Roth 401 (k) and traditional 401 (K) are very essential financial tools that help set you for a very comfortable retirement. Indeed, with good advice from a financial advisor, you can optimize and capitalize on those valuable financial options. Nevertheless, this excellent video from Marketwatch gives you a good starting point. Also, the video gives you some tips on how you can maximize your contributions.
401(k) is a very confusing term. Most people only remember that it is connected to our retirement. Nevertheless, this well-crafted video by Wall Street Survivor tries to clarify its meaning, benefits, and drawbacks.
Step by Step Guide
How to Build
Wealth on $500 weekly
This first step is to work on your mindset and develop a growth mindset. Because no matter how hard you put in the work if you are not ready psychologically; you will never achieve your goals.
Make money 7/7 week don’t skip a day. Even if it is $0.5 take it, save it. As time goes by you will structure those incomes streams. Then, repeat the same process over time. Notwithstanding you need to be extremely focused, work hard and constantly reevaluate yourself. Always remember, they are many ways to make money in 2019. Start somewhere first then the momentum will catch up. Finally, always keep the bigger picture in mind.
Don’t spend money, save money. Yet if you decide to spend think of each spend as an investment that has to bring in a return on investment. If you keep that behavioral mindset you will constantly find ways to save money and limit your expenses. In addition, you can keep your expenses low while enjoying a decent life. So stay focus, resist all social pressure to show up and be resilient.
Time = Money. You need to understand the concept of “Time Value Money”. As a consequence don’t trade your skill for money but your time for money.
The second step is to build a solid community around you. Still, a community of like-minded people who can help you, push you forward and support you in your quest for a better life and a strong legacy.
Leverage the power of your community to excel in your environment. Absolutely, you can be part of a saving circle, an investment club, a lending circle or both with a select group of trusted people around you. That is the reason why joining one of those will instantly guarantee sustainable access to money when you need it to invest in a business or cover an emergency.
Joining a professional organization will help you rethink your career evolution. Moreover, it will help you harness the opportunities available of your industry and your profession. Also, your interaction with your peers accomplish professional will enlighten you. But, you can start by volunteering during meet up or community engagement activities.
Find a mentor. Nonetheless, it should be a person that has your best interest in mind. Also,the person will guide you and orient you toward achieving your highest potential. Ideally, a person that has build wealth from scratch will be preferable.
Eliminate all toxic friends around you. Typically, people with visions, aspirations, and values that do not connect with where you are in life and with what you are trying to achieve.
In this third step take actions. Always go for the long haul, don’t settle for less and be appreciative. Furthermore, balance your portfolio of income between short term and long term. Finally, try as much as you can to be present everywhere there is money to be made.
- Lending circle
- Passive income
- Stock market
- Real estate
5 people are close friends and family relative with stable income. Michael, Kaliana, Alex, and Kyle.
They all come together and decide to pool every month $500 and give all to the host of the day who also happens to be the beneficiary of the day. Besides, the action is rotative.
As a result:
- Month 1, Michael gets to take home $1500.
- # 2, Kaliana takes home $1500
- The following month #3, Alex $2000
- Finally #4, Kyle $ 1500
For a year each will get access to $7500 of zero-interest loan. That is good money that can be invested in an asset for future gains.
How can you get save $500 every month?
- Get a roommate
- Cut off your cable TV
- Take public transportation
- Stop buying alcohol and beer
- Shop in bulk
- Grow your own food
- Limit your dining out
Build wealth with the stock market on a $500 weekly pay. Here are some valuable options.
Fixed-income US Government Treasury securities
A Fixed-income US Government Treasury securities with maturities of anywhere from 30 days to 30 years in denominations are available for as low as $100.
For as little as $10, you can invest in Worthy Bonds. Worthy Bonds are fixed interest bonds that fund loans for creditworthy American businesses. More, the bonds have a term of 36-months. But interest is paid weekly and you can withdraw your money at any time, without penalty. Equally, you can buy as many $10 bonds as you’d like.
Mutual funds are investment securities that allow you to invest in a portfolio of stocks and bonds with a single transaction, making them perfect for new investors.
