Pro’s and Con’s of Having a Credit Card

PRO’s

  1. It’s easier to keep track of what you spend every month if you receive one statement with all your expenditures on it. ie: credit card statement
  2. You have a large amount of money available to you instantly for those expenses that require a few extra days to get funding in place for.
  3. You have emergency money available should you suddenly need it.
  4. If you use your credit card for all your purchases then you accumulate points or credits – or whatever promotion your card offers – faster. This could result in cash back, or reduced air travel fees etc.
  5. Credit cards allow for easier internet shopping.
  6. Credit cards often insure your purchase against breakage or theft for a limited period of time.
  7. Credit card companies monitor your spending and alerts you if your spending pattern suddenly changes.

CON’S

  1. Vigilance and control are a must to prevent over spending.
  2. High interest rates on unpaid balances ever month.
  3. If your card is lost or stolen then you could incur huge expenses.
  4. Credit card companies could suddenly ‘stop’ your card if your spending pattern changes.
  5. You sometimes have to show your ID when using your credit card.

It is up to the individual to exercise control over spending no matter how they plan to pay for their purchases. Credit cards with high spending limits are like any other means of credit. They are no different than carrying a debit card and maintaining a high balance in the bank – or a low balance and living off of a credit line.

Suddenly acquiring enormous wealth

If an enormous wealth was suddenly acquired then there would be many benefits, however, there would also be many disadvantages. I intend to give a brief overview of these advantages and disadvantages.

The most obvious benefit would be a new level of financial freedom; this would lead to the ability to make yourself and your family comfortable and to treat any friends or charities. You would be able to purchase most things you crave and a few you don’t!

The problems would also be just as powerful. How would you know who your real friends were? How would you know what you really do want? These would be questions that would creep up after a short period of time. Who really wants to be given everything on a plate with no need to work? There would be no aims or motivation to move up in there lives either at work or at home and it would be difficult to keep focused on every day activities that shape our personalities.

Saving Lots Of Money For Retirement is Not So Smart

I don’t believe retirement savings plans like rrsp’s for instance are for everyone. As a matter of fact, putting tons of money away for your retirement simply does not make much sense to me at all. Especially once the government knows you have the money tucked away(like in a registered plan or even a bank account). Your pension will be adjusted and most likely that will be a downward adjustment. It is much better in many cases not to have this source of income.

It makes as much sense as working and hoarding your money all your life so you can leave it for your kids when you are gone. What kind of thinking is that? If every one had that mentality, then it begs the question, “who the heck eventually gets to spend the money?”

SPEND AND ENJOY WHILE YOU CAN:

My feeling is, if you work hard all your life, you should be able to play hard all your life. Why would I want to work hard year after year and never take time to smell the roses? I believe in enjoying myself now while I am healthy and able to get full enjoyment and value for my hard earned dollar.

DON’T GAMBLE ON GOOD HEALTH:

There is no guarantee that when you retire at 55 or 60 or 65 or whatever age you decide on, that you will be healthy enough to enjoy your golden years to the fullest. I for one would be pretty upset if I worked for 40 years, banking every cent and saving so I had hundreds of thousands of dollars in the bank only to end up with some indsidious illness a year or so after I retire. No way!

THANKS FOR THE MEMORIES:

I’ll probably retire when I’m 65. I mean why not? The company pays me to take 7 weeks holidays every year. They pay all medical and dental. I might as well let them take care of all that for as long as possible. In the mean time, I make good use of my 7 weeks per year. some people plan an amazing cruise for their retirement years. So, why wait? I’m most likely working for 8 more years and I’ve already been on 12 of them. With more on the way. Or maybe they plan to try a fling at Las Vegas in those golden years. I’ve already done that 6 times. I’ve also taken the time to visit the places I was really interested in seeing. Like pretty well every Caribbean Island. A stay in Cuba. Club Med many times. Hawaii a couple of times. Switzerland. New York, Bermuda, Miamia, New Orleans and Boston.

