How to Make More Money: Stop Watching TV!

If you are like most people, you probably have a desire or a strong need to generate more income but you just don’t know where to start or how you will find the time in with juggling all of your responsibilities.  The question is always “how to make more money?”

You need to ask yourself,  what are you spending time on?
Have you seriously thought about it?  One of the biggest time killers is that black box that sits in your living room, bedroom, kitchen or den.  Know what I am referring to?  Yep, it’s your super sleek, shiny big flat screen TV!  You are proud of your big black box, you carefully wipe it down with all the rest of your possessions, and it may even be the “ooh and  ahh” focal point of your home when entertaining.  Heck, you probably spent a pretty penny on it, so why not get your money’s worth out of it right?  And you know what – there is nothing wrong with it.  The question you may need to ask yourself is this: how many hours a day do you find yourself zoning out in front of the television?  Is it only a couple of hours, or is it several hours in a day?  Do you use your television as a way to escape the things that aren’t working for you in your life?  If you do, you are not alone.  Most people nowadays use the television as a way to entertain themselves, as a babysitter, and as a way to escape from life’s problems.

According to statistics, the average time a person spends watching television in the United States is twenty eight hours a week.
Wow!  Those hours add up to a part time job!  It is a little alarming to realize just how much time is wasted on TV.  Would you like to be a lot more productive with your time and make more money in the process?  If the answer is yes, you may be thinking “how can I make more money?”  Stop watching so much television! Just think if you used those twenty eight hours differently.  The possibilities are endless and you can even add additional income for you and your family!

You might be able to figure out how to make more money if you stop watching so much TV!

So what are the different ways that you can use all this new found time to generate more income?
For starters sit down with a pen and paper and figure out just what it is that interests you.  What are you passionate about?  What have you always wanted to try but just haven’t had the time?  Do you enjoy writing or journalism?  What about sewing or knitting?  Do you have a passion for design?  Are you a great cook?  Why not come up with your own signature brand of homemade jam?  You can use your skills and maybe even make a lot of money in the process.  Have you thought of starting a side business?  You could try your hand at consulting, or a blog, even Etsy.  Are you musically inclined?  You could teach music lessons from your home.  Are you an expert in skin care and make-up?  You could teach other women how to properly take care of their skin as well as teaching them how to properly apply their make-up.  What about upgrading your education?  Take some classes or go back to school full time in a career field that interests you.  This will increase your level of knowledge and education and you will become a lot more marketable within your field.
If you are completely stuck about what to do, then  some research on the Internet is a click away then you can discover what is in high demand —what do people want to buy?  Then sit down and think of a way that you can produce what is in demand.  You may just come up with the next great invention and become very successful!

These are just a few ideas on how you can increase your income level simply by just cutting down the number of hours you spend in front of your television. Who knows – you may just happen to find that pot of gold!

Credits:freefrombroke.com

Creating Wealth With What You Already Have

It is a known truth, and emphasized by our current economy, that people have a hard time saving money. Most of the time, most people spend all of their money. They get accustomed to spending a certian amount and varying from this is becomes very difficult. Every financial advisor and personal finance book will tell you the same thing—pay yourself first. It is the best tactic to securing your financial future. But, how do you do it? How can this be done without an insane amount of difficulty? Well, read on.


1. Make your savings automatic. In fact if you can, have it come right off of your paycheck so you don’t even see the money. In some cases your employer or bank can assist with this. Since you never see the money, you don’t even have to make a concious effort to put it away. By paying yourself first you limit your ability to spend that money on other things.


2. When paying your bills, don’t pay them first. Pay yourself first and deposit money into your savings account. Many of us historically have done the reverse and paid for everything else first. The problem with this is, we never seem to have anything left over to put into savings. Simply put, if you wait to pay your savings last, you probably won’t pay it.


3. When you spend, you can save money as well. Purchase items that grow in value. Extra money lying around? Invest it in the stock market. Invest it in paying off your mortgage early. Use it in ways that make you money. Pay off your debts and invest the rest.


