Only after you have gotten in the habit of making regular increased payments towards your debt should you begin exploring other debt elimination tricks like debt negotiation and debt consolidation. All of the shortcuts in the world can’t help you get out of debt if you do not first develop the self-discipline to live within your means and devote additional income to paying down your debt.
This next part of my Debt Free in Seven Steps system is to find these short cuts that can help you get out of debt faster–and for less.
Step Four: Negotiate interest rate reductions from your creditors and/or consolidate balances in lower rate accounts.
What’s Ahead:
First, call your card companies!
The first step anybody with credit cards should take is to request an interest rate reduction from your credit card companies. Why in the world would a credit card lower my interest rate? Four times out of five they might not. But if you ask, and ask again, they will likely give you a rate cut to keep you as a customer. If you haven’t noticed your mail box overflowing with “pre-approved credit card offers”, the consumer lending industry is lucrative but it’s also competitive.
Call your credit card’s 800-number and just ask to have a lower interest rate. Tell them you received balance transfer offers and will take your balance elsewhere if you can’t get a better rate. If they say no, ask to speak with a supervisor. If that proves fruitless, call back again tomorrow. Most credit cards will eventually lower your rate if you harass them, and it’s a move that will save you hundreds if not thousands of dollars.
This debt negotiation tactic will work best if you are in good standing and don’t have a number of late payments in the last year. If, however, you are being charged a higher interest rate or “penalty APR” because of your late payments and are now paying on time, call and request a return to your usual rate. Most creditors will not refuse such a request from somebody who is paying in good faith.
Balance transfers
If your credit score is good, you may be able to qualify for one or more credit cards with 0% balance transfer offers for a year. Compare and apply for balance transfer credit cards and move high-rate balances onto the 0% card. Do NOT, however, use the new cards—or the old ones for that matter—to make new charges. Cut ’em up. The point of getting the new credit cards is only to save money on getting out of debt.
Debt consolidation
Another tool at some debtors’ disposal is debt consolidation, or the process of moving two or more credit cards or loans into a new loan, usually with more favorable terms like a lower interest rate. Mortgage lenders frequently advertise mortgage refinancing and home equity lines of credit as debt consolidation options, and introductory-rate credit cards make balance transfers a tempting debt consolidation option.
Be careful, however, with debt consolidation. Most people are in debt because at some point they spent beyond their means. Consolidating debt frees up credit and lowers the minimum debt payment you make each month, making it tempting to loosen your spending belt a bit. A few months of a dollar hear and two dollars here can add up quickly to yet another ugly debt.
If you decide to consolidate debts into a credit card balance transfer, for example, cut up your old credit cards and do not activate the new card—use it only to carry the transferred balance. The less available credit you have at your disposal, the less likely you are to backtrack.
Moving on…
Once you have taken advantage of any debt negotiation or debt consolidation techniques, it’s time to move onto Step Five: Automate Your Debt Payments. Or, check out all the articles in my Debt Free in Seven Steps system.
Yesterday we had a great discussion about some of the financial choices I’m facing, but today it’s time to look at a decision a GRS reader is trying to make. Catherine wrote to ask if it makes sense to sell her home so that she can become debt-free and have the freedom to pursue a simpler life:
I’m in my mid-forties, self-employed in a high-cost city where I live in a one-bedroom condo that I bought ten years ago. I have about $220,000 in equity in the condo (and about $132,000 left on the mortgage).
My mortgage is very affordable because I refinanced into a 30-year loan last year. Still, housing costs eat up about $1500 a month (and would be $400 more if not for the refinance). If I rented, I’d probably spend about that much for an apartment. As part of my housing costs, I pay over $500 each month toward the homeowners association, and there are a number of expensive building renovations looming on the horizon.
I haven’t been putting more money towards the mortgage because now I’m obsessed with thoughts of selling my apartment and renting to give me more flexibility in pursuing a less stressful life. (My dream includes a small house in a lower-cost city, having a garden, etc.) I make a decent living, but I don’t love what I do. On the other hand, I have no idea what I’d do if I switched careers.
Other than my mortgage, I have:
$2,000 in credit-card debt
$14,000 owed on a home-equity line of credit
Nearly $300,000 in retirement and investment accounts
$10,000 in an emergency fund and another $1500 in savings
If I sold the condo, I could pay off my debt, pocket a good chunk of change, and have more time to think about what I want to do with my life. Is it crazy to sell my home when I don’t have my plans mapped out yet? It would be such a relief not to worry about the ever increasing condo fees and the repairs I’ll need to make soon…
When I first read Catherine’s e-mail, I thought she was asking whether she should sell her home to pay off her debt. But that’s just a part of what’s going on here. Catherine has $300,000 in retirement savings, $220,000 in home equity, and almost $12,000 in savings accounts. That’s about $532,000 in assets to just $148,000 in liabilities. Not bad.
Still, I’d be cautious about rushing into anything. While I absolutely think Catherine should explore new careers, I think she should be patient as she does so. Here’s my advice:
Don’t make any sudden decisions. Take small steps, and test-drive choices. First, Catherine needs to decide what her long-term goals are. This can be tough. If she doesn’t know what she wants to do ten years from now, she should do some self-reflection: Take time to see a career counselor, somebody who can guide you through your journey. (My friend Michael — the man who inspired Get Rich Slowly — has helped both me and Kris on our own career journeys. He’s just started a career counseling blog.)
Consider the long-term housing market. Catherine could sell, but she should be aware that many experts expect home prices to recover some of their losses over the next few years. (Some of their losses, not all.) By waiting 24 or 36 months — during which time she could research potential futures — Catherine may find that she’s able to get even more for her house. (Plus, if she’s diligent, she may be able to pay off her $16,000 in debt.)
Don’t rent — not yet. Catherine says that if she rented in her city, she’d probably pay about the same as her mortgage. But when she pays her mortgage, she’s building additional equity in her home, something that renting wouldn’t give her. I’m not a “you must own a home!” zealot — if fact, I think renting can be a great choice — but in this situation, I think Catherine is best served by staying in the house until she’s made a definite decision to live elsewhere.
The more I think about it, the less this is a personal-finance question, and the more it’s a question about personal values. It’s yet another example of how money is more about mind than it is about math; no economist has yet constructed an equation that accounts for the decisions Catherine has to make!
Have you ever faced a choice like this? (Or do you know somebody who has?) What would you do if you were in a ho-hum job in a house you didn’t care for, and had the opportunity to try something new? Should Catherine take a risk — make a leap of faith, sell her home, and move somewhere else? Should she just bite the bullet, stick with her job, and keep at what she’s doing until she retires? What other options should she consider?
Last Updated: April 6, 2020 BY Michelle Schroeder-Gardner – 45 Comments
Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.
Lately, I’ve been hearing more and more about families relying on credit cards for their emergency savings fund.
This is something that scares me as while credit cards may work for some, I believe that emergency savings funds are a better solution for the average person. Whatever emergency fund amount you decide on, it’s better than nothing in my mind.
