Here’s How Much Emergency Cash You Need Stashed I f an Emergency Happens
.Here’s How Much Emergency Cash You Need Stashed If an Emergency Happens
Are you financially prepared for a national emergency?
By Jaime Catmull June 9, 2021
You've probably heard time and again that it's important to have a rainy-day fund set up "just in case" something unexpected were to happen. But we're now at a time when having an emergency fund is more vital than ever.
The coronavirus pandemic has already had devastating effects on the economy at large and, on an individual level, it has led to job loss and reduction of hours for many workers around the world. Even if the coronavirus' financial impacts haven't hit you personally, here's how to be prepared in case it does -- plus how to set up a fund for unexpected future national emergencies.
Here’s How Much Emergency Cash You Need Stashed If an Emergency Happens
Are you financially prepared for a national emergency?
By Jaime Catmull June 9, 2021
You've probably heard time and again that it's important to have a rainy-day fund set up "just in case" something unexpected were to happen. But we're now at a time when having an emergency fund is more vital than ever.
The coronavirus pandemic has already had devastating effects on the economy at large and, on an individual level, it has led to job loss and reduction of hours for many workers around the world. Even if the coronavirus' financial impacts haven't hit you personally, here's how to be prepared in case it does -- plus how to set up a fund for unexpected future national emergencies.
Why You Need a National Emergency Fund
Part of being prepared for any contingency, big or small, is having a reserve of emergency cash at your disposal at all times. When you can't rely on accessing your funds electronically, you'll need some legal tender to buy food, gas or other necessities.
"Whether it's Mother Nature or some other disaster out of your control, you always want to be prepared by having some emergency cash on hand," said Annalee Leonard, an investment advisor representative and president of Mainstay Financial Group. "Banks and ATMs may not be up and running for days after a strong storm. I recommend my clients have three to five days' worth of spending money, just in case."
How To Decide How Much To Save
To decide how much to save for an emergency fund, you'll need to ask yourself a couple of questions:
How much will I need for an extreme catastrophic event?
How much can I afford to save?
"It's wise to have a small amount of physical cash at home for the truest of emergencies when banks are not operating," said Priyanka Prakash, managing editor at Fit Small Business, a company that finds the best small-business software, services and financing options.
Aim To Save $2,000
"Individuals should be prepared to pay for essential or non-discretionary expenses out-of-pocket," said Brett Tharp, CFP and financial planning education consultant at eMoney Advisor. "Temporary lodging or shelter, fuel, food, water and necessary medications fall into this category. This will differ for each person depending on their level of preparedness or perception of how likely a catastrophic event might be."
Two-thousand dollars should cover those costs.
"The rule of thumb I advise my clients is to keep $1,000 to $2,000 in cash in case banking operations are shut down due to a national emergency or catastrophe," said Gregory Brinkman, president of Brinkman Financial in Tulsa, Oklahoma.
There's No 'Magic Number' for How Much To Save in Your Emergency Fund
To continue reading, please go to the original article here:
Savings Tricks From Regular People Who Are Sitting on Millions
.Savings Tricks From Regular People Who Are Sitting on Millions
Saving $1 million is possible with good financial habits.
By Joel Anderson
One million dollars is a major milestone for almost anyone. It's the sort of nest egg that can fund a generous lifestyle in retirement or even build your dream home. However, for many, it's also a pipe dream. Understanding how to make a million dollars is a question for the wealthy, not the average American.
However, in many ways, that's a dangerous misconception. In fact, building up your savings to $1 million certainly isn't easy, but a lottery ticket or huge business deals aren't the only paths available. For plenty of people, smart budgeting, strategic investments and just good old-fashioned horse sense can combine to create the sort of habits that will put $1 million well within reach, even if you're living a relatively modest life.
Savings Tricks From Regular People Who Are Sitting on Millions
Saving $1 million is possible with good financial habits.
