transport is even cheaper and is much better for the environment.

Food

Without self-control and proper planning, your food bill can get pretty big, so make sure you plan your meals and do a big shop at the beginning of the week, so that you know you’ve got everything that you need, and don’t order a takeaway last minute. If there is something that you buy a large quantity of, shop around and see where the cheapest place is to get it. Signing up for loyalty schemes, collecting coupons, and taking your own food to work can also save you a lot of money over time.

Running a household can get pretty pricey, so cutting the cost of big expenses is never a bad thing. With these pointers, you should find it much easier to do this, so that you can avoid living paycheck to paycheck and start saving up for something fun.

Collaborative Post

Source: https://blog.themoneyshed.co.uk/saving-money-4-huge-household-expenses/

Saving for the Future While Paying Off Debt

Check out this short video on how you can save for your future and repay your debts!

Getting Quick Money Without Diving Into Shark Infested Waters

Every household does their best to be financially responsible. Even though the prospect of raising a child in the 21st century, we do our best to be frugal while still ensuring that our kids get all the benefits we had in our own upbringings along with some of the luxuries and experiences that we didn’t. Thus, every family walks a financial tightrope, week in week out. In the UK, while other economies have weathered the storm of the economic crisis of 2007-2008 pretty well, we still seem to be struggling a full ten years later.  Aside from debt ravaged Greece, we’ve had the most sluggish post-crisis recovery rate in Europe. In real terms this means that while the cost of living (especially rent) inflates, many of us are experiencing the most prolonged wage repression in history, so our wages fail to meet the rising cost of living. And that’s before we even take into account life’s little emergencies.

When the Diesel Particulate filter gets clogged in the car, the plumbing springs a leak or the washing machine breaks down, we need to lay our money on cash quickly. This can cause us to react in desperate ways, and unfortunately there are a great many less than scrupulous businesses that are happy to capitalise on your desperation. In panic we may run headlong into the arms of payday loan companies or less reputable credit card companies. These may be able to offer quick credit, but this inevitably comes at the cost of high interest and hefty monthly repayments. This can be ruinous to your carefully balanced household finances. Here we’ve come up with some ideas to help you lay your hands on quick money without swimming with the sharks…

As we and our loved ones walk the path of life, we find ourselves picking up a lot of stuff on the way. A lot of stuff. So much so that we don’t realise just how much surplus stuff we have until we move house. Some of this stuff brings us joy and enriches our lives… But a lot of it doesn’t. Wander from room to room and do an audit of what you can’t live without and what can go. If you put the effort into cataloging and listing your wares, you’d be astonished at what you can make within a week. Instead of trading in your old phones for an upgrade you can make a lot more selling them on Rapid Phone Buyer. Not only will you get a same day payment, you will get a whole lot more money. If your home is cluttered with too much furniture, stick some of it on Gumtree. Moreover, if your drawers and cabinets are full of unwatched movies, unplayed games, and CDs that haven’t seen the light of day since 1998 (in fact, do you even own a CD player anymore) Amazon Marketplace, eBay or MusicMagpie are great places to get rid of them quickly and for a reasonable price.

Box clever with credit cards

Credit cards can be a helping hand or utterly ruinous. It all depends on your ability to box clever with them. Many cards have low or 0% interest introductory rates and some have instant approval, giving you the number straight away so that you can start using them before the physical card even arrives. Just bear in mind that these rates do not last forever and it’s important that you manage your monthly repayments to clear your debt before this introductory rate expires. If you still haven’t paid it off by the end of the introductory rate, it’s not a huge problem per se, it just means that you’ll have to move the debt onto another card with another 0% interest rate until you’ve cleared it.

Use money making apps

The wonderful thing about living in the digital age is that there are no shortage of side hustles that virtually anyone can adopt and make money from. Unfortunately, however, many of these take time and startup costs to establish, but you can still make money on the side to supplement your income using apps.

Help out your friends and neighbours

Making money in the digital realm is all well and good, but sometimes the old school methods are the best. What did you do when you were a kid and you needed money? You hustled your friends and neighbours. You asked if anyone needed their car washing, their dog walked, their cats fed or their kids babysat while they enjoy a night out. There’s absolutely no reason why you can’t approach these in your free time as an adult. Indeed, there are many freelancers in a wide range of fields who supplement their income doing exactly that which great success.

Collaborative Post

Source: https://blog.themoneyshed.co.uk/getting-quick-money-without-diving-into-shark-infested-waters/

Seven Stages Of Empire - Hidden Secrets Of Money Ep 2 - Mike Maloney

Mike Maloney bares all in the second episode of the Hidden Secrets of Money! 

In this episode he talks about the Seven Stages of Empire... hit play now for a deep dive!

