Susan Paige

Why You Need To Open A Savings Account Today

February 11, 2019 By Susan Paige Leave a Comment

When most people refer to investing, things that usually come to mind are bonds, stocks and real estate. An ordinary savings account is not something many people associate with investing. These types of investment opportunities can offer investors great long-term returns on their investments. However, they can all come with disadvantages and risks. Because of that, it is not the ideal way to save or invest hard-earned money for a lot of people. On the other side of the investing spectrum are simple savings accounts. They aren’t glamorous or going to offer high yields for investors. They do have their own benefits to be considered, however. Below are some of the top reasons you should consider opening up a savings account with a reputable bank such as the one found at www.gobankingrates.com.

Insured By The FDIC

When you invest your hard-earned money into something, you want to rest assured that if something goes wrong with the institution, you aren’t going to lose all of your money. When it comes to investing in savings accounts, your money will be FDIC-insured for up to $250,000. If the bank you have an account with goes out of business, your money is going to be safe. Depending on the situation, you will get paid the amount directly or a new account will be opened up for you at a new bank for the same amount. Other types of investments cannot offer this same protection. If you own stock in a company that ends up going out of business, you lose your money. Simply put, you will not have any risk of losing your money when you choose to invest with savings accounts.

Low-Risk Investing

By their true nature, savings accounts have practically zero risks. You will never end up with less money than you put in. In other types of investment opportunities, you could end up losing all the money you put in and the interest you earned. With this type of account, your balance will never go down. It can only go up unless you decide to take out some money. If you cannot afford to lose your money, savings accounts are the best place to put it because they are safe from market volatility.

Money Is Always Available

With some investment opportunities, once you hand over your money, there is no getting it back any time soon. When you own savings accounts, you have access to the account whenever you need. If you have an emergency and need to get money from your account, you can do so right at your bank’s ATM. Other types of investments that promote being “liquid” can sometimes take days or weeks to get funds out of. On the other side of the spectrum, investing in something such as real estate could take months or many years to liquidate. A savings account makes for a great emergency fund that can earn you a little interest while you are not using the funds.

These are just a few of the benefits of opening up a savings account when you are looking to invest your money. If you are new to investing and want to keep your risks low, this is the best way to get started without worrying about losing your money.

How to Make a Plan for Financial Independence

February 11, 2019 By Susan Paige Leave a Comment

Financial independence means that you can do what you want in life, without having to worry about money. If you have always dreamed of financial independence and you are ready to start making steps towards this goal, there are plenty of ways that you can start preparing for your ideal financial future.

Start Now

Though this may seem like a long way off, if you start preparing and planning now, you can build yourself a great strategy for financial independence. There is no point in putting off budgeting, financial planning, and investing, as all these things are best to start as soon as possible.

Manage Your Spending

A key part of becoming financially independent is spending less than you earn so you can put some away for the future. There are so many ways that you can cut down your spending. Elizabeth Warren, senator, bankruptcy expert and one of Time Magazine’s 100 Most Influential People in the World set up the 50/30/20 plan with her daughter Amelia Warren Tyagi as a guide to managing your money for life. The 50/30/20 plan suggests spending 50% of your income on ‘needs’, like housing, food and utilities, then 30% goes to ‘wants’, like shopping and eating out. After this, 20% of your income will go towards savings, retirement funding and paying off debt every year. This might mean that you need to make some changes, like finding somewhere cheaper to live or cutting out takeaways, but all of this allows you to have financial independence in the future.

Sources of Income

It is also smart to think of ways that you can generate more income, both now and in the future. Maybe you could do some extra shifts at work to ensure you have a little bit of extra cash to save every month. Could you do some freelance work as well as your normal job? One good example of earning extra income is property investment, with monthly rent from tenants often covering the buy to let mortgage payments, allowing you to generate and save extra income. Property investment specialists like RW Invest have several lucrative property investment opportunities that are perfect for generating extra income. This also means that your money is invested, so should hopefully go up in value, which leads us to the next point.

Start Saving or Investing Now

If you want to be financially independent in the future, then it is essential that you start saving or investing now. There are a variety of ways you can do this. It is usually advised to have an emergency fund of a few months living costs saved in an account you can easily access, and once you have built this up you can think about what to do with your 20% saving. Investment is usually the best option, as interest rates on saving accounts are low at the moment, and this provides a way to grow your money. As saving towards a financially independent future is a long-term goal, and inflation will mean your money is worth less in the future, investing in a reliable asset like property should help with providing income in the future. Assess the amount of risk you want to take and choose an option that lines up with your goals.

Order vitals online through VitalChek

February 10, 2019 By Susan Paige Leave a Comment

On VitalChek website, you can order official and certified vital records online in a quick, secure, and affordable manner.

A Vital record is a government-issued document that records important happenings in life, like a birth, death, or marriage. A citizen of the United States has a right to obtain these documents for himself/herself or for any other family member if they are authorized. These records are important when applying to a school or college, researching your family genealogy, or obtaining a passport or driver’s license. The list goes on.

