For today’s post, I’ve decided to put together in collaboration with some friends from the world of PF blogosphere. Despite the fact I wanted this be a collaboration to be bigger with more points, from many other PF bloggers, I’ve managed to come up this. I guess the rest of them must have been too busy to put a blurb of 100 words or less together. Either way, here are some distinct points of view, on Personal Finance, each straight to the point & packaged in one hundred words or less.
Twitter’s Effect in the Banking World
Banks are embracing twitter like a one handed hug, it’s a bit awkward but we the consumer can still benefit from this awkwardness. If you bank with TD, you are in luck. They constantly tweet back and forth to their consumers. Don’t be shy to tweet them a complaint you had at your branch or even a compliment. Consumers should (and have already done so) communicate with their banks online. Besides the fact, that it’s easy to do, most brands will want to help you out. They hate bad PR, especially on the net. Ask them any question you have “What is your best Mortgage Rate?” “I was charged more on my account this month, help me!?” Don’t be shy, just ask.
10 Rules to Financial Success
Financial success for me has been dependent on abiding by 10 rules when managing my money. Live by them and you too will find financial peace and security.
1. Don’t make excuses- you can make a change
2. Be flexible-adapt and you’ll avoid failure
3. Get a goal-keeps you focused and on track
4. Start slow-don’t do too much at once and set yourself up to fail
5. Be consistent-remember, practice makes perfect
6. Keep track-seeing your progress keeps you motivated
7. Don’t overdo it-be realistic with yourself
8. Reward yourself-celebrate when you complete a goal
9. Have fun-be creative with your approaches
10. Get a team-work with others to reach your goals; success is in numbers
3 Simple Frames to Personal Finance Managment
There’s 3 simple frames of reference to begin successfully managing your personal finances. Now, Then, and The Future – in that order.
Now. Begin living within your means. Consider expenditures carefully and know your limits. Forget about keeping up with the Jonses.
Then. Once you’ve got a grapple on the “now”, you can aggressively clean up the “then”. This would include eliminating debt incurred in the past or liquidating assets that don’t fit within your means.
The Future. With today and yesterday under control, you can now plan for the future and begin building your wealth. This is where PF topics really get interesting
Pearl of Wisdom
The most important “pearl of wisdom” I have when it comes to saving your money, is to make payments to yourself in a separate account (e.g. a high interest savings account) automatically. With less money in your main banking account, you won’t feel as “wealthy” and will be less inclined to spend spend spend! Then, you can use this money you’ve saved up for yourself as an emergency fund, or even start investing in ETF’s or the stock market, or low cost mutual funds (my favourite is the TD Eseries).
Saving is Happiness
The word “Saving” is a broad term, that can be used in many different variations and points of view. If you are looking for a sound future Financially, it all starts with this six letter word: SAVING. This six letter word either makes us or breakes us Financially.
Saving is more than just looking for the next best deal, clipping cupons, asking for that discount. Saving is actually taking your hard earned money and putting it away. Saving it for that rainy day. Saving, so you don’t have to rely on your credit. Saving for the future.
The long and short of saving is simple. It’s not brain surgery. Saving is taking the money out of your cashflow and putting it away unspent. This way you can look at it somewhere and say “Hey, I’ve saved X amount so far”. Trust me, you will break a smile.