Finding the right insurance or any insurance at all can be a daunting task when there are pre-existing medical conditions present. It is oftentimes frustrating to find term life insurance as companies tend to flat out deny those with pre-existing conditions or is there is not denial they are placed in a high-risk policy which is oftentimes more costly. Despite these challenges and frustrations, finding insurance with pre-existing conditions is not impossible.
In fact, in just about every case, there are plenty of affordable life insurance options. Even applicants with pre-existing conditions are surprised to see how affordable their policy can be.
What is Your Pre-existing Condition?
The type of pre-existing condition is perhaps the biggest consideration when shopping for new life insurance. From one insurer to the next, the types of policies for people with certain conditions will vary. Life insurance companies rate conditions differently based on the level of risk they believe are associated with it.
When considering conditions such as cancer, many insurance companies may not accept that level of risk since there is not a long life expectancy associated with these types of conditions. Although this is the case, other considerations are factored in such as whether or not it is in remission.
The main thing that insurance underwriters are considering is how threatening the condition is to the life of the policyholder so obviously, there are usually multiple variables at play. The good news is that insurance companies are adapting and changing with medical advancements. When it may have been impossible in the past to receive insurance with pre-existing conditions, insurance companies recognize that certain conditions can be treated or slowed due to new research and technology.
Avoid The Fuss With No Medical Exam Life Insurance
Another great option is a no medical exam life insurance policy. If you have not been previously diagnosed with a condition, this may be a great option. Although these types of policies usually run at a higher premium, the coverage is usually guaranteed and the policy coverage varies slightly from a standard term life policy. Despite the guaranteed coverage it is a good idea to disclose any medical conditions you may have.
In today’s market, there is far more competition in terms of top-rated life insurance companies. Because of this, they are oftentimes aggressive in the risks that they take. For this reason, you need to shop around or even work with a professional who can point you in the right direction.
These policies of course usually come at a higher rate but it is a good option still for those who may have been denied by a more traditional life insurance provider.
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It’s Best to Compare Between Different Insurance Companies
Perhaps the biggest factor related to a pre-existing condition that there is no way around is the higher cost. Insurance companies need a way to compensate for the additional risk. However, many companies will treat certain conditions differently than other. For example, there are some companies that view conditions like diabetes more favorably than others. With some companies, if you have well-controlled type 2 diabetes, you could get great rates, but other companies are automatically going to skyrocket your rates because of the diabetes diagnosis.
The best course of action is to be proactive with your condition and try to manage it the best way that you can. Insurance companies have been known to consider these types of things and reduce your premium over time as it is demonstrated that you are getting your condition under control.
Thankfully for advances in the medical community it is no longer the case that pre-existing means denial. It is still a good idea to shop around and find the best fit for your particular condition. Spending the extra time up front can save you a lot of money in the long run and the peace of mind that comes with knowing you are insured is invaluable.
The benefits of finding the perfect company are obvious, lower insurance rates. But finding the right company isn’t as easy as that. This is why you need an expert, like our independent agents. Not only can they represent several different companies, but they are also knowledgeable about the different companies and which one will view your pre-existing condition more favorably.
Getting the Lowest Rates Possible
We just mentioned a great way to get lower monthly rates, by working with an independent agent, but that isn’t the only way.
The first thing is to do is improve your health. Sure, you have a health problem, it’s going to impact your monthly rates, but there are still some health factors that you can improve to get a better classification from the insurance company.
The best thing you can do is to shed a couple of pounds. The majority of life insurance applicants are keeping a few more pounds than they should, and losing that weight could have an extremely beneficial impact on your insurance plan. Start a healthy diet and exercise program, it will save you money.
Deciding how much Life Insurance you need
The next most important decision is determining how my life insurance coverage you’re going to need. The bigger your policy, the more you’re going to pay for your coverage.
If you don’t have enough coverage, you could leave your loved ones paying for all of those debts you would leave behind. How are you supposed to know if you have enough coverage? There are several different questions that you can ask yourself to ensure that you’ve bought a large enough life insurance policy.
The first question is, “how much debt would I leave behind?” Before you buy a plan, make sure the policy will provide enough protection. Make sure that you add up your mortgage, car payments, credit card bills, student loans, and anything else your loved ones would be responsible for paying.
The other questions that you have to ask is, “how would my family suffer if they lost my salary?” the other main purpose of life insurance is to help your family find a way to replace your annual income. Your family could have a difficult time finding a way to permanently replace that income without experiencing serious financial strain.
I remember starting my career as a young adult, I had a lot on my plate, working my 9 to 5, paying off my student loans, and hoping to find my future spouse.
One of the last things on my mind was buying life insurance. I could almost guarantee that for all young adults buying life insurance is the last thing on our minds.
So the question remains, “Should young adults consider buying life insurance?”
The cop out answer is: it depends.
A lot depends on where you are in your life and what where you plan to be in the next few years. If you are a young adult considering buying life insurance, here are some things to consider.
Remember the Hand That Feeds You
In retrospect, I regret not buying life insurance when I was a young adult. Sure, I was single and I didn’t have any dependents, but my parents didn’t have a lot of income and a lot of financial stability. If something happened to me and they had to pay for my funeral expenses, it would have affected them greatly.
In fact, it would have been so great that I honestly don’t know how they would paid for it. Getting a cheap term policy would have cost me less than $10/month and my parents would have been unscathed financially if something happened to me.
If you are single, you might not think that you need life insurance but don’t forget about the ones that raised you.
Life insurance is very inexpensive and even if you took out a small $50,000 to $100,000 policy, you would be paying less than 2 values meals at McDonald’s a month for coverage. It is the responsible thing to do and it won’t drain your checking account like one would think.
If you’re in the same boat that I was in, single with no dependents, you probably think the same thing I did, that life insurance would be a waste of time.
But before you automatically discount it, talk to your parents about the possibility of something tragic happening and what kind of financial suffering they would experience if you were to pass away.
What About Debts?
It seems nowadays that parents are helping their kids more and more getting through school and getting their career started. I wasn’t one of those lucky ones, but my wife was.
Her parents sacrificed funding their retirement fully to pay for their daughters tuition and cost of living while at school. Imagine if something happened to her and now all that money on books and fees is literally flushed down the toilet.