When you save money, the key is to really save it. If you buy something on sale, what happens to the money you saved? You probably spent it on something else right?. Nothing really got ‘saved’. From now on, when you save $15 on groceries, put that $15 in your savings account. When you don’t buy a new pair of shoes because you know you need to save, put the cost of those shoes into your savings.


Bottom line is that saving money isn’t that hard. It is simply a habit that has to be learned, just like brushing your teeth. Psychologists say it takes 6 weeks to make an action a habit, so start paying yourself first today and in a little over a month, you will be doing it without a flinch

Culled from:  http://prairieecothrifter.com/2010/07/creating-wealth-with-what-you-already-have.html

YOUR MONEY OR YOUR LIFE!!!!

How do you value your money in relation to your life? Well for some of us, life is not to be taken too seriously while to others money is a defining factor. One thing we all agree on, explicitly or implicitly is that ‘Money is something we choose to trade our life energy for’. When we work, we trade our life energy for the money we make.

It is worthy to note that whatever we earn at the end of the month, we have actually traded our life energy for it. For instance your monthly pay is N70, 000. In real value terms you have traded a month of your life for less than N70, 000 because you would pay your tax, buy office clothes, food for the home etc.

One thing is certain; you need to trade your energy/time for money as that ensures continuous survival but it really mustn’t be at your detriment. Ensuring that your lifestyle is proportionate to your money is really important so as to not be tempted into illegal acts.

As we all know, time is money. Endeavour to use yours well

Cheers.

How to manage your finances during tough economic times!!!!

 Knowing how to manage your personal finance can help alleviate pressures you would feel during tough economic time such as economic recession, general strike, natural disasters etc. Most importantly it will help you prepare for tomorrow’s challenges and help prevent making the same mistakes.

The very first thing that you need to know if you don’t already is to save, save and save. You must have a reserve fund to always fall back on. If you don’t, start one immediately. A reserve fund provides your future a safety net. There are a lot of rules about how much you need to save continuously but the generally acceptable one is that it should not be less that 10% of whatever you earn. What you must realize is that , there is never a period you can stop saving. It is a lifelong process that is very beneficial. Having too much money saved is not a problem; all you need to do is to take the excesses for investment or consumption.

Run your household like a business. During economic growth you will distribute profits while during economic downturn, you adjust accordingly by reducing you expenses to ensure you survive the period. There will be a freeze on employment, reduction in allowances or even layoffs. Once they have adjusted and have freed up more money, companies can invest in undervalued assets and thereby preparing for the future.

It's time to take charge of your finances.

Money - The Crucial Team Sport

Imagine if you will that you are NASCAR driver. (Now don't overextend this metaphor-just go with the flow!) You start the race and put the pedal to the metal. The crowd is flying by in a whirl of colors. You're exhilarated by the speed. You're starting to pass some of the other drivers. You are feeling pretty confident about this race. "Eat my dust!" you yell to no one in particular. Just when you're at the top of your game, you suddenly realize your fuel is getting low. You pull over to the side, turn off the car, get out, refuel it yourself, get back in and restart the car, and off you go once again, having lost valuable time.

A few laps later and things are looking up. You're starting to cut down some of the lead that the other cars have had on you. Next thing you know you blow a tire, which you had forgotten to check at your refueling pit stop. So once again you exit the race, turn off the car, get out, change the tire, get back in and reenter the race. Now you're only 30 laps behind, but you think, "This baby's got power-no problem!" You hit the gas pedal and try to make up for lost time. After only a few laps, though, you're low in fuel-again! Once more you exit the race and refuel your car yourself. As you watch your competitors flying by, you are beginning to realize that this is a race you cannot win.

You compare yourself to the winner of the race and wonder what the difference is. Is it your car? No, it's the same model as his. Is it his accessories? Wrong again. You've got everything he does. Is it your skills? Who knows? You seem to drive just as well as he does. Then what seems to be lacking? He must have something you don't. You rack your brain and finally conclude that the only thing he has that you don't is a "small" thing called a TEAM. His team takes care of his refueling and tire changing and all those necessary details, allowing him to focus on the task at hand - winning. You, on the other hand, have been trying to do it all yourself.

