Just who are you? How are YOU going to teach me about money?
Truth: I am not a millionaire.
Truth: I am not where I want to be yet in life.
Truth: I am still better off than most people reading this.
I live a frugal life. Now there is a lot of advice on the Internet about how to live a frugal life. You can watch videos that range from something as simple as turning off the lights when you leave a room, to grinding your own flour. There are forums out there where people discuss the ways they use the rainwater they collect to do everything from watering plants to flushing their toilet.
How frugal you are currently, or want to become, depends on your lifestyle. In my opinion, all it takes to be considered frugal is to actually stop and think before you purchase something. You can simply decide to turn down the heat at night and save a little on your utility bills. You can shop sales and coupon all the time.
Being frugal isn't about washing out ziplock baggies for me. It isn't about grinding your own wheat or collecting rainwater. It isn't even about that gadget you didn't buy last week. Being frugal is about thinking before you spend AND planning how to spend it. It is about conserving what you have, no matter how little. It is about saving money and managing your finances so that you have opportunities later in life.
Every household has different financial situations. That is why I provide a free budget template for you to use. We all have different goals as well.
As a typical consumer you’ve probably already learned the importance of establishing good credit with your lenders. Whether you are shopping for a new home, new car, or searching for the best deals on insurance for either of those purchases, your credit worthiness will be judged by your credit score.
A bad credit history will place literal “black marks” on your credit profile. These marks include things such as late payments, accounts going into collections, and of course bankruptcy.
Establishing positive credit habits and a good credit score will improve your credit worthiness in the eyes of all lenders. This will be noticeable when new, potential lenders, offer you lower interest rates and larger credit lines on new credit card offers.
Here are my 4 tips to help you create, and keep, a positive credit profile:
I just wanted to catch everyone up on a couple housekeeping details today. Some very exciting things have happened to me over the last 18-24 months and has changed my focus in several ways.
1 - The "Masters of Finance Podcast" is on hold currently. I want to do the show well. I currently do not have the time, money, and personal resources to put into another method of getting my name out there. If someone has ideas for sponsorship, or connections to someone that can help me get this thing going please let me know. E-mail me: masters investment group llc @ gmail.com
2 - Start Winning With Money has given me some real credibility as an author and creator of quality content. I have received far more coverage and exposure since publishing this past book, as compared to Mattress Buying 101. I am working on a follow-up project as we speak. There is a lot of advice out there, good and bad. I hope mine will change someone's life.
3 - I am spending more time on donniemasters.com lately. I have added the partnership with coupons.com on my site, and I have integrated a store as well. Additionally, I am adding content as fast as I can write it up. I am starting to see an increase in traffic as my name begins to get out there amongst the general public.
4 - I am looking for some expert help in some areas. I am not an expert in SEO, digital marketing, or anything else similar. I write books and run numbers all day. If someone knows something about helping me spread the word about what we are doing here please let me know. All advice is appreciated.
As always, I am blessed beyond belief and appreciate all the love and support.
We all know the advantages of investing in a mutual fund versus trying to pick individual stocks. First, mutual funds hire professional analysts that are stock market gurus and devout their working life to studying various stocks. So unless you want to devout a large portion of your current free time to the study of financial reports, you probably won’t have a chance of beating the return of a mutual fund manager.
Second, there is the well documented advantage of diversification. Your overall risk is reduced by holding several different investments. Put simply, some stocks will go up in price and some will go down, but overall, when combined, the return should be higher than any other form of investing.
Third, a mutual fund offers small investors a chance to invest in smaller increments over time, rather than having to save a large chunk of cash to purchase individual shares of stock.
Given the above advantages, plus the fact that almost all 401(k) plans make you choose mutual funds, it’s no wonder that mutual funds have become the most popular form of investing in the stock market. Now that there are only 6 million mutual funds to choose from, so how someone make the right selection? Here are a few tips:
1. Do not be tempted to jump in on the hottest performing fund of the year. It may seem like rational thing to do, but like individual stocks, you want to buy low and sell high, not buy high and pray for higher.
To be honest, I am not shocked anymore when the government changes things to benefit them. It happens all the time now. But if you really want to understand how far reaching the federal government can be, start defaulting on federal student loans. They will come get everything they "think" you have in order to receive payback.
I wrote about this specific subject in my new book, Start Winning With Money, but the laws on student loan debt have been written and re-written in order to allow the government easier ways to collect their money. They can do things that other lenders are not legally allowed to do, such as garnish wages. Ask yourself why the government should get preferential treatment over any other lender doing business in the United States?
Here is a link to an article that quickly sums up how fast the government can destroy your future if you don't pay back your student loans. For a more detailed history on the subject, pick up a copy of my new book.