The trouble is many mutual fund companies require initial minimum investments of between $500 and $5,000. Nevertheless, if you’re a first-time investor with little money to invest, those minimums can be out of reach. But some mutual fund companies will waive the account minimums if you agree to automatic monthly investments of between $50 and $100
Invest with little leveraging Apps
Others investment ideas
You can open a trust fund for the kid you have or about to have for as little as $1000 per year. Plus, you can utilize the money from the lending circle to start a trust fund. As a result, by the time the child turns 18 years old, he or she will at least have some extra money in the bank.
Make sure you are covered with a life insurance policy. Just in case. Nevertheless, if you go in for a whole life policy which is more expensive,you will be able to borrow against it after a certain period of time.
Richard had subscribed to whole life. policy. So, after paying approximately $200 per month during 10 years he has accumulated a considerable. Now, he can withdraw a portion in cash or borrow against. However, he’ll be borrowing money from the issuer and using your policy as collateral.
High-yield money account
Paul takes home every week $300 after all deduction. After a long struggle, he manages to cut down some of his favorite habits like smoking, buying 3 cups of coffee per day, and drinking.
Money save weekly $10. That is $50 per month. After doing some research in the banking sector. Then, he opened a savings account in a bank that offers the highest yield interest on a savings account. Solely, to take advantage of the account interest. Then every week he deposits $10 in the account that is $500 per year. Consequently, a 1.90% annual rate that is a decent interest. Of course, you can also add the money you’ve saved at your saving circle or any other income stream.
Generation passive income to build wealth on a $500 weekly pay is possible. Here are some valuable options.
It turns out that you are very comfortable in front of a camera and a microphone.
So you decided to create an online channel where you share your thoughts about struggling with paying your bills. You pre-recorded with your cell phone camera and no editing 15 videos of 15 minutes each.
Then you publish everything on Youtube activate the revenue from ads display. Afterward, you left. At every 1000 views, you make money.
- Total investment: $0
- Potential revenue: unlimited
Real estate is probably one of the easiest ways to build wealth on a $500 weekly pay. That is because, the industry is very dynamic. More,here are some valuable options.
You don’t need a lot of money to start in real estate. Accordingly, chances such as crowdfunding platform and start with as little as $500. Also,you can use the fund collected from the lending circle.
As you can see they are many ways to build wealth irrespective of the strategy you choose. Just keep in mind it will require patient, focus and determination. Don’t neglect any source of income or any amount. $1 here, $2 there, will eventually add up to help you build a considerable wealth in a short period of time. Build wealth on a $500 weekly pay is not easy but totally doable especially nowadays.
A mortgage calculator is a very helpful tool that makes estimating your monthly mortgage payment easy. The user-friendly design will give Just what you need to know before jumping into buying your dream home.
An online mortgage calculator can help with your monthly mortgage payment estimation with little details. In addition, it can highlight the total amount of interest over the lifetime of the mortgage.
Why do you need a mortgage calculator?
Often time people just jump into buying a house without doing the necessary due diligence. Also some mortgage companies do not have the best interest of their clients in mind. This tool provides an extra layer of comfort for those looking to have a clear picture of the evolution of the total cost of their property
What is it for ?
A mortgage calculator is a simple calculator with empty fields. Those fields are typically used to estimate your monthly home mortgage such as home value, down payment, type of mortgage, interest rate. In the end, you should an idea of how much your home is going to cost you. It would help you compare different mortgage types and calculate your down payment.
How it works ?
Just input the requested information in the appropriate fields such as the home value, your down payment amount, the type of mortgage, interest term and the interest rate. See how much house you can afford!
The initial cash payment, usually represented as a percentage of the total purchase price, a home buyer makes when purchasing a home. For example, a 20% down payment on a $200,000 house is $40,000. A 20% down payment typically allows you to avoid private mortgage insurance (PMI). The higher your down payment, the less interest you pay over the life of your home loan. The best way to pay for a home is with a 100% down payment in cash! Not only does it set you up for building wealth, but it also streamlines the real estate process.