By Joel Anderson
One million dollars is a major milestone for almost anyone. It's the sort of nest egg that can fund a generous lifestyle in retirement or even build your dream home. However, for many, it's also a pipe dream. Understanding how to make a million dollars is a question for the wealthy, not the average American.
However, in many ways, that's a dangerous misconception. In fact, building up your savings to $1 million certainly isn't easy, but a lottery ticket or huge business deals aren't the only paths available. For plenty of people, smart budgeting, strategic investments and just good old-fashioned horse sense can combine to create the sort of habits that will put $1 million well within reach, even if you're living a relatively modest life.
If that seems implausible to you, it shouldn't -- especially after reading these real stories from a few normal people who have hit that $1 million goal. You'll probably notice an absence of lofty advice about sparking a huge windfall or a series of get-rich-quick schemes.
Instead, these people stress that the answer to the question of how to save a million dollars involves core financial habits, which are as valuable when you have $1 to your name as they are for those who have $1 million.
Carl Jensen, Blogger at 1500 Days to Freedom
Carl Jensen, the writer behind the blog 1500 Days to Freedom, has a net worth that is the source of considerable consternation for many of his neighbors who note his modest home and thrifty ways. However, Jensen puts his net worth at about $2.3 million, including approximately $1.8 million in investments.
"The best story about our situation is that a neighbor once told another neighbor that she thought we were poor because she saw me working on my car," Jensen said.
So how has Jensen managed to save that much money? He Made a Conscious Choice To Downsize
One big decision that Jensen cites as playing a crucial role was opting for a more modest home despite that it was significantly less impressive than where he had been living.
"We sold our $400,000, 4,500-square-foot home and moved to a Fannie Mae foreclosure that set us back $176,000," said Jensen. "Our family thought we were a bit crazy. The first home had four bedrooms and four bathrooms and was beautiful. The foreclosure had two bedrooms and one bathroom and was neglected and infested with ants. However, we went from a $250,000 mortgage and $3,500 in property taxes to a $136,000 mortgage and under $1,500 in taxes. We took our time fixing up the foreclosure and in the meantime invested all of the extra money."
Jensen also found that sticking with his 2003 Honda Element has been a major factor. It might have 200,000 miles on it, but it's completely paid off.
He Built Good Habits Into a Thrifty Lifestyle
To continue reading, please go to the original article here:
23 Tips To Build Your Emergency Fund
.23 Tips To Build Your Emergency Fund
Prepare For Uncertain Times With 23 Tips To Build Your Emergency Fund
Cameron Huddleston Mon, July 12, 2021,
A shocking 69% of Americans have under $1,000 in savings, according to a 2019 GOBankingRates survey. That lack of emergency funds leaves people ill-prepared for financial emergencies.
Right now, many people are experiencing tremendous income insecurity because the coronavirus pandemic was declared a worldwide pandemic in March 2020. Many people have lost jobs, been furloughed or taken pay cuts as a result.
To make sure you’re financially covered in situations as extreme as this or for even less extreme situations like if you need to make a home repair, it’s a good idea to have a comfortable savings account that’s earmarked for emergencies. To help you reach this goal, follow this step-by-step guide to create an emergency fund.
23 Tips To Build Your Emergency Fund
Prepare For Uncertain Times With 23 Tips To Build Your Emergency Fund
Cameron Huddleston Mon, July 12, 2021,
A shocking 69% of Americans have under $1,000 in savings, according to a 2019 GOBankingRates survey. That lack of emergency funds leaves people ill-prepared for financial emergencies.
Right now, many people are experiencing tremendous income insecurity because the coronavirus pandemic was declared a worldwide pandemic in March 2020. Many people have lost jobs, been furloughed or taken pay cuts as a result.
To make sure you’re financially covered in situations as extreme as this or for even less extreme situations like if you need to make a home repair, it’s a good idea to have a comfortable savings account that’s earmarked for emergencies. To help you reach this goal, follow this step-by-step guide to create an emergency fund.
