Joy Olivia Miller

Archive for the ‘Financial Tips’ Category

Tax breaks and having a tangible investment are only some of the incentives attributed to purchasing your own home. There are plenty of reasons to choose buying a new home over renting. After you’ve decided that buying a new home is the right plan for your life, here are some things to consider before launching this grand investment.

Whether or not you can afford a house is an important factor to consider. Several first time home buyers must take into account how much of a down payment can be made on the house as well as how much of a loan he or she can be approved for. This applies to you as well as it is an extremely common conundrum. Your investment in a home should never exceed 28% of your annual income, and this investment doesn’t just include the house itself. This also includes property taxes, insurance, mortgage payments, agency costs, etc. That being said, you should really evaluate your financial situation before signing any sort of contract when buying a new home.

Coinciding with an evaluation of your finances is an assessment of your overall debts before buying a new home. Eliminating credit card debt, paying off that new car, and sizing down your student loan will help when saving for your down payment. High interest debts can build a wall between you and your dream home, so knock it down while you still can. Investing in something substantial like a new home can hurt you financially if you have increasing debts behind you.

After taking into consideration your financial situation before buying a new home, you can start researching real estate agents and expediting your purchase of a new home.

So, your Home insurance is due, your kids are asking about summertime camp, and the dryer just went on the fritz. Why Does it always seem like the one thing you have in your life is bills? Maybe it’s time to bring the kids in on your family’s financial situation.

Although it can be embarrassing to have to admit to your children-people who rely on and admire you-that things are a bit tight right now, don’t overlook the possibility that this admittance can bring your kids on board to help save, and bring everyone together as a family working on an achievable outcome.

Not all kids will be able to handle financial affairs at the same time and it can also be hard to know when exactly they are ready to learn about money stuff. Very little children have almost no concept about money. They just know that it costs money to buy stuff, but how much that is or where that money comes from, many times is beyond the understanding of a child less then eight years.

Older children, and surprisingly teenagers, are an entirely different matter. They can many times tell when they are not being told the truth. They will also almost for certain already be mindful of tension in the household concerning financial matters. Letting them in on family finances communicates you have confidence in their capacity to think and join in what’s going on.

If you allow your children to engage in family budget planning, they may come up with plenty of ideas of their own that will surprise you. Their open minds and vivid imaginations, and their energy can be just the right mixture to help you get things moving in the right direction.

For example, they can price compare like crazy when they shop, sniffing out the best deals on groceries. Younger children can make a game out of clipping and saving each weeks coupons. Older teenagers may be inclined to pick up a part-time job, and make their own money.

The most important thing is to bring your kids in on your budget planning when they’re ready for it. Also make sure to introduce all financial affairs at the level they can comprehend money matters. The returns may really amaze you

Hi, Friends. Today, we need as many ways as possible to KEEP MORE OF OUR MONEY! In this article, I write about 10 ways to save BIG money. I have included a new one… the Money Merge System, which is a way to PAY DOWN YOUR 15 OR 30 YEAR MORTGAGE IN A FRACTION OF THAT TIME. Do a Google on Money Merge System to learn more about it. We have developed our own version of the Money Merge System named “The Self-Implemented Fast Mortgage Pay Off System” which eliminates the middle man “hosting company”, who charges a hefty sum to become part of that system. Stay tuned and join our newsletter to learn more about it.

Renting Instead of Owning. In this day and age, there are few reasons to rent versus owning your own home. Even if you find it difficult to qualify for a mortgage, and in today’s market this is quite common, you can find people who will sell your home and hold paper (be the bank). Many times they will give you an interest rate that is lower than what the banks are currently charging, and will also give you ample time to procure a mortgage from a bank.

Not Having A Home-Based Business. In America a home-based business gives you so many advantages, and tax write-offs we can’t afford not to have one. With a home based business you can write off on your taxes a percent of your mortgage or rent, utilities, car fuel, entertainment and more. You can choose any kind of legitimate business to receive these advantages.

Gasoline Prices. Gasoline prices have are above $4.00 / gallon. I have heard people with large SUV’s or cars with V8 engines saying when they pull into a gas station it easily takes $100 to fill the car which lasts only 2 or 3 days. My 4-cylinder Ford Focus costs approximately $35 to fill and this fill-up lasts about 5 days. Unless you have money to literally “burn”, driving a smaller car will cut your “gasoline” budget down immensely.

Donating To Charities. We really do live in an interdependent world, thus when one person is hungry we have a responsibility as human beings to aid in feeding that person. There are many charities, that are working to make the world a much more humane place for all of us. Many of these charities have 501C(3) status, which means, any donations we make are 100% tax deductible. Overall, we will be much safer, and have more abundance when ALL people in this world have at least the basic necessities in life.

Sales Tax Differences. Buy, especially expensive items, where taxes are less. There are several percent differences in the sales tax in cities and villages that surround one another. We live close to a large city and are frequently there, but I cannot remember the last time we filled up the car with gasoline in the city. The city gasoline taxes add at least an extra $0.10 to the price of gasoline compared to the surrounding communities. Also the sales tax on goods and food is 2 to 4% higher than in the surrounding suburbs and counties. I am not saying we should not support the places where we live, but I believe one of the ways we can put pressure on the politicians to keep taxes down is by not supporting unwarranted tax increases.

Shop From The Internet. Shopping from the Internet saves you (in some cases), sales tax and in all cases wear and tear on your car, gasoline, time and can be a lot less stressful. Many times you can also save in shipping costs if you order over a certain dollar amount. You can buy everything off the Internet from lingerie to the car you drive. Internet shopping is the best!

Discounts On Children’s Classes. Soccer Moms and Dads out there, did you know you could get discounts on children’s classes and lessons for siblings, if you just ask for them? We enrolled Markus (one of our 7 year old twins) in a summer reading program through one of the local universities and decided to enroll his brother Malcolm. By just asking we were able to enroll Malcolm for 50% off! If you are not sure and sibling discounts are not advertised ALWAYS, ALWAYS ask.

Vacation At Resorts or Cruise Instead of Staying At Hotels. When vacationing with the family, staying at a resort or going on a cruise are much better values. Resort condominiums usually include a full kitchen, family and children’s activities and exceptional amenities. Cruises also include all your meals and numerous events and activities for the entire family, depending on the cruise.

Take Advantage of Your Credit Card Grace Period. Would you like to have a 25 to 30 day loan at 0% interest? Use your credit cards for all your purchases and pay them off by the grace period and this is exactly what you get. You also have the added benefit of improving your credit score for future large purchases, when you need top borrow money.

The Money Merge System. The “Money-Merge-System is by far the best money tip, I have for you out of all 10 listed here. This system can allow us to pay off a 15 or 30-year mortgage in a fraction of the time. It has been used in Canada and Australia in the past and now is being used in America. This system is called the “Money Merge System” and to use it requires a homeowner to have good enough credit to take out a HLOC (Line-of-Credit) on their home to implement. There are companies that are selling this system to mortgage holders, however a version of this system, which I call the “Self Implemented Money Merge System” can be done without going through the expense of having your system set up by a money-merge “hosting” company. Stay tuned for a full explanation of this system in future newsletters from ConsciousMoneyAdvice.

Divorce is not a fun process, but sometimes a necessary one. To some, thinking of money concerns after divorce are obvious, to others a small worry, and to many not even considered. This article can help you plan financially before your divorce begins.

Before Divