Monthly Archives: March 2018

Strange But Creative Personal Finance

I guess most of you are aware about the shrinking global economy unless you have been hiding in Himalayas since last two years or more. Money making, in today’s scenario, is not easy at all. You have to cut down on your groceries, work 15 hours instead of 8, stop partying, and yet you do not save a negligible amount to pay off your credit card bill.

You say “I am trying everything to perk up my financial stability.” I am sure you aren’t. Below are some strange but smart personal finance tips to earn quickly.

1. Medical Research

No, I am not asking you to do a medical research. That will be done by doctors and physicians. You just need to lend your body for research. It isn’t as bloodcurdling as it sounds because all trials and test are conducted under expert supervision and they have to adhere to austere laws. I do not know about rest of the countries, but in US they make sure your body is safe while conducting the tests. Normal trials include drugs dosage testing which has already been scrupulously tested, but not on humans.

It is not necessary to be in good shape to get involved because drugs are not for healthy people. Although some research seek a healthy body, most of them are looking for smokers, or obese, or asthma patients. Those interested, be prepared for diminutive side effects.

2. Trade in blood

Donating your blood is a virtue. But it is an opportunity in recession times. In US, you can earn up to $40 per donation. It is completely safe to give a bottle of blood from your body at any given time. Humans recover the lost blood within a day. That means you can earn $40 per day. However, it’s not advisable to donate on a daily basis.

These strange personal finance tips are quite useful and inexpensive, are not they? Read on.

3. Trade in Hair

People try to earn money by using what’s under their scalp ignoring an indispensable source of income thriving on it. For those still wondering, I am talking about your hair. Instead of dumping it after cutting, sell it and earn up to $ 1,000. However, you can just collect crumbs and sell it off. You hair needs to be at least 25 cm long; say it’s one of the eligibility criteria. It also needs to be uncolored, clean, and healthy. These bunches of hair are used to make wigs which will be used by celebrities. Lucky hair! You can find purchasers online.

4. Trade in sperms

Make money from your manhood is one of the few well paying personal finance tips that your financial consultant wouldn’t inform you. Probably because he might not know it. Selling your sperms once in a week or two is a great opportunity to earn money that women can never enjoy. However, it might be quite bothersome for those men who might think that their numerous off-springs will find them out in 16 years time.

5. Disease in fad:

Any disease can be an earning opportunity for those who think creatively. For instance, many people earned money from the period affected by swine flu. They designed comical swine flu awareness t-shirts which were informative yet stylish. Others introduced branded flu masks for rich and modish people.

Finance Tips

Here are some useful finance tips to get you started on the right path to your financial success.

Knowing how to secure your financial well-being is one of the most important things you’ll ever need in life. You don’t have to be a genius to do it.

You just need to know a few basics, form a plan, and be ready to stick to it. No matter how much or little money you have, the important thing is to educate yourself about your opportunities.

Investments

There is no guarantee that you’ll make money from investments you make. But if you get the facts about saving and investing and follow through with an intelligent plan, you should be able to gain financial security over the years and enjoy the benefits of managing your money.

No one is born knowing how to save or to invest. Every successful investor starts with the basics. A few people may stumble into financial security – a wealthy relative may die, or a business may take off. For most people however, the only way to attain financial security is to save and invest over a long period of time.

Time after time, people of even modest means who begin the journey reach financial security and all that it promises: buying a home, educational opportunities for their children, and a comfortable retirement. If they can do it, so can you.

Your “savings” are usually put into the safest places or products that allow you access to your money at any time such as a savings accounts. But there’s a price to pay for security and ready availability. Your money earns less interest as it works for you.

Most smart investors put enough money in a savings product to cover an emergency, like sudden unemployment. Some make sure they have up to six months of their income in savings so that they know it will absolutely be there for them when they need it.

But how “safe” is a savings account if you leave all your money there for a long time, and the interest it earns doesn’t keep up with inflation? Let’s say you save a pound when it can buy a loaf of bread. But years later when you withdraw that pound plus the interest you earned, it might only be able to buy half a loaf. That is why many people put some of their money in savings, but look to investing so they can earn more over long periods of time, say three years or longer.

You may prefer to invest your money in order to achieve a higher return compared to savings but you should be aware that when you “invest,” you have a greater chance of losing your money than when you “save.” You could lose your “principal,” which is the amount you’ve invested. That’s true even if you purchase your investments through a bank. But when you invest, you also have the opportunity to earn more money than when you save.

Personal Finance Tip

Most personal finance gurus continually stress the importance of budgeting for monitoring and modifying poor spending habits. However, I have noticed that most people who attempt to implement a family budget eventually give up on the activity, mainly because it takes the fun out of spending money. You know what, I agree! An impulse purchase here and there feels good! And as it turns out, an impulse purchase made on occasion won’t necessarily create a big problem for most us. The problems arise when we decide to make them on credit. Here’s an excellent personal finance tip for all you budget-haters out there – pay cash for all non-investment expenditures and eliminate your need to budget.

