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December 2014 – George Tak
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Month: December 2014

Saving A Little, Focusing A Lot Can Boost Family Wealth

There is a rough sea out there today for many American families. Today can be your day to set a course to avoid the rocks and get your family moving in a safer direction.

A lot of people still believe you can’t do a lot with a little. As a result, many millions of Americans are not saving money and paying down debt. Of course, many Americans are saving and many others are pushing their debt down.

Consider that in 1979 the average recommendation for an emergency savings fund was 3 to 6 months of expenses in actual savings. Is the job market even close to what it was in 1979? Of course it isn’t.

Think about this: If you lost your job, could you go out and replace it immediately with the same income? This is the $1 reason that we feel the 2010 – 11 recommendation for emergency savings fund should be 15 to 18 months of expenses in money market savings and certificates of deposit. And the best news is that you can do it.

If you have not seen our “1% Savings Plan,” you must check it out for free in our past blog entries here or at www.BoostMyWealth.wordpress.com or at www.MiddleClassMoney.com. It is an easy way to generate steady savings without killing your lifestyle.

How else can you start your path to boost savings and reduce debt?

First, sit down with your entire family. Tell them that you are going to ask them to all work with you to do what every smart company has been doing this decade and especially since the beginning of the financial crisis: You are going to reduce and eliminate debt and build a cash reserve. Why? Tell your family the reason for the meeting and the reason for doing it is teaching each other what is possible when the family comes together. You can also tell them it is for peace of mind and to establish goals and patterns for your family that will launch everyone at the table on a path to wealth in their lifetime.

Of course, money is not the most important thing, but it gives you important options if things get worse.

Lay out your spending over the last six (6) months. Offer for family members to put things in several categories:

Bills (that must be paid each month)

Spending to feed, shelter and put clothes on the family

Other spending (this can be for non-essential food, shelter, et all)

Be honest about what spending is essential and brainstorm about which expenses could have been avoided. Work together to try to identify areas where you could cut back spending in the future and keep tabs on how much money that is as you go through the process. Keep adding it up and keep that amount of money in one place as you write out the results of your spending over this six (6) month period. You will want to take this money and turn it into “family bill #1” in future months. In order to do this, it must be the first bill you pay each month. Say you have gone to the movies once a month and your family votes that you can stay at home and have “movie night.” Take the money you would have spent – say that is $40 (it is probably more) and make that a future monthly bill that you pay at the first of each month.

Score “family bill #1” to savings = $40 a month.

Perhaps you have this meeting once a week to talk about how to improve saving and reduce debt. Maybe one week you focus on how to save more money by reducing spending. The next week you look at debt reduction.

140618_money_gen_10Start with credit card debt. Take out your credit cards and look at them because credit card companies are often the BIGGEST SINGLE FINANCIAL ENEMY of your family. These are the bad guys. Separate your credit cards and find out exactly how much interest you are being charged by each.

Begin making minimum only payments on each card EXCEPT the one with the highest interest rate. That card should receive as much additional payment BEYOND the minimum as you can stand to make until it GOES AWAY.

When you pay off a card, roll the money (all of it) to pounding the next one).

Once you have paid off the first card, celebrate with the family and rotate to the second card (the one with the highest interest rate). Keep doing this until credit card debt is 0.

Credit card debt is the #1 reason middle class families cannot build wealth today. See them as the enemy they are to your family.

Also make sure you find out if there are yearly …

The Secret That Can Change The Future Of Your Family

family-homeThis is your chance. A real chance for you. A real chance for your family. Are you ready? If you have not had your own serious savings program, you are standing on the edge of an opportunity that can change the path of your wealth and eventually the path of your children and family line.

Wow. That’s a lot, right? What does it take? You have to have several elements:

You must begin. And you must continue.

You must be committed to regular and steady savings as a percentage of each paycheck you receive (based solely on after-tax income).

You must recognize that time cannot be sped up during this process and that the important factors are: Steady and regular savings with commitment and patience to “stay the course.”

You must include your family members (especially your children who are likely to come up with the best brainstorming ideas about saving more money and reducing debt and/or spending).

If you fear you cannot save money based upon your income and your bills and expenses, you may wish to being 2011 with our “1% Savings Plan.” This can be found in past blog entries or at www.MiddleClassMoney.com. This is a steadily growing savings plan based upon 1% in the beginning and growing to 20% so that you don’t experience a shock to the system of growing your savings regularly.