Plan For 3 to 6 Months of Savings
Whether you’re just starting to save money now or you’ve been saving for some time, consider setting a minimum goal of three to six months’ worth of emergency funds to cover as many expenses as possible. From mortgage or rent to food and utilities, your monthly expenses add up, and it takes time to build up that extra cash.
Assess Your Spending
You can’t start saving until you know how much money you spend and, more importantly, what you spend it on. Write down your monthly income, then list everything on which you spend money during the month. Include essential recurring expenses like your mortgage or rent payment and child care.
Don’t forget the fun stuff — like how much goes toward eating out, catching the latest movie or keeping up with the latest fashion trend. Optional items and impulse buys are prime spots from which you can divert money into your rainy day fund.
Use an Interest- or Dividend-Bearing Account for Your Savings
Emergency cash should be liquid in case you need to access it. Don’t put the money at risk because the possibility of losing it negates the purpose of building up a reliable emergency money source.
You won’t want to put your emergency savings in the stock market, but instead, put the money in a high-yield, interest- or dividend-bearing account, and watch your money grow safely.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/prepare-uncertain-times-23-tips-220000057.html
Don’t Buy a Lemon — Ask the Used Car Dealer These Questions
.Don’t Buy a Lemon — Ask the Used Car Dealer These Questions
Here's how to buy a used car that won't let you down.
By Gabrielle Olya October 8, 2019
Used cars come with baggage from their previous owners. A used car might need a total engine rebuild or it might need nothing more than a new set of tires. Before you drive a used car off the lot, make sure you know exactly what happened in its history, what's been done to fix any issues and how protected you'll be from future problems.
GOBankingRates spoke to auto experts about the questions you should ask the dealer before buying a used car so that you don't make any car-buying mistakes and end up with a lemon.
What To Do Before You Go To the Dealer
Before you even set foot in the dealership, it's important to do some research first.
"As consumers, the more time you can spend researching before you get there, the more comfortable you are making choices and sticking to principles that you’ve laid out," said Alain Nana-Sinkam, vice president of strategic initiatives at TrueCar. "Figure out what your game plan is, what your budget is and your criteria, so that when you go out, you can be more measured in the way that you approach things."
Don’t Buy a Lemon — Ask the Used Car Dealer These Questions
Here's how to buy a used car that won't let you down.
By Gabrielle Olya October 8, 2019
Used cars come with baggage from their previous owners. A used car might need a total engine rebuild or it might need nothing more than a new set of tires. Before you drive a used car off the lot, make sure you know exactly what happened in its history, what's been done to fix any issues and how protected you'll be from future problems.
GOBankingRates spoke to auto experts about the questions you should ask the dealer before buying a used car so that you don't make any car-buying mistakes and end up with a lemon.
What To Do Before You Go To the Dealer
Before you even set foot in the dealership, it's important to do some research first.
"As consumers, the more time you can spend researching before you get there, the more comfortable you are making choices and sticking to principles that you’ve laid out," said Alain Nana-Sinkam, vice president of strategic initiatives at TrueCar. "Figure out what your game plan is, what your budget is and your criteria, so that when you go out, you can be more measured in the way that you approach things."
Once you have a good idea of what you want and what a reasonable price is, it's time to go to the dealer to get your specific questions answered. Here's what you need to ask.
What’s the Vehicle History?
Before you buy a used car, you should know its history. And a dealer should be willing to provide reports on the used cars they're selling.
"CARFAX and AutoCheck are two of the major ones," said Nana-Sinkam. "Those vehicle history reports are going to tell you whether a car has been in a major accident, if it has flood damage, hail damage, if it’s been totaled and put back together, [or] if it used to be a taxi. Things that would be critical to understand, not necessarily to completely disqualify it, but things that you need to know to determine if you want to own this car and what you want to pay for it."
Does It Have a Branded Title?
Before you settle on a used set of wheels, check its title. If the title is branded, you'll want to get more information.
"A branded title means that a car was totaled and then put back together," said Nana-Sinkam. "With that type of vehicle, you need to be mindful of if the weld was well done. That might give you pause."
This shouldn't necessarily disqualify a car, but it's something you should definitely take note of.