A team makes all the difference between winning and losing. The losers of this world are those people who take it upon themselves to do everything single-handedly. These are the do-it-yourself-at-all-costs folks. They believe that nobody can do things as well as they can. Winners, however, understand the importance of synergy (1+1 = more than 2). Winners assemble a team.

How do you win the Super Bowl, Stanley Cup, World Series, NBA Championship, World Cup, or any other athletic event for that matter? With a team consisting of coaches, players, staff, and a whole lot of other supporting people. Nobody wins on his own. A great coach is nothing without great players. A great player gets nowhere without a great coach (and probably a great agent, too!). Great coaches and players can do nothing without facilities and the people to take care of them; without doctors and nutritionists, physical therapists and other sports medicine professionals; without team owners and financial backing from advertisers. The list could go on endlessly.

You see, everything you do is inherently connected to a team: eating your food, reading your newspaper, buying a home, driving to work. Think about all the teams involved in each of these situations. In fact, the world is so dependent on connections that we cannot function without teams. And yet when it comes to money that is exactly what many of us try to do. We think we know everything we need to know about handling our finances, and no way are we going to pay someone to help us, even if it nets us more in the long run.

Like the winners of the world, the wealthy of the world assemble teams to help them build their financial futures and keep them. The wealthy see their team as an investment, an investment to protect their investments, so to speak. Their team consists of (but is not limited to): a good honest attorney, a tax consultant, an accountant, and many others whose job it is to keep them [the wealthy] wealthy.

So, how would you go about building a team whose job it is to lead you on to financial victory? The first place to start is a mentor, who is probably the most important part of your team. A mentor is someone or something that guides you along your path to wealth (and presumably he or she has already walked that road). Mentors don't have to be actual people (although this is extremely useful for feedback and one-on-one support). Mentors can also be books and other information. Experiences can also serve as mentors. You may have many mentors at different points in your life; often they show up just when you seem to need them. Mentors can also be key to introducing you to other potential team members, such as attorneys, planners, consultants, investors, accountants, etc.

Using a team to achieve your goals is really much simpler than doing it yourself. Nobody can know everything about everything, which is why there are different jobs for different people. There is no way you could learn in your lifetime eve rything you need to know to achieve financial success if you try to learn it all by yourself, one piece of information at a time. Using the collective resources of your team will greatly simplify your life and infinitely expand your returns. Truly, a team is the only way to win.

 GO, TEAM, GO!

Personal Tutoring is vital!!

Going through School is important, but if you really want to learn how to improve your financial you have to do it yourself. The key to your financial future actually rests with you.

You have to become aware of all avenue available to you to improve your financial status and learn how to exploit it.

This is vital to your success in any endeavour you embark on.

See you and good luck..

Where is your MONEY?

Do you know that at least 10% of the money you earn is YOUR's to KEEP!! Yes, it is quite true. Before you pay any bill from your pay you must as a matter of urgency keep at least 10%.

Its already Month end and you have just received an alert form your bank that your salary has been credited into your account.

Ideas flow into your head on how you intend to disburse it. You must always ensure to prioritise your spending in such a way that your bills are not more than what you earn.

That is the major of keeping track of how your money goes out of yhour purse.

Personal Financial Statement - First and Foremost Things You Need to Remember

Every time you want to take with a financial matter, it is essential for you to recognize aboutpersonal financial statement. Just start from the basic knowledge of reading, writing, and using the personal financial statement.

Don't Shudder

When it comes to deal with a financial statement, the majority people will become easy to quiver. Everything that emerges in their mind will be the hard work, math, and boring works in which most people are not keen on doing these.

Nevertheless, this isn't a big problem for people who are skilled at finance. For them, a financial statement is quite easy to know about and can even be a fun and routine monthly activity for them, after they have got the hang of it all.

Actually, a statement of financial is significant since it can assist you gain greater control over your finances and your business. Furthermore, it will also help you charter new territory financially as well.