As I stated in the article Everything You Need To Know About Emergency Funds, 26% of Americans have no emergency fund whatsoever.
Also, only 40% of families have enough in savings to cover three months of expenses, with an even lower percentage having the often recommended six months worth of savings.
There are many things you should think about when it comes to whether or not you should use a credit card as your emergency fund.
What’s your financial situation?
Different people need a different emergency fund amount.
Some of the things you will want to think about when determining your emergency fund amount is the stability of your job, your income when compared to your expenses, whether you own a house and/or car or not, your health, and more.
Basically, the “riskier” your situation, the larger the emergency fund you will most likely want. If your situation is quite risky, then using a credit card for your emergency fund may be a bad idea because there is a large chance you may rack up credit card debt that you are unable to pay off whenever an emergency arises.
How much risk are you willing to take on?
By relying entirely on credit cards, you are going to be taking on a lot of risk.
You never know if something may come up, how big the expense may be, and whether or not you will have enough credit to fund the expense.
Plus, the interest rate on your credit card may hover somewhere near 25%, which can make for an expensive bill if you are unable to pay your credit card bill before interest accrues.
When does using a credit card for your emergency fund amount make sense?
Now, I understand that different techniques work for different people. There are situations where using a credit card for your emergency savings fund may not be a completely bad idea. If you know that you can pay off a large expense within one month (such as if you have a large income but a low level of expenses), if you have a lot of credit card debt at high-interest rates that you are trying to pay off (your money may be put to better use by paying off your debt first), and so on.
However, the problem with this thinking is what happens if you lose your job? Many have emergency funds that exist so that they can support themselves if they were to lose their job. What would happen if you relied on credit cards but lost your main source of income?
It would lead to a lot of credit card debt. Unmanageable credit card debt…
Having a “real” emergency fund can be much more worthwhile.
There are many other reasons to have a fully-funded emergency fund:
An emergency fund can help you if you lose your job. No matter how stable you think your job is, there is always a chance that something could happen where you may need money fast.
An emergency fund is wise if you don’t have great health insurance. This is another reason why we have a well-funded emergency fund. We do not have the greatest health insurance, with our deductible being over $12,000 annually. Having an emergency fund can help protect us if something were to happen to either of us.
An emergency fund is a good idea if you have a car. You just never know if it may need a repair.
An emergency fund is a need if you own a home. One of the lucky things that homeowners often get to deal with is an unexpected home repair.
An emergency fund can protect you in many other areas as well. This can include if you have a medical cost for your pet, if you have to take time off work for something, you need to go somewhere far to visit someone who is sick, and so on.
An emergency fund is always good to have because it can give you peace of mind if anything costly were to happen in your life. Instead of building onto your stress because of whatever has happened, at least you know you can afford to pay your bills and worry about more important things.
As you can see, there are plenty of positives of having an emergency savings fund. However, I know that different things work for different people and that some prefer to use credit cards in the case of an emergency.
What do I think?
I think everyone should have some sort of emergency savings fund. Even if you can only manage $500 to $1,000 right now, that is better than nothing. $500 to $1,000 can still most likely help you by for at least a little bit. Plus, you can still put money towards high-interest rate debt after you build up your specific emergency fund amount.
My problem with using credit cards as your sole source for an emergency fund is that it may lead to more debt in some situations.
Do you rely on credit cards for your emergency savings fund? What do you think of relying on credit cards for your full emergency fund amount?
As many as one in three Americans have criminal records. And since most employers run background checks on potential candidates, these records can be a considerable impediment for those previously convicted of a felony.
In fact, according to the Sentencing Project, more than 60% of formerly incarcerated individuals are unemployed one year after being released
.
Therefore, starting and running a business may be a suitable way of earning income. Although formerly incarcerated individuals can still face challenges as entrepreneurs, a variety of small-business grants and additional resources can help.
How Much Do You Need?
with Fundera by NerdWallet
Grants for people previously convicted of a felony
Unlike small-business loans, grants provide free funding that doesn’t need to be repaid. Grants can be a particularly good option for formerly incarcerated entrepreneurs who don’t want to take on debt or have trouble qualifying for debt financing.
It’s important to keep in mind that finding and applying for small-business grants is time-consuming and entries are competitive. If you dedicate the necessary time and effort, however, you may be able to access free capital for your business.
Nonprofit and corporate grants
Formerly incarcerated individuals can get business grants from corporations and nonprofit organizations. Some nonprofits even offer second-chance entrepreneurial programs — in other words, training and funding opportunities designed specifically for previously incarcerated people.
Rise Up, Get Started Grant Program
Determination, Incorporated, a nonprofit organization based in Kansas City, Missouri, that helps formerly incarcerated individuals start and grow their own businesses.
Through the organization’s Rise Up, Get Started initiative, business owners can participate in a year-long program where they receive coaching, mentoring and community support. Entrepreneurs will also have assistance writing a business plan and creating a budget.
At the conclusion of the program, participants will have $300 saved for their business — and Determination, Incorporation will award a $750 grant on top of these savings.
The nonprofit organization also runs an in-prison Back to Business workshop, which helps incarcerated individuals develop a business plan so that they can get started quickly upon release.
Georgetown Pivot Program
The Georgetown Pivot Program is a full-time, one-year program designed to help formerly incarcerated individuals develop the skills to succeed in a business and professional environment.
Over the course of the program, participants will attend classes, receive an internship placement and get the opportunity to develop their own business idea. Each participant will present their business idea at the Pivot Pitch Competition for a chance to win startup funding. In 2022, participants were awarded a total of $15,000 in grant money.
To qualify, participants must be 25 years or older with a high school or a GED diploma who were last incarcerated within the past five years. Preference is given to Washington, D.C., residents.
The Transform Business Grant
The Transform Business Grant is open to business owners in systemically oppressed groups, including formerly incarcerated people. In addition to $1,000 microgrant, recipients will also be awarded a customized, year-long business strategy and development program. The next grant cycle runs from July 20-August 20, 2023.
LEAP Virtual Entrepreneurial Academy
LEAP is a nonprofit organization based in Florida that works with previously incarcerated women and helps them as they transition back into society. The LEAP Virtual Entrepreneurial Academy is a program that runs twice per year and teaches business skills to its participants.
Over a three-month period, students attend classes twice per week, and at the conclusion of the program, they pitch a business plan to a panel of entrepreneurs for an opportunity to win cash prizes. Graduates are also eligible to apply for a $1,000 microloan.
To qualify, you must be a formerly incarcerated woman who has access to a computer. LEAP covers all program costs through funding from its sponsors.
Amber Grant
Although not designated exclusively for previously incarcerated individuals, the Amber Grant is another great funding option for women entrepreneurs. The nonprofit organization WomensNet offers several grant opportunities to businesses that are at least 50% women-owned, including the $10,000 monthly Amber Grant and the $25,000 annual Amber Grant.
