What is passive income exactly? Passive income is simply money that is made passively! And what does that mean?! Well…basically, it is money that’s created by doing as little work or the most minimum amount of work possible. Unlike a job where we have to work in order to earn an income, passive income comes […]
Aside from saving to pay ourselves first and saving to invest, there is also another key area of savings which is saving to give! Saving to give can be a difficult concept to grasp for many of us who are struggling just to keep our heads above water…and understandably so. In order to give financially, […]
One of the most basic, fundamental things we can do is to conserve money. By consistently following a few money saving tips we’ll see a radical rise in the amount of cash we save, which can be used toward paying down debt, saving for emergency funds, saving for that vacation or for investing, depending on […]
Whichever strategy…or strategies we decide to utilize, will depend on our comfort level of risk and effort (how hands on we care to be). The important thing in all of this is getting all the information and/or help we need to educate ourselves enough to make the best decision based on our own individual desires. […]
Investing can be as simple or as complicated as we want it to be, the point is that our money needs to be utilized in a way that will allow it to grow and produce yields faster than inflation. Inflation is the reduced value of the dollar over time, so as the cost of living […]
We set up our budget, we find ways and areas to reduce our expenses, we get our spending under control, we live below our means, we find ways to increase our income, we get our debt snowball rolling, we learn to pay ourselves first to save for our emergency fund and of course…save to invest! […]
It’s never too soon to start saving for retirement! Unfortunately, it’s all too common that retirement savings are not made a priority by most young adults. The hesitation to start saving at a comparatively early age for retirement is understandable, given that as young adults we see so many working years ahead of us with […]
A very common and effective strategy to pay off debt is the known as the debt snowball. Picture a snowball that starts off little as it rolls down a hill, but gets bigger as it continues rolling and turns into to a snow boulder as it builds momentum! That’s how the debt snowball method works. […]
If you’ve ever heard the term pay yourself first, your emergency fund is where you should start. Emergency funds should be readily accessible, but not so readily accessible that you will be tempted to make withdrawals for every day spending. Online banks could be a good place to stash away that money for those rainy […]
There are a couple of ways to go about paying yourself first depending on your situation and personality. If you have the discipline of being able to manage your money without being tempted to spend before you save or spend what you save, then a more manual approach to paying yourself first can work. It’s […]