What Do You Know About the Items Noted in the Vehicle History?
Any insight the dealer can provide into the items noted in the car's history report can help you make a more informed decision about the purchase. However, the dealer might not have all the answers.
To continue reading, please go to the original article here:
https://www.gobankingrates.com/saving-money/car/questions-to-ask-used-car-dealers/
25 Things You Should Always Do Before Buying a Used Car
.25 Things You Should Always Do Before Buying a Used Car
Know how to handle finances and inspections to avoid regrets.
By Andrew Lisa May 18, 2021
If you’re in the market for a new set of wheels, you can save big money buying used because, after all, the original owner or lessee already paid the bulk of the depreciation. If you don’t know how to buy a used car, however, you can leave money in the dealer’s cash register that should be in your bank account or, even worse, drive home with a lemon. Do your research, think before you sign and follow these tips for buying a used car.
Determine Your Budget
Step No. 1, when buying a used car, is the same as the starting point for buying a new car (or buying anything, for that matter) — find out what you can afford. That includes the cost of the car itself, title, taxes, fees, insurance and the principal and interest that constitute your monthly payments if you’re financing. Auto sites such as Edmunds offer budget calculators and other tools to walk you through the process.
25 Things You Should Always Do Before Buying a Used Car
Know how to handle finances and inspections to avoid regrets.
By Andrew Lisa May 18, 2021
If you’re in the market for a new set of wheels, you can save big money buying used because, after all, the original owner or lessee already paid the bulk of the depreciation. If you don’t know how to buy a used car, however, you can leave money in the dealer’s cash register that should be in your bank account or, even worse, drive home with a lemon. Do your research, think before you sign and follow these tips for buying a used car.
Determine Your Budget
Step No. 1, when buying a used car, is the same as the starting point for buying a new car (or buying anything, for that matter) — find out what you can afford. That includes the cost of the car itself, title, taxes, fees, insurance and the principal and interest that constitute your monthly payments if you’re financing. Auto sites such as Edmunds offer budget calculators and other tools to walk you through the process.
Factor In Long-Term Costs
When setting your budget, it’s important to understand the long-term cost of ownership. The cost of insuring a car can vary considerably from one type of car, model or even color to the next. Fuel economy can make a difference of hundreds of dollars a year and thousands over a few years. Then there’s the likelihood of unscheduled repairs and their average annual cost. Sites such as RepairPal offer tools and calculators to help you gauge these costs for all major brands and most models.
Check Your Credit Score
If you’re planning on financing, the process for buying a used car continues the same way it does for buying one that’s brand spanking new, and that's checking your credit score. Your score — and the financial history it represents — is what lenders use to assess the risk associated with lending you money. Free credit reports from the three major bureaus still don’t come with scores, but you usually can get your score from your bank or credit card company. If not, a free scoring service such as Credit Karma will give you a good idea of what your lender will see when judging your creditworthiness.
Get Preapproved
When you’re ready to buy a used car, it’s always a good idea to get preapproved for financing before you walk into the dealership. That allows you to negotiate from a position of strength. Preapproval lets you compare any offers from the dealer’s financing division against that of your financial institution so you can walk away knowing you got the best deal no matter which option you choose. As with some of these other steps, this principle applies when you finance a used or new car.
Never Fall For the Patriot Act Scam
It’s always advantageous for the seller to know your true creditworthiness. Unless you’re financing through the dealership or one of its affiliate lenders, however, you are under no legal obligation to submit to a credit check by a dealer. Consumer watchdogs warn that some unscrupulous car dealers — of both new and used vehicles — will claim the Patriot Act requires them to run every buyer’s credit. There is no such law, and any dealer who tries to trick you into thinking otherwise is almost always a shady broker who is attempting to undercut the financing you have in hand.