The one thing savers have that I don’t, is money in the bank. I’ve chosen to spend mine as I go. I will however be sure to be debt free and own my own home when I retire. I’ll have a pretty good company pension and with the travel bug pretty well non-existent, won’t need a lot of extra “fun” money. As long as I have the memories of the things of done, that’s good enough for me. I won’t feel cheated. Especially if I become ill and face an early death.

TRAVELING IS NOT SO EASY:

Travelling these days is a challenge. Airports are a nightmare. Security measures all over the world have changed and make flying a pain in the rear. Cruises are becoming so popular that there are line-ups at every turn. Walking down Las Vegas Boulevard is like a Manhattan sidewalk on a Monday morning. Travelling really is for the strong and fit. Older people get tired out much easier and soon find they would much rather be back home. So much for saving for fancy holidays. I’ve been on cruises when there have been over 100 people in wheelchairs. This is what they saved for? I just don’t get it.

RETIRE AND ENJOY THE CHEAPER THRILLS:

Maybe my idea is flawed and everyone else is right, but I think its smart to save some things to do for the years when you do retire and have lots of time on your hands. For instance, I would love how to learn how to fly fish. Not only fish, but to make my own flys and try them out down at the river. However, I’ve decided to leave that until I retire. Now there’s a hobby that won’t cost a small fortune. Like say for instance, the cost of a fancy cruise. Of maybe I’ll finally take up golf. Or volunteer somewhere. Or go for long walks by the river. Or sit in the park and watch the kids play. You know. All the things that are there for us to enjoy. Yet, don’t cost a lot and fill in the time.

How College Students Can Eat On $25 Or Less A Week

With all the other expenses that college students seem to make, it’s hard for many of them to eat a decent meal. Many blow most of their income on food, and spend way more than they should have too because they don’t spend wisely. Either that or they buy the worst foods possible and miss out on important nutrients that they should get every day. If you can spare $25 a week, I can make sure you have some pretty healthy meals that only need a microwave to be made.

First, before we can work on spending money, you’ll need to save yourself some money, and this starts with you using your meal plan. If you eat one meal in the café a day, for seven days, do you realize how much money you could save in a week? Let’s say the average price of a meal in the café is $6. That seems to be the average price of a filling meal at a fast food restaurant. One meal a day, at $6, can save you upwards of $42 a week! That’s more than enough to buy your food and have some left over to carry over for the next week, or go towards more important things. I know the café food isn’t like home, and I know it doesn’t always taste the best, but usually café’s will serve all kinds of food, and most of it is decent enough to eat. One meal a day will not kill you.

Secondly, one of the easiest ways to cut your food bill during a shopping trip is to clip coupons. Coupons aren’t hard to find either. Sunday papers usually carry coupons for the hottest food and personal care items. I know the amounts may seem small when you look at them, but they will save you valuable dollars. If you go into a store with $5 in coupons, you can buy what you want and save $5 on the bill. That $5 can go towards gas money, personal items, or be saved for next week. Besides, it’s likely you can save much more money if you can find a store that will allow you to double coupons. Do this every week, and you can save $20 or more a month. That $20 will turn into $240 or more a year! I’m sure you can think of far better things you’d like to spend your money on than food.

When it comes to shopping, buy easy to fix items that are made for families on the go, most of which can be found in the freezer section of the grocery store. TV dinners are an excellent choice because sometimes, meals can be found for $1 or less. You can stock up on a few of these. A popular food of college students seems to be Ramen noodles simply because they are so cheap. However, don’t eat just plain Ramen noodles. Pick up a bag of grilled chicken strips. Fix your noodles, and then fix a few of the strips. Cut them into smaller pieces, and mix them with the noodles. You’ll have a pretty tasty meal equaling about $2. Using only a few strips a day or less means you’ll have the bag for a pretty long time. Just keep the bag in a freezer and you’ll be able to enjoy the strips for about a month or two.

More and more microwavable foods are becoming available. You can find rice in a pouch that can be placed into the microwave (pouch and all) for only a few minutes. After that, you’ll have a pretty quick, tasty meal, which I’m sure you’d consider better than any café food. Don’t forget that lunch meat and bread can become a valuable meal choice, especially when you need to eat on the run. All of these can be purchased for just under a few dollars and usually keep well for a few weeks.