WomensNet also issues a startup-dedicated grant, a nonprofit-dedicated grant and business category grants. Each month, the organization offers a $10,000 grant to a company in a specific industry — in July, for example, the funding is awarded to an animal services business.
You can apply for all of these grants by submitting one simple application through the Amber Grant website.
NASE Growth Grant
The National Association for the Self-Employed (NASE), provides growth grants of up to $4,000 to small businesses on a quarterly basis. To be eligible for one of these grants, however, you must be a NASE member.
The organization offers several different membership options (which include additional benefits, such as expert advice and product discounts) and does not exclude formerly incarcerated individuals from joining.
Once you become a member, you can apply for a grant through the NASE website. Monthly members, however, will have to wait 90 days before they can apply. For the application, you’ll need to provide a business plan and explain why you need the funds and how you’ll use the money.
Incfile Fresh Start Business Grant
Grant winners will receive Incfile’s Gold plan for free, which includes incorporation services in your state, free registered agent services for a year and a free tax consultation. You’ll also receive a $2,500 grant.
To apply, you must complete an online application, create a two-minute video explaining how entrepreneurship will impact your life and submit a sample business plan. Incfile accepts applications three times per year.
Government grants
Individuals previously convicted of a felony can also get business grants from the federal government, as well as state and local governments. Here are some options to consider:
Grants.gov
Grants.gov is a database of federal small-business grants available to all types of entrepreneurs, including formerly incarcerated individuals. This database offers access to over 1,000 grants administered by 26 government agencies, such as the Department of Energy, Department of State and Department of Transportation.
To apply, you’ll need to register your business using the System Award Management platform and get a unique entity identification number. Once you have your number, you can create an account on Grants.gov to submit your grant applications.
Economic Development Offices
Most states and many cities have economic development offices, which are dedicated to promoting and supporting local businesses. Through your regional office, you’ll likely be able to find information regarding government funding solutions, training programs and tax incentives.
Maine’s Office of Business Development, for example, provides a variety of grant opportunities, including options that finance recreation businesses, local tourism, agriculture and food businesses, among others.
Additional resources for people previously convicted of a felony
Entrepreneurial training programs and other tools can be extremely beneficial for individuals previously convicted of a felony looking to start or grow their businesses — even if they don’t necessarily provide free funding. Finding organizations that focus on helping the formerly incarcerated transition back into society through entrepreneurship can be particularly useful.
Here are some available resources:
Help For Felons
The website HelpForFelons.org provides a wide variety of resources for those who were convicted of felonies, as well as other previously incarcerated individuals. Through the site, you can find job postings, legal information and housing options. You can also access lists of personal and business grants, loans and other forms of financial assistance.
Inmates to Entrepreneurs
Inmates to Entrepreneurs is a nonprofit organization whose mission is to help people with criminal backgrounds launch their own businesses. The organization offers free online and in-person courses to give would-be entrepreneurs the business education they need to get started.
Defy Ventures
Defy Ventures administers several second-chance programs with the goal of helping formerly incarcerated individuals succeed in their new lives and decrease the rate of recidivism. Through Defy Ventures, potential entrepreneurs can participate in an entrepreneur boot camp or a business accelerator. Through these programs, they gain the skills they need to launch and grow a business.
Project ReMADE
Project Remade is an entrepreneurship training program run by Stanford Law School. This program teaches formerly incarcerated individuals basic business skills and introduces them to professionals in the business community.
Between classes, students meet with mentor teams who help them develop a potential business plan. Mentor teams consist of one Stanford Law Student, one Stanford Graduate School of Business student and one Silicon Valley professional.
At the conclusion of the program, entrepreneurs present their business plans before a panel of executives and microdevelopment organizations.
Entre Capital
For entrepreneurs who are still looking for financing, Entre Capital is a community development financial institution (CDFI), specifically devoted to providing capital to second-chance businesses. The organization only funds previously incarcerated individuals, offering them loans to start or expand their operations.
Entre Capital also offers assistance with business planning, budgeting and financial reporting, as well as mentorship resources.
Refoundry
Refoundry is an incubator program based in Brooklyn, New York. Through this program, formerly incarcerated individuals are taught to repurpose reclaimed materials into home furnishings. As they develop these skills, Refoundry mentors also teach participants how to build a resume, succeed in an interview and start their own business.
Small Business Development Centers
Small Business Development Centers (SBDCs) are SBA-sponsored centers that provide free or low-cost training and assistance to new and existing businesses. These centers are typically hosted by local colleges or universities, as well as state economic development agencies. SBDCs often maintain lists of funding opportunities in your area and can help you find and apply for the best options for your needs.
Frequently asked questions
Are there grants for those convicted of felonies to start their own businesses?
Yes. Formerly incarcerated individuals may be able to get startup business grants from the federal government and their state or local government. Some organizations, like the National Association for the Self-Employed, also offer grants for startup businesses.
How do you get a business grant as a formerly incarcerated individual?
As a formerly incarcerated individual, you can search and apply for grants related to your business. These grants may be available from the government, nonprofit organizations or large corporations. Before applying, you should ensure you meet all of the eligibility criteria, such as industry, time in business and specific need for funds.
Are there SBA grants for those convicted of felonies?
The SBA doesn’t usually offer grants directly to any small-business owners. Instead, it grants nonprofits and community organizations that promote and support entrepreneurship. Alternatively, you might consider an SBA loan. Individuals with a felony record are not excluded from applying but will need to provide a completed fingerprint card.
By Peter Anderson5 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited May 27, 2010.
Learning To Invest
A while back I talked about investing tips that we learned in our Financial Peace University class. Among the key things we learned was that you should be out of debt before investing (except mortgage), you NEED to diversify your holdings or risk losing it all, and only work with financial advisers with the heart of a teacher.
He also talked about his preferred method of investing – mutual funds. He believes that long term they hold the most value for the average consumer. There are a ton of other options out there, but they all have drawbacks and catches. Sticking with mutual funds is probably your best bet.
Before you even decide what mutual funds you want to invest in, you need to decide where you’ll be buying those shares. Ramsey suggests that people invest up until the maximum of their company match in a 401k, then switch to funding a Roth IRA. Once the Roth IRA is maxed out, switch back to the 401k all the way to the maximum. If you can, you should try to do this for 15% (or more) of your income.
I like Ramsey’s plan, and it certainly makes it easier for me as an investor to just go along with his plan as it has been tried and true for many, many people.
So what kind of funds should you buy in your Roth IRA or 401k?
Deciding what type of investments to choose within your Investment vehicle of choice can be a daunting task. There are international funds, small company funds, large company funds, etc etc. For a new investor it can be enough to make you throw up your hands and give up. I know I have been close to that point at different times in the past few months. Ramsey makes it a bit simpler for us and suggests that you follow this rule of thumb – 25% of your allocation should go to each of these categories:
Growth and Income Funds
Growth Funds
International Funds
Aggressive Growth Funds
Choosing such an allocation helps you to be diversified across a broad category of company types, and should help to keep your investment portfolio going up.
