Financial Resource: Beginner Investing to Financial Independence!

A financial education blog to share experiences on 401K, assets, budgeting, cashflow, early retirement, finance, financial freedom, investing, money management and retirement planning using posts, podcasts and video.

Archive for the 'Spending' Category

Wealth and Prosperity through Character Development

May 7th, 2008 by Mind Treasures

Do you think your character has any relationship with your finances?

Are you Purposeful (goals & objectives)? Are you Patient (saving)? Are you Responsible (borrowing)? Are you Moderate (balance & budgeting)? Are you Selfless (retirement)? Are you Reliable (credit)? Are you Courageous (business & investing)? Are you Punctual? (35% of U.S. FICO is based on this character) and the list goes on.

True Wealth & Prosperity can only be achieved by discovering and developing one’s hidden treasures:

“Regard man as a mine rich in gems of inestimable value. Education can, alone, cause it to reveal its treasures, and enable mankind to benefit therefrom.”

Of course development of hidden potentials (virtues) must be complemented with learning and implementing various elements of local economy in daily financial activities.

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Category: 401(k), Bonds, Business, Environment, Financial Markets, Financial Planning, General, Investing, Mortgages, Real Estate, Retirement Planning, Spending, Stocks, Tax, World, financial education | No Comments »

10 Money Saving Tips

March 20th, 2008 by Money Manager

Here are my weekly money savings tips:

1. Maintain a good credit score! It will save you thousands of dollars in the short and long term when you need to borrow money to buy a car or a home. Creditors will give you an interest rate and the loan amount based on your income and credit score.

2. Large sums of money should NEVER be left in a checking account or even a low-interest bank savings account. Rather, put the money into a high interest savings account (like an ING savings), money market fund, or other forms of short term high interest investments with a fixed return.

3. If you have an employer matching 401K plan, maximize your contributions, so that you double your money!

4. Set aside 10% of your paycheck towards some form of long term savings account, like a money market account, mutual fund, retirement plan, or 401K.  As you pay amount increases, your contribution will also increase automatically. 10% will also ensure that you stay ahead of inflation.

5. One of the best investments you can make is to first pay off all your high credit card debts. Credit cards typically carry a high interest rate and by paying off these debts, you get one of the best returns available which also is tax-free.

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Category: 401(k), Financial Markets, Financial Planning, Investing, Real Estate, Retirement Planning, Spending, Stocks | 1 Comment »

FR1 - Financial Freedom: Getting Started

February 26th, 2008 by Your Financial Resource

 
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Welcome to episode FR1 on www.financialresource.org. We are delighted to have you join us today.

Our first episode is to discuss “financial freedom” and what it means to you?

One definition of financial freedom is “a well-planned lifestyle where one no longer is required to work for income to cover their expenses”. Doesn’t this sound great? However, contrary to popular belief, it does not require being free of debt, as a debt payment is just another expense like food, travel, gas, and other living costs that all of us have. Typically, financial freedom or financial independence can be attained in one of two ways (or a combination of the two):

1. Earn enough passive investment income so that one can cover all their expenses.

2. Create a large enough “nest egg” that can be liquidated over time to cover one’s expenses.
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Category: Financial Markets, General, Investing, Podcast, Real Estate, Spending | No Comments »

For the love of money… or is just for love! Happy Valentines Day Everyone…

February 14th, 2008 by Your Financial Resource

Here are some statistics that I found quite interesting while researching what it costs to express your love in the United States.  According to the National Retail Federation (NRF) 2006 Valentine’s Day Survey, it’s costing more to show your love. Apparently, the average American will spend over $100 on February 14.  Call me cheap, but that just seems like a lot of wasted money to me on a fabricated holiday to apparently express your love to your loved ones.

The statistics show that men will spend (aged 45-54) nearly double what women spend on the holiday and will be purchasing less flowers and more jewelry.  Guys… save your money and make dinner or clean the house and use the savings to get the both of you something that would be a real asset.  Now, that’s romantic!

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Category: Environment, General, Spending | 1 Comment »