If she would have had bought cheap life insurance, her parents would have been replenished all the money they had invested into her college education.
But, just because you’re a young adult doesn’t mean that student loans are your only debt. This is the stage of life when you’re going to start looking to buy a house, right? Even if you don’t have a mortgage right now, look a few years in to the future.
A couple years down the road you could buy your first house, which means that you’re responsible for your first mortgage. If you were to pass away with that mortgage, guess where it’s going? Straight to your family.
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When Shouldn’t Young Adults Buy Life Insurance?
If you are debt free, your parents haven’t handed you the silver spoon and you are not married, then buying life insurance isn’t necessary. At least not yet. When you do start your family, that’s when life insurance should become a priority.
Also, don’t buy your life insurance through your employer (unless you have a pre-existing condition). The price is usually about the same buying it through a third party, plus you won’t have to worry about getting life insurance again if you change jobs.
Life Insurance Is NOT Expensive
Some of the major benefits of buying life insurance when you are young is that it is super, super cheap, as mentioned above. The younger you are, the lower your costs are going to be in paying for your life insurance.
Going from your 20’s to your 30’s or 40’s, you can generally see a 20% to 25% increase in premium.
Compound this with the fact that when you are younger, you are super healthy and probably still find time to work out five days a week, which further increases your changes of locking in a low rate.
Getting The Best Life Insurance Rates
Yes, as a young adult, life insurance is going to be cheap. Very cheap. But this is the premium that you’re going to be paying for many years to come, so you want to get the best rates that you can.
You have one of the biggest advantages of finding cheap life insurance, your age. Your age is the biggest factor in determining how much you’re going to pay for your coverage, buying coverage at 20 is much more affordable than purchasing life insurance over 50 years old, but it’s not the only one.
You can’t do anything about how old you are (trust me, you can’t stop it), but there are some factors that you can change and save money on your insurance plan.
The next biggest factor that the insurance company is going to look at is your health. They will look for any pre-existing conditions and your overall health to determine how much of a risk you are.
The higher your risk level may be, the more they’re going to charge you for insurance coverage. If you want to save money on your monthly premiums, spend a couple months improving your health.
After you complete the initial paperwork for your policy, the insurance company is going to send a paramedic out to complete a simple medical exam to determine what kind of health you are in.
During this exam, the paramedic is going to take your blood pressure, cholesterol, take a blood sample, and also a urine sample. These results are going to play a role in what kind of ratings you get.
If you have are carrying a few more pounds than you should, it’s time to trim down that waistline. Being overweight increases your chances of having health problems later in life, like diabetes or heart complications. It’s time to actually use that gym membership that you’ve been paying for.
Additionally, if you’re a smoker or tobacco user, it’s time to kick those bad habits once and for all. If you’re listed as a smoker on your life insurance application, you’re going to be looking at double or triple the monthly premiums of a non-smoker.
Sure, that could only raise your premiums by $20 or $30, but once you calculate that out through the course of the insurance policy, it adds of to some serious cash.
The best way to ensure that you get the best rates is by comparing dozens of companies before you choose the plan that works best for you. Each company is different and is going to view your applications differently. It’s vital that you receive quotes from several different companies before you choose the one that works best for you.
A while back, I cautioned readers to avoid swiping the credit card before applying for a mortgage.
In short, the more you charge, the higher your outstanding balances. And the higher your balances, the lower your available credit.
This can result in lower credit scores since utilization is a big factor for FICO. And it can increase your debt-to-income ratio as well.
Simply put, if you’re seen as overextended due to maxed out credit cards, your credit scores will suffer.
So you can give your credit scores a boost by simply doing nothing, but there are some proactive measures you can take as well.
Increase the Credit Limits on Your Credit Cards
One quick and easy way to boost your credit scores is to increase your available credit
You can do this by raising the credit limits on the credit cards you have open
Simply ask your credit card issuers for credit line increases online or by phone
Once granted your utilization will go down and your credit scores should improve over time
One simple trick to improve your credit scores is via a credit limit increase.
This is something that is very easy (and fast) to accomplish thanks to the many credit card management tools now at our fingertips.
If you visit just about any credit card issuer’s website, you should be able to find an area to increase your credit limit online.
Typically, all you need to do is enter enter your gross annual income and monthly housing/rent payment.
With other issuers, such as American Express, you are asked to enter your desired credit limit and then hope they extend it to you. Apparently you can get 3x your starting limit with little trouble.
So if you started with $5,000, you could get it increased to $15,000 simply by visiting the American Express website and filling out an online form.
Once submitted, you’ll either get that new limit, something in between, or you’ll be denied.
But as long as your credit history and income is sufficient, you should get something. What’s awesome is it can take as little as a few seconds to get your new line of credit.
Note: Some card issuers may need to pull your credit report to do this, which could affect your credit scores temporarily due to the inquiry.
They’ll typically notify you first, but this is why you should request credit increases 3+ months in advance of your mortgage application to let the dust settle.
Lower Your Credit Utilization to Improve Your Scores
The underlying goal of a credit limit increase is to lower your credit utilization, which is the percentage of credit you’re actively using at any given time.
A lower utilization, similar to a lower debt-to-income ratio, is viewed favorably by credit bureaus and mortgage lenders, respectively.
So imagine you have that American Express credit card with a $5,000 limit.
If you currently have a $2,500 balance, even if it’ll be paid off on time and not revolved, you’re essentially using 50% of your available credit. This isn’t a good thing when it comes to credit scores.
You may actually want to keep your utilization rate below 25%. In this case, no more than $1,250 outstanding, even if you pay it off in full by the due date.
But what if you naturally charge a lot on your credit cards each month, despite paying them off in full every month? What can you do to keep utilization low?
Well, if your credit limit happened to be $10,000 instead of $5,000, that $2,500 balance would only represent 25% utilization.
If it were $15,000, it’s only around 17% utilization, which should certainly be viewed favorably.
In other words, all you have to do is ask for higher credit limits, instead of spending less. Of course, spending less will sweeten the deal and ideally push your credit scores even higher.
Tip: It’s easier to get credit limit increases approved if your balances are low because you’re viewed as a lower risk customer.