Are you obsessed with checking your balance like me? Just set it and forget it.
I know that one problem I’ve run into since starting to invest is that I constantly have to resist the urge to check my 401k balance, to see what funds have gone up, which have gone down, and then try to outguess the market by re-balancing the amounts. When the balances go up, it can be fun. But when the number in that account goes down as it has this past year, it can be quite scary.
I’ve found that the best thing that I can do is just make my investing automatic. I pay myself first, and then I only check my 401k every few months, instead of every day. I need to remember that investing is for the long term, and as long as I stick with it, and keep putting money in, I’ll be fine.
What is your investment strategy? Do you have a hard time not keeping a super close eye on your investments – and are you able to set it and forget it?
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It is no secret that the internet is changing how money is made forever.
This has caused a boom in many businesses and people the ability to make money online, which is a huge benefit for you!
This trend will only continue as technology improves. If it feels daunting to jump onto this new bandwagon right now, don’t worry; we have some tips that can help you double your 10k in the next few weeks or years.
I am going to show you how to double your money so that you can retire early, pay off debt and invest in the stock market.
A lot of people would say this is impossible, but I’m not just showing it–I’m proving it!
We all have said it takes money to make money and while that is true. It is easy to start doubling your money with just $10K.
What if, right now, you decided to double your 10K by the end of the year? Maybe, you want to hit a major goal and make a huge change in only 8 short weeks?
Making money is not a difficult task. Too often, people become impatient and think that they can simply make money without putting in the effort. This is not true.
Cash is a tool and nothing more. Once you understand this concept, you can begin to figure out how to make more money. Additionally, it’s important to appreciate that it takes time to make money – don’t expect to become a millionaire overnight.
Here is a realistic guide to help you work towards that goal.
Be sure to decide which strategic way to double $10k quickly works best for your personality.
The 10K of your dreams seems impossible.
How can I double $10000 fast?
There is no one-size-fits-all answer to this question, as the best way to double your money will vary depending on your individual circumstances and goals. However, some general tips include developing a growth mindset around money, finding ways to make more money, and investing in yourself and your skills.
Keep in mind that $10,000 is not a lot of money to double in a short period of time.
How long does it take to double 10k?
The answer to this question is dependent on a number of factors.
The most important factor is the amount of time it takes for your investments to double.
If you are investing in stocks, you can quickly double 10K with an options contract within 2-3 days. If you are looking at other avenues, it will depend on how you choose to double your money.
Typically, people start seeing results in approximately 4 to 6 months to double 10k.
If your eyes are set on this, then make sure to write down one of the millionaire quotes for motivation.
What to do with 10k?
Now that you’ve earned an extra 10k, you may be wondering what to do with it.
You could save it, spend it, or invest it, but there are a few other things you could do as well.
Here are some ideas on how to make the most of your money and grow it even more.
How can I Double my Money?
There are many ways you can double your money in a short amount of time.
I am passionate about exploring the best ways to make money online. In this article, I will share some tips on how you can double your money relatively quickly. However, please keep in mind that these are general ideas to get you started.
Specifically How to Double 10k Quickly?
If you are serious about how to double your 10k fast, you will need to dedicate time on a regular basis to the tasks needed to reach your ambition. The key is to do it daily in order to keep the momentum of your progress going.
Earning money is a mindset.
To double 10k quickly, learn how to change your mindset about money.
Although doubling $10,000 may seem difficult, it can be done with the right approach.
If you have $10,000 and want to double it within a month or a few months, here are a few realistic strategies to help you reach your goal.
Idea #1 – Swing Trading with Stocks
Swing trading is a technique that allows investors to hold onto stocks for a period of time, typically two to four days. During this time, the trader watches for specific price patterns and buys or sells shares based on their analysis.
One former assistant principal, Teri Ijeoma, changed her life when she left her job as an educator and become an active trader.
Check out: My Personal Trade and Travel Review
This type of trading can be very profitable if done correctly, as it allows the trader to make twice their investment in a short amount of time.
The key is you must learn how to invest in stocks for beginners. This is one step many people overlook when they are focused on doubling their money. Either you will get lucky or you will have a huge loss. Take time and become educated on swing trading stocks.
Related Reading: How Fast Can You Make Money in Stocks?
Idea # 2- Cryptocurrencies
Cryptocurrency is a digital or virtual asset that uses cryptography for secure transactions. Cryptocurrencies are growing in popularity and may become a major part of society. Bitcoin, the first and most well-known cryptocurrency, has seen its value skyrocket in recent years.
Cryptocurrencies are often unstable because they are not regulated by any government or financial institution, and thus their value can change rapidly. However, the potential for reward is high, making cryptocurrency an attractive investment option. Because of this, cryptocurrency investments are often seen as riskier than traditional investments, but also have the potential for greater returns.
Before investing in cryptocurrency, do your research and be sure you understand the risks involved. There are many educational resources available to help you get started.
Idea # 3 – Flip Items for a Profit
Retail arbitrage is a practice where an individual or company purchases a popular product at a discounted price and then resells it for profit at another online retailer. This can be done on marketplaces like Craigslist, eBay, and Facebook Marketplace.
This is a great way to make some extra money on the side. You need some time and a willingness to invest, but if you find the right deals, you can make a good return on your investment.
Many people have great success by flipping items from auctions, free groups, or local goodwill store.
Check Out: Flea Market Flipping
Idea #4 –Resell Products on Amazon FBA
Amazon FBA is a service for independent entrepreneurs who want to start their own e-commerce business. They can offer products on Amazon and work with Amazon directly to fulfill orders, collect payments, and provide customer service. By doing this, they don’t have to worry about the inventory and can focus on other aspects of their business.
This is another avenue for selling your flipping treasures.
There are a few ways to make money through reselling products. You can either find products to sell on Amazon or Ebay, or you can dropship products from a supplier. If you want to find your own products to sell, you’ll need to do some research on what is selling well and what prices are competitive. If you want to dropship, you’ll need to find a supplier and create an account with them.
Idea #5 – Start a Business or Invest in a Franchise Company
Starting a business is not easy. It requires a lot of work and effort, but if you’re willing to put in the time and effort it can be very rewarding.
Starting your own business is one of the most difficult things you can do, but it’s also one of the most rewarding. There are many different businesses you can start that have low overhead costs, so it’s a great way to get started.
Think of the things you enjoy doing or any hobbies you have. Look for business opportunities that line up with your interests. Then, it makes working much easier.
Here are great ways to make money on the side:
It is possible to make more money on your business than you make more money in your current job or career.
Idea # 6 – Real Estate Portfolio
Real estate is a recession-proof business.
There will always be people who need to rent or buy dwellings in boom or bust economic times.
Real estate can be a lucrative investment, but it is not without risk. A lot of people have invested in real estate and lost money, but an investor who does their research and finds a good deal can make a lot of money.
