FIRE (Financial Independence Retire Early)

  • How to Plan for a Brighter Financial Future

    How to Plan for a Brighter Financial Future

    Living in the moment is all well and good, but we’re all heading into the future and you’ll want yours to be as prosperous as it possibly can be. In order for that to happen, you need to think about your personal finances and how your financial situation might impact your situation going forward. And don’t forget to create extra income streams.

    We’re going to talk today about a wide range of ways in which you can start planning for a brighter financial future. There’s more we can all do to ensure our finances are fit for tomorrow and put us in a position to live comfortably. Find out about some of those things below and in the Ultimate Guide To Money + Finance.

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  • One Hour Is All It Takes To Brighten Your Financial Future

    One Hour Is All It Takes To Brighten Your Financial Future

    One hour to brighten your financial future? Impossible! Well, that’s what you might be thinking anyway. However, this isn’t the case at all. While you can’t multiply the funds you have in your bank account within an hour (unless you are blessed with a sudden windfall), you can put your time to good use, and take an hour out of your life to start the journey into a better financial future. 

    So, switch off your TV, put your phone down, and settle down to consider the following. By committing one hour of your life each day to these suggestions, your financial future might start to look a little brighter.

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  • Why You Need Goals For Your Budget To Work

    Why You Need Goals For Your Budget To Work

    Building and sticking to a budget is one of the best things you can do if you want to get yourself on track financially. If you have already mastered a budget it might be the time to start creating yourself new financial goals. 

    Have a look at your annual budget, it can help you to notice larger spending problems and patterns, priorities, or even changes in your circumstances, all of these can affect your financial goals. Let’s have a look at why setting financial goals can help you to budget more successfully: 

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  • 5 Ways to Put Your Money To Work

    5 Ways to Put Your Money To Work

    It’s a problem if you don’t have money. But it’s also an issue if you have money, but you just let it sit in your account. It’s worth remembering that while money does have value if it’s in the bank, it’s not the best option for your money. Instead, you should look at putting your money to work. You should view your money as capital, rather than something that provides an end just by itself. In this blog, we’re going to take a look at just five of the ways in which you can put your money to work. Take my advice, and you’ll find that your financial future looks a lot brighter.

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  • Modernize Your Money Management

    Modernize Your Money Management

    Are you stuck in the past when it comes to managing your money? A lot of people haven’t kept up with the tools and techniques that they can use to manage their finances, so you’re not the only one. When you need to file your taxes, budget your money or save for some specific goals, you can use a range of tools that will help to make it easier for you. You can manage your money on the move and easily check up on your finances whenever you need to. All you need to do is find out what tools are out there, beyond your online bank account services.

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  • 12 Simple Investment Ideas For Newbies

    Investment for beginners

    In simple terms, investing is the act of trading in your money to gain more money back at a future date. When you hear the term investing, you might automatically think about the stock market. However, you can also invest in your home, your business, or your retirement. Essentially, all the assets that you own can be viewed as a part of your portfolio.

    If you’re looking to invest and you’re not sure where to begin, start off by considering these twelve financially savvy ideas.

    1. Robo Advisors

    A robo advisor is a digital platform which offers investment opportunities and a financial planning service. The service is powered by algorithms with no human input. A robo-advisor gathers info from clients to gain a clear picture of their financial situation and their goals. The robo-advisor then uses the data to automatically invest assets, or offer advice. The benefits of these platforms include extensive education, low set up costs, customer service, portfolio management and security. Robo advisors do not come with strict minimum investment requirements, so it’s easy to get started even if you don’t have much to invest.

    1. Investment Applications

    Investment apps are a great place to get beginners started; one of the most popular investment apps is Acorns. Acorns is popular because it’s inexpensive to get started and simple to make small investments. Using this application, you can make smarter financial decisions, investing a little bit of money from each paycheck. You can learn all about the investment world with plenty of financial content, customized to your interests. Perhaps one of your goals is to save for your retirement? Using ‘Acorns Later’ you can set yourself up an IRA and get planning for your future.

    1. Balanced Funds

    Balanced Funds are mutual funds which consist of a bond element, a stock element, and (often) a money market. All of these components exist within one portfolio. These funds are balanced between debt and equity, and the goal lies between both income and growth. Balanced mutual funds are perfect for investors who are looking for a combination of capital appreciation, safety and income. Balanced funds involve investing across various different assets, usually combining medium-risk or low-risk bonds and stocks. The pros of balanced funds include low volatility, low risk, and a diverse portfolio.

    1. Index Funds

    An index fund refers to a type of ET fund or mutual fund. These funds use a portfolio designed to track (or match) the elements of a market index. For example, an index fund might monitor the components of the S&P 500. Index funds are beneficial to gain low operating costs, good market exposure, and a low turnover. No matter the condition of the markets, index funds adhere to their benchmark index. 

    There are a few different ways to get into the gold market. It all depends if you’re looking to buy gold (physically), or to purchase gold holdings. For the former option, you might look into buying minted coins or gold rounds. Through reading resources such as the cayman financial review, you’ll find there are many options when it comes to buying non physical holdings in gold. There are many reasons that individuals invest in gold. Firstly, as inflation goes up, currency values decrease. For this reason, many people like to hold some of their money in gold form. Secondly, investing in gold stocks is another excellent way to diversify your portfolio.

    1. Invest in gold

    Looking to learn about the ins and outs of gold investment? Let’s consider how to buy gold and what your options are. 