Since a statement of personal financial can assist you enter into totally new territory, reading this statement can be likened to skiing down a slope. Certainly, nowadays, almost everyone can make their own personal financial statement and read it and even use it to further their financial goals. However, these statements originally were almost completely applied by those with plenty of money.

The fact is that you'll be able to progress your financial in the next future after you have gotten to know your past financial history. The statement of personal financial assists to show you with greater clarity all that needs to be understood. Additionally, it especially proves its worth by identifying things that are holding up your financial progress, and so using it appropriately can assist you overcome hurdles and obstacles to a better financial future.

The key to your financial independence is your personal financial statements. Make sure that you'll use your time effectively once you enter the world of financial accounting. If you want to increase your personal finance and achieve your future goals, you should make full use of your financial statements.

You can also read on my free tips and guideline to guide you on your personal finance. I hope this will solve your problem related to health especially about personal financial statements.

How easy is it to make MONEY?

For some people this question rings daily in thier head. How do I make my first million? How do I make more money? What business do I do?

Well, its really no big deal. All you need to realise is that there are lots of opportunities out there that you can take advantage of. All you need to do is to be aware of opportunities in your environment. Meet the needs of people and they will pay you for it. Its that simple!

Realize that you are in a world where there are lots of opportunities that you can take advantage of and make extra money for yourself.

Good Luck

How Real People Grow their Wealth (Series) - 3

Track Your Spending

Keeping tracking of your spending (even for 30 days) allows you to know exactly what you spend.

Have you ever gone to the ATM and two days later asked yourself, "I know I got N20, 000 on Tuesday -- where did it go?"

You may remember some of it, but you will not remember all of it. Tracking spending takes out the guesswork and puts you firmly in control of your finances.

From there, it's easy to determine what you can cut or, better yet, what you can save.

How Real People Grow their Wealth (Series) - 3

Set Limits and Stick to them

Yes, that true. For you to grow your wealth you must have set targets that you have to stick to. if you live on a Budget of N30, 000 you need to make sure you do not spend beyond that.

Gonig beyond your set limits could have devastating consequences if it is done without consideration for your set plan for the future because you are actually disrupting the flow of investments you have set up.

Remember, that you are in control of your destiny so from now on, whenever you set your limits make sure you stick to them.

How Real People Grow their Wealth (Series) - 2

Welcome to the continuation of our series. I will start right away.

Save 50% of every raise you get

That is true and a good way to grow your wealth gradually. If for instance you earn N70, 000;00 p/m and you save N30, 000:00 and spend the balance every month you would be accustomed to a lifestyle of N40, 000;00. your company then decides to give you a salary raise of N30, 000.

What do you do with the extra Cash?

You add a minimum of N15, 000;00 to your saving to raise it you N45, 000;00 and then add the balance to your spending money.

Remember you need a plan on how to invest whatever saving you are putting away.

Good luck.

Till next time

How Real People Grow their Wealth (Series) - 1

For most people, wealth does not come in a WINDFALL but it gathers gradually as a result of years of hard work and diligence. Therefore, how do real people grow their wealth to the point where they have enough to sustain themselves.

I will be offering tips here for the next five to seven weeks on this. You will not find playing the lottery, participating in shows here but they are all sensible suggestions for savings. Let's get started:

Grow your own food.

Ha! someone might yell but its one sure way of having quality inexpensive vegetables all year round. You dont need a big plot of land to do this, you might even just be using the soil in the backyard of your house. What you will gain overtime as you do this will be invaluable to your health and well being.

Imagine the kind of lessons / life skills you would be able to pass on to your children / loved ones as you constantly tend to your plants.

Try it today.

Brand New Financial Year

Yes that is what it is. Welcome to a brand new year where everything we will be doing, saying, buying etc will be a fallout of the kind of person we have trained ourself to be from last year.

I expect everyone to be alert financially this new year as the global financial meltdown is expected to hit us more in Nigeria this year (2009), never mind what Soludo & the CBN thinks.

Well I welcomw all once again and we will certainly get rich gradually this year as long as we follow proven guidelines.

HAPPY NEW YEAR.€€

What is the goal this Xmas?