Pay Off Your Existing Balances at the Same Time
Another trick that goes hand in hand with the first tip is to pay down your balances
Any existing loans and credit card balances that you can chip away at
This will also effectively free up available credit and should give your credit scores a boost
It will also lower your DTI because minimum payments will be reduced in the process
In conjunction with the first tip, you can also pay down any balances you may have, assuming you don’t pay your credit cards in full each month.
If implemented together, you can get higher limits and reduced balances, which will be a one-two punch in the credit utilization department.
So using our same example, if the individual with the $2,500 balance lets carries it from month to month and only has a $5,000 credit limit, imagine if they got a higher limit and started paying it down.
They could push their utilization down from 50% to say 15% if they got the limit increased to $10,000 and paid $1,000 off the balance.
These actions should result in a higher credit score, which generally means a better mortgage rate if you apply for a home loan.
Additionally, smaller credit card balances mean you’ll have more of your income available to use toward a mortgage payment.
So you may actually be able to qualify for a larger mortgage and/or buy more house.
Give It Time to Work
The only caveat here is that a credit limit increase request could result in a hard inquiry on your credit report.
Because you’re requesting additional credit, some card issuers treat it as a quasi-application, meaning they’ll need to review your credit history.
This could ding your credit slightly, like any new line of credit. It’s temporary, but may offset some of the expected gains of a higher limit.
So either request the increased limits several months in advance of applying for a mortgage, or ask the credit card issuer if it will result in a hard or soft pull before making the request.
If it’s the latter, it won’t harm your credit score. Regardless, inquiries typically don’t impact scores much, maybe 3-5 points and the damage is generally short-lived.
One final thing you can do is check out the Experian Boost, which increases credit scores by adding positive payment history to your credit file.
It can be helpful to those who lack traditional credit history, but pay other bills on time like a cell phone or utility.
In closing, you’ll want to approach mortgage lenders with the highest credit scores possible. This ensures you have the best chance of approval and also obtain the lowest interest rate available.
Read more: What credit score do I need to get a mortgage?
Today, I have a post from a new blog friend of mine. As you all know, I’m all about being as positive as you can be, especially when it comes to your financial situation. Thinking about the negatives just holds you back and wastes your time. It’s much better to move forward, create a game plan to eliminate your debt, and stay as positive as you can. Read more in my post Why I Believe Being Positive Can Change Your Financial Situation And Your Life.
The majority of us have some sort of debt that we’re dealing with.
Whether it’s a small amount or a large amount it can still be a stressor in our lives.
Maybe it’s a mortgage, a car loan, student loans, credit cards or any combination of these. It’s a stress factor that many of us are letting take a hold of our lives.
I had a scholarship to a state university but turned it down to attend DeVry University. I had some small scholarships to help out, but I still accumulated student loans. After finishing my bachelor’s in Computer Information Systems, I went on to receive my MBA and then shortly after another Master’s Degree. So, I’ve accumulated quite a bit of student loans myself.
I’ve also owned a house since I graduated college and now have two rental properties. It was just easier to rent them out versus trying to sell them in a buyer’s market when I had to move due to my job. This led to my credit card debt that I accumulated over a decade ago. I finally managed to pay most of these off awhile back, but it was a struggle! Being on my own for the first time and having poor money management skills led to my financial stress. Thing about it is, once you realize and acknowledge that you have a problem, the better you can find a solution and learn from your mistakes.
We also have car loans just like most people. Both my husband and I have to have our own vehicles. Me, because I have to drive to work. Him, so that he can have a means of transportation in case he needs to take the kids somewhere. Side note: he has the luxury to be a stay-at-home daddy.
Being that he’s a stay-at-home daddy can be challenging, though. We don’t have that extra income like some families do. But, it’s important to us that at least one parent stays home with the kids until they’re all in school. The working parent had to be me due to where I was in my career compared to him. Therefore, we have been creative with our budgeting skills.
So, been there, done that. I lived the stress. I wore the stress.
I learned from the stress.
Do you feel like you just keep making payments, maybe even using your tax return to help out, but still feel as though you’re not even making a dent? You give up and start believing that debt is just a part of life. You learn to accept it. Maybe you make a budget. But you continue living paycheck to paycheck. It’s what you know. It’s stressful but it’s normal.
Financial stress is like any other stress.
It has the same effects on your mind and body as any other type of stress. Don’t think it’s different.
Stress can make you lose sleep. Losing sleep causes sleep deprivation. Sleep deprivation can cause hallucinations, memory instability, impact your social life and so much more. Don’t lose sleep over financial stress – it’s not worth it!
Stress can make you sick. Stress puts a huge damper on your immune system. Lack of immunity leads to an increase chance of getting sick.
Stress can cause high blood pressure. High blood pressure causes heart problems. It can lead to heart disease, heart attacks, abnormal heart beats. Heart problems can lead to things much worse than debt. Don’t let it!
Stress can cause depression. Depression also affects your health. It also messes with your hippocampus, the gateway to your memory.
Stress can cause heartburn. Heartburn can be extremely uncomfortable. The only experience I have with heartburn was when I was pregnant. I hated it. I felt like I needed to eat all the time to try to make it feel better. If this is you, then it could cause you to overeat.
Which leads me to, stress can cause weight gain. It can also cause weight loss depending on how you handle stress personally.
Stress also cause skin problems, like acne. So not only do you experience personal effects of stress, but now you’re showing it off to the world around you.
It’s time to make a change.
Debt doesn’t have to be a stress factor in your life. I’m not saying we should embrace debt. But, instead of focusing on the negative aspect of debt, focus on the positives. Alleviate the stress and concentrate on managing your finances to reach your end goal.
In honor of Positivity, My Word of the Year, let’s analyze this situation to find the negatives to uncover the positives.
The Negatives:
Mortgage Debt
Car Loan Debt
Student Loan Debt
Credit Card Debt
Now let’s take each of these negative points and find something positive.
Mortgage Debt: You are able to have a roof over your head. There are others out there who cannot. Be appreciative of the fact that you have a safe haven to take comfort in. Instead of stressing over your mortgage debt, be thankful for that roof over your head and feel safe, comforted in the walls protecting you and your family.
Car Loan Debt: You have transportation. A means to drive you to and from work. A vehicle to drive your children to the doctor when they are sick. There are others out there who do not have this luxury. You can choose to trade it in for a more affordable car to help with the stress or even go carless, if this debt is not worthwhile to you.