Idea # 7 – Increase Your Income
If you’re not happy with your current income, don’t worry! You can increase it this year.
This is the year that many experts are predicting will see the biggest wage growth in years. So start planning now and you could see a significant increase in your take-home pay.
More than likely, this could be your seed money of $10k to fund the start to doubling your money and making $20k.
Related Reading: How Much Do I Make Per Year?
Idea #8 – Advertise and Gain Clients
If you are a small business owner, then this one is for you. Start advertising as a way to gain more customers.
There are a number of ways to make your services more accessible and appealing to potential clients. One way is to spend money on promotions and advertising. Advertising can be effective in reaching your goals, surpassing your double your money goal of $20,000 in revenue.
There is no doubt that advertising your services will increase the number of customers you have. The more people who know about your business, the more likely they are to use it. And as we all know, the more customers you have, the quicker you earn more money.
It’s a simple equation: More customers equals more money.
Idea # 9 – Invest in Stock Market – ETFs & Index Funds
Investing in the stock market is a process that requires careful consideration and research. Index funds have become an increasingly popular investment option for many investors. ETFs are known as Exchange Traded Funds, which are also a popular investment option.
Both index funds and ETFs provide investors with the ability to invest in a diverse range of stocks, making them ideal for any investor who is looking to diversify their portfolio.
Investing in an index fund is one of the best ways to build wealth over time.
This is probably the slowest way to make money quickly in the stock market, but it comes with less risk.
With a mutual fund, you are essentially investing in many different stocks, which means that you get to choose how much your investments grow each day. This can be a great way to ensure that your money is working for you – and growing – even when you’re not able to actively monitor it yourself.
Just to know, investing in bonds will eventually double your money, but it will take more time as the rate of return is less.
Idea #10 – Start a Mining Farm
Cryptocurrency mining is a process by which new coins are introduced into the market. In order to do this, miners use computers to solve complex mathematical problems in order to receive rewards in the form of new coins. A cryptocurrency mining farm is a way to pool together multiple computers in order to increase the chances of solving these problems and receiving rewards.
Starting a mining farm is a process of investing in cryptocurrency or blockchain technology.
Mining farms can be started with as little as $500, and they are commonly used to mine cryptocurrencies like Bitcoin, Ethereum, and ZCash. Although the process of mining cryptocurrency is not always easy, it can be lucrative for those who invest in the process.
Starting a cryptocurrency mining farm can be lucrative, but it’s important to do your research first. The farm will require a lot of power and will have a rate of return of around 18% (source).
Idea #11 – Share Cash with P2P Loans
Peer-to-peer lending is the act of lending money to borrowers through a P2P lending website. These websites act as an intermediary between lenders and borrowers, and most sites allow you to lend money to a dozen or two applicants. The interest rate you earn on your loan depends on the P2P website you register with, but it typically falls between 3% and 36%.
When considering a P2P loan, it is important to remember that you are entrusting your money to a stranger. Because of this, it is crucial to take the time to review and assess as many applicants as possible in order to find someone who you feel is most likely to pay back their loan.
P2P loans can be arranged without any collateral or credit check.
Idea #12 – Buy Initial Public Offerings
When a company decides to go public, it sells shares of its stock to the public. This is a way for the company to get more money, and it also allows people who invest in the company early on to make a lot of money if the stock prices rise.
The share price of a company can be very volatile when it first goes public. This can lead to significant growth for the company as investors buy and sell shares rapidly. However, this volatility can also lead to losses if the share price falls abruptly.
You must know the underlying stock value before looking at IPOs as a way to double your money. Many current stockholders are required to hold their stocks for a certain number of days after the IPO. Typically, the stock price falls after the hold period expires.
Idea #13 – Make Money with Airbnb
There are a number of ways to make extra money, and renting out a room at Airbnb is one of them. You can also learn how to make money from home by becoming an Airbnb host.
By doing this, you can provide a valuable service to people who are looking for a place to stay, and you can also make some extra money on the side.
Learn how to start hosting with Airbnb today.
Idea #14 – Flip Some Furniture
Flip furniture is very trendy right now. There has been a recent resurgence in popularity for antique and vintage furniture, and people are buying pieces and restoring them themselves. This can be a great way to make additional money without spending a lot of money.
There are a number of ways to quickly turn a profit by flipping furniture.
Spend some time researching the best methods and finding a niche in the market that you can exploit. With a bit of hard work, you can easily double your investment in no time.
When you are looking for furniture to flip, it is important to do your research and become familiar with the different places you can find quality pieces at a low cost. Local antique stores will often have hidden treasures, so be sure to check them out. Additionally, watch for yard sale notices in your area; people are often willing to sell high-quality furniture at a fraction of the price. Finally, estate sales can be a great place to find unique furniture pieces that you can resell for a profit.
There are many ways to sell furniture, but when you are starting out, it is best to use popular platforms like Facebook Marketplace, NextDoor, Craigslist, and others. Once you have more experience, you may want to create a website and online storefront.
This can be a fun and lucrative way to grow your money.
Idea #15 – Pay Off Debt Strategy
This idea of getting out of debt may seem backward, but this is one of the fastest ways to find extra money in your budget.
There is no doubt that paying off your debt is one of the smartest things you can do for your financial future.
Not only does it reduce the amount of interest you are paying each month, but it also frees up more money to save and invest. Additionally, by paying off high-interest debt first, you are essentially making an investment with a very high return rate.
Once your debt is paid off, you can save your first $10000 which you can now use to quickly double to $20000. This will help you achieve your financial goals faster.
Idea #16 – Online Courses & Coaching Programs
Coaching is a huge business – reaching $11 billion in 2022 (source). People are actively searching for coaching and online courses for personal development.
Coaching programs are designed to provide guidance and support for individuals in order to improve their skills, knowledge, or habits. Coaching programs can take the form of one-on-one sessions or group sessions. Some coaching programs are designed for specific topics like career development, personal growth, or relationship issues.
If you don’t want to work one-on-one as a coach, you can create an online course that can be viewed at any time.
If you have passion, you can likely find people that want coaching.
Idea #17 – Buy a Fancy Car and Uber
You could buy a new, luxury car and become an Uber driver. This would allow you to make money while driving people around in your fancy car.
If you’re looking to make some extra money, driving a luxury car for Uber could be a great way to do it. Not only will you make more per trip, but you’ll also get to drive a nicer car. Keep in mind that if you drive full-time, you could easily double your $10,000 investment.
Driving a luxury car for Uber can get you up to 50% more fares. The extra money can be great for those looking to upgrade their lifestyle or simply want to make some extra cash on the side.
If you want to buy a fancy car and use it for Uber, make sure you have the appropriate insurance. This will protect you in case anything happens while driving.
Idea #18 – Learn a New Skill
A new skill can help to increase your income by allowing you to do things that you couldn’t do before. For example, learning how to code can allow you to start a new career in tech or programming.
Additionally, many skills have the potential to double your income quickly if you are able to find a way to use them in high-demand areas.