VitalChek has provided Americans with a way to order their important documents or get them replaced easily and securely. When ordering online through VitalChek, you will get authorized, government-approved service, low pricing with minimal service fees, guaranteed certified government-issued documents, expedited shipping options with below-market rates, and highest PCI level security with wonderful safeguard standards.

You can order your birth certificate online, a family member’s death certificate, or your marriage certificate. All the certificates released will be government issued, certified documents, unless you ask for an ‘informational copy’ or a ‘souvenir/heirloom’. The state that you are ordering the records from determines what seal to use on the document.

Certifications usually include a registrar’s raised, embossed or multicolored seal and the registrar’s signature, along with the date on which the certificate was filed with the registrar’s office. A certified copy is a legal document and acceptable as proof of identity, while an ‘information copy’ or a ‘souvenir/heirloom’ is not.

At VitalChek, who is entitled to a copy of a record depends upon the policy of the vital record office of the state you are requesting from, though most locations usually provide certificates to a person’s immediate family. During the ordering process on the site, you will be shown specific requirements for the relevant vital records agency. This information will be presented to you after some initial information is entered, like the date the event took place, the state in which it took place, and the name of the person on the certificate.

VitalChek prides itself in providing vital records as quickly as possible. To find out the Estimated Processing Time for your order, you can go to the order confirmation email that is sent to you when your order is accepted. You can also retrieve your Order Receipt which will have the processing time by going to the My Order page on the site. You can login with the 8-digit Order Number and the 6-digit PIN that will be provided in your confirmation email. Though the processing is quite fast, due to an abundance of pre-existing orders that are already being handled, it is not possible to make same-day orders with same-day shipping, unless otherwise specified when placing the order on the site.

On average, most vital records offices tend to process Express delivery orders in 3-5 business days and Standard Mail orders in 7-10 business days. Express delivery orders are those where UPS or FedEx delivery has been selected as the delivery method, while Standard Mail orders are those where US Postal Service has been chosen.

House Flipping Tips for Big Returns

February 8, 2019 By Susan Paige Leave a Comment

House flipping is a type of investment that involves buying houses and quickly reselling them for a profit. The investor can either buy a property and makes some repairs then sell it, or buy a property in a market where home values are rising rapidly and resell it after some time without making any repairs. A lot of people make money from house flipping, and you’ve probably seen some on TV shows. They may make it seem easy, but house flipping is not as simple as it looks. It can either be a dream or a disaster. However, if you do it the right way, house flipping can be another way to make money.

Therefore, if you want to get into this business and make some extra bucks, check out these tips on how to get started flipping houses.

Understand Your Market

It’s very important to research and understand your real estate market. You need to know where people want to live at that time, the kind of houses they want to buy, the value of houses in that area, and so on. This will help you to identify the property with the highest potential. Also, consider all the factors that could affect the price of the property and how quickly you can resell it. It would also be great to work with a real estate agent who has experience in your neighborhood. A good agent can help you target your property search based on your budget and desired profit.

Read About House Flipping

Before you dive into the business, it’s good to have some basics first and understand the nature of the business – and what better way to get this information than to read books on flipping houses? Such books contain invaluable information and will give you the knowledge you need to start networking and flipping houses.

Follow the 70% Rule

The 70% rule helps you to determine if a property is worth investing in or not. It is a way to determine the price to pay for a fix and flip property. The rule states that an investor should not pay more than 70% of the ARV (After Repair Value) of any property minus the cost of the repairs required.

Suppose a home’s ARV is $150,000, and it requires $20,000 in repairs, the rule says you should not pay more than $85,000 for the home.

$150,000 (ARV) X 0.70 = $105,000 – $20,000 (repairs) = $85,000

Research Listings and Foreclosures

You can find foreclosure listings on various websites such as Foreclosure.com, Zillow and Auction.com. The law is very clear on how many missed payments before foreclosure hence when a homeowner is not able to make the payments, their lender can take back the house and put it up for auction. Legitimate auctioneers put notices in local newspapers and list the property on their websites. Therefore, you can buy such property at a cheap price and resell it to make a profit.

Sell Quickly

The quicker you can sell a house the better. Once you’ve purchased a house and made the necessary repairs, don’t hold on for too long as it will cost you more money. Therefore, do everything you can to give buyers a great first impression to sell the property as quickly as possible.

Flipping houses is a risky business but very profitable if you make smart decisions. Note that in most cases, spending a lot of money remodeling a flip will not make you more money. Therefore, it’s better to make economical repairs and simpler remodels. An experienced real estate agent can provide the knowledge and guidance you need to make smart decisions.

Have you tried flipping houses? Share your experience below!

Tips for Managing Your Money Like a Millionaire

February 5, 2019 By Susan Paige Leave a Comment

Just because you don’t have the bank account of a millionaire doesn’t mean you can’t manage your money like a millionaire. Improving the health of your finances is all about improving your relationship with money. Here’s a handful of key takeaways we can all learn from some of the wealthiest people in the world.