To continue reading, please go to the original article here:
https://www.gobankingrates.com/saving-money/car/things-should-always-do-before-buying-used-car/
8 Tactics To Defend Your Family Finances From Whatever Comes Next
.8 Tactics To Defend Your Family Finances From Whatever Comes Next
Ethan Rotberg Mon, July 12, 2021
A family budget is a delicate thing to balance, even without a pandemic crashing in and jumbling your finances.
In uncertain times like these — with the country dealing with an uneven economic recovery, rising inflation, stubbornly high unemployment and worrisome COVID variants — you need to keep yourself armed with extra financial tools to protect your household from potential money troubles.
Here's an eight-point battle plan to harden your family’s financial defenses, starting today.
8 Tactics To Defend Your Family Finances From Whatever Comes Next
Ethan Rotberg Mon, July 12, 2021
A family budget is a delicate thing to balance, even without a pandemic crashing in and jumbling your finances.
In uncertain times like these — with the country dealing with an uneven economic recovery, rising inflation, stubbornly high unemployment and worrisome COVID variants — you need to keep yourself armed with extra financial tools to protect your household from potential money troubles.
Here's an eight-point battle plan to harden your family’s financial defenses, starting today.
1. Clear as much debt as you can
Paying down debt may be the most effective way to protect your household's finances — especially if high-interest debts like credit cards are draining more of your cash each month.
So long as your credit score is in decent shape, you should consider rolling your various high-cost balances into a single debt consolidation loan with a lower interest rate.
That will make your debt more affordable and help you clear it more quickly — to give your budget some breathing room.
You can quickly compare loan offers from multiple lenders online, to find the best interest rate possible.
2. Stop up the leaks in your budget
The pandemic forced many of us to cut back, whether we wanted to or not. But you may still be leaking money out of your family budget if you're ignoring basic ways to save.
Plug those holes by looking for the better deals that are out there.
You can save money every time you shop online if you download a free browser extension that instantly searches for lower prices and coupon codes.
With a little comparison shopping, homeowners may be able to cut the cost of home insurance by hundreds of dollars a year. And, shop around for your car insurance each time your policy comes up for renewal, because you might easily be overpaying.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/8-tactics-defend-family-finances-223500026.html
Steal These Money Secrets From 25 Millionaires Under 25
.Steal These Money Secrets From 25 Millionaires Under 25
Here's how to make and manage money to become a millionaire.
By Cynthia Measom July 13, 2021
Unless you’re independently wealthy, you’ve probably entertained the idea of being a millionaire. As you read about the latest celebrity splurge, you might wonder what a normal person can do to make that kind of money.
The rich often know the secrets to financial success, and now you can, too. By knowing how these 25 millionaires under 25 amassed their fortunes, you can get some personal finance and budgeting tips that apply to your own life and growing bank account.
Steal These Money Secrets From 25 Millionaires Under 25
Here's how to make and manage money to become a millionaire.
By Cynthia Measom July 13, 2021
Unless you’re independently wealthy, you’ve probably entertained the idea of being a millionaire. As you read about the latest celebrity splurge, you might wonder what a normal person can do to make that kind of money.
The rich often know the secrets to financial success, and now you can, too. By knowing how these 25 millionaires under 25 amassed their fortunes, you can get some personal finance and budgeting tips that apply to your own life and growing bank account.
Automate Your Finances
In 2016, when Mikaila Ulmer landed an $11 million deal with Whole Foods to sell her Me & the Bees Lemonade in 55 of its stores in four states, that was just the beginning of her financial success. Today, the 14-year-old entrepreneur's beverage is now also being sold by restaurants, food trailers and natural food delivery companies.
In a 2017 interview with CNBC, Mikaila said her best money advice is to automate your finances. What the teenage millionaire means is to use online technology to track numbers and share data to keep financial information easily accessible and in check.
Diversify Income Streams
People who are looking to become rich can take a cue from stars who know how to diversify their income streams — like Camila Cabello. The 23-year-old singer got her start on "The X Factor" television show in 2012 as a member of the group Fifth Harmony, which she left to become a solo act in 2016.
