Tagged With "financial fitness"

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Re: What is the worst financial advice you've ever received?

Moore Income ·
I think some of the worst advice for making money a lot of people talk about and is kind of the first advice you run into when you get started online. That advice is to go and do surveys and use other similar sites. While these all have their place, when you really look at how much time it takes, and how little you get, it is really not a viable way to "make money". You would be much better off just getting a second job that you only worked 1 hour a week. I am pretty sure you would probably...
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Re: What is the worst financial advice you've ever received?

Briana ·
Ooooh! Love this question. Mine would probably have to be -- "It doesn't matter what you do with your money right now, as long as you save for retirement, you'll be fine." I think it's so easy to think what you do now won't impact your future, or that you can always make more money -- but I'm glad I learned the value of creating healthy financial habits now so I don't have to worry (as much, hopefully) later!
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Re: What is the worst financial advice you've ever received?

Former Member ·
When I was a broke newly married college student I spent a lot of time reading up on how you could make money by getting your car wrapped in advertisements. I could get paid to drive around! Sadly most of the programs that were hyped up online required you to pay to get more info. I never fell for that scammy part but man, I wasted a lot of time on that research!
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Re: What is the worst financial advice you've ever received?

Duane ·
The worst advice I ever got was to go with a debt settlement company! My experience with what I thought was going to be a help, ended up being a nightmare. My credit was ruined, and my creditors had no patience with me, when they found out, I had chosen a debt settlement company. It was one of the worst experiences of my life, and caused me extreme stress and discomfort!! The lesson I learned was that there is no short cut to paying one’s bills, and that if a medical emergency comes up, and...
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What is the worst financial advice you've ever received?

BeckAtsila ·
I'm feeling playful today--what is the worst financial advice you've ever received? Mine was so bad it was epic and funny, at least to me. I am a professional author of a trade paperback and two e-books, one of which is self-published. This "make a six figure income and travel the world" guru wrote that you could get a six figure income by hiring a ghostwriter (I've done that, too) to write 100 books and sell them on Kindle. This is funny to me because of what all goes in to writing a book.
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Re: Who taught you your most important money lesson and what was it?

Moore Income ·
Pay yourself first. This I learned from many books and successful people. It is a principal that truly works when you start applying it. There is a lot that could be said about it but the best book I have read on the subject would have to be The Richest Man in Babylon. You can find it on Amazon but if you want to save some money and get more books for less, I recommended Thrift Books.
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Re: Who taught you your most important money lesson and what was it?

AverageJoe ·
If we tithe to a local church, how do we pay ourselves first? Should we come directly AFTER the church, and then bills, food etc? Just curious on your take on it.
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Re: Who taught you your most important money lesson and what was it?

Moore Income ·
Good question. I personally view tithing as giving back a portion to God in thankfulness for what He has given me. Therefore I would apply the principle of paying myself first after tithe. For those of us who do this, it means we have to learn to live off of only 80% of what we earn instead of 90% but I think it is a good way to learn to live below our means. And if you practice the principle of tithing first, you can trust God's promises in His Word to take care of those who holds Him in ...
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Re: Who taught you your most important money lesson and what was it?

Sewspcl ·
My mother. She always said make a trash small. Save your pennies, pick up a penny. Water down everything to make more including soup, spaghetti sauces, gravies. We made and popcorn and VHS tapes to entertain ourselves. Always pay yourself 1st period try saving $50 a week by the end of the month you've got $200. If not weekly try bi-weekly. Don't throw out old clothes just cut them up and make a blanket or throw. Being thrifty doesn't mean being cheap. Because you always end up with more...
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Re: Who taught you your most important money lesson and what was it?

Sewspcl ·
Pay yourself 1st then pay your bills and tithing. Is not ego it's economics. If you get sick because you're not eating could you can afford food but you going to church every week who are you helping? Let go of ego and pay yourself 1st. Then get back to others. Make sure the church that you are giving to does not squander your money on wines and fine china like my church did.
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Re: Who taught you your most important money lesson and what was it?

Moore Income ·
@SEWSPCL Interested in understanding why you consider it "ego"?
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Re: Who taught you your most important money lesson and what was it?

BeckAtsila ·
"Pennies add up to dimes, and dimes add up to dollars." My across-the-street neighbor when I was 4.
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Re: Who taught you your most important money lesson and what was it?

KellyFromKeene ·
I cant think of a particular person- but I can think of things I learned from several people. My parents taught me that tithing is important, although I have not always done that. My ex taught me that I don't need a lot of things to be happy- after I lost it all in a divorce. My boyfriend taught me how important it is to save and plan for the future. My kids taught me that people are the most important thing and that everything else is a distant second.
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Re: Who taught you your most important money lesson and what was it?