Forget About Instant Gratification

Before you swipe your card, click the “Purchase” button on your computer, or fork over your cash, ask yourself if you’re making the purchase because you want an immediate rush of happiness. If so, the next question to ask is whether that happiness will curdle to regret in the near or far future. Rather than make financial decisions because what you’re buying will give you instant gratification, it’s better to make purchases that give you lasting gratification. Buying a cup of coffee may put a smile on your face until you finish it, but stashing that money in an emergency savings account will give you peace of mind that can last for years.

Invest in the Stock Market

There’s no doubting that the stock marketing and putting your money in it can seem intimidating. That said, it’s easier than ever to get started with investing. Better yet is the fact that you don’t need a lot of money to start investing. There are plenty of apps and online services that break down how the stock market works and how you can start investing a little here and there as another means of saving for retirement.

Make Your Savings Automatic

Speaking of emergency savings and the stock market, you can automate both. What’s so great about automating is the fact that you don’t have to consciously remember to put money into a savings account or your stock market investments, giving you one less thing to worry about. Talk to any bankruptcy attorney in Flint, MI, or elsewhere and you’re sure to understand how this simple step can do wonders for your financial health and any anxiety you may have surrounding your financial health.

If you do decide to automate your savings and investing, be sure you have that money in the funding account. Otherwise, any fees you incur are likely to wreck your good intentions.

Get Help Before You Need It

Speaking of bankruptcy attorneys, the best time to get help with your finances is well before you actually need it. Sit down with a financial planner (checking to see if any in your area offer a free initial consultation) to get a professional financial checkup, so you know whether you’re doing as well as you think and hope you are when it comes to your money. Stockbrokers, financial planners, and tax consultants can offer you some great insights on ways you can maximize your efforts and your money. There could be a great opportunity you’re unaware of that you may come to regret years later when you learn it’s come and gone.

Differentiate Between Your Wants and Your Needs

Another question you can ask yourself before making a purchase is whether this is something you want or something you need. This answer requires a level of brutal honesty, one you need to come to terms with if this tip is to do you any good. Do you really need to keep paying for cable every month when you can cut the cord and save money on one or two streaming services? Do you need to eat out again, or do you have leftovers at home in your fridge that you can have for a few meals? Once you learn to tell the difference between the two, you can save a lot more money than you realize.

This is just a quick starter for thinking like a millionaire. Use these tips to see how they work for you and your finances. You don’t have to look like a CEO to spend and invest like CEO.

How to Choose the Stocks to Buy Right Now

February 3, 2019 By Susan Paige Leave a Comment

So you’ve decided to invest in stocks and have mastered the fundamentals of investing. The big question now is how do you choose the stocks to invest in?

Figuring out which stock to invest in can be challenging, especially if it’s your first time. With tens of thousands of stocks in the market, narrowing down to a few stocks can be overwhelming. However, with the right tools and information, you can confidently pick stocks. Remember that when you buy a stock, you become a part owner of that company hence the value of your stock will largely depend on the health of the business.

Consider Your Investment Goals

Different people have different investment goals. Some are looking for an income stream while others want to build wealth for a long-term purpose such as retirement or a child’s college fund. Some want to make big gains while others just want to preserve money. Basically, there are two investment strategies – growth and income. Income investors prefer low-priced stocks with a stable growth rate and dividends. Growth investors, on the other hand, buy high-priced stocks with high growth rates and potential. Therefore, choose a stock depending on the purpose of investing. If you’re an income investor, choose dividend stocks as they provide an immediate return on investment and some measure of protection in market downturns.

Invest in Business You Understand

It’s always good to start with an industry or company that you’re familiar with. This will make it easier for you to choose the stock to buy based on the information you already know about the industry. If you know a company’s products or even use them, then you probably have an understanding of how the company works. Companies in the industries where you work are also a good choice. On the other hand, avoid investing in companies you don’t understand.

Consider Price and Valuation

Investment experts often look for stocks that are cheap or undervalued. Underpriced stocks are stocks that are selling at a price significantly less than its intrinsic value, and you can use the Benjamin Graham Formula to find such stocks. Investing in underpriced stocks is a great strategy, especially if you identify the stocks that are moving in the right direction. As you will see in The Intelligent Investor review, Graham argues that investing in such stocks has little downside risk but great potential for upside. However, you must be careful because sometimes a stock is cheap because the business is slowing down. Also, do not be deceived by stock market gyrations; instead, look at the long-term trends of stocks.

Evaluate Financial Health

All public companies release quarterly and annual financial reports. Find the official reports on their websites or the SEC. Look for revenue growth, check the company’s debt, and look at the companies’ profit margin. Stock prices increase when companies are growing and making more money. Compare a company to its competitors to see their profits and size of debts. If a company is paying a dividend, check the history of their payments. Are they increasing or decreasing?

Diversify

It’s very important to diversify your portfolio. Though you want to invest in industries you understand, it’s important to ensure you don’t overload your portfolio with stocks in the same sector. For instance, if you work in IT, don’t overload your portfolio with tech stocks. Industries are subject to ups and downs in the market hence it’s not advisable to invest in one industry.

What are your tips for choosing stocks? Share with us in the comments below!

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