Alternative Ways To Invest In Stocks (That Don’t Require You To Be A Stock Market Expert)

There are lots of alternative ways to invest in the stock market. Some are certainly more complex than others and may require a financial degree to get your head around, however others are relatively simple. Not only that – you don’t need much money to try out these investments. Here are just a few unique ways to make money out of stocks.

Use a robo-advisor

Many people hire a stockbroker to identify the best places to invest, however stockbrokers won’t always guarantee you the best deal – many will choose stock based on the commission that they get from the exchange. Fortunately, there are now robo-advisors that can offer unbiased advice on investing based on hard facts and figures. These are essentially pieces of software that monitor all the stock prices out there to find you the best deal for your needs. It takes all the confusion out of shopping for stocks whilst not having to rely on a commission-hungry broker. That said, most of these programmes aren’t free and charge a small fee for using them. Others are free, but require a minimum account balance. Comparison guides can help you to find the best robo-advisor for you.

Try micro-investing apps

Micro-investing apps are great for anyone regardless of your budget. They save up your spare change in a savings account and then use this to make small investments in available stocks. These apps recommend the best places to invest and you get to choose whether or not to invest in them. They’re essentially robo-advisors on your phone that also encourage you to save up money to invest with.

Try spread betting

Spread betting isn’t so much a form of investment but rather a form of gambling based on how much you predict a stock will rise or fall. Spread betting in the UK is becoming more popular and there are software programmes out there that can help you get into the swing of it. Such programmes can weigh up the risk of whether a stock is likely to rise or fall. You can do spread betting with commodities like gold and oil and foreign currencies.

Join an investment club

Investment clubs allow you to put money in each week into a pot. This money is invested with and the profits are then shared out amongst everyone. By teaming together, investment clubs are able to take advantage of stocks with high minimum investments that might otherwise be too expensive to invest in alone. This is only one form of crowdfunding and there are all kinds of other groups such as mutual funds groups and real estate investment clubs for investing in property. Some investment clubs may be aimed primarily at the rich and may require high weekly contributions, however others may only require a small contribution each week.

Collaborative Post

Source: https://blog.themoneyshed.co.uk/alternative-ways-to-invest-in-stocks-that-dont-require-you-to-be-a-stock-market-expert/

Money vs Currency - Hidden Secrets Of Money Ep 1 - Mike Maloney

In this first episode of the Hidden Secrets of Monday series, Mike Maloney talks about money vs currency.

Are they not one and the same? Check out the video to find out!

A Guide to UK Property Bonds

There are loads of investment opportunities available, offering varying levels of risk and rates of return. Property investing remains one of the most popular, however, particularly given the returns available in the UK market. Property bonds are one of the options you have if you want to invest in UK p

What are UK property bonds, however, and how do they work? We’ve got the answers to your questions.

What Are Property Bonds?

With a property bond, you invest in part of a property development. Your investment is typically secured by an asset, such as the land the property will be built on. Developers can issue multiple property bonds on a single development. As a result, the cost of individual bonds is relatively low – considerably lower than the cost of the overall development.

How Do Property Bonds Work?

Developers issue property bonds for planned developments to raise funds for the construction work. In other words, property bonds are an alternative source of finance for the developer.

The bonds are usually issued for a fixed term, often in the region of three to five years. The fixed term is typically set for a period of time that allows the property developer to complete the construction and generate a return.

How Do Property Bonds Generate a Return?

The returns you get from a property bond investment typically come from the developer completing the property and then selling it. The returns you get may also be funded from rental income generated by the property.

In other situations, developers will generate returns for property bond investors by refinancing the property.

Who Are Property Bonds Suitable For?

There are two main types of investor that property bonds may be suitable for:

• Small investors
• Hands-off investors

Small investors are those who don’t have access to the capital required to make a traditional property investment. Traditional property investments include buying land and building on it. Alternatives are purchasing properties to renovate and sell for a profit or purchasing properties to rent as a buy-to-let landlord.

The amount of money required to invest in a property bond is often much lower than traditional investments, making property bonds an option for smaller investors.

Hands-off investors, on the other hand, can invest either small or large amounts of money. In fact, a hands-off investor could have enough capital to invest in a property bond that covers the entire cost of development.

Hands-off investors choose property bonds because they don’t want to become involved in the actual development work. This could be for many reasons, including not having the time.

Are There Any Risks?

All investments carry risks, and there are risks when investing in property bonds too. Whether this investment is right for you depends on your personal circumstances. You should get advice on these matters before deciding to invest.

What Should You Do Now?

If you decide property bonds are an investment option you would like to explore further, you should research the market. There are many property bond products available, and each is different.

Finding the right opportunity, however, can get you into the property investment market and will generate a return.

Collaborative Post

Source: https://blog.themoneyshed.co.uk/a-guide-to-uk-property-bonds/