FreebiePharm ·
I would say my parents but by doing what they didn't do. I prefer not to spend my money, I am always looking for ways I can obtain things I need for free. The only financial footstep I followed was buying a new car and having that debt, which I wish I had never done. I should have bought a used car and had it paid off.
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Re: Who taught you your most important money lesson and what was it?

Kenny Mathe ·
To pay myself first is the good idea for example if may salary is less do I have to pay half of my salary to make my tithe and I would be left with nothing to pay my bills and my children remain without food in the house.If I pay what I can afford is it a problem
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Re: Who taught you your most important money lesson and what was it?

Bonnie Squires ·
Once I get my tax return I putting a good amount of money in the bank. Once I get a bill from my old place paid off than that will go into the bank account it wont be much only $10 a week but that an extra $40 a month in the bank.
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Who taught you your most important money lesson and what was it?

Briana ·
Growing up, I didn't necessarily have one specific person I leaned on for financial advice. But I spent a lot of time watching how my own parents struggled, which taught me that I didn't want to do the same. Now, I actively pay attention to what I can and can't afford and how to set myself (and my future family) up for more financial success. What's one money lesson you've taken with you?
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Re: Financial Accomplishments (SHARE YOURS)

Former Member ·
A recent win for me was that I figured out how to put an extra $230 payment on my car each month. I had been making good progress to pay my loan about 2 years early, and now I'm even closer - she should be paid off by July! (Yes, my car is a she. Her name is Birdie, short for Snowbird, because she's white and I bought her right after I moved to Florida.) Once that's done and I allocate those funds toward other debts (I hate my student loans so much), I also want to put aside money for...
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Re: Financial Accomplishments (SHARE YOURS)

KhiemKhiemosabiNguyen ·
I finally automated my distributions out of my paycheck into my savings and Roth IRA! And for the first time, I increased those distributions by 1% each, totally 22% of my paycheck paying myself first! Even though my paycheck looks smaller, it prevents me from spending more because I already took it off the top!
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Re: Financial Accomplishments (SHARE YOURS)

Bonnie Squires ·
I've put $1,000 in the bank. Paid $500 and $750 on 2 credit cards off. Paid a bill of a $118 off which the $10 will go in my saving each month. The 2 credit cards I paid off that money will go to paying other credit cards off. I paid for my domain name for a year and hosting for 3 months. Instead of swapping my bank card i've been pulling a certain amount off my card and what ever change i get back i put that up and once the money gone i don't spend any more unless we need some thing food...
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Re: Financial Accomplishments (SHARE YOURS)

Anna Matetic ·
We have taken better control of our budget. I think I got the idea of "sinking funds" from a Penny Hoarder post. We figured out all our bills that are not monthly (car insurance, garbage bill, etc) and figured out a monthly payment for them. We have a separate account for that money. It broke us of the habit of raiding the savings account when we had a bill like that. So now savings grows without interference and we have money set aside when these bills come up!
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Re: Financial Accomplishments (SHARE YOURS)

Mary G ·
My life mantra:a drop turns into a puddle, a puddle to a pond, a pond to a lake and a lake to an ocean! Make every dollar work for you...Citibank 2% cash back cc. Charge everything and pay bill in full every month. Over 6 yrs we have earned over $7000 in cash back points. Pay as many bills as possible with the cc. We’re very frugal...shop at 2nd hand stores, order ice water when we eat out, etc...it’s the little things that add up. We’re super savers putting away over 30% of our earned...
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Re: Financial Accomplishments (SHARE YOURS)

Bonnie Squires ·
MARY G sounds like you have a really good plan there.
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Re: Financial Accomplishments (SHARE YOURS)

Moore Income ·
@Mary G Sounds like you are putting to practice some great financial principles. I am still learning and just starting to put into practice good financial principles for a better financial future.
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Financial Accomplishments (SHARE YOURS)

Moore Income ·
Every small step in the right direction is one step closer to the goal! When it comes to financial fitness, every accomplishment (no matter how small) is important, as it helps you create a better financial future. Even something as small as not buying a coffee and instead putting that money you would have spent into savings is a financial accomplishment worth celebrating. The more times you do these small things, you begin to create good financial habits that you will carry with you the...
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How to Organize Your Financial Life With a Budget Binder

Ashlee ·
Having troubling keeping up with everything in your financial life? A budget binder can help. Here's how to make one! Have you tried this approach to budgeting? I would love to hear more about your budget binders.
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Re: How to Organize Your Financial Life With a Budget Binder