To ensure you are getting the best deals possible, spend a day looking, not buying a thing. Check out what you’d like to invest in and see what’s worthwhile. Write down the prices and add up how much you’d be spending a week. Don’t forget to take into account how often you think you’ll run out of certain items. Some items you won’t have to buy every week. You’ll mostly have a lot of estimations to do, but it will be worth it in the end if you can decide how much money you’ll need a week to do some shopping. Also take into consideration any other items that may need to be purchased on a shopping trip. I suggest making a budget to help guide you on your shopping decisions.

 

Making a Few $1,000 at Home

Make up to thousands of dollars a day

You may have heard this before. Make up to thousands a day or week or even a month. The time period changes, however the basic idea remains the same. At first glance you most likely will see “make thousands of dollars a month”. Now, lets slow down for a second, and read it again. There is a few words in there you might have missed. Of course I’m referring to the “up to”. Yes it is true you can make thousands of dollars, but the truth is, it’s going to take a long while. Most pay to blog sites have rules where you can only post so much a day, normally about 3 posts, and they only pay around $5 to $10 a post.

The Math

Lets crunch some numbers if you would do the maximum amount of posts and get paid the average $5 per posts on some sites you would make about $450 a month. You may be thinking. “Wow, $450 a month to type and spend time in front of the computer that I normally would” Granted, its really not a bad figure for extra income, but its nothing to quit your day job over, and its certainly not what the advertisement had promised.

Where the $1,000s a day comes in

Frankly, the only person making $1,000 a day is the person you are advertising for. Chalk this up to being another get rich quick scam.

Generating Extra Income:

Being paid to blog is a growing industry, and has some wonderful opportunities out there for you to enjoy.  I’m not going to quote you on what you can make because that’s up to you. They average $5 per post and let you do posts three times a day. How often you post and how many blogs you would like to maintain is up to you.

Retire Rich

How many ways are there to make a living? Well we all know anything that you can think of could possibly make you a living but will it create wealth? How do you get enough money to do all the things you desire?

We all dream of being rich but the reality is that most of the population lives on the other side of that line. Settling for what we have and what we are used to. If you always do, what you’ve always done, you’ll always get what you’ve always got.

So to get more, the first thing you have to do is get motivated to increase your potential. That is the only thing that we all have in out kit right now! Potential and we all have it. We are all created equal. It’s the choices we make that the difference.

It is a known fact that if you save 10% of your earnings, you will retire wealthy. If you use your savings to invest in some safe investment, you can create more wealth. This is common knowledge, it is our stupidity and greed that drives us to take risks and put that in jeopardy. If we just start saving that 10% when we first start working and earning, we will end up financially secure with peace of mind and security.

It seems to be a simple solution and they are usually the best ones. It is tempting to spend what we have saved so place those investments in places where you can’t touch the money and that way they will be working for you.

Be the Millionaire or Billionaire Next Door: Secrets for Success

Read Books

You need to get yourself into the millionaire mindset and that means you need to change the way you think about money. Read the classics and expand your thinking. The must-read books are: The Richest Man in Babylon (Clason), Think and Grow Rich (Hill), Rich Dad, Poor Dad (Kiyosaki), The Millionaire Next Door (Stanley), and How to Win Friends & Influence People (Carnegie).

Learn the Value of Money and Ways to Save Money

Advertising is a big business. But the goal of advertisers is to get you to spend money – even money you don’t have. For every item you spend, figure out its true cost: how many hours will you have to work in order to pay for that? Use this question to decide if this is something you really need or that you want badly enough to work that hard for. If the answer is no, then put the money back in your wallet.

Master the Basics of Personal Finance

Knowing how to manage your money – even if you don’t have that much to track – is the best way to start your journey to wealth and financial independence. Use the Internet to find tutorials on budgeting, find calculators to determine loan amounts after interest, or to find the best prices and rates on credit cards, travel, or your next household purchase.

Be a Savvy Shopper

Look for sales, buy at warehouses and if you can find a good deal wait a bit and find an even better deal. You don’t need to be an early adopter for all the new technology. Waiting even six months will net better prices and deals.