The dollar amount you expect to pay for a home. According to the US census, Over the past 50 years, the average price of a new home in the U.S. rose from $19,300 in 1963 to $76,400 in 1980 and skyrocketed to $394,000 in October of 2017.
The cost of financing a home purchase. This is generally shown as an annual percentage of the outstanding loan.
Generally a requirement for any home mortgage. The premium is usually included with the monthly mortgage payment. Costs and coverage vary by state and the value of the home.
Private Mortgage Insurance (PMI):
Calculated annually as a percentage of your original mortgage amount based on your credit rating and down payment. PMI protects the lender in the event you do not pay your mortgage, and it generally costs 0.5% of your loan each month
The amount you pay each month for your mortgage, homeowner’s insurance, and HOA fees. This payment should be no more than 25% of your monthly take-home pay.
Homeowner’s Association (HOA) Fees:
Fees due in exchange for being part of a homeowner’s association. A homeowner’s association is an organization in a planned community that maintains and reinforces rules for the properties in its jurisdiction
Taxes levied based on the government’s appraisal of your property. These are usually included as part of your monthly mortgage payment. Property taxes vary greatly depending on location and home price. National state averages range from 0.32% to 2.31%
15-Year Fixed-Rate Mortgage
A home loan designed to be paid over a term of 15 years. The interest rate remains the same for the life of the loan.
30-Year Fixed-Rate Mortgage
A home loan designed to be paid over a term of 30 years. The interest rate remains the same for the life of the loan.
5/1 Adjustable-Rate Mortgage (ARM)
A home loan designed to be paid over a term of 30 years. The interest rate does not change for the first five years of the loan.
In conclusion, it is important to always ask yourself one single question before you take the train and buy your dream home. You need to ask yourself if you can afford the home in a very honest and transparent way. Nevertheless, you shouldn’t always think about buying a house as an individual pursuit. You can always explore alternatives like co-buying a house.
Money circle is a group of people that comes together, pool resources and knowledge in other to achieve a financial goal. Typically, the objective revolves around saving money, access to cheap money or investing money.
Takeaways: Money circle
Money circle is a great way to connect with people while achieving your financial goals. That’s why most successful people are in somehow part of a circle. Members support each other and push each other to achieve financial freedom.
- Meet new people and connect on a personal level
- It is important to acknowledge that you can build substantial wealth through money circles.
- Access to financial products for people with no access to traditional banking.
- Thorough background check on each member
- Strong sense of commitment from each member
Think of it as a credible alternative should you need a space where you can talk about money.
How does it work?
Generally, there are no typically rules. But you need to take some precautions. But in essence, the goal is to find people you can trust, set a weekly, monthly meeting date. During those meeting, you discuss all your money issues, share ideas, give an account of the current situation and give your contributions. if the circle is focused on investment you will meet your broker and he will give you an update.
More often members end up building very strong personal ties that last for a very long time. You can start with your close family and your community before expanding.
Learn more about money circle
- This course is an incredible opportunity to learn more.
Perspharp you want to skip all the learnings and jump directly in the most interesting part. Yet you need assistance to implement one or multiple money circle around you.
- Then take this course instead. It will teach how to run a program near you and make a decent living of it.
Make money blogging
How to make money blogging? That is the beginner concern. Let’s face it, you heard about amazing stories of people making a ton of money with their blog. Indeed successful bloggers take home a good paycheck every month. It is a good passive income. Typically you will be advised to start with running advertisements then follow by the other income streams. In this article I will explain why starting with ads is the wrong strategy to start monetizing your blog.
How to start a blog
- Choose your domain name.
Frankly speaking, the domain name doesn’t even matter. So don’t spend hours reflecting, brainstorming on a name. When it comes to naming, the way you build your brand is more important. Host: Great blogging platforms such as WordPress are seamless. But you can find great hosting options. Blue host is definitely the most popular.
2. Blogging platform.
It is essential to choose the right blogging platform. They are multiple platforms in the market place. Choose the right one will help you set things right. More it will provide you with a seamless experience. WordPress is undeniable the best blogging platform. Million of people use the platform for blogging and website.
