Increasing our income doesn’t have to be a significant increase. We don’t need to get too caught up in how much we’re able to increase our income at this point, but more about using that extra income toward paying off debt or putting it toward savings or investing goals. There are so many different ways […]
The level of debt that nearly most of us have is in direct proportion to our earnings and this is precisely where our comfort levels lie – not so much debt to keep us awake every night, but enough to appreciate life and our hobbies to our maximum level of income. That’s where the majority […]
For most of us, caring for our finances is not an easy task! Easy availability of credit, high interest rates and a lack of understanding basic financial principals causing us to fall into bad money habits, which end up leaving the majority of us living deep in debt and way beyond our means. To better […]
Consumer debt is a killer when it comes to savings goals and overall financial well being! Whether we’re saving for emergency funds or investing funds or whatever fund we’re trying to set goals for, consumer debt will hold us down and must be greatly reduced if not completely eliminated in order to achieve financial freedom. […]
When it comes to paying yourself first, the typical rule of thumb is to save at least 10% of your income. 10% is an ideal place to start and over time, if possible, gradually increase that amount. If 10% seems like too big of a stretch, then start with any percentage you’re comfortable with. Something […]
Did you ever stop to think that no matter how much money you’re paid your income is limited by the number of hours you can work? We all have the same 24 hours in a day and there is only so much of your time that you can dedicate to working for pay. That’s why […]
I’m sure you’ve heard the term passive income before and you might have even asked yourself, what is passive income exactly? Well….passive income is simply money that is made passively! And what does that mean?! Basically it means that it’s money earned by doing the least amount of work with the most minimum amount of […]
There really are two sides to debt. In general debt is typically bad, but on the flip side, there is good debt. What is good debt? Good debt is money you borrow to pay for something that will increase in value and/or will pay you back after you make the purchase. An example of debt […]
To help create a spending budget that’s not just sensible, but also effective, you need to start by calculating your income. Once you’ve calculated your income, then you can list your expenses by first making a list of your fixed expenses such as rent or mortgage payments, automobile payments, insurance premiums, etc. After that, you […]
Having multiple sources of income is not only for people who are looking to build wealth, but it’s a general principle for financial freedom. People that are wealthy have multiple income streams, meaning they earn money by creating additional sources of income. In fact, the average millionaire is known to have 7 different income streams. […]