AverageJoe ·
Excellent idea! I haven't seen anything that compares with it. It's easy to use and tracks everything one needs to track. I'd recommend it to my friends and family if they were looking for a way to track expenses.
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Re: How to Organize Your Financial Life With a Budget Binder

KellyFromKeene ·
That is very similar to The Budget Mom's Budget by Paycheck Method/Workbook. Great ideas, and it has been working for me and a friend who has been doing it with me. The binder is good to personalize it- I use the pictures that track savings for specific expenses, but they are not part of the workbook. The binder is great- you can start right away and its a small investment to make it work for you.
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Re: How to Organize Your Financial Life With a Budget Binder

Olivia ·
Our budget book is a life saver. The great side benefit is it keeps communication open between my husband and I. We always know what we have in each category and can make decisions accordingly. If we don't have it, we don't spend it. Once we decide on what to put into each category, the budget is the "bad cop" and keeps us in line.
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Re: How to Organize Your Financial Life With a Budget Binder

Ashlee ·
I love that you use the budget as the "bad cop" for accountability @Olivia . Such a great idea to prevent finger pointing when things aren't going well in a certain category. My family currently just uses an excel spreadsheet, but I may have to incorporate pictures like you do @KellyFromKeene and start a binder. Having something you can flip through/hold in your hands with great visuals makes budgeting sound more fun!
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Re: How to Organize Your Financial Life With a Budget Binder

MountainFan ·
After reading some of The Budget Mom's posts, I was looking into making something like this for my home. I was so happy to see this article from The Penny Hoarder shortly after, it was uncanny! I like to combine this idea with bullet journaling a little, making my own mash-up version. I love it.
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Re: How to Organize Your Financial Life With a Budget Binder

KellyFromKeene ·
@MountainFan , I'm a big fan of TBM. So glad I found her method!
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Re: How to Organize Your Financial Life With a Budget Binder

Zara Zoey ·
It is really helpful! Considering I have had a stressful year! Hopefully my 2019 resolution would be to organize with a budget binder.
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Re: How to Organize Your Financial Life With a Budget Binder

Moore Income ·
This is really helpful information. Budgets have been the hardest thing for me to keep when it comes to financial fitness. 2020 is going to be the year my wife and I change that! My wife and I have been good about tracking all our expenses on paper but having a budget binder that tracks multiple different aspects of your finances in an organized manner will be really helpful for us!
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Re: How to Organize Your Financial Life With a Budget Binder

Leslie Kay ·
I am starting a new budget program on the 1st of the year. I have tried everything I believe just going back to paper and pen may be a good option for me as well. Thanks for the info.
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Re: How to Organize Your Financial Life With a Budget Binder

charlottel ·
Love using the Budget Binder. it really spells everything out for you to see it on paper and how much you are spending in a certain area.
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Re: How to Organize Your Financial Life With a Budget Binder

sthom ·
I like this Budget Binder idea and it's similar to what I've used in the past (not a book, but spiral college notebooks) and would have continued to use ...if I hadn't gotten used to and spoiled with Mint and my Excel spreadsheet. The outcome/effect is the same, but now I don't have to worry about amassing more paper to the heaps I already have. My brother uses a Budget Binder similar to this. I think I'll send him the link and see if he wants to try this one out. Thanks for posting this...
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Re: How to Organize Your Financial Life With a Budget Binder

Jobelle Collie ·
I used this method from 1978 to 1998, when I got my first PC and Excel. I watched my Parents and Grandparents use the Budget Binder for both their home and business budgets. I still have them and think back on the amounts. My Grandparents mortgage was $16/month and they worried all through the Great Depression. My Parents mortgage was $121/month and their Parents thought they were crazy in 1959 to go into debt for a $7000 home! I look back at my budgets and saw I only earned $525/month in...
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Re: How to Organize Your Financial Life With a Budget Binder

Jobelle Collie ·
The first few months of living on a budget or spending plan is difficult. Because you see money in the accounts and you see something you’d like to buy. But remember, the money left in the accounts IS money already spent (earmarked) for a bill that will arrive in the future. If you can stick to the budget for the first few months, I PROMISE financial life will get so much easier! When the bills are all paid, you will sleep sounder and you won’t fret over an upcoming event. Birthdays and...
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Re: How to Organize Your Financial Life With a Budget Binder