In the midst of our rush to earn money, our scramble to save for retirement, our focus on frugality, it’s easy to lose sight of why we’re doing this. What is the goal? What is it we’re trying to accomplish by getting rich slowly? For me — and for many others — the answer is Financial Independence.

Your Money or Your Life defines Financial Independence as “having an income sufficient for your basic needs and comforts from [sources] other than paid employment”. Financial independence implies freedom. It’s the condition of having saved enough money that you can do whatever you choose. Whether you elect to keep working doesn’t matter — you have enough saved and invested to follow your dreams.

But is Financial Independence just a pipe dream? Is it something only for the lucky and the strong? No, says James Stowers in his book, Yes, You Can…Achieve Financial Independence. It’s a goal that anyone can fulfill as long as she’s armed with some basic knowledge, as long as she makes smart choices.

The keys to accumulating wealthStowers starts with the basics. The first chapter of his book covers the history of money. (A little like this, but with a different focus.) The next few chapters briefly cover sources and uses of money, the dangers of inflation, and the extraordinary power of compounding.

Some readers might argue that this information is too basic, but I disagree; a firm grasp of these fundamentals is the foundation upon which Financial Independence is built. Stowers ends this section by offering four keys to accumulating wealth:

1. Start investing as early as possible. It takes significantly less money to accomplish what you want, and you have more time working for you.
2. Be determined to save on a regular basis. It is an easy way to accumulate wealth.
3. Begin investing with the largest possible sum you can. You will have more money working for you over a longer period of time.
4. Reach for the highest rate of return you believe you can safely receive on your money over time. Each additional percent is important. The higher the rate, the less money it takes to accomplish what you want.

Financial Independence is built upon these four guidelines.Confronting your financial challenges“In order to save money, you must fight to keep from spending it,” writes Stowers in the book’s second section. He encourages readers to set goals, to prioritize wants. “Since money can be spend only once, you need to decide which wants are most important. To do this, it may be helpful to place a value on each of your want.”Exercise: Pull out a piece of paper and list your wants. These can range from a new house to a hot tub to a trip to London to a new blender for the kitchen. Next to each item, write why you want it. (You might want a hot tub, for example, because it would allow you to relax with family and friends.) When you’ve finished, take another piece of paper and re-order the list based on how important each want is to you. If a trip to London tops the list, are you still willing to delay it by spending N10000/month for that gym membership you rarely use?

The challenge is to balance the present and the future. “Money has no value unless one has time and good health to enjoy it,” Stowers writes. He asks readers to know themselves and to make decisions based on their temperament. “If you have to be poor,” he asks, “would you rather be poor now or at retirement?” By planning carefully and investing wisely, you shouldn’t have to make this choice.

Planning for Financial IndependenceAfter covering the basics of saving and estate planning, Stowers describes the path he recommends to Financial Independence. He believes readers ought to save early and often, making regular scheduled investments in the stock market through the use of mutual funds.

Have a Merry Christmas.

5 Ways to Succeed with Your Financial Plan

In a recent post, I wrote about how to make a plan for your financial goals. However, I'm sure you've made plans for other things, as well – such as losing weight, studying more, and other things. Chances are, you've failed a few times. Everyone has, and financial plans are no different than any other goals. How are you doing on your New Year's Resolutions for this year?

#1 - Break it down
You won't be able to succeed if your goals are huge. I suffer from this problem – if I have a huge project in front of me, I won't even get started! I'll just procrastinate and leave it alone. With a goal like "Solve my financial problems," I have no chance of succeeding. However, if I break down the goal to something manageable, such as 'Send an extra one thousand naira with my bill payment,” the goal is a lot easier to achieve! In fact, this is an excellent way to pay down your debt faster.

#2 - Try not to do it alone
Do you have any other friends who are in the same situation with their personal finances? If you know anyone – even your spouse will work, but other friends are even better – who wants to work with you, meeting your goals will be a lot easier. A partner will offer encouragement, help, and advice as you follow your plan.