It is always a good idea to invest in learning new skills.
There are many places where you can learn, including online and in-person courses. The key to success is jumping in with both feet and really dedicating yourself to learning the skill set. Once you have it down, new opportunities for income will be available.
Idea #19 – Work More Overtime
Working overtime is a great way to earn extra money. You can earn up to double-time pay for working more than 8 hours in a day or 40 hours in a week.
Overtime is becoming more common, so be sure to ask your employer if you can work some extra hours.
In order to make $10,000 in one month from overtime, you would need to figure out how many extra hours per work you need to work.
Idea #20 – Some Gambling?
This is the RISKIEST option of all of them. And highly not recommended as a strategic way to double $10k quickly.
Gambling is a way to risk cash in the hopes of making more cash.
While it can be thrilling and exciting, it’s important to remember that gambling is also a form of entertainment that comes with risk. If you’re able to afford it, gambling can be a way to double your money- but be aware that you could also lose everything you put in.
What is the quickest way to double your money?
How to double your money quick is simple. You need to side hustle and start a business.
Also, the stock market is a simple way to double your money with the rule of 72.
Following billionaire morning routines can be helpful in setting up solid habits for success.
How can I double my money in 24 hours?
The answer to this question is simple… Doubling the money in 24 hours is not practical or doable. You might be able to double your money in 24 hours, but it’s also possible that you could lose everything in one day.
Pay attention to scams if you think you can double your money in 24 hours.
You are better off learning how to make 10k a month.
Which investments are the safest and which are the riskiest?
First of all, it depends on your education, experience, and background.
The best way for someone to double their income is by leveraging their time with the right strategies.
Investments that are considered safe are investments that have an average return on investment of about 8-12% per year. Investing in index funds and ETFs typically have a lower risk. Investing in individual stocks is riskier, but they have an average return on investment of about 10-75% per year.
The riskiest option is the idea that you don’t understand how to double your money and you could end up losing more money.
Best Way to Invest 10K
The best way to invest 10,000 is through stocks. Investing in stocks can be risky and make you lose money, but it also has a high potential for gaining value.
As such, this topic needs to be done in more depth to understand how investments in the stock market work. For now, here are some articles to start to understand the returns of stock investing.
Learn all of the ways you can learn how to invest 10k.
You must do your research on companies, know your risk tolerance, understand the volatility of the markets, and be wary of the news.
Which Strategic Ways on How to Double my Money Quickly will you Pick?
You can choose from many classic way and options, but here are a few that we think would be the most effective.
Thankfully, there are many ways to make money online. But when it comes to making a quick buck, which approach should you take?
In this post, we have outlined the 20 popular routes to double your $10k fast. Your retirement plan relies on your investment of 10k.
However, any of these options is a time-consuming process that takes a lot of hard work and dedication. So, you cannot quit halfway through when things get tough.
This is what you want to do in order to be financially secure and take care of all your needs.
Be successful in doubling your 10k by setting a deadline to make it happen.
Then, your next goal will be how to turn 10k into 100k.
Know someone else that needs this, too? Then, please share!!
FOX Business’ Lauren Simonetti and Stuart Varney break down the high stakes related to the debt ceiling.
If the U.S. defaults on its debt, it could have potentially disastrous consequences for the already fragile U.S. housing market.
That’s according to a recent analysis from Zillow, which projected that home-buying costs could surge by a stunning 22% if Congress fails to raise the debt limit by June 1. On top of that, the 30-year mortgage rate would likely skyrocket above 8%, the highest since the early 2000s, according to the report, authored by Zillow senior economist Jeff Tucker.
Zillow laid out a bleak scenario for the housing market in the case of a first-ever debt default: Tucker projected 23% fewer sales of existing homes to a seasonally adjusted annualized rate of 3.3 million in September. And by the end of 2024, home values would be down about 5%.
WHAT IS THE DEBT CEILING, AND WHAT DOES IT MEAN FOR YOU?
Houses in the Harris Ranch community of Boise, Idaho, on July 1, 2022. (Jeremy Erickson/Bloomberg via / Getty Images)
“Much uncertainty surrounds these estimates, but there’s little doubt that a default would be a major negative shock to housing market activity,” Tucker wrote in the report titled “A debt ceiling default would send the US housing market back into a deep freeze.”
The clock is running out for lawmakers to lift the debt limit: Treasury Secretary Janet Yellen reiterated a warning on Monday that it is “highly likely” the country will run out of cash to pay its debts in early June, potentially as soon as June 1.
“We have already seen Treasury’s borrowing costs increase substantially for securities maturing in early June,” Yellen warned in a letter to congressional leaders. “If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests.”
The Zillow analysis comes amid a prolonged standoff over the debt limit. House Republicans passed a bill that raises the debt limit by $1.5 trillion, extending the current ceiling through March 2024, but coupled it with various spending cuts. President Biden and his fellow Democrats, who control the Senate, prefer a “clean” debt ceiling bill without spending cuts.
People walk outside the U.S. Capitol building in Washington, June 9, 2022. (AP Photo/Patrick Semansky, File / AP Newsroom)
The White House is now hosting near-daily talks with Republicans as Washington races to strike a budget agreement before the pivotal June deadline. House Speaker Kevin McCarthy, R-Calif., struck a more optimistic tone on Monday after the latest round of talks with the president, indicating that negotiators have narrowed their focus to a smaller group of key issues in order to strike a compromise.
“We’re getting closer. Don’t give up on us,” McCarthy told reporters on Monday, adding a “circle” of issues is becoming “smaller, smaller, smaller.”
Biden likewise called the meeting “productive,” and signaled that talks would continue in coming days.
“We reiterated once again that default is off the table and the only way to move forward is in good faith toward a bipartisan agreement,” the president said in a statement
A view of houses in a neighborhood in Los Angeles on July 5, 2022. (Frederic J. Brown/AFP via Getty Images / Getty Images)
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If the U.S. failed to raise or suspend the debt limit, it would eventually have to temporarily default on some of its obligations, which could have serious negative economic implications. Interest rates would likely spike, and demand for Treasurys would drop; even the threat of default can cause borrowing costs to increase, according to the Committee for a Responsible Federal Budget.
While the U.S. has never defaulted on its debt before, it came close in 2011, when House Republicans refused to pass a debt-ceiling increase, prompting rating agency Standard and Poor’s to downgrade the U.S. debt rating one notch.
The mortgage and real estate industry is no stranger to disruptors, especially over the past few years as scores of companies have tried to change the way we buy, sell, and obtain a home loan.
One of the latest examples is “Tomo,” a venture-backed fintech with some big-name founders and investors, including former Zillow employees Greg Schwartz, Carey Armstrong, and Spencer Rascoff.
What’s unique about this mortgage lender is they only originate home purchase loans. No refis. That means they’re completely committed to home buyers.
Like other lenders, they’re attempting to level the playing field between cash buyers and those who need a mortgage, an especially relevant concern in today’s ultra-competitive housing market.