It is also recommended that you review your spending every six (6) months to see if there are areas where you can identify savings and reduce spending in the future.

We also recommend you look at your bill paying like a business does and work with those who bill you to reduce the monthly amount. When they reduce your monthly outlay, take the amount you “saved” and push it toward a new monthly savings amount. Save that amount each month as if we didn’t reduce your bill at all. This grows your savings “pie.”

While this is not a get rich quick strategy, it works.

It works.

It will grow your savings. Your family will engage in thinking differently about money and you will see opportunities to save more clearly.

You can do this. When you do, you will feel empowered as a consumer and empowered by the appearance of more options for you and your family.

Please remember that you must start. You must be committed. You must involve all family members.

YOU CAN CHOOSE

You can choose to take specific and steady actions to change your life, change the lives of your children and change the future of your family tree. Yes, you have the power yourself.
All the corporations, the private equity companies, crooked politicians and rich people can’t stop you if you really have a systematic plan that starts with regular savings and steady investment along with your regular bills.

If you are willing to take the time with your family to make a plan for reducing and then eliminating debt over time, you can gain more control over your finances and you can teach your children how to become wealthy over time.

If you are willing to make people work for the money you spend with them, you can build savings and then wealth.

These things are within your reach. You just have to start and you have to be encouraged.

You can join our free Facebook group (or have your children do it, too) by searching in the Facebook bar on your “wall” for “Live The Lifestyle Your Family Deserves.” Click on “become a fan.” It’s free and it ties our free blogs into that group.

If you want to give your children the same information we are giving ours, you can purchase the only thing we sell on any of our blogs or groups. It’s called “How To Survive Any Financial Crisis” and you can get it for only $4.95 at www.middleclassmoney.com.

Thank you for reading our blog and good luck!

Loyd Ford
www.stickyasset.com/blog
www.middleclassmoney.com
www.boostmywealth.wordpress.com
www.squidoo.com/boostmywealth
www.stickyasset.com

Connect with us on Facebook with these free groups:
“Coupons & Coupon Codes”
“Live The Lifestyle Your Family Deserves”
All on Facebook – join. It’s free.…

I Want My Kids To Do Better Than I Have

Debt is the #1 killer of wealth production for the middle class in America. Forget about almost everything else for now. Our society has been taken over by corporation marketing and a real conspiracy to boost consumerism to the tune of the corporate profits machine.

We have gone in the U.S. from being a value country to being an entitlement country. We have also gone from a country that buys things on a cash basis to a country that focuses on a credit score. Oh, my, what will happen if you can’t borrow a lot of money? YOU WON’T BE IN HEAVY DEBT.

Still, they’ve got most of us trained that cash is out of favor and credit is king.

The results have been staggering: super large debt everywhere you look and smaller savings. More and more people look to government to bail them out, but they are busy bailing business out.

When it comes right down to it, you and I will have to bail ourselves out even when unemployment continues to be officially high and unofficially really high (the defined difference between unemployed and underemployed).

You must begin by looking at your expenses and removing 12 – 15% of your expenses by calling everyone who sends you a bill and asking for help to reduce your costs. Be open minded to their ideas as well as persistent with your own ideas. Ask for a supervisor. Expect to hear no. Keep asking. Tell them your family has hit hard times and you want to pay your bills, but you simply must reduce your expenses by 12 – 15% immediately.

Sit down at the kitchen table with your family, including your kids. Tell them you are reviewing all spending and you need everyone’s help to begin building regular savings and investment. Involving your kids won’t protect them from “adult stress.” It will help make them wealthy over their lifetime. It will give them more options and allow them more control.

Talk about ways you can reduce debt and increase savings and investment on a regular basis. You may be surprised at who comes up with the best ideas.

Review all credit cards. Credit card companies are the enemy of your family. Find out the interest rates you are being charged on each card you have. See if you can consolidate these cards into a low-interest rate card. If you can, make sure the new card is covered under the new financial regulations. Don’t trust credit card companies.

What happens if you can’t consolidate? Pay the minimums on every card EXCEPT the one with the highest interest rate. Pay as much as you possibly can on that one card until it is PAID IN FULL. Then, move to the next highest interest rate and continue. Do this until you have no credit card debt.

Keep this in mind, too: Your checking account is a money laundering account for other people’s money. Use any opportunity you can to take any extra money out and push it to savings where you won’t spend it so easily.