Student Loan Debt: You have an education. You have proof of what you know and it may have helped you land a job, a job that is helping you pay off that debt. There are others out there without a degree. Instead of lingering on the stress of having student loans, use the experience and knowledge you paid for.
Credit Card Debt: Realize that when you pay off your credit card debt, what your credit history will show. So don’t stress out over it. Just keep your focus on the end goal.
Author bio: Kimberly Farrally is the Co-Writer for Sweet Discord, an inspirational + lifestyle blog, and owner of Farrally Paperie, LLC, an invitation and party decor handmade shop. Learn more about converting the negatives in your life into positive opportunities. Together we can find inspiration for your lifestyle.
Do you find it hard to stay positive when paying off debt?
The average family carries a lot of financial stress. Most people have student loans, credit card debt, a mortgage, car loans, and sometimes even other forms of debt.
However, not many people have a budget.
According to a survey done by Gallup, 68% of households in the U.S. do not prepare a budget.
I believe budgets are extremely important and nearly everyone should have one. Rich, poor, middle-class, whatever you are, a budget will likely help improve your financial situation.
Some people think budgets are only for people living paycheck to paycheck, or those with no money.
WRONG!
Budgets are for everyone.
Yes, that means no matter how much money you make, you should probably have a budget. I recently read something that said couples who make $50,000 a month, on average, only save 4% of their income. FOUR PERCENT on a $50,000 monthly income? The majority of that monthly income went towards clothing, food, cars, and homes. I can’t even imagine how someone could blow through so much money each month.
This just proves my point, more people need a budget.
Budgeting may not be the most fun thing in the world, but it needs to be done. Budgeting can help you take control of your financial life, which can help reduce stress and let you reach your dreams.
Other budgeting-related articles you need to read:
Below are my tips on how to make a budget and creating a budget.
The positives of creating a budget.
Budgets help people manage their money better. It’s that simple.
Budgets are great, because they keep you mindful of your income and expenses. With a monthly budget, you will know exactly how much you can spend in a category each month, how much you have to work with, what spending areas need to be evaluated, among other things.
Budgets have helped people reach their goals, pay off debt, make more money, retire, and more.
Should a budget be electronic or on a piece of paper?
Everyone has a preference, so this depends on what will work best for you.
Pencil and paper can be great, but an electronic version (such as a spreadsheet, Mint, or Personal Capital) can help you easily make changes.
I suggest choosing whatever you are most comfortable with. It doesn’t matter how you keep your budget; it’s just important that you stick to it.
Side note: I recommend you check out Personal Capital. Personal Capital is similar to Mint.com, but much better. Personal Capital allows you to aggregate your financial accounts to easily see your financial situation. You can connect accounts; such as, your mortgage, bank accounts, credit card accounts, investment accounts, retirement accounts, and more. And it’s FREE.
You MUST track your income and spending.
What you want is to create a realistic budget. To show you where your money is coming from and where it is going, you need to gather all of your receipts, bank and credit card transactions, and so on.
Or, you could even take it a step further by tracking everything for the next month or two, this way you know you’re not missing any expenses. This means recording every single transaction with a note that tells you exactly what you bought (if a receipt is not itemized). Then, at the end of the month, you can evaluate your spending.
After one month of closely tracking your spending, I’m sure you’ll be shocked by your results. This is the best way to create a realistic budget, as you will truly see where your money is going, and this will help show you how much should be dedicated towards each category in your budget.
Plus, the shock from seeing exactly where your money is going will encourage you to be wiser with your spending.
Budget category: Income.
For the income part of your budget, it can be from varying sources. You can include income from your day job, rental properties, side jobs, passive income sources, and so on.
One common mistake is that many don’t realize their income can drastically fluctuate from month to month, even when you work the same hours every month or if you are paid salary. Due to this, you will want to be mindful of whether you are paid twice a month, every two weeks, once a week, etc. The difference of when you are paid can change the amount you make each month. Budgeting with a fluctuating income can be difficult, and in a future blog post I will go over it in more detail.
Also, I don’t think bonuses should be included in a person’s budget. Including them in your budget is not usually the best thing to do unless you are 100% certain you are receiving the bonus. I have heard of far too many people who have counted on bonuses only to be let down when it was less than anticipated. Your budget should be realistic, not a fairytale.
Related:
Budget category: Expenses.
Have you ever truly totaled your expenses?
When making a budget, many people only estimate their expenses. However, you actually should be taking your realistic expenses and putting them in your budget as your estimations may be way off.
Here are expenses you may include when creating a budget:
Home – House payment, rent, maintenance, utilities, insurance, property taxes, etc.
Car – This includes all car expenses such as your monthly car payment, gas, maintenance, insurance, license plate fees, and so on.
Television, cable, Netflix, Hulu, etc.
Cell phone.
Internet.
Food – This includes all groceries, eating out, snacks, etc. Seriously, sit down one day and add up your food expenses for the month before.
Clothing.
Entertainment – Entertainment can include many things, such as going to the movies, going out for drinks, concert tickets, sports, and so on.
Charity – If you regularly donate to charity, then this should be an area you budget for.
Savings funds – This can be for your retirement fund, wedding, travel, etc.
Taxes – If you are self-employed, then taxes will make up a large part of your budget.
Health insurance.
Miscellaneous – Pet expenses, fees, childcare, school, gifts, etc.
Related posts on creating a budget:
Keep your loved ones involved when creating a budget.
Even if only one person manages the family’s finances, the other person in the relationship should, at least, have somewhat of a clue. Conducting regular family money meetings is crucial to having a successful budget and meeting financial goals.
A budget doesn’t work if the other person doesn’t even know it exists!
Make changes when/if needed when creating a budget.
I recommend going over your budget on a regular basis. This may mean once a week, once a month, or something else. Do what feels right for you and what you think your situation calls for.
Many things can change in your budget. Your income may change, your expenses may change, or your goals may change. When something changes, you should adjust your budget to reflect that.
You may have noticed a recurring theme in this budget post, that you should be realistic about everything. Be realistic about what you make, what you spend, and if things need to be changed.
Do you believe in the power of creating a budget? Why or why not?
For as long as I can remember, I have known that I wasn’t fit for the corporate world.