3. Design your blog with a theme.
Good, feel, simple and look help your blog stand out. You want it to look a specific way. You want it to feel exactly how you picture it without necessary writing a line of code. We recommend investing money and time to get the right theme. Then you will own it for life and benefit from good after-sales support. At edulers, we use Hive from Pixelgrade. Head here to browse their amazing assortment of themes. There is something for anyone.
Once you’ve selected your theme, continue turning it. Till you get the look you are looking for. Set up google analytics to monitor your evolution.
4. Select the best plugins for your blog.
Google Analytics for WordPress and Yoast SEO for start. If you really want to play around with some cool plugins, you can find them at wb beginners.
I will recommend before starting with your blog setting. Once you’ve identified the domain name. Prepare on the side some few contents. Compelling contents you want to talk about. Then start publishing immediately.
Promote on social media, ask your family and friends to share your contents.
How to make money blogging | How run I stop running ads?
When I started blogging, I quickly ran into a roadblock. Despite my efforts, I made only $6 in total after 8 months in ads revenue. Granted, my traffic was not great. Probably this can be a possible explanation. But I was frustrated and angry. I followed all the instructions and the step by step manual on how to create a blog. Later, a step by step guide on how to create contents. Finally, in the manual how to make money blogging, the first step is to run ads. Usually, I was told the first 6 months you can expect at least $100.
Faced with the fact that it would take me forever to make a decent amount of money with my blog. At least enough money to pay for my blog expenses. I decided to embark into an exploration phase.
I started looking around the web to see how many blogs actually run ads. First observation almost all the authority blogs I visited have a store or sell some sort of product. Whether it is by affiliate marketing or owned branded products. Some don’t even run ads and those who run ads have a premium version.
After those observations, my next question was simple. More of an arithmetic appreciation.
- What is the average conversion rate on a typical blog? 2% to 5% according to WordStream in this article.
- So if you have 20 visitors per month chances are 2% could buy a product from you. That is 1 person.
- I look at the revenue generated in 6 months and the number of total visitors approximately 3100 visitors. That is 62 customers that I didn’t capture. An average of 6 per month.
Then I asked myself if I was selling any product online. I could have sold already 62 at 20% margin. In any circumstances that could be higher than my meager $6.
I decided to add a product to my blog and stop running ads. Moreover, running ads ruin sometimes the reader’s experience.
Conclusion: How to make money blogging
I spent so many months working on building and developing great contents and improving my blog. While I could have spread my effort on building contents, focusing on selling a product or service as well. Those are lessons learned.
Definitely, nowadays a blog that builds its monetization strategy around advertisements will simply find it extremely challenging to make it happen.
The way forward: How to make money blogging
If you are thinking of starting a blog, or you have a blog but don’t make any money. Consider selling a product or joining an affiliate program or any other income stream away from ads on your blog.
Do that from day one.
You need to make money to keep your blog running and keep you going. Waiting will not help you. Moreover, when you have a product online, it motivates you to drive more visitors to your site. Consequently, as you start thinking about creating a blog also put in efforts and time to come up with a monetization strategy. The sooner the better. The only exception here is a news blog. Even then it is important to have a monetization strategy away from ads revenue.
Recommended source of income from the first day of blogging:
- Affiliate marketing
- Online course
- Sponsored advertisement
- Sell a digital product
- Request for donations with PayPal
In the nutshell be creative about your source of income and start planing that as you build your blog. Running ads on your blog should not be the first income stream that comes into mind.
5 extra tips to improve your income
- Use as many income streams you can reasonably manage. Diversification is key.
- Excellent content is the key to long-term success. There’s no way around it.
- Each blogger has a different combination of income streams. There is no “right” way and that’s the beauty of it. There are endless possibilities. Find a combination that works for you.
- Don’t be a clone of another blogger. Find a unique angle.
- Successful bloggers don’t start a blog just to make money. Instead, they blog about a topic they truly enjoy and can write about for years. They let the money grow out of that topic organically
A checking account is a bank account for everyday expenses. It is also known as a transactional account or current account. In addition, there is no limit to how often you can get access to your money. Because it is the account you use to pay your bills and most of your financial transactions.