Olivia ·
Hello Jobelle! Thanks for your notes. We never made much, so it's taken a while. We found the first couple years of budget keeping to be a bit hairy as we tried to figure out how to handle unplanned expenses. Like the car dying, or having a preemie with medical issues. Since then, setting up an emergency fund really helped. It's taken years of incrementally paying these unexpected expenses off and careful spending to finally have one. We plan for what we can, (the next car), and finally have...
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Re: How to Organize Your Financial Life With a Budget Binder

Jobelle Collie ·
Olivia, I hope your baby is growing up and thriving! My granddaughter was born with complications and ten days in NICU made a bill close to $800,000! Thankfully, all members of our family chipped in and paid that bill in full. It’s only because we are budget nerds for generations that allowed us to pay that bill. I’m glad your family has an emergency fund in place for those times when “Murphy” moves into the spare bedroom. I hope you and I can spread the benefits of having a budget in place.
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Re: Reading Goals

Melinda Longtin ·
I do not have specific reading goals, but I read and write all of the time. As a blogger and a poet, it is important to constantly be honing my craft and keep learning in general. However, I have a book ownership goal: Read and sort through/donate enough books to make it possible for all of them to fit on my bookshelves. Nice sources for free or inexpensive books: OnlineBookClub. They provide books in their daily gift card giveaway contests (Reading samples of or downloading the books they...
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Can Budgeting Come with Baggage?

The Saving Scientist ·
Similar to how we enter into new relationships with some of our own baggage, we tend to do the same with our relationship with money. One area that often carries the most is budgeting. If I can draw parallels with emotional baggage, our mindset about budgeting may simply be caused by our unwillingness to address unresolved issues and fears. Is the stress of creating a budget caused by the fear of having to face the amount of debt you owe? What if it’s too overwhelming? Are you delaying your...
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Re: A beginner's guide to investing

BeckAtsila ·
I learned everything I know about investing from the Indianapolis-Marion County Public Library. Check your library for books on investing, especially "A Random Walk Down Wall Street" by Burton Malkiel and "Millionaire Teacher" by Andrew Hallam. If you're not a reader, both basically say it's almost impossible to beat the market and you should aim to match the market by buying a diverse index fund. I've managed to invest on $8.50 an hour through Stash, and I keep an emergency fund tied up in...
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Re: How did you get started working towards your financial goals?

Moore Income ·
"Pay Yourself First" was definitely a big one for me. Although it took me a while to fully grasp the concept. I started learning about it but was hesitant to apply it to my life. I got married last year which was a huge change for me but it also opened my eyes to my lack of financial knowledge and the need to get things under control. Fear was partially a motivator. The fear of getting further in debt and becoming another statistic. Fear of not being able to live a fulfilling life because of...
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Re: How did you get started working towards your financial goals?

BeckAtsila ·
I second "The Richest Man in Babylon". I do something similar to what you do--I get paid on Fridays and each Friday put aside a small amount of money into the Stash app--I'm saving up for a trip to Iceland. I work in the restaurant business and get free food and free coffee, which helps out with my grocery bill. Right now I'm concentrating on paying debt, but had to raid my emergency fund for this month's payment because my hours at work got cut due to road construction. I have several side...
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Re: How did you get started working towards your financial goals?

Briana ·
I love Stash! It's helping me save for my Greece trip right now too. I want to check out this "More for Less" cookbook -- I've been searching for something exactly like this so thank you for the recommendation! If you have any money-saving travel tips, feel free to share! I'd love to hear them =)
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Re: How did you get started working towards your financial goals?

KellyFromKeene ·
I went through a time where life just turned upside down, and I realized that I needed to make some significant financial changes. Its amazing how I was 'struggling' when there was 3 times the money I make now, coming into the house. I did a complete overhaul of my expenses and cut out what was not necessary. It was brutal, but good! I did 'no spend' months, set up several different accounts for savings, and budgeted. I got rid of all credit cards for 5 years and lived only on what I made. I...
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Re: How did you get started working towards your financial goals?

Bonnie Squires ·
I've $1,000 in the bank and each friday will add $10 to this. I've paid 2 credit cards off with my tax returns and I'm using the money from those monthly payments to pay off other credit cards I'm all so working on my website and selling flash cards,puzzles and other things like that to home school teachers. All so I'll be making candy wrappers. I'm all so looking into selling mugs my be other things. Most will be down loads so no going to the post office. This money will be used to pay off...
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Re: How did you get started working towards your financial goals?

Deon Christie ·
And a very effective way of saving @Briana . I do the same with regards to savings and emergency funds. But that is placed aside and cannot be accessed easily. I have saved up for many things this way, because I don't like accounts. Apart from mortgage, insurances and the really necessary stuff. But I never buy appliances, linen, clothes etc through accounts. You save quite a bit on interest costs this way.
 
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