Like J.D. Roth, the founder of Get Rich Slowly, I am an introvert, not a fan of authority and even less of structure. So even before I graduated college, I had my mind on one big goal: leave the corporate world as soon as possible. I was working for a big IT multinational in business school; those were not the happiest times, but that job allowed me to graduate debt free, with a small nest egg that I immediately invested to buy my first rental property in cash.
I believe real estate is one of the best way to build wealth and make money, since you generate an almost passive income, but it was far from enough to cover my basic living expenses. I started playing with those online savings calculators to see where my savings would take me in 5, 10 or 20 years. It was a revelation.
Do you know that if you make $2,000 and invest 10 percent of your salary at 6 percent for the next 40 years, you will have $400,289 for only $96,000 invested? At a 4 percent withdrawal rate, your nest egg will produce a monthly income of $1,334. Less than the $2,000 you are making today, or the $1,800 you are living on since you are investing 10 percent of your salary, but no small change.
The thing is, I didn’t want to wait for 40 years. Playing with the calculator some more, I found out that if you can live on 25 percent of your salary, to cover your expenses in retirement, you only need to save for 7 years! Living on 25 percent of my salary was a bit of a stretch, so I looked for ways to make more money. I bought a three-bedroom apartment and took in two roommates. I took odd jobs on top of my day job; I was making money tutoring at night and writing for several travel websites on the weekends, catering at weddings and freelancing as a translator. The plan was to retire around age 40, but I was so determined to quit my last job that I considered an alternative: how about leaving the U.K., where I worked, and relocating abroad?
At the time, I was 29 and owned two rentals in France and the U.K. that would cover my expenses in a cheaper country. I had a few investments that could cover the mortgage on the second rental (the first one was paid for) in case of a vacancy. And my freelance income was more than what I made at my day job. It came from half a dozen sources, and the probability of them all drying up at once was slim. I quit my job and took a one way flight to Morocco.
I lived in Casablanca for a year, and started a life of semi-retirement. I would cycle along the oceanfront, study Arabic, spend hours shopping for fresh produce or eating grilled camel at the market, and travel for weeks at a time to get pictures and posts for my travel writing gigs. I loved my time in Morocco but kept thinking about a country I loved even more, Guatemala. I had lived there for three years after business school, and after traveling to 80 countries, it was still one of my favorite. After a short trip there, I knew it would be my next destination. I found a piece of land by a beautiful lake in the northern area of the country, complete with a lovely little house that could become a guest house someday (one of my dreams). I bought it with cash along with with a 90-acre piece of land that I am turning into a residential development.
I have been living there with my boyfriend for almost a year, and after putting quite a bit of cash into house renovations and building a detached room and panoramic terrace, we are living happily on less than $1,000 a month, or $500 each. Related Content: How to live on less
Here is our budget:
Housing: $0 We bought our property with cash. You can rent a lovely furnished one- or two-bedroom house in Antigua Guatemala or Lake Atitlán, the two favorite retirement spots in the country, for $500 to $700 a month, generally including utilities. For a bigger colonial home, you will have to spend $1,000 to $1,500 per month.
Food: $200 This is pretty high, almost the minimum wage in Guatemala but we like to eat and that includes some imported products we enjoy (like cheese!) and some alcohol. We seldom go out.
Car: $100 We have two old cars that we bought with cash and put about $100 per month in gas.
Electricity: $80 With the house renovations there were drills and tools plugged all day, we occasionally use air conditioning, and pump our water from the lake to cook and shower with an electric pump.
Natural gas: $12 for a 25 lb. container that lasts about a month.
Staff: $300 We have a full time handyman/gardener around the house, who alternates with his girlfriend who comes to clean the house. This is a great perk to living in Guatemala.
Animals: $20 We have a rooster and 10 hens, some turkeys, ducks and roosters. They eat a $20 bag of feed per month, we eat $40 worth of delicious free-range eggs each month. Win-win!
Internet: $80 We spend $40 each. He pays for a data plan on his iPhone, and I pay for a wireless USB modem. It’s expensive, but we are in the middle of nowhere!
Property taxes: $30
Accountant: $20 We own the house and land as an LLC so we need an accountant.
Random: $150 Once in a while we go out, buy something for the house or go over the grocery budget, but that never comes to $150 though, but if something breaks it could. It is quite complicated to get car parts or any parts around here.
That’s a totalof$992 or $496 per person.
On top of that, I spend about $3,000 per year or $250 per month on travel. I fly back to France for a month but stay with my family so apart from a $1,000 ticket I don’t spend a lot, my last trip cost about $2,000 so I still have $1,000 to travel somewhere else, maybe the U.S., by the end of the year.
You may have noticed that I don’t mention healthcare. When I go back to France I get my physical from my doctor, and I do not have health insurance here, just a travel insurance included in my credit card that will repatriate me if something serious happened. This year, I only got a root canal in Guatemala that cost $200.
With the cost of a rental, healthcare and travel back to the U.S. once or twice a year, you could live well here on less than $1,000 per person. Go the extreme early retirement route, and you can live on rice and beans for less than $300, housing included.
But is retiring abroad worth it? I wrote a post recently to compare the costs of early and normal retirement in the U.S. versus abroad, where I concluded that you could either live better than you do for the same price, have a bigger home, some staff, a lovely piece of land with a view for the price of a 500-square-foot condo, or be able to retire years earlier by moving to a cheaper country and living by local standards.
For me, Guatemala meets all my requirement. The weather is mild all year long (they call it the land of eternal spring), people are nice and relaxed, the cost of living is very low and you can find most things you may want or need, from imported tech gadgets to U.S. trained doctors, albeit at a cost. I enjoy my month-long European holiday to visit my family and friends. Since I have been living abroad for the past 10 years anyway, I am used to emailing and Skyping the rest of the year. They visit me occasionally, as well. I could live in France on a similar or slightly higher budget but would not get the same quality of life.
Related Content: Retirement strategies
Where you will spend your retirement is a very personal choice, and for many, being near your family will be on the top of your list. Although if your kids are on the West coast and you are on the East coast, you are just as far away as if you had retired under the Guatemalan sun.
After dominating the news cycle for weeks, the debt ceiling issue is suddenly resolved and the bond market doesn’t seem to care. The jobs report proved to be far more relevant, but with half of it indicating a much stronger labor market and the other half saying the opposite, who’s telling the truth and why did rates only pay attention to the bad (good) news?
