Category: Personal Finance (Page 4 of 8)

      Check Your Books Before Heading to the Casino

      July 31, 2012 /

      Nobody who plans on an evening at the casino expects to lose money. The vision that runs through everyone’s head is of loud noises and colorful lights heralding them as the next big winner. Just to be safe, you should check your financial books before heading out to the casino.


      (image courtesy of geek7 at Flickr)

      Whether you are going to a physical casino or you are getting ready to enjoy the convenience of an online, no-deposit casino, you should still keep close track of your finances. A fun night at the casino can be ruined if you realize that you just gambled your mortgage payment away.

      Create A Monthly Budget

      Developing a monthly budget is good financial advice. But if you intend to make frequent visits to the casino, then balancing a home monthly budget will allow you to see how much you have to gamble with each time. This is how you prevent yourself from gambling away the mortgage payment or losing the grocery money for the week.

      Plan On Losing

      It is entirely possible that you will win some money at the casino. But if you really want to keep your casino visit checkbook friendly, then you should only take as much money as you can afford to lose. Check your monthly budget and set aside monthly gambling money that you can afford to do without.

      Leave The Plastic At Home

      When people head out to the casinos, they will sometimes take their ATM or credit cards with them. This defeats the entire purpose of setting a budget and staying with it. Limit your spending by taking cash from your bank account and using that for your gambling. Once your cash is gone, you are done. Leave the plastic at home.

      Walk Away A Winner

      If you can walk away from the casino a winner, then consider yourself lucky. When you start winning on the slots or at the tables, try to limit how much of your winnings that you put back into the casino. If you can come home with half of your winnings, then you can use that for your next casino trip. It will also help you to keep your personal budget balanced.

      Adjusting your finances prior to heading out the casino can seem like it takes the fun out of gambling. But gambling can be a lot more fun when you plan it right and avoid losing money you cannot afford to lose.

      Personal Finance

      Payday lenders support Mitt Romney

      July 5, 2012 /

      Since Barack Obama passed financial reform that included the Consumer Financial Protection Bureau, it’s no surprise that payday lenders are coming out for Mitt Romney who opposes more regulations to protect consumers in this area.

      Major payday lending companies and their owners contributed more than $250,000 last month to a super PAC supporting Mitt Romney for president, federal reports show.

      The contributions to Restore Our Future come from some of the largest players in the industry, which is coming under increasing scrutiny from federal regulators. The Consumer Financial Protection Bureau, created by Congress in 2010, recently released its examination manual.

      “They’ve never been subject to federal supervision before,” said Jean Ann Fox of the Consumer Federation of America, an industry critic. “The industry has always written big checks for state-level fights, but now the federal government is suddenly much more important.”

      Romney has not addressed payday lending issues on the campaign trail, but he has been critical of regulations in general. “Under President Obama, they are multiplying like proverbial rabbits,” he said Monday.

      There is a big philosophical difference between Mitt Romney and Barack Obama on financial regulation, so this is just corporations putting money out there to protect their self interest. The question then becomes what is in the public’s interest?

      Payday lending is a huge ripoff for consumers. If this is something your do – be smart and stop it. Get a bank account and start using direct deposit of your checks. Create a budget so you aren’t living paycheck to paycheck.

      Budgeting, Frugality, Personal Finance

      Rent rooms in your home to make extra money

      June 20, 2012 /

      If you have extra rooms in your house or apartment, you can make extra money by renting out rooms to travelers on either a nightly basis or for loner periods. In high demand areas like New York and South Florida this is becoming more common, but it can work anywhere.

      With sites like Airbnb.com It’s now also very easy and you have immediate access to tons of potential users. This site is getting all the buzz in this space and you can read much more about it on publications like Forbes and Fortune. It’s very easy to post rooms or places to rent and it’s equally easy to find what you’re looking for. The site is also loaded with photos and users are ranked with feedback so you have some idea of the kind of person you’re dealing with.

      It’s becoming very popular among younger people and business travelers as it can be much better than renting a hotel. This can be perfect for empty nesters as well who have extra space.

      Check out the site, read the articles and consider whether this might be a good option for you.

      Personal Finance

      5 Ways Debt is Better for Your Finances

      June 18, 2012 /

      Debt is feared by many consumers and investors, but what if you were told that not all debt is bad? Going into the red doesn’t necessarily mean you’re in a bad place financially and sometimes it can actually reinforce your credit and put you in good standing over time. That isn’t to say there aren’t a good number of mistakes that could damage your credit as well. In this article, you’ll learn about investments and borrowing that can help your credit.