What is a Non-Investment Expenditure Anyway?

First off, let’s define investment expenditure. By my own definition, an investment expenditure is a transaction that involves the purchase of an asset that appreciates in value. On the flip side, a non-investment expenditure represents all other transactions. One quick check you can make before whipping out your credit card to buy something is to ask yourself, “Is there a high likelihood that I will be able to sell this item in the future for more than I am paying now?” If the answer is “no,” pay cash. If you don’t have the money, you can’t make the purchase. It’s that simple.

Examples of Non-Investment Expenditures

Unfortunately, the vast majority of our everyday spending is classified as non-investment expenditures. Groceries, fuel for the vehicles, dining out, your cell phone bill, a new pair of designer jeans – these are all non-investment expenditures. Some of these items may be extremely important, even life sustaining. But purchasing on credit, even for life sustaining expenditures, encourages excess. Let’s take food, for instance. To purchase enough food for the family to survive really does not cost much money. What costs us a pile of money are the rib-eye steaks, junk food, alcoholic beverages, and sodas we routinely buy. Moreover, these foods are bad for our health! Grocery shopping with cash forces us to reconsider the food choices we make, in terms of both health and money. And that’s a good thing.

What Else is There?

You may be asking yourself, “Would any of my spending be classified as investment expenditures?” For me, two things come to mind – your home and your education. A home is rather obvious because, over time, houses have always increased in value. A college education would also be considered an investment because it provides one the opportunity to earn more money than he would otherwise make. Because these two items are considered investments, taking out a loan to pay for them can be justified. In addition, home mortgages and college loans offer some of the lowest interest rates of any form of credit, making them even more attractive expenditures.

One Caveat to Consider

Although following the above advice can eliminate the need for a budget, one other choice must be made to assure financial success in the future. An automatic investment plan must be initiated to make certain your investment accounts are funded before all the money is spent. If you work for a company that offers a 401k plan, this is done automatically. If you have outside accounts, you will have to notify the firm to initiate automatic transfers from your checking account. With most firms, you can set up the automatic transfers yourself from your online account interface.

Summary

Although a budget is a fantastic tool for monitoring and modifying our spending habits, the cold hard truth is that many of us will never stick to one. Should these folks be doomed to financial hell for the rest of their lives for this so-called lack of discipline? Of course, not! Just follow our simple personal finance tip to pay cash for all non-investment expenditures and you, too, will reach financial success in the future.

Personal Finance Tips

Personal management of finances is not always easy. In fact, many people are having a hard time taking charge over money-matters and some even end up spending more than what they earn despite having a budget plan. What can you do to manage your finances more effectively? The right strategies are essential in order to make things work. Consider the following finance tips from the experts:

Set a definite goal. What would you like to achieve within the next 3 or 6 months or year? Setting a definite goal is important in order to create a suitable plan. For example, if you currently have unpaid debts with multiple creditors, then debt repayment should be your top priority. On the other hand, if you don’t have outstanding debts to pay, perhaps you want to work on building up your savings account. Other goals to consider is saving up money to improve the house, buy a home or car, start a small business, etc. The type of financial plan you need will depend on what you want to achieve.

Be ready to give up some things. In an effort to cut down your expenses, you should be prepared to give up some things that you may want, but not really need. Self-discipline is always necessary to make a budget plan work. For instance, if you have been used to going out to the movies or partying with your friends every weekends, perhaps you may consider doing it only once or twice a month to save money. Little sacrifices will go a long way and you just have to recognize the more important things from the not so important ones.

Monitor your spending for the next 2 months. Creating a suitable budget plan is a challenge in itself because financial situations and capabilities vary from one person to another. You might need to observe your own spending habits for the next month or two. Be sure to write down all your expenses, from big purchases down to the smallest cents. Making a list of your expenditures is the best way to see where your money goes. You might be surprised to discover later on that many items on your list are not really that important in your life, but eating up a large portion of your earnings. Based on your list, you will be able to make some adjustments and changes where needed.

Collaborate with your family members. If you are living with your family, it’s important to discuss your budgeting plan with everyone, especially with your children, so that everyone can do his/her own share to make the plan a success. Talking money-matters with the family is healthy because the children will be able to see the importance of following a budget plan and the why it’s important to save money.

Eliminate extra fees from your bills. If you can avoid the interest rate charges from your credit cards as well as late penalty fees on all your bills, you will be able to save a significant amount of money in a year. You can eliminate unnecessary fees by paying your monthly credit card balance in full and paying all your creditors on or before your due date. This might sound like an obvious strategy but many consumers are prone to paying late fees and interest rates which is a complete waste of money.