Since becoming a solo act, Cabello has collaborated with other artists, released a No. 1 album, toured solo, done a modeling campaign for Guess and took a role in a film adaptation of "Cinderella." According to Celebrity Net Worth, Cabello has a net worth of $14 million.
Liza Koshy, who cut her digital teeth on the now-extinct Vine, is another star who knows how to earn income from various ventures. She made Forbes' 2019 30 under 30 list.
Koshy has two successful YouTube channels with millions of subscribers. She's had her share of sponsored content opportunities and has been hired for commercial ads. She snagged a role in Hulu's "Freakish" and played a part in Tyler Perry's "Boo! A Madea Halloween" movie. Plus, Nickelodeon hired her as the face of its "Double Dare" reboot.
JoJo Siwa is another famous female who rakes in the money from many angles. This 17-year-old is known as a dancer, singer, reality television star, model and actress. Her net worth is $12 million, according to Celebrity Net Worth.
In addition to gaining income from her many talents, the teen's YouTube channel has more than 10 million followers. She also has lucrative licensing deals with Nickelodeon and J.C. Penney.
Get Started In Your Career Early
To continue reading, please go to the original article here:
The 8-Step Plan To Achieving Financial Freedom
.The 8-Step Plan To Achieving Financial Freedom
Will Healy Mon, July 12, 2021,
The late Jim Rohn, who spent 40 years as a sales expert and motivational speaker, would frequently discuss financial freedom in his podcasts. In his distinctive voice, he would emphasize the need to learn to work harder on yourself than you work on your job. He called making money in America “easy.” Of course, his definition of “easy” was “something I could do,” meaning that it involved quite a lot of hard work.
Rohn also mentioned that people find it easy not to follow these steps. Unfortunately, most Americans appear to choose that version of “easy.” The U.S. holds the 11th largest per-capita GDP in the world at $62,641 per year. Despite this, only about 40% of Americans can cover an unexpected $1,000 expense.
The 8-Step Plan To Achieving Financial Freedom
Will Healy Mon, July 12, 2021,
The late Jim Rohn, who spent 40 years as a sales expert and motivational speaker, would frequently discuss financial freedom in his podcasts. In his distinctive voice, he would emphasize the need to learn to work harder on yourself than you work on your job. He called making money in America “easy.” Of course, his definition of “easy” was “something I could do,” meaning that it involved quite a lot of hard work.
Rohn also mentioned that people find it easy not to follow these steps. Unfortunately, most Americans appear to choose that version of “easy.” The U.S. holds the 11th largest per-capita GDP in the world at $62,641 per year. Despite this, only about 40% of Americans can cover an unexpected $1,000 expense.
Consequently, many find it difficult to imagine financial freedom when they have to go into debt to repair their car or replace a worn-out appliance. You can change such circumstances by making a commitment and taking time to learn the lessons of paying debt, saving and investing.
8 Steps To Achieving Financial Freedom
Achieving financial freedom will not happen by accident. It will take discipline and commitment, a set of specific steps that can make this goal a reality. These processes will make financial independence a concrete goal and help you avoid money mistakes. They will also help place you on the path needed to turn early retirement into a reality.
1. Define Financial Freedom for Yourself
Most people you ask will say that they want “financial freedom.” But what does that mean? Going back to Jim Rohn, he defines it as the ability to live from the income of one’s personal resources. Even this leaves a lot of vagueness, as financial freedom can mean different things to different people.
Does it mean a modest or a lavish lifestyle? Living in a high-cost area or a low-cost one? Will you have mortgage or rent payments, or will you live in a home already paid off? What other debts, if any, will you still have to pay down? All of these decisions will factor into your definition of financial freedom.
2. Make a Budget
One way to ensure you stick to your financial goals is by making a budget. This takes every dollar of income and assigns a purpose to it. Admittedly, budgeting for that morning latte or the vacation to Hawaii might be difficult at first. But once you adjust to the discipline of living within your means, your budget can be empowering.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/8-step-plan-achieving-financial-210034255.html
Want To Borrow Money From a Friend or Family? How To Approach the Subject
.Want To Borrow Money From a Friend or Family? How To Approach the Subject
By Laura Woods May 7, 2021
You’re strapped for cash, so you’re thinking about asking a friend or family member for a loan. Whether you need a small amount to get by until payday or a larger sum for a major life event — i.e., seed money to start a business — you’re not sure how to structure the ask.