Let’s take one paragraph to put the debt ceiling to bed. Last week’s newsletter went into more detail on its relative unimportance–now confirmed by the absence of any major reaction after this week’s Senate passage (and imminent signing this weekend). The following chart is potentially confusing, but it attempts to show one line that only cares about non-debt-ceiling stuff (the green one), one line that cares a great deal about the debt ceiling (the red one), and finally, the blue line of 10yr yields to serve as a proxy for longer-term rates. Bottom line: if the blue line correlates more with the green line, the debt ceiling wasn’t a big deal for rates.
On to the jobs report! This month’s installment showed much stronger job creation with payroll counts at 339k and more than 90k of upward revisions to the last 2 months. Analysts were expecting less than 200k. Super strong!
This month’s installment also shows the unemployment rate ticking up to 3.7% from 3.4% last time, handily outpacing the 3.5% forecast. Occasionally, movement like that happens when the labor force participation rate changes, but it was perfectly steady this time. In other words, this is the opposite of super strong!
So who’s lying?
The first thing to understand about “the jobs report” is that it is comprised of two separate data collection efforts. One is a survey of regular old people that relies on individual responses (aka “household survey”). The other is a more formal, more systematized reporting of the number of payrolls at various employers (aka “establishment survey”).
The unemployment rate is derived from the household survey and nonfarm payrolls (NFP) comes from the establishment survey.
These two data collection efforts are absolutely massive. They are also highly regarded in terms of data integrity. In other words, the average investor has complete confidence that the Bureau of Labor Statistics is publishing the exact same data it collects.
Issues arise for a few reasons (sampling error, changes in seasonal adjustment factors, etc), but let’s focus on the simple issue of “noise.” Sure, NFP was much stronger, but it continues to trend lower.
This trend is easier to visualize if we take a 12 month average of the blue line as seen in the chart below. While we’re at it, let’s look back into the pre-pandemic labor market to see a more stable baseline (note the incessant ups and downs in the payroll count from month to month, even while the orange line is flat):
Zooming out also shows us that the jobs market is still finding its new normal after the lockdown shock of 2020. If you have ever wondered about the impact of the pandemic on the fabric of the labor market, we can simply adjust the y-axis to “show all” and remove all doubt (same lines as above, but charting the entire range):
All that to say that we should expect volatility and inconsistency in labor market readings as the underlying statistical math adjusts to a still-evolving post-covid economy.
But why did the bond market take the side of nonfarm payrolls (NFP)? In other words, why did rates move higher due to the job count instead of lower due to the uptick in unemployment (U/E)?
Simple! Market participants trust NFP much more than U/E to be a generally better early indicator of broad shifts in the labor market. Charts show why. Take the dot com recession as the first example of NFP clearly leading the way lower well before U/E. NFP bottomed almost 2 years earlier and peaked almost 3 years earlier on the other side of the recession.
Similar patterns hold true for the adjacent economic cycles.
Are there other reasons that help explain the mixed messages? Could it be something other than “noise?” Perhaps an excess of multiple job holders inflated NFP (1 person with 2 jobs counts as 2 payrolls). And could this in turn mean the labor market is weaker than it seems? Probably not. The multiple jobholder category actually tends to rise when things are going well for the labor market, despite all the spin suggesting otherwise.
All that to say that the part of the jobs report that the market cares about was indeed worth some upward pressure on rates this week. Fortunately, the damage wasn’t excessive. In fact, rates ended the week noticeably lower than last week. It was only Friday that saw a moderate uptick.
From here, the market’s focus will increasingly turn toward the upcoming Fed announcement on June 14th. Earlier this week, two separate Fed officials used the word “skip” to refer to the rate hike strategy. A skip is as good as a pause for financial markets, and a pause is the precursor to lower rates. The only question is how long we wait for that cycle to play out. The market reaction to the “skip talk” is most easily seen in Fed Funds Futures, which essentially allow investors to bet on Fed rate hikes/cuts. The chart equates to a lower chance of a rate hike on June 14th than seen last week.
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Last updated – April 18, 2023
Can you use manufacturer coupons on Amazon? Read on to find out.
Most of us look to save as much money as possible while still trying to enjoy the finer things in life. It’s a good reason millions of people shop on Amazon every day. It has some of the best, high-quality products at generally reasonable prices. But as we all know, these prices can get even lower by using coupons.
Benjamin Franklin once said, “Be industrious and frugal, and you will be rich.” Not sure that using coupons will make you rich, but they can save you a great deal of money.
What you do with those savings is what matters. You could direct it towards getting out of debt or use it to buy more stuff. The choice is yours.
So, can you use manufacturer coupons on Amazon?
Does Amazon Accept Manufacturer Coupons?
Unfortunately, the answer to this question is NO! Amazon does NOT accept manufacturer coupons, physical coupons, or any coupons from competitors.
Unlike other big-brand stores such as Walmart and Target or even your local supermarket, Amazon does not accept coupons in-store and does not accept any competitor coupons.
This is probably because Amazon already offers extremely discounted prices on most products, and accepting competing coupons might not be feasible.
That does not mean you can’t use coupons on Amazon at all because you can.
Also see: Where can I find manufacturer’s coupons?
What Kind of Coupons Can You Use on Amazon?
Like any good retailer, Amazon does offer coupons for customers looking to save money when online shopping. There’s an actual page dedicated to just coupons alone.
On this page, you can find all kinds of Amazon coupons, with the most popular coupons appearing at the top of the page.
You can also filter through all the coupons on offer to find those that apply to your specific needs. You can even filter by category to find coupons for specific products.
Here’s a video showing you how to find and use Amazon coupons.
Also see: Best coupons apps to save money
Where Can You Find Amazon Coupons?
Simply navigate to the Amazon Coupons Page, where you can find all the coupons on offer. While this page is the go-to source for Amazon coupons, occasionally, you can find additional coupons and savings with “Amazon Daily Deals” as well.
Apart from the usual coupons on various products, other types of coupons can be found on Amazon. These include Amazon Pantry coupons as well as Amazon Subscribe & Save coupons. These coupons give you up to 10% off discounts and even free shipping for your daily purchases on the platform.