Started by former Zillow executives Greg Schwartz and Carey Armstrong
Do not charge lender fees and offer both a low rate and closing guarantee
Will also pair you with a real estate agent for an additional mortgage rate discount
Tomo Exists Because Buying a Home Can Be Terrible
Tomo was created because purchasing a property can be a real pain in the neck, and instead of relying on old technologies, they’re going the digital route.
This means you can get started right from their website in minutes, whether by desktop computer or smartphone.
They’re also streamlining the process, simplifying how you can complete tasks, and throwing in a bunch of guarantees along the way.
It all starts with a mortgage pre-approval, which they break down into two options: verified and an underwritten pre-approval.
The verified pre-approval assesses your credit score, income, and debt, and turns around the paperwork in no more than three hours after they receive your information, without a hard pull.
The more robust underwritten pre-approval does all that with a hard credit check and a complete assessment by an underwriter, backed by their Closing Guarantee.
The second option takes about 24 hours to complete, once you’ve uploaded all your necessary documents.
Tomo commits to closing on time, and are confident they can do so by moving critical steps earlier in the process.
But if there is a delay on their end, they guarantee your closing date will not change.
It’s unclear what happens if they aren’t able to meet their obligations, but they appear to not let that be an issue.
The Tomo Price Match
While all that sounds good, there’s even more to like about Tomo when it comes to their pricing.
For one, they do not charge lender fees, similar to companies like Better Mortgage, Filo Mortgage, and PenFed Mortgage.
On top of that, they offer the Tomo Price Match if you happen to find a better mortgage rate elsewhere.
Just provide a valid, comparable Loan Estimate (LE) dated within one business day of submission to Tomo and they’ll lower their rate if need be to match it.
But they’re confident they can offer some of the lowest rates around because they’ve simplified the home loan process and made it more cost-efficient.
Speaking of mortgage rates, they’ve got them on full display on their website, so they’re not hiding anything.
Simply navigate to “Find your rate” and you’ll see a list of rates and corresponding costs (discount points) or rebates (lender credits).
You can also fine-tune the rates by entering in your borrower and property information for a more accurate gauge of pricing.
Tomo Brokerage Partner Agent
Speaking of pricing, to sweeten the deal even more, they’ll throw in a .125% (eighth) discount in mortgage rate if you use a Tomo Brokerage Partner Agent.
This is essentially their real estate referral network that pairs you with a local real estate agent, which makes a lot of sense because both Schwartz and Armstrong worked on Zillow’s Premier Agent product previously.
In truth, Tomo might be even more similar to Redfin Mortgage, which doesn’t charge fees and has an obvious real estate agent affiliation.
It also plays into the trend of controlling more of the home buying process instead of just the lending piece, or merely the agent portion.
Assuming you don’t already have a real estate agent, you could save some money by going with one of their recommendations.
This is known as “Tomo Perks,” and on a $300,000 loan amount could save you more than $7,000 over the life of the loan.
To get paired up, you simply provide your info to Tomo and they’ll send video profiles for three local real estate experts they love. Then it’s up to you who to pick, if any of them.
For the record, it is possible to take advantage of both the Tomo Price Match and Tomo Perks.
Where Is Tomo Mortgage Available? And What Loan Types Are Offered?
Currently serve just five states: CO, CT, FL, TX, WA
Offer home purchase loans only
Fixed-rate mortgages: 15- and 30-year loan terms available
Minimum loan amount of $150,000 and min. credit score of 660 required
Jumbo loans available with loan amounts up to $3 million
Single family homes, townhomes, condos, and 2-4 unit properties acceptable
Do not offer FHA/VA loans
At the moment, the company is licensed in just five states, including Colorado, Connecticut, Florida, Texas, and Washington.
And currently only operates in three markets, Dallas-Fort Worth, Houston, and Seattle. My assumption is they’ll expand fairly quickly with their big venture cap backing.
They also only offer home purchase loans, as stated above, though it’s possible they may expand into mortgage refinances in the future.
In terms of loan choice, you can get a conventional mortgage starting with loan amounts of $150,000, or a jumbo loan up to $3 million.
You can’t yet get your hands on an FHA or VA loan, though that could change in the future.
A minimum 660 credit score is required, and they only offer 15- and 30-year fixed mortgages. No ARMs just yet.
While it seems like a limited product menu, something like 90% of home buyers go with the 30-year fixed, and most home loans are conforming.
In summary, Tomo is yet another mortgage/real estate startup looking to shake up the status quo.
While it’s a crowded place, their low rate guarantee and on-time closing guarantee, combined with their fresh modern look, might be enough to help them stand out.
The internet is a great source of information about personal finance.
But if you want to dig deeper into a money mindset or financial philosophy, there’s still no substitute for a good old-fashioned book. That’s why even successful bloggers and TV personalities also publish books — it gives them an opportunity to flesh out their worldview in a comprehensive, detailed way.
I’ve had something of an obsession with finance books for most of my adult life, and I’ve waded through my share of mediocre writing. Unfortunately, being a finance expert doesn’t make you a good writer, and being a good writer doesn’t mean you know jack about finance.
But when you find a book with a well-articulated and thought-provoking perspective, it can change your life forever. Here are some of my favorite personal finance reads.
What’s Ahead:
Overview: best finance books
Best book for beginners: Get Good with Money by Tiffany Aliche
Tiffany Aliche doesn’t assume any level of financial savvy in this book. It starts at the beginning and goes from there. Get Good with Money teaches simple techniques for getting control of your finances in a way that works for you.
This book lays out the author’s 10-step guide to “financial wholeness.” She describes financial wholeness as all aspects of your life working together for the greatest good.
Grab Get Good with Money here.
Dave Ramsey has been a personal finance legend for decades, starting with the 1997 publication of his book, “Financial Peace.”
If becoming debt-free is your number one goal, then The Total Money Makeover is where you should start. It gives solid step-by-step directions to pay off your debt. Dave Ramsey coined the term “debt snowball” and this method is widely regarded as the most effective way to pay debt off.
Grab The Total Money Makeover.
“The Simple Path to Wealth” is a book about the incredible power of index funds. That sounds about as boring a topic as you could imagine, but it’s surprisingly easy to read.
JL Collins explains how index funds work and why they are a great place to get started when investing in the stock market.
If you are nervous about investing in the stock market this book will soothe your fears. You’ll walk away from this quick and easy read with a solid understanding of how index funds work.
Grab The Simple Path to Wealth.
Author John Bogle is the founder of The Vanguard Group, an investment firm famous for its index funds.
He believed that index funds, which track a specific index like the S&P 500, provide a better return than individual stocks.
This book will give you an in-depth education on stock investing, but be warned that it is not an easy read. However, it’s pretty much required reading for anyone who is serious about investing.
Plus, who better to learn from than the founder of one of the largest investment firms in the world?