    There are a few different ways to get into the gold market. It all depends if you’re looking to buy gold (physically), or to purchase gold stocks (whereby you don’t actually ever see/touch the gold)! For the former option, you might look into buying minted coins or gold rounds. Gold stocks can be purchased through various means including mutual funds, or mining stocks. There are many reasons that individuals invest in gold. Firstly, as inflation goes up, currency values decrease. For this reason, many people like to hold some of their money in gold form. Secondly, investing in gold stocks is another excellent way to diversify your portfolio.

    6. Roth IRAs

    An IRA stands for an individual retirement account. These particular accounts permit tax-free withdrawals (so long as you adhere to certain conditions). The account was first named after William Roth, one of the former Senators of Delaware. The main difference between a regular IRA and a Roth IRA is that they are taxed in different ways. The Roth IRA is funded with post-tax money, including non-tax-deductible contributions. The moment that you’ve started taking out your funds, the money becomes tax-free. On the other hand, regular IRAs use pretax dollars, and you can expect a tax deduction on what you put in.

    Real Estate

    Real estate is a popular way to invest and see an excellent ROI. Property flipping means purchasing a property at a low price, refurbishing the building, and then selling it on to make a profit. As you can imagine, you need a significant amount of money to invest, and you need to understand the property market (or be willing to learn). For those who have the resources and knowledge, property flipping can gain a large ROI in a short space of time.

    8. Peer-To-Peer Lending

    Peer-to-peer lending is a system which allows individuals to offer loans to members of the public; no other financial authority is involved in the process. You might also have heard P2P lending referred to as ‘social lending’ or ‘crowdlending’. As a P2P lender, it’s possible to build yourself a portfolio using small loans. You can expect to earn about 10% on your returns when you lend to individuals and small companies. A few of the most popular peer-to-peer lending schemes include Lending Club, Prosper and Funding Circle.

    1. 401(K)

    Perhaps you already have a 401(k) with your current company? In this case, using this account is a great way to start investing. In most cases, your company will match a certain amount of the contributions that you put in. There’s usually no investment minimum, and you’ll see a generous ROI for free if you put in enough money. When you decide to contribute to a 401(k), your contributions will automatically go into your account. Generally, 401(k) payments are made before tax.

    10. Day Trading

    Day trading is a type of share trading where an individual buys and sells online, within the space of one day. The concept is to earn money due to price fluctuations. Usually, the price movements are small, occurring in highly liquid stocks or currencies. There are various different strategies that you can use to approach day trading, including swing trading, neutral market trading, or momentum trading. Shares are generally purchased for small amounts of money, so day trading can be an excellent way for beginners to learn the ropes. To get started, you just need to find a platform that aligns with your needs. Platforms such as dex, for example, offer a means to trade cryptocurrencies directly with each other without the need for an intermediary, making it a standout option for both beginners and seasoned traders.

    11. Cryptocurrencies

    Cryptocurrency is a digital currency, based on a technology called blockchain. These digital currencies resist government input as central authorities do not rule them. Cryptocurrencies systems allow secure payments with digital tokens. There are many different types of cryptocurrency available, and Bitcoin is the most popular. One of the main reasons that people invest in cryptocurrency is because these investments have the potential for high returns. Investing in cryptocurrency is a simple process; you don’t need to visit financial institutions or fill in lots of paperwork. Simply read up on a few  tips for cryptocurrency beginners, and you are good to go!

    1. Mutual Funds

    A mutual fund is a lump sum of money from various different investors; the money is there to invest in bonds, stocks or other assets. A mutual fund is operated by a money manager who allocates the assets to produce income or capital gains. The portfolio is designed to complement the investment goals stated in the initial prospectus. With a mutual fund, small investors can access managed portfolios at a low cost.

    Investment tips for beginners

    1. Savings percentage: If your portfolio declines, try not to become discouraged. It’s natural for the stock market to decline. Try not to focus solely on the performance of your portfolio, instead consider your savings percentage. If you want to succeed long-term, it’s important to stay invested and save as much as you can. Investment performances are often out of your control; however, you are in control of the savings you make.
    2. Set clear goals: When you’re starting out with investments, it’s essential to define your goals. It’s helpful to allocate time-frames and budgets to each goal; doing so will help you to stay on track. No matter what goals you have, you should review your progress ongoing. Applications such as ‘Goals On Track’ or ‘Way of Life’ can be useful to set yourself short-term and long-term goals. When you set goals it’s more likely that you’ll look after your investments.
    3. Use automation: It’s useful to automate the processes of your investments, to save you time and make things easier. You can do this by setting up auto investments, retirement contributions, and automatic investments on a monthly basis. Investing can be as passive or as active as you want it to be; it all just depends on your approach.

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  • FIRE & Future- 4 Steps to Improve Your Finances

    FIRE & Future: 4 Steps to Improve Your Finances

    With the new FIRE (Financial Independence, Retire Early) movement becoming more popular every passing year, many professionals have been drawn to think about how to improve their financial expectations. In times of uncertainty like a global pandemic can be, not many entrepreneurs will think about investing, and most families are in saving mode. However, there are low-risk options that can help you improve your finances and life-quality horizon for the future.

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  • How to Make Your Savings Last in Retirement?

    Over the years, you’ve likely heard that it’s essential to save for retirement. Put a little bit of money away from each paycheck into a high-interest bank account, many experts say. But what you’re told less often is how to make your money last in retirement. To help you maximize the savings accumulated over the years, see the tips below. (more…)

  • The Safety Nets Needed To Achieve True Financial Stability

    Financial stability is something that we all aspire to achieve. However, keeping your finances in good health when things are running smoothly is the easy part. True success comes from feeling financially prepared for anything life could throw at you. Putting financial safety nets in place to catch you when you fall is an essential step.

    Protecting yourself from every angle is the only way to get it right. Here are five steps that will lead you to success.  (more…)