How Much Money Can You Save With Amazon Coupons?
While there is no specifically guaranteed amount of money you can save with Amazon coupons, they work like most other coupons. That means the savings you stand to make will be indicated on the coupon you choose when applied to the specific product as dictated by its terms and conditions.
As far as numbers go, you save anywhere between 5% and 50%, depending on the offer. These massive coupon savings are often very popular during big sales events like Black Friday.
Can You Stack Amazon Coupons?
Yes, you can stack coupons on Amazon, even on already discounted products. All you have to do is head to the Amazon Coupons Page and find the coupon for your desired product.
Now, if the product already has a discount on the platform, say a 10% discount, and you find a 5% discount on the same, you can clip that coupon and stack it onto the discounted product to get a 15% discount. However, this doesn’t happen very often. You can get lucky by keeping an eye on Amazon Daily Deals.
So, can you use manufacturer coupons on Amazon? No. But you can find wonderful coupon offerings on Amazon’s Coupon Page. The even better news is that these coupons apply across a wide range of the most popular product categories, so there’s a good chance that you can save on that product you have been meaning to buy.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
32k salary is a solid hourly wage; above most minimum hourly wage jobs.
For most people, an entry-level job would be pay just over $32,000 a year. The question that remains is can you make a living off $32k a year.
The median household income is $68,703 in 2019 and increased by 6.8% from the previous year (source). Think of it as a bell curve with $68K at the top; the median means half of the population makes less than that and half makes more money.
The average income in the U.S. is $48,672 for a 40-hour workweek; that is an increase of 4% from the previous year (source). That means if you take everyone’s income and divided the money out evenly between all of the people.
But, the question remains can you truly live off 32,000 per year in today’s society since it is well below both the average and median household incomes. The question you want to ask all of your friends is $32000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $32000 salary including hourly pay and a sample budget on how to spend and save your money.
These key facts will help you with money management and learn how much per hour $32k is as well as what you make per month, weekly, and biweekly.
Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining. You may be disappointed that you were not able to reach your financial goals and you are left wondering…
Can I make a living on this salary?
$32000 a year is How Much an Hour?
When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 32k a year hourly. That way you can decide whether or not the job is worthwhile for you.
For our calculations to figure out how much is 32K salary hourly, we used the average five working days of 40 hours a week.
$32000 a year is $15.38 per hour
Let’s breakdown how that 32000 salary to hourly number is calculated.
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, divide the yearly salary of $32000 by 2,080 working hours and the result is $15.38 per hour.
32000 salary / 2080 hours = $15.38 per hour
Just above $15 an hour.
That number is the gross hourly income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis.
What If I Increased My Salary?
Just an interesting note… if you were to increase your annual salary by $11K to $43K per year, it would increase your hourly wage to over $20 an hour – a difference of $5.29 per hour.
To break it down – 43k a year is how much an hour = $20.67
That difference will help you fund your savings account; just remember every dollar adds up.
How Much is $32K salary Per Month?
On average, the monthly amount would be $2,667.
Annual Salary of $32,000 ÷ 12 months = $2,667 per month
This is how much you make a month if you get paid 32000 a year.
$32k a year is how much a week?
This is a great number to know! How much do I make each week? When I roll out of bed and do my job of $32k salary a year, how much can I expect to make at the end of the week for my effort?
Once again, the assumption is 40 hours worked.
Annual Salary of$32000/52 weeks = $615 per week.
$32000 a year is how much biweekly?
For this calculation, take the average weekly pay of $615 and double it.
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x 52 weeks = 260 working days
Annual Salary of$32000 / 260 working days = $123 per day
If you work a 10 hour day on 208 days throughout the year, you make $153 per day.
$32000 Salary is…
$32000 – Full Time
Total Income
Yearly Salary (52 weeks)
$32,000
Monthly Wage
$2,667
Weekly Salary (40 Hours)
$615
Bi-Weekly Wage (80 Hours)
$1,230
Daily Wage (8 Hours)
$123
Daily Wage (10 Hours)
$153
Hourly Wage
$15.38
Net Estimated Monthly Income
$2,036
Net Estimated Hourly Income
$11.75
**These are assumptions based on simple scenarios.
32k a year is how much an hour after taxes
Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with an all salary range up to $142,800.
When you make below the average household income, the amount of taxes taken out hurts your hourly wage.
Every single tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 32000 a year after taxes?
Gross Annual Salary: $32,000
Federal Taxes of 12%: $3,840
State Taxes of 4%: $1,280
Social Security and Medicare of 7.65%: $2,448
$32k Per Year After Taxes is $24,432.
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$24432 ÷ 2,080 hours = $11.75 per hour
After estimated taxes and FICA, you are netting $24,432 per year, which is $7,568 per year less than what you expect.
***This is a very high-level example and can vary greatly depending on your personal situation and potential deductions. Therefore, here is a great tool to help you figure out how much your net paycheck would be.***
In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody that lives in a no tax state like Texas or Florida. This is the debate of HCOL vs LCOL.
Thus, your yearly gross $32000 income can range from $21,872 to $25,712depending on your state income taxes.
That is why it is important to realize the impact income taxes can have on your take home pay. It is one of those things that you should acknowledge and obviously you need to pay taxes. But, it can also put a huge dent in your ability to live the lifestyle you want on a $32,000 income.
32k salary lifestyle
Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person. And there’s no wrong or right, it is what works best for you.
One of the biggest factors to consider is your cost of living.
In another post, we detailed the differences of living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $32,000 a year is going to be extremely difficult because your basic expenses, housing, transportation, food, and clothing are going to be much more expensive than you would find in a lower cost area.
To stretch your dollar further in the high cost of living area, you would have to probably live a very frugal lifestyle and prioritize where you want to spend money and where you do not. Whereas, if you live in a low cost of living area, you can afford the cost of living and maybe save more money. Thus, you have more fun spending left in your account each month.
As we noted earlier in the post, $32,000 a year is well below the average income that you would find in the United States. Thus, you have to be wise with how you spend your money.
What a $32,000 lifestyle will buy you:
If you are debt free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.
You are able to rent in a decent neighborhood in LCOL.
You should be able to meet your basic expenses each and every month.
Not be able to afford many of the fun spending luxuries.
Start saving with the 200 envelope challenge.