Wants and Needs are Different

Once you learn the difference between what you want and what you need, spending decisions will become much easier. The more you can put off your wants, the more money you will have to save or invest – money that will be the vehicle to reach your first millions.

Educate Yourself on the Types of Investments

Which type of investments appeal to you? Are you fascinated by the stock market? Are you more interested in buying real estate? How about starting your own business? Whatever you passion, learn everything you can about the way your chosen field works. Since this will be the method you use to catapult your life, read and study the industries and learn how to succeed.

Surround Yourself with Like-Minded People

There is nothing more energizing than several people who think similarly about how they want to live, their goals and their financial dreams. Spend time with people who also want to succeed, who also have a plan for creating wealth and are determined to accept only the best.

Develop a Philosophy

You need to have your own mantra, something that you tell yourself over and over that will help you stay focused on your goal to become a millionaire. Make it short and simple, easy to memorize and then while you’re driving or completing mundane tasks, you can meditate on it.

Avoid What Everyone Else is Doing

Just because something is popular doesn’t mean it is right for you. Be aware of what lots of people latch onto and look for ways that you can profit on that popularity, but if it’s not for you, don’t be afraid to pass.

Be a Doer

Don’t be afraid to act, to get your feet wet, or to fail. You won’t learn unless you have some failures along the way.

Have More Money at the End of Each Month: Secrets From the Rich on Increasing Wealth and Becoming Prosperous

Pay yourself first

If you are working an 8-5 job or providing contracted consulting services, the advice is the same: pay yourself first. Whenever you receive a paycheck, the first 10 percent goes right into your long-term investment fund. Make this your highest priority from your first job and you will set yourself up for a wealthy future. Learn how to invest and make this account your launching pad.

Work a steady job, but find other work that pays better

Your 8-5 job is what is going to pay the bills for quite awhile during your life. Yet your after-hours and before-hours of the day job is when you can be working on other streams of income that may actually be more lucrative but probably not steady streams for many years. Keep your day job while you cultivate these extra streams of income until they can sufficiently support you and keep growing your investment accounts or give you enough seed money for other projects.

Make more than you spend. Many people are living paycheck to paycheck

If this is you, there are a few things you can do: cut down your living expenses so that you spend less each month, or find a job where you are making more money than you are now. For many people, however, it will never matter how much they make, they will always spend everything – if now more – than they earn. But if you genuinely are living below your means but there still isn’t enough to pay the basic living expenses, then you should start looking to increase your skills so that you can earn more.

Look for opportunities

Do you see a need in your community that is not being filled? When you see these types of opportunities, see if you can develop a business plan that would not only fill that need, but make you (and others) wealthy. Keep your eyes open but better yet, be open to the possibilities that are all around you.

Your attitude makes a difference

What sort of attitude do you project? Would people describe you as happy? Content? Energetic? If you are a drain to spend time with because your outlook on life and money wears people down, your chances for success are going to be limited. If you’re going to take on the challenge of creating and building wealth, then do it because you enjoy the process, you’re happy to work hard and you’re excited to see what each new day holds for you.

The richest people in the world all have some qualities in common and these tips are some of the bedrock habits they all subscribe to either consciously or subconsciously. If you want to join the ranks of the millionaires and billionaires of today, you will want to evaluate their habits and model your life accordingly. Sometimes, it’s as easy as changing your attitude and your outlook

6 Secrets to Financial Freedom

I forget exactly where I hear about Harv Ekers book The Secrets of a Millionaire Mind and it doesn’t matter, I’m just glad I did get a hold of it because it changed my life. What I loved about the book; it’s an easy read. It’s practical. What I liked about it even more was a free ticket to the Millionaire Mind Seminar.

I’ve taken quite a few seminars but I must say that Harv Ekers Millionaire Mind Intensive blew my mind. The energy in the room and the teaching techniques were amazing. Harv states that for us to become wealthy and financially free we must change our money blueprint. We all grew up with certain beliefs around wealth and money.

Whatever our parents, family members and teachers thought about money and wealth has subconsciously become our belief. Beliefs like “it takes money to make money”, or “money doesn’t grow on trees” or “rich people are greedy and corrupt” or “money is evil” and whatever else.

