Category: Personal Finance

Choosing your career at the age of 20 is certainly a difficult task. Let alone the world economics, you haven’t even discovered yourself completely. Besides, you would make an exciting career if your personal choices are in sync with market demand. I selected finance simply because I love number, I like talking to people, and the earning potential is high. This was, however, 15 years ago, and things have changed considerably since then. Let us have a look at few most promising sectors that will dominate the market in coming 10 years. Phone Technology As of now, this is the fastest growing market, and demand for phones is increasing by leaps and bounds. In years to come, the world will need more technicians produce, troubleshoot, and manage this technology. This sector is highly depended on communication, which is also a promising sector in itself. Certified Financial Planner Most  [...]

Most personal finance blogs would advise you to start investing today, which is certainly the best piece of advice in most cases. However, your investment decisions must be based on other factors including your personal goals, current financial status, and so on. You cannot start investing simply because your broker informed 'buy this, it's a good stock', or 'market is not at it's peak, this is probably the best time to invest', or 'This stock will certainly skyrocket'. Before we believe in all these things and start investing, STOP! Have you gone through your financial plans? Would this action help you to reach your goals sooner? Instead of asking a financial consultant you must ask few questions to yourself. 'Should I invest in this stock, or should I repay my loans first?' This may be not the right time to invest, let's us discuss why. You Don't Have Adequate Knowledge About  [...]

For most of us, especially Americans, saving even 10% of our income seems to be an impossible task. This doesn't mean we don't try. We try hard, but there are many forces working against out his goal. These forces are inflation, job loss, not enough opportunities, unpredicted circumstances, and so on. Saving is a difficult task because we are addicted to spending more than we earn by using other's credit. There are few of us who work hard, save, and invest, and build a fortune that many of us simply dream about. But as soon as we reach a secure stage, we are often asked to enjoy what we have accumulated. Many are told to act nobly or altruistic by giving away money as charity, while many others are simply asked to keep building the fortune. What is it that we want to do with our money? Why do we want to save money? We strive hard, and give up our desires today and save more, simply  [...]

Most of us are done with filing our income tax returns. Some have done it electronically, some via post. However, each one of us can check our tax refund status on the IRS official website. On the top of the page, the link 'Where's My Refund' directs you to the area where you can check the status. Probably everyone know this. But When can I check it, and how does it work? You must enter the area 'Where's My Refund' only if you have filed your tax returns (1040/1040A/1040EZ). If you have already filed it, you will have to fill up a form that asks for basic personal information including Social Security, address, tax receipt numbers, and so on. It will process your information and display the result (when your refund would be sent) within minutes. The method of filing tax returns determines the time it takes to receive your refund. If you have filed it online, you can check the status  [...]

One of the best ways to save some money on credit cards is by doing a balance transfer to a 0% interest credit card. What’s a 0% Interest Credit Card? Many companies introduce credit cards with 0% interest rate on new purchases and balance transfers. These offers, however, are valid only for a limited period (usually 6-18 months), and are introduced to attract new customers. Alright, What’s a 0% Balance Transfer? By availing a card with 0% interest rate, you can transfer the debt on your current card to your new card that charges you 0% for a limited period of time, usually till the offer is valid. This is a great opportunity for people who have huge credit card debt and are currently paying over 20% on the total amount. They can save some hundreds each month, simply by transferring the balance, which can be used to repay the debt quickly. Should I Apply For 0% Balance Transfer  [...]

We all know how money is earned through hard work, and during childhood, we all have heard stories of burglars who keep chasing free money their entire life and end up spending rest of their life in jail. Yet, we believe there is free money somewhere out there. Since most of our work today is done online, we try to find money there as well. And guess what, we lost money through some internet scam. In spite of falling straight on our faces, we still ask this question ‘Does free money exist?’, simply because we learnt another thing in childhood, ‘never lose hope’. And those you never lose hope, gets its reward. There is absolutely free government money available, and the best part is, there isn’t any scam. It’s real. Around $25 bn is given away by our government as free money. This amount, however, is distributed in form of government grants. So, what should be your next step?  [...]

I am planning a vacation later this year. However, instead of withdrawing money from any of my investments, I have decided to save money to sponsor the trip. All was going well until I asked my neighbor for more suggestions. With his 10 ways to save money, I am planning to give up saving. Have a look at them and let me know if you have any better ideas, but not weird ones please…please… Automatic Reduction from Your Income And who would pay my monthly bills? I am already not able to meet my expenses. This is what happens when you ask for advice to people who are jealous of you, of everyone. Collect Change Not from other people, but yours. Say you buy something for $8, you receive $2 change if you hand over a $10 bill to the shop owner. Do not use that $2 coin, save it, says Mr. Jackson, my neighbor. According to him, you can save enough every month to pay your electricity bills.  [...]

Being frugal isn’t easy. It takes efforts and smartness to save a little amount every month. Here is a list of 15 practical money saving tips for people who intend to save real money. Don’t wait for an opportunity to invest. Let it operate automatically. Ask your bank to invest a fixed amount every month for 401(k) or other investment plans. Keep adding money in your saving account. This will earn you good amount as interest every month. Aviod paying banking fees. Use your bank services for free to pay bills, checks, auto deposits, etc. Don’t get simple credit cards. Pick the one that offers cash back facility. Over a period of time, you get a good return. Keep searching for hot deals that can save you some money. Don’t buy any items without proper homework. Use ceiling fans and table fans instead of air conditioners. They consume much less electricity than the latter. Replace  [...]

Among all other expenses, food is the most flexible one. We can save enormous amount by using few simple tips. It’s wise to stock basic stuff in bulk. This will save considerable amount of money. However, don’t try to stock perishable goods. Keep a track of stores that offer great benefits to customers through discounts and coupons. Keep a track of food stuffs that you regularly buy in small quantities. Get them in large quantities whenever possible. Don’t forget that for additional discount you can use a manufacturer’s coupon along with store coupon. Consider grocery shopping as a business deal. Next time you go the nearby grocery store, try to maximize your profit. Don’t forget to have a goal. Don’t shop daily. Do it twice a month or once in a week. Don’t go for food shopping when you are tired, hungry, stressed, or depressed. Plan your shopping when you  [...]

Plan for long-term care The biggest retiree medical expense which is the long-term care is normally not covered by Medicare. Just to give an idea of the cost involved let us look at the numbers. As per Genworth Financial survey a room in a private nursing home last year cost an average of $76,460 a year which is $209 per day. Again costs differ in different states and can start from an average of $125 a day in Louisiana to $515 in Alaska. There are other not so expensive options but even they don’t come in retiree budget. Per hour on an average home-health aide cost $19 which by simple compounding amounts to $43,884 per year for 44 hours a week of care. One needs to shell out on an average $36,090 annually for a private one-bedroom unit in an assisted-living facility. Adult day care costs $15,236 per year, on average, for care five days a week as per survey done by Genworth Financial. So  [...]