Top personal finance tricks
Looking for money debt advices to improve your financial positions and to avoid cash problems ? Although this seems a touchy subject, the reason for having a life insurance policy on a child is about cash accumulation, explains industry pro, Thomas. “Compound interest works best when you have a lot of cash or a lot of time. Kids have a lot of time. “When buying an Indexed Universal Life Insurance policy for a child, the cost is very low and remains the same over the life of the policy, while the cash continues to grow. The parent owns the cash and can borrow from it. The parent can also assign ownership to the adult child one day, along with the cash, just in time for adult things like a down-payment on a home. Or the child can create retirement income with the policy.”
LBYM, or live below your means. Such a simple concept, yet most of us do not practice it well. If you have a limited salary and high debt, by no means should you be upgrading to a brand new car, getting an expensive apartment, going out to eat every day, etc. With social media, trying to keep up with friends and our consumer mentality, we fall into a trap of overspending on things we don’t really need to keep up appearances. It’s okay to live comfortably, but don’t live beyond your means. Discover more info at Money Management.
If you’re contributing to a retirement plan and a savings account and you can still manage to put some money into other investments, all the better. Employment benefits like a 401(k) plan, flexible spending accounts, medical and dental insurance, etc., are worth big bucks. Make sure you’re maximizing yours and taking advantage of the ones that can save you money by reducing taxes or out-of-pocket expenses. Too many people are talked into paying too much for life and disability insurance, whether it’s by adding these coverages to car loans, buying whole-life insurance policies when term-life makes more sense, or buying life insurance when you have no dependents. On the other hand, it’s important that you have enough insurance to protect your dependents and your income in the case of death or disability.
Side Hustle to Make More Money: Are you happy with the amount of money you’re taking home each year? If you’re like most of us, a little bit of extra cash each month could go a long way. So, why not start a side hustle to supplement your income? Don’t worry. You don’t have to sacrifice all of your free time to start a successful side hustle. One of the big advantages of side hustling is that you can do it when you want and as much (or as little) as you want. The best advice I can give you is to start. Use any extra time you can find and make a little bit of progress every day. Soon you’ll be addicted to the side hustle lifestyle. So, how much money can you really make with a side hustle? Well, that’s the other awesome thing about side hustling, the income is virtually limitless. Since you’re not getting paid by the hour or a set salary, it’s really up to you to decide how much you want to earn. The more you feed your side hustle, the more it grows. Source: http://aspiretomoney.com/.