As long as we have these beliefs inside of us we won’t be able to change our financial situation even if we really want to or trying hard to do so. The change must come from the inside, from our mind. There are a lot of exercises in the book that help us understand our money beliefs and ways to install a new belief system around wealth and money. I realized that the more we buy into the news, the more we talk about “recession”, the more we find an excuse to justify WHY we are not financially free. It’s not our fault. It’s the economy. Or; We were never rich; it’s never going to happen. I was meant to be poor or middle class.

Everybody has different goals, not everyone wants to become a multi millionaire but let’s face it, we all would like to have more of the green stuff.

The more we have, the more we can give and contribute to the world. We all deserve it and actually owe it to ourselves as well as to our friends and family.

Secret 1: The #1 Reason People Don’t Succeed

People tend to not finish what they start. What’s your chance of winning a race if you don’t cross the finish line? No matter what you did prior to the finish line, you can’t win the race if you don’t cross that line. Completing what you start is the key to success, and frankly I think people don’t give it enough credit.

And guess what? When you repeatedly fail to finish what you’ve started, this behavior becomes a HABIT.

Secret 2: Millionaires make it a Habit

Integrity. This simply means that you have built trust with yourself. You know that you will do what you say you are going to do.

If you make commitments to yourself that you don’t keep, you train your mind to not do what you say you’re going to do… which means you’re training yourself to FAIL, and to fail habitually. To be a success, you must build a habit of integrity… In other words you have to do what you say you’re going to do

Secret 3: Fail to plan and you plan to Fail

Rule # 1. Know your objective!

In the very beginning, before you take any action, take some time and get really clear what your top priority goal is. Don’t listen to the urgencies in your life… try to listen to your inner voice and figure out what is most important. Don’t become busy running around losing track of where you are going. CLARITY leads to POWER.

Rule #2: You must have a plan

Now that you know what your goal is, you need to develop a plan of how to get there…you must have a sense of where to focus your energy and in what order to begin taking action. Can you get help with all of this? Yes. Getting people to support you and work together as a team. You can formulate a much better plan using the knowledge and skills of a whole team of people than you can by yourself. You have to do a plan, concrete and written, and start with something.

Rule #3: Know Your Obstacles Up Front

What challenges or obstacles may come up on the way to reaching your goal? If you don’t know plan for these, then when they come up – and, believe me, they will – they could take you out. Knowing your obstacles ahead of time will help you manage them and find away to overcome them rather than throw you off track, stop you and make you fail.

Rule #4: Start Small

There’s another secret that is so simple that it’s often overlooked… That secret is the importance of “starting small” when setting goals and building your plan for success…if you can’t handle the small things, how will you be able to handle the bigger things? Take one step at a time.

Rule #5: Get In The Game and Make A Decision

You need to know how to get in the game and start taking action… be willing to mess up a bit and correct along the way. You must realize that it’s never a straight shot to your goal… the universe doesn’t work like that.

Rule #6: Don’t Give Up

You have to make a commitment to yourself to not give up on your dreams. Sometimes the going may get rough, and you may need to change course… but persistence will ultimately bring you to your goal.

If you are willing to do what’s hard, life will be easy. But if you are only willing to do what’s easy, life will be very, very hard.

Secret 4: How to Conquer Procrastination, Regardless What Your Mood Is

Procrastination is one of those cases where your own mind takes you out. You say you’re going to do something and your habitual mind takes you out of the game. What does the mind (or Lower Self) always say?

“I don’t feel like it.”
“I’m not in the mood.”
“Maybe later.”

Where do these thoughts come from? Generally, they’re based on some type of fear… or, frankly, maybe you’re just being plain old lazy. Do some self-talk. Tell your mind, thanks for sharing, I know we are not in the mood but we said we would do it, so let’s get it done. Once you start, it will be easy. But you have to get yourself started. Set up a specific time frame for the task.

Not in the mood” is not present moment; in the present moment you’ll be in the mood for whatever you are doing, because present moment is Higher Self and with Higher Self there’s no “I don’t feel like it.” So, you get into action and start no matter what your mind is saying!