      Higher Education

      Education has long been considered the best way to get a return on your investment. For one, you can get out of college, land a job, and earn more than you would have over the course of your lifetime. Though you may have to take on student loans, your ideal position after attending a form of higher education will plant you in a position that could help pay off your loans in a timely manner.

      On the downside of this, you risk a great deal of money if you don’t finish your education and still have outstanding loans. Although it would be a splendiferous undertaking to land a well paying job, most entry level positions won’t net you the kind of cash you’re hoping to receive. That’s not to say it won’t improve over time, but you’ll have to take into consideration the good and the bad when applying for college.

      Real Estate

      Since May 2006, investors in the housing market have seen a drop in the value of their assets numerous times. If you’re planning to settle down in a city or town, you should consider investing in a house and aim for receiving a higher return on your money a few decades later. Some experts are predicting the real estate market will bottom out by late 2012, hopefully triggering a rebound on a variety of homes.

      Prior to 2006, homeowners were optimistic in regards to the price of their home and its appreciation over time, though many consider it a money pit at the moment. Some may have learned their lesson and moved on, while others are currently sinking thousands into their houses by way of homeowners association fees, taxes, and the cost of upkeep. With every investment there is always a risk.

      Business Loans

      Building up debt to begin a business can be a valuable option, though it comes with its risks. If you borrow money to hire employees, purchase advertising or equipment for the office, you should do so with the intention of expanding your business and paying back the loan in a timely manner.

      Buying a car

      Purchasing a vehicle comes close to the gray area of debt, but here’s how you can avoid trouble. If you’re going to get a car financed, at least look for a low interest rate and buy the car used. Don’t buy a brand new car if you can’t pay it off in a reasonable amount of time. Keep in mind that as soon as you drive the car off the lot, its value depreciates and you could be paying for more than the car’s worth.

      Investing

      Short-term investing can help you generate additional income if you put your money in the correct places. Additionally, long-term investing can help you generate wealth over a long period of time. If you are considering investing, look into bonds, stocks, commodities, precious metals, futures and the many other options out there for investors.

      Conclusion

      For emergency cash needs, there are fast cash loans for your immediate needs, though these are not investments. Not all debt is terrible for your wallet or your credit if you use it responsibly. Remember that in order to build your credit, debt is necessary, though it shouldn’t turn into an excessive habit. Be smart when you borrow and always formulate a strategy for freeing yourself from the debt prior to taking out a loan.

      Personal Finance

      Top Personal Finance Apps

      May 25, 2012 /

      Although now, in the early summer of 2012, the economy is starting to gain traction, many people, even those with jobs, are struggling to remain financially solvent. One of the main reasons people are struggling is a lack of financial awareness and information. Fortunately, in our modern world where the smart phone reigns supreme, There is, as they say, an app for that. Here are a few of the top personal finance apps.

      The Big Picture:

      For an excellent look at your big picture financial situation, Mint.com has a free app for iPhones and Androids, which can also be accessed from the Web. Simply hook it up to your various accounts (savings, checking, investments, credit cards ect), and it will give you a good idea of your overall financial health. Unfortunately, because it’s free there are advertisements, which can get slightly frustrating. However, the company does need to make money somehow and the advertisements allow them to offer an amazingly helpful service without it being too good to be true.


      (Photo credit: Wikipedia)

      Getting the True Price:

      Those with weighty credit card balances might want to check out an extremely useful app called “Debt Dog.” With this app you imput the price of the item, and the type of credit card you are using, and it will tell you the true price of purchasing that item when you don’t actually have the money on hand. Although not quite sophisticated enough to allow you to imput late fees, it will raise your awareness of how much credit card interest is costing you in the long run.

      Alternative Payment Method:

      Use PayPal whenever possible. Although you are probably already familiar with the Website, PayPal now has an app that may make debit cards obsolete. Let’s say you and four friends go out to dinner. You could either pay with five different credit cards and cause your waiter or waitress a great deal of unnecessary trouble, or you could just pay for it with your PayPal app and then have your friends send you their portion of the bill instantly. This service is fast, safe, secure, and (as a new feature) allows you to deposit checks by taking a picture of it with your phone!

      And All For Free?

      I believe I can guess what you’re thinking. You’re thinking, “that all sounds well and good, but aren’t smart phones expensive? and wouldn’t it be counter intuitive to spend a lot of money on a phone to get my spending under control?” Yes, it would if smart phones had to be expensive. Look into T-mobile free cell phones, many of which are smart phones, when you get a new contract with them. What’s even better about this is T-Mobile’s amazing 4G network, which will allow you to download, and use, your apps more quickly.

      Although getting your finances under control may be a daunting task, you can take the first steps with these amazing apps!

      Personal Finance

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