#3 - Set reminders
You should be reminded of your goal every time you are in a position of temptation to break it. For example, I have a bad habit of cracking my neck, so I wear a bracelet on my hand that reminds me of my goal whenever I feel the urge. I even turned it into a game – if I fail and do crack my neck, I move the bracelet to the other wrist. If I don't have to move it once in a day, I win! You might put a reminder in your wallet, which you will see every time you are about to spend money. Think of the areas where you can improve, and make sure the goal will be fresh in your mind when the situation arises.

#4 - One step at a time
Always have a next step: a goal is achievable if it is simple, clearly designed, and realistic. Every time you complete a step in pursuit of your goal, make sure that your next step is obvious. What exactly do you need to do next to improve your financial situation?

#5 - Declare WAR
When you make the decision to succeed, to break your old habits and to meet your goal, you are declaring war on your old ways. I have a giant sign taped to my computer that simply says “WAR” – it represents my war on procrastination. When you make the decision to fix your financial situation, you have made a huge step towards winning. You have to keep that enthusiasm with you always if you want to achieve your goal.

Remember: it's war! War against your old self, war towards your goal.

How do you manage your TIME?

We’ve all heard that time is money, and anyone who’s applied quality time management strategies can attest to that fact. Knowing how valuable your time is may inspire you to work on your time management skills.

The point is that there are usually a small number of critical tasks that, if completed, would make it a successful and productive work day. While this discussion deals with tasks at work, the method also works in other situations, such as household tasks. The problem arises from the fact that the critical tasks are typically associated with some level of discomfort and so we do our best to avoid them. We introduce other, less important, tasks into our lives to stay busy and avoid the tasks we really need to get done. By removing those non-essential tasks and focusing on getting the critical, yet uncomfortable, tasks done, we can accomplish a successful day's worth of tasks in a short amount of time.

This concept ties into the subject of procrastination. It always seemed like my semester-long projects in school were accomplished in the last few days before they were due. If I had worked on the project up front with the same amount of focus and desperation, despite the discomfort (i.e., lack of sleep, etc.), that I put into it at the end anyway, I could have completed the semester-long project in the first week of the class. If that was the major contributor to my grade, as was often the case, I would have freed up a significant amount of time, since I might not have had to go to class anymore or put in the same level of effort for the rest of the semester that I might have otherwise.

What distractions are you using in your life and what are your critical tasks? Perhaps you've been avoiding doing something about your debt because you're afraid to take an honest look at your finances or because you assume that doing something about it will be difficult. It may be time to push aside the distractions and take decisive action such as consolidating your debt.

Take decisions and act on them.

PROCASTINATION - No1 Investment Mistake

Time is your greatest friend. Once you have decided to get onto the Investment Ship, you are automatically given an ally. Time is your asset. Depending how you use this asset, it can work for you or against you. By putting forward your investing, you are not utilizing the time asset.
Time and amount of money required are inversely proportional. What this means is the more time you have, the less money you need to invest. The longer you wait to get started with your investments, the more money you will have to put in to get the same type of return as somebody that started earlier.

Here's an example: Let's take three people, Mikel, Stanley and John. John was smart and at age 20 he started investing N1000 per month. Stanley started investing N1000 per month at age 25. Mikel, always waiting for the "right time", started investing at the age of 35. Assuming 9% return on their investments, and their desire to retire at age 65, how much will have each have if they continue investing N1000/month until they retire?

Waiting five years to start investing cost Stanley N272,355.82, and waiting ten years to start investing cost Mark a total of N446,309.40. That's almost half a million naira (ignoring taxes).You might be looking for the right time to start investing. The only "right time" to start investing is today. Putting off investing for any reason is going to cost you much more in the long run than getting the timing correct.

Make it automatic -- one of the secrets that the government uses to make sure that everybody pays their income taxes is that they have it automatically taken out of your paycheck before you even see it. Once the company sets up payroll taxes for you, there is no more thought that goes into paying the government.

You should follow this system. Make investing automatic. There are many ways of investing and saving automatically. You can have it taken out of your paycheck and automatically invested. You can have a certain amount taken out of a bank account monthly.

Meanwhile, whatever you do, start your investment plan today.