Secret 5: How to Increase Your Productivity by 400% (The 80/20 Rule)

People throw out their big dreams either because they don’t identify what their big dream is, or if they have, then they’re “too busy” to take action.

“As soon as I get this done…” That’s the habitual mind doing its thing… and next week it’s the same words.

To get beyond this, you must understand and be able to apply the 80/20 Rule. It goes like this: 20% of what you do gets you 80% of your results.

This is sometimes referred to as the Pareto principle.

This applies to your finances, business, happiness and relationships. Only 20% of your actions will give you 80%… so the goal is to figure out what those 20% activities are and focus on them and stop focusing on the other 80% that are getting you nowhere.

By simply applying this principle, you are able to put four times the time and energy into the things that get you all of your results… This means that you can get a 400% increase in your results!

Why would you spend 80% of your time doing things that don’t get you any results?

Bottom line: Decide what you want, determine what stops you from doing it and then focus your efforts on doing the 20% THAT GIVES you 80% of your results.

Secret 6: Keep Your Energy High

To be successful and achieve your goals, you’ve got to be able to generate and manage massive amounts of energy

Physical Energy

Your physical energy can be managed by making sure you’re in decent physical condition.

Another major factor in raising your physical energy is managing your breath. You need to breathe. Breathe, breathe, breathe, and breathe.

Our lungs have the capacity to hold 7 pints of oxygen, but most people only have 1 pint of oxygen in their lungs at any given moment… They’re simply not taking deep breaths.

Our life force is energy and breath is the connection to our life force. (You can live weeks without eating, but only minutes without breathing.)

Mental and Emotional Energy

Your energy level is very strongly affected by your mental and emotional state. It can quickly be depleted by upsets, anger, disappointments, sadness, boredom, long meetings or mental fatigue from working on a tough problem.

Desire and Dare to be Rich

It irks my imagination that in a world blessed with streams of wealth; many are still living below poverty line. Every human being who reaches the age of understanding of the purpose of money wishes for it. Wishing will not bring riches. But desiring riches with a state of mind that becomes an obsession, then planning definite ways and means to acquire riches, and backing those plans with persistence which does not recognize failure, will bring riches.

Before you desire anything, you have to dream. Dreaming on course is the first step to acquiring riches. Our dreams should first and foremost be realistic. We should dream great dreams because if you want to be a hero, think heroic thoughts.

Dreaming alone will not fetch us the needed riches. Rather it will propel our longing for it. As such, a burning desire should be the next step. Great men like Thomas Edison, Henry Ford, William Jefferson Clinton, Bill Gates, etc had a burning desire to reach the zenith of their ambition. For instance, when Bill Clinton shook hands with president John Fitzerald Kennedy in 1962, he had the burning desire to become a president. He immediately saw Kennedy as a role model and had the ambition. It should be noted that he (Clinton) did not wish to be a president but desired to be one. History has it that Mr. Clinton was one of the greatest presidents of the United States of A.

Had it been Mr. Clinton had only desired, his dreams would have been short-lived. Rather he had faith in his ambition. He believed completely in his ability to get what he dreamed and desired. This faith is a necessity in times of hurdles and set-backs. “Quitters are never winners. And winners never quit”. The surest route to this is never take no for an answer. Keep on keeping on. I once bought a dictionary for myself and blotted out the word “impossible” to me there is nothing like impossible. If I am confronted with a great task, I ask myself how can this be done? Rather than saying it can never be done. One is a question and the other is a statement. One propels your brain into action while the other disrupts your thought flow. We should believe in our ability between the wealthiest and the average is their believe patterns.

The last but not the least of these principles is determined actions. Our desire to be wealthy or powerful cannot be complete without a determined action. We should have a sense of focus and work towards our goals. Our actions must be enthusiastic. We must act with passion and determination towards our worthy goal. Note that if we follow these principles accordingly, the sky will be our starting point.

This article can be summed up with this dictum that “whatever we vividly imagine, ardently desire, sincerely believe and enthusiastically act upon must inevitably come to pass”.

Desire a life that will keep you wealthier, happier and stronger.