Grab The Little Book of Common Sense Investing
Best book for easy money management: The Automatic Millionaire by David Bach
This book takes the adage “pay yourself first” to a whole new level. David encourages you to put your money on autopilot so you can be sure you are saving what you need to save without having to rely on willpower or complicated budgeting systems.
If you are looking for a plan to manage your money with as little effort as possible, while still meeting your goals, this is worth the read.
Grab The Automatic Millionaire.
Best book for spenders: I Will Teach You to be Rich by Ramit Sethi
Along the same lines as David Bach, Ramit is a proponent of setting up automatic systems for your money so you don’t get caught up in the small details.
He also encourages the idea of earning more money rather than paring down spending as a way to build wealth. He despises extreme frugalism and instead encourages you to spend lavishly on the things in life that are important to you while cutting back ruthlessly on the things that are not.
Grab I Will Teach You to be Rich.
Best book for early retirement: Your Money or Your Life by Vicki Robin
Your Money or Your Life is a rallying point for the FIRE (financial independence, retire early) community.
This book will challenge your relationship with money and encourage you to look again at your current lifestyle.
Some critics disagree with the investment advice in the book, so read this book if you are looking to change your relationship with money and consumer culture — and consider getting your investment advice from another book on this list.
Grab Your Money or Your Life.
Best book for simple finances: The One-Page Financial Plan by Carl Richards
Famous for his financial doodles in The New York Times, columnist and financial planner Carl Richards demystifies the financial planning process in his second book.
He says that a great financial plan has nothing to do with what the markets are doing and everything to do with what is most important to you. Pick up this book if you are looking to create a simple, values-based financial plan.
Grab The One Page Financial Plan here.
Best book for 20-somethings: The Millionaire Next Door by Thomas Stanley and William D. Danko
Stanley and Danko analyzed the behavior and habits of millionaires to show how they save, spend, and invest money.
The findings were surprising.
It turns out that people with a net worth of $1 million or more tend to live in middle-class neighborhoods, not in gated communities. It’s a fascinating look at how real people create and keep wealth.
Grab The Millionaire Next Door.
Best book for motivation: Think and Grow Rich by Napoleon Hill
One of the original personal finance books, Think and Grow Rich was published in 1937, in the aftermath of the Great Depression. The book’s lessons are distilled from interviews with the most successful people of the day, including Henry Ford, John D. Rockefeller, and Charles M. Schwab.
Hill takes their lessons and reworks them into bite-size formulas that the everyday layperson can follow. It’s not necessarily solely geared toward making someone financially successful, but successful in all aspects of life. He wants you to chase after your wildest dreams, no matter how crazy they might sound.
Grab Think and Grow Rich.
Summary
Nothing beats an old-fashioned book when it comes to learning about a specific topic, and these 10 books can help you get started on your journey into personal finance.
While I no longer have debt after paying off my student loans, I am always striving to save more money, to save for retirement, to find financial motivation, and more.
Even with how much I love saving money, every now and then it can be easy to get unmotivated and want to SPEND ALL THE MONEY!
I’m sure I’m not alone either.
While many do choose to live a frugal life, it’s not always easy. Some have large amounts of debt to pay off, others find it hard to understand how to stick to a budget, and more.
Finding financial motivators will help you continue to work hard towards your goal, even when it seems impossible.
Without motivation, one might give up on a financial goal quite easily. This is why it’s so important to learn how to stay motivated.
Whatever your financial goal may be, there are many ways to stay motivated so that you can reach it. Here are my tips on how to stick to a budget and find financial motivation.
Make your financial goal visual.
Making your goal visual is a great way to find motivation. Having your financial goal displayed in front of you can make it that much realer, plus it’s nice to have a constant reminder of what you’re working towards.
Various ways to make your financial goal visual include:
Create a graphic that demonstrates your financial goal. An example of this would be if you are trying to pay off your house. You could have a picture of a house and section it into 100 pieces. Then, each time you reach a small payoff goal, you can color a piece in. I did some research and found a blog post about many other creative ways to do this on A Cultivated Nest.
Keep a picture of your goal on hand. Whether your goal is a vacation, an item you want, or something else, having a picture can help keep you reminded of it.
Start a blog. Blogging greatly helped me with my financial goals. I could easily look back to see how I was doing. Plus, I felt like I had to keep myself accountable and keep improving due to the fact that everything was public. If interested, you can start a blog for cheap with my easy tutorial.
Hang out with others who share the same financial goals as you.
Learning how to stick to a budget can be a hard task but spending time with others who share the same financial mindset as you can help.
I’m not saying you should unfriend anyone who is in a different financial spot than you, but I do think spending time with someone who you aren’t trying to Keep Up With The Joneses with can go a long way.
Related article: How To Live On One Income
Read and watch financial media.
Finance is all around you and it’s really not as boring as you may think. I read something related to personal finance every day and it’s not because I have a personal finance blog – it’s because I want to!
There are different ways to stay on top of financial media. You can watch the news, listen to financial podcasts, read personal finance blogs, read financial books, and more.
Set smaller goals in between.
Setting smaller goals in between can help a person stay motivated because it will help you keep your mind on your goal. Also, smaller goals can be a nice way to challenge yourself. Making it more of a game and a competition with yourself instead of a chore can go a long way.
For example: If your overall goal is to pay off $24,000 in debt in two years, then you might want to aim for $1,000 in debt payoff each month. This seems much more attainable than the $24,000 number, and this can help you stay motivated while still challenging yourself at the same time.
Keep track of your progress.
To stay motivated with your financial goals, you should review your progress every now and then. You might want to check in daily, weekly, or monthly, depending on what type of goal you have and what personally works for you.
Keeping track of your progress is a good idea because it can tell you what you need to do in order to reach your goal, if you are behind, or if you need to make a change.
I highly recommend you check out Personal Capital (a free service) if you are interested in gaining control of your financial situation. Personal Capital is very similar to Mint.com, but 100 times better as it allows you to gain control of your investment and retirement accounts, whereas Mint.com does not. Personal Capital allows you to aggregate your financial accounts so that you can easily see your financial situation, your cash flow, detailed graphs, and more.
Think about how you will feel in the end.
It can be hard to visualize the end when you’re just starting to learn how to stick to a budget.
One great way to stay motivated is to think about how you will feel later on and/or even when you’ve reached your financial goal.
How will you feel once you pay off your debt, save a certain amount of money, or reach whatever financial goal it is that you have? You should envision what your life will be like once you reach your goal, why you are trying so hard to reach it, and so on. A little daydreaming can go a long way every now and then.
For example: If your goal is debt payoff, then you may want to dream about what a debt free life would be like!
Still have fun.
Having financial goals doesn’t mean you have to be boring. You can still enjoy life, do many of the same things you usually do, and so on.
Remember to still have fun and enjoy life!
Related post: How To Be Frugal And Fun (And Not Boring)
What tips do you have on how to stick to a budget? How do you find financial motivation and what are your financial motivators? What financial goals are you working towards?