There’s a common school of thought that mixing loved ones and money just doesn’t work. Of course, everyone doesn’t share this mindset, so tread lightly to ensure you don’t inadvertently tarnish your relationship with the other person.
Jodi RR Smith, president of Mannersmith Etiquette Consulting, said borrowing money is rarely easy — especially when you’re asking friends or family for the loan.
Want To Borrow Money From a Friend or Family? How To Approach the Subject
By Laura Woods May 7, 2021
You’re strapped for cash, so you’re thinking about asking a friend or family member for a loan. Whether you need a small amount to get by until payday or a larger sum for a major life event — i.e., seed money to start a business — you’re not sure how to structure the ask.
There’s a common school of thought that mixing loved ones and money just doesn’t work. Of course, everyone doesn’t share this mindset, so tread lightly to ensure you don’t inadvertently tarnish your relationship with the other person.
Jodi RR Smith, president of Mannersmith Etiquette Consulting, said borrowing money is rarely easy — especially when you’re asking friends or family for the loan.
“This is not a topic easily approached or discussed,” she said. “When you find yourself in need, take a bit of time to strategize before officially asking.”
She said it’s important to begin with a self-assessment, so you can go in with a plan. For example, think about why you need the money, whether you’ll disclose the reason for the loan, how much you need and your repayment strategy.
When you have your plan together, Smith said your ask should be as professional as possible.
“Let the person know you have something serious to discuss and schedule a specific time to speak,” she said. “Surprising the person in the middle of a party or family gathering does not bode well for any future trust.”
Don’t expect an immediate response, as Smith said most people will need time to consider your request. Instead, she said to just ask when they expect to make a decision, thank them for listening and allow them time to think. “If this conversation is confidential, remind them, and take your leave,” she said.
It’s very possible your request will be declined, as Smith said not everyone is comfortable lending money. She also noted that the person’s financial situation might not truly reflect what you see on the surface.
“There are some people who present as having plenty, but are actually in debt themselves,” she said. “And others who live simply with large bank accounts.”
To continue reading, please go to the original article here:
Someone Owe You Money? How To Get It Back Without Ruining the Relationship
.Someone Owe You Money? How To Get It Back Without Ruining the Relationship
By Laura Woods July 9, 2021
You lent money to a friend or family member and they haven’t paid you back. Since you thought this was a short-term arrangement — and definitely not a gift — you feel like it’s time to ask for repayment, but you’re stressed about it. This is a person you care about, so you don’t want to strain your relationship. However, you need your money back, so you’re willing to initiate this uncomfortable conversation, but you want to do it the right way.
“On many occasions the way we ask for the money to be paid back can be truly detrimental,” said Maryanne Parker, founder of Manor of Manners etiquette consulting. She said the best way to ask depends on your relationship with the other person, the amount of money owed and the situation.
Someone Owe You Money? How To Get It Back Without Ruining the Relationship
By Laura Woods July 9, 2021
You lent money to a friend or family member and they haven’t paid you back. Since you thought this was a short-term arrangement — and definitely not a gift — you feel like it’s time to ask for repayment, but you’re stressed about it. This is a person you care about, so you don’t want to strain your relationship. However, you need your money back, so you’re willing to initiate this uncomfortable conversation, but you want to do it the right way.
“On many occasions the way we ask for the money to be paid back can be truly detrimental,” said Maryanne Parker, founder of Manor of Manners etiquette consulting. She said the best way to ask depends on your relationship with the other person, the amount of money owed and the situation.
“If you are lending money to your brother or a sister, you definitely won’t feel uncomfortable asking for the money back — especially if it is an ongoing family situation,” she said. “If we are lending money to someone else, then we can use different techniques without ruining the relationships.”