Different between checking account and savings account
While a savings account might limit the number of withdrawals or the number of transfer to a checking account within a monthly cycle, a transactional account normally does not have any limits. Also, a checking account is an account for spending. However, a savings account has as main purpose is for storing money for future utilizations.
Opening a checking account
To open an account, you first need to shop around. Visit the financial institution website. Check out for information such as bank fees, any interest-bearing. Further, ask information regarding daily limit withdrawal, overdraft limit. More, evaluate the ATMs network, easy to do transaction out state and limitation that comes with the checking account.
Once you are at the bank office, you will need to provide your social security and a valid form of identification. If you are a minor you will need a co-signer. After a quick background check is run on you especially to check of you have been reported to ChexSystems or a similar company.
Then you will deposit the minimum amount required. Then you will receive a debit card and checking. Moreover, the bank or the microfinance will help you download the app if they have one. additionally, the bank representative will provide information about online banking options. Finally, the bank will make sure you understand the bank policies, rules, and regulations regarding your checking account.
How to get access to the money in your checking account?
You can do this by either using your debit card to make payments, online, withdraw cash or by writing a check.
Generally, a checking account is insured up to $250,000 by the FDIC (The Federal Deposit Insurance Corporation). Nevertheless, your current account should only be reserved for funds you need for your daily transactions during the month. Ultimately, always monitor your checking account to report any unauthorized transaction. Lastly, if any of your checkbook or debit card is stolen is important to report immediately.
Fees associated with your checking account
- Maintenance fees
- Overdraft fees
Definitely find out about your overdraft protection. Some banks or credit unions will allow you to link your current account to another account to cover your account when it is negative by automatically transferring the missing amount. Other banks will give you a line of credit or will allow you to overdraw up to a certain limit. You should educate yourself on the best over drafting protection.
- Checking account is great for everyday expenses
- They come with a debit card, checkbook or ATM card.
- Checking account has a lower interest rate than a savings account
- Limit your overdraft to avoid paying for overdraft fees.
- Overdrafts: A deficit in a bank account caused by drawing more money than the account holds.
- ATMs: Automatic Teller Machines
- FDIC: Federal Deposit Insurance Corporation
- ChexSystems: check verification service and consumer credit reporting agency owned by the eFunds subsidiary of Fidelity National Information Services
- ATM card: It is a pin-based card. You can use it at the local ATMs and you might be able to use it to make purchases.
- PIN: Personal Identification Number
- Debit card: It is an ATM card with a visa logo or a Mastercard logo on it.
- ChexSystems: It is a check verification service and consumer credit reporting agency owned by the eFunds subsidiary of Fidelity National Information Services. It provides information about the use of deposit accounts by consumers.
How to make a budget? This question is extremely tricky for most people. That is why we came up with the saving canvas. However, It is important to stress that the tool main goal is to look at your spending holistically not just from a monetary standpoint.
How to make a budget: Course overview
- Definition of a budget?
- Definition of the saving canvas
- The saving canvas vs other budgeting templates
- The different part of the saving canvas
- Understand the saving canvas blocks
- Building a saving canvas with an example
The course is online and you can take at any time and everywhere.
Become a student: Enroll in the budgeting class
After you attend this course, you will improve in your budgeting. Moreover, this course will equip you with an entire perspective when it comes to making your budget.
Cost: $199 (or 3 payments of $69).
- Subject: The saving canvas class
- Email: email@example.com
Money circle program has been exciting for ages. Yet we designed our service to help you to set up a fully functional money circle. That is why we address all the challenges that come up with the program.
Minimum of a 01-year commitment
Overview of the implementation of a money circle program:
- Set up a fully functional program
- Play an active role throughout the contract
- Provide legal advice and coverage in case of any issues
- Interview and assessment of all applicants
- Provide a reliable and credible financial advisor
- Dedicated expert to keep all members on track with their respective obligations
- Initial consultation fees for 1 hour: $100
- One time fees depending on the number of expected member
- Every meeting: Price start from $10 per member
Should you have any questions about the program, don’t hesitate to send us an email.
- Subject: Money circle class
- Email: firstname.lastname@example.org