Looking for make money recommendations to improve your financial positions and to avoid cash issues ? “What are you planning on doing with your tax refund?” asks Asks financial advisor Zaino. “If you’re like most Americans, the world of instant gratification is beckoning. It could be extremely damaging to your retirement account, however, especially given the time value of money and what Albert Einstein called ‘The eighth wonder of the world”—compound interest. “Based on last year’s data, the average refund should be about $2,800. Let’s say you save your money in a vehicle that earns you 6 percent annual interest and you have the discipline to continue to deposit $2,800 every year for the next 30 years. That would yield $250,726. At 7 percent, you’d have $304,319. That’s an EXTRA quarter-million dollars in YOUR retirement account—just for being disciplined and not blowing your refund.” Don’t miss the smartest way to spend your tax refund.
Understand Key Investing Terms (Compound Interest, Dollar-Cost Averaging): Two important investing keywords you should live and breath is compound interest and dollar-cost averaging. These are important to understanding how to put your money to work as well as investing for retirement. If you are looking for some you should know, this post is for you. Read extra details on Money Management Blog.
It sounds simplistic, but many people struggle with this first basic rule. Make sure you know what your job is worth in the marketplace, by conducting an evaluation of your skills, productivity, job tasks, contribution to the company, and the going rate, both inside and outside the company, for what you do. Being underpaid even a thousand dollars a year can have a significant cumulative effect over the course of your working life. No matter how much or how little you’re paid, you’ll never get ahead if you spend more than you earn. Often it’s easier to spend less than it is to earn more, and a little cost-cutting effort in a number of areas can result in big savings. It doesn’t always have to involve making big sacrifices.
Communicate With Your Significant Other: Notice how I wrote significant other; this financial tip doesn’t just apply to married couples. Money fights can affect any relationship. The best way to avoid fighting about money with your S/O is to talk to them about it. Remember that you’re a team! You should be talking to each other about your financial goals, and you should set a date once a month to go over your finances together. I recently started doing a monthly money meeting with my girlfriend and it’s actually been pretty fun. We get to see where each other are at with our financial goals and we keep ourselves motivated to accomplish those goals. The bottom line? Don’t let money ruin a great relationship. Source: http://aspiretomoney.com/.