Brainstorm with your kids on how the family can earn some new dollars only for investing. You may be shocked at how much extra money you can find or earn to invest month after month.

What will this do? It will show your kids it is important to be responsible with money. It will also show them that they can empower themselves and their family when they have kids to grow savings and boost investment all the while growing wealth.

How would you like your kids to do better than you?

You can do this!

HELPING YOUR KIDS GET AHEAD

If you think I was born saving money, you are wrong. My own family didn’t believe in saving. They don’t believe in having a 401k. They have had “emergencies” all their lives. These emergencies always get in the way of saving money regularly. I was not brought up to save and invest regularly and I have made every mistake you can think about when it comes to money. My parents thought they were shielding me from the realities of bills and worry. In fact, they were isolating me. I learned nothing until I had made many of the mistakes they made. I have had to learn the absolute hard way how to get savings on track and make it a part of your life without killing your lifestyle. I have had to learn the hard way how companies mislead with marketing. It is my mission to share what I have learned about regularly saving with my own children and also share it with you. That’s why we have a lot of “free” (blogs like www.boostmywealth.wordpress.com and www.stickyasset.com/blog and groups on Facebook like “Coupons & Coupon Codes”)!

In …

The Magic Of Found Money

Money doesn’t save itself. In fact, we have learned that money gets away from you quickly if you don’t put it to work. You need an example?

bitcoinsIf you have been reading our blog for awhile, you may know that we have a jar in our kitchen. I put it there because my wife kept finding pennies, nickels, quarters and more on the ground when she would go to the grocery store or on a trip. It got to be such a funny thing that she got the boys doing it, too. We don’t use this jar for “loose change.” We actually use it to drop our “found money” in once we come in from a trip to the store or a weekend getaway. She simply made us aware that people throw money away everyday.

People are always asking how much we’ve found “this year” (because we do it every year and we put it in our e-book called “How To Survive Any Financial Crisis” found at www.MiddleClassMoney.com).

It can’t be that much, right?

Last year we wound up with over $60 at the end of the year. The year before that we had found just over $28. At the end of each year, we add up our “change” and put it in a 12 month CD. We have one for each year……year after year and we roll them over. They earn money for us month after month.

So, this year, the money people dropped on the actual ground in 2008 and 2009 is earning money for us month after month. We put this “found money” to work for our family.

How much have do we have in our little kitchen jar this year so far? $46.69.

We highly recommend involving your kids in the importance of family budget, spending, saving, investing and overall money management. In fact, we recommend that you build your strategy with them to overcome our “debt and credit marketing culture” and build savings and wealth regularly. That’s because doing these things with your children does the following:

1. Shows them that saving money regularly is important to you and should be to them.

2. Shows them that investing money regularly is important to you and should be to them.

3. Allows you to brainstorm with everyone in your family on reducing and eliminating debt on a regular basis.

4. Allows you to brainstorm with everyone in your family on building and maintaining an emergency savings fund for today’s economy (by the way, we believe that you should have 15 to 18 months of expenses in your emergency savings fund).

If you don’t believe you can save the kind of money your family knows they need, you should read our past blog entries. It is time for us to find a way to take our culture back from the corporations that market to us all the time on how we should have a “healthy amount of debt.”

Are you ready?

YOU CAN CHOOSE

You can choose to take specific and steady actions to change your life, change the lives of your children and change the future of your family tree. Yes, you have the power yourself.
All the corporations, the private equity companies, crooked politicians and rich people can’t stop you if you really have a systematic plan that starts with regular savings and steady investment along with your regular bills.

If you are willing to take the time with your family to make a plan for reducing and then eliminating debt over time, you can gain more control over your finances and you can teach your children how to become wealthy over time.

If you are willing to make people work for the money you spend with them, you can build savings and then wealth.

These things are within your reach. You just have to start and you have to be encouraged.

You can join our free Facebook group (or have your children do it, too) by searching in the Facebook bar on your “wall” for “Live The Lifestyle Your Family Deserves.” Click on “become a fan.” It’s free and it ties our free blogs into that group.

If you want to give your children the same information we are giving ours, you can purchase the only thing we sell on any of our blogs or groups. It’s called “How To Survive Any Financial Crisis” and you can get it for only $4.95 at www.middleclassmoney.com.

Thank you for reading our blog and good luck!…


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