Ability to make sure that saving money is a priority, and very possibly save $1000 in 52 weeks.
When A $32,000 Salary Will Hold you Back:
However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 32k a year is going to be pretty darn difficult.
There are two factors that will keep holding you back:
You must pay off debt and cut all fun spending and extra expenses.
Break the paycheck to paycheck cycle.
It is possible to get ahead with money!
It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level.
$32k Salary To Hourly
We calculated how much $32,000 a year is how much an hour with 40 hours a week. But, more than likely, you work more or fewer hours per week.
So, here is a handy calculator to figure out your exact hourly salary wage.
$32K a year Budget – Example
As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt. The rest of the money leftover is left for fun spending.
If you want to know how to manage 32k salary the best, then this is a prime example for you to compare your spending.
You can compare your budget to the ideal household budget percentages.
recommended budget percentages based on $32000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$187
Savings
15-25%
$480
Housing
20-30%
$693
Utilities
4-7%
$107
Groceries
5-12%
$213
Clothing
1-4%
$16
Transportation
4-10%
$107
Medical
5-12%
$133
Life Insurance
1%
$10
Education
1-4%
$6
Personal
2-7%
$24
Recreation / Entertainment
3-8%
$60
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$631
Total Gross Monthly Income
$2,667
**In this budget, prioritization was given to basic expenses and no debt.
Is $32,000 a year a Good Salary?
As we stated earlier if you are able to make $32,000 a year, that is a low salary. You are making around or just above minimum wage.
While 32000 is a decent salary just starting out in your working years, it is a salary that you want to rapidly increase before your expenses go up or the people you provide for increase. If not, you will be left working multiple jobs to make ends meet.
However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. And what they thought used to be a great salary actually is not making ends meet at this time.
This $32k salary would be considered a lower class salary. You must make each dollar count in your budget.
Check: Are you in the middle class?
In fact, this income level in the United States has enough buying power to put you in the top 95 percentile globally for per person income (source).
The question you need to ask yourself with your 32k salary is:
Am I maxed at the top of my career?
Is there more income potential?
What obstacles do I face if I want to try to increase my income?
In the future years and with possible inflation, in many modest cities a 32,000 a year is not a good salary because the cost of living is so high, whereas these are some of the cities where you can make a decent living at 32,000 per year.
If you are looking for a career change, you want to find jobs paying at least 35,000 a year.
Is 32k a good salary for a Single Person?
Simply put, you can make it work.
You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else.
Learn exactly what is a good salary for a single person today.
Your living expenses and ideal budget are much less. Thus, you can live comfortably on $32000 per year.
And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.
Is 32k a good salary for a family?
Many of the same principles apply above on whether $32000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.
The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child.
That means that amount of money is coming out of the income that you earned.
So, the question really remains is can you provide a good life for your family making $43,000 a year? This is the hardest part because each family has different choices, priorities, and values.
More or less, it comes down to two things:
The location where you live in.
Your lifestyle choices.
You can live comfortably as a family on this salary, but you will not be able to afford everything.
Many times when raising a family, it is helpful to have a dual-income household. That way you are able to provide the necessary expenses if both parties were making 32,000 per year, then the combined income for the household would be over $64,000. Thus making your combined salary a very good income.
Learn how much money a family of 4 needs in each state.
Can you Live on 32000 Per Year?
As we outlined earlier in the post, $32,000 a year:
$15.38 Per Hour
$123-153 Per Day (depending on length of day worked)
$615 Per Week
$1230 Per Biweekly
$2667 Per Month
Next up is making $35000 a year!
Like anything else in life, you get to decide how to spend, save and give your money.
That is the difference for each person on whether or not you can live a lower-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 30,000 a year, that is a-okay place to be getting your career. However, if you have been in your career for over 20 years and still making $32K, then you probably need to look at asking for pay increases, pick up a second job, or find a different career path.
Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.
But one of the things that can help you the most is to stick to our ideal household budget percentages to make sure you stay on track.
One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.
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By Contributing Author6 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 February 28, 2013.
There’s no doubt we live in the information age. I’ve heard it said that the average American consumes several gigabytes of information a day. With all of this knowledge at our fingertips, it can be difficult to find solutions when everyone is pointing in a different direction.
Learning to invest can be a difficult process for those who haven’t had a formal education. I know this because I haven’t had a formal education in investing, but I have found some great methodologies for getting up to speed quickly. In the beginning, I made several mistakes that I wish I could have avoided such as single stock investing.
By following these three simple tips you’ll be well on your way to wise investing.
Three Tips for Beginners
Meet with the professionals. Look up a few investment brokers in your area. Make a list of three offices to visit. Give them a call and let them know you are new to investing and would like to sit down and have a free lesson on what investments are and how to use them wisely. Most brokers will be willing to do this. Do not invest anything until you have met with these three brokers and have a few good perspectives on growing your money.
Follow biblical principles on investing and finance. Jay Peroni wrote a great article on BibleMoneyMatters.com regarding biblical finance and investing. Biblical principles on diversification, seeking advice, being diligent, and screening your investments will propel you to success.
Take your time and build a solid foundation! Don’t rush into an investment strategy. It is unwise to invest your money into something you don’t fully understand. If you can’t explain to a layperson what you’re investing into and how it works, you should probably hold off investing until you can. Also, don’t begin anything until you put into practice some foundational elements of financial freedom. A strong foundation will ensure your investments are safe from collapse.
Plans fail for lack of counsel, but with many advisers they succeed. -Proverbs 15:22 NIV
If you have the money to obtain a formal education in investments, you might consider signing up. But remember, investing does not require years of training. You’ll learn with time. The key is to be proactive and seek out solid financial advice before diving in. Don’t let the excuse of not having a formal education hinder your investing.
Everyone needs to save for retirement and pursue a sound financial footing. Surround yourself with knowledgeable, caring people and you’ll be on your way to investing with confidence. Investing is a powerful vehicle for building wealth.
The ability to compound your money with time is a mathematical wonder. After you have destroyed your non-mortgage debt, built your fully-funded emergency fund, and obtained the know-how on investing, you are ready for wealth-building. Are you ready?
This article was written by John Frainee, author at TheChristianDollar.com. His goal is to provide biblical financial principles that encourage people to live healthier lives.