Having proper communication from the beginning is a must, Parker said. This includes making it clear you’re lending them the money — not giving it to them — and want to be repaid within a specific timeframe.
“On some occasions people get confused or misunderstand the situation — especially if there is known ‘financial superiority,’ when one of the parties is doing better financially because [they have] a better job, career, business and so on,” she said.
She said it’s also important to be understanding because it’s possible the other person is very aware they owe you money but is in a difficult financial situation.
“They might even feel much more uncomfortable than us, just because they are in need,” she said. “Owing money to someone puts us in a very vulnerable situation and if we want to keep the relationships going, we should be understanding.”
To continue reading, please go to the original article here:
What It Means To Live a Truly Rich Life and How To Achieve It
.What It Means To Live a Truly Rich Life and How To Achieve It
Jaime Catmull July 1, 2021
Being “rich” means different things to different people — and it doesn’t always have to do with money. In fact, a 2018 GOBankingRates survey found that nearly half of Americans — 49% — defined being rich in a way that had nothing to do with financial wealth.
According to the survey, 30% of Americans believe that being rich means living a happy life no matter how much money you earn, and 19% define wealth as having meaningful My personal definition of living a rich life has changed and evolved over time. Now, I can’t help but think how important it is for me to know that if I lost my job tomorrow that I could still pay my bills, and to have the financial freedom to breathe.
What It Means To Live a Truly Rich Life and How To Achieve It
Jaime Catmull July 1, 2021
Being “rich” means different things to different people — and it doesn’t always have to do with money. In fact, a 2018 GOBankingRates survey found that nearly half of Americans — 49% — defined being rich in a way that had nothing to do with financial wealth.
According to the survey, 30% of Americans believe that being rich means living a happy life no matter how much money you earn, and 19% define wealth as having meaningful My personal definition of living a rich life has changed and evolved over time. Now, I can’t help but think how important it is for me to know that if I lost my job tomorrow that I could still pay my bills, and to have the financial freedom to breathe.
I haven’t always had that. When I was younger, I was irresponsible with my money. Though exotic trips, expensive clothes and fancy restaurants were fun, the bills and debt they left me with were not. I thought “living richer” was all about throwing caution to the wind and not worrying if I could afford something or not. Thinking and living like that only led to extreme financial hardship, stress and unhappiness. It wasn’t until I stopped trying to look and act “rich” and comparing myself to others that I found what “Live Richer” truly means relationships with friends and family.
“Live Richer” to me is no longer searching for happiness in physical things. Instead, it’s finding it where I’m at, and ultimately within myself. It’s about putting money away for rainy days instead of worrying about your next Instagram post or having the right outfit, car or home. Saving money and budgeting isn’t always fun or sexy, but the sense of peace and worth that comes from having a savings account and a retirement plan is priceless.
Having struggles with money and not being able to buy everything I thought I wanted helped me develop my character, and be more aware and compassionate toward others and their money struggles. That’s why the “Live Richer” series and Your Money Champion column are so important to me.
Through helping people with their hardest money questions and sharing expert advice, I’ve learned that with the right planning and a little bit of discipline, it’s possible to earn more, save more and live well in every phase of life — and during the month of July, GOBankingRates will be teaching you how to do just that.
To kick off our month of living richer, I spoke to some very influential, successful people about how they define living a “rich life” — here’s what they had to say.
Barbara Corcoran: Real Estate Mogul and Business Expert
“By most people’s standards, my parents were poor. But they were never depleted, weak or needy, and cared for all 10 of us with an abundance of love. They just didn’t value money. Today people say I’m rich — flush with cash, as they say, a lucky son of a gun. But I don’t put much value on it. My real worth is the time I spend with the people I love, measured by the enduring affection my family and friends have for me over a lifetime.”
Deepak Chopra, MD: Founder of Chopra Global and The Chopra Foundation
“To live richer is to follow the inner path to wealth and abundance.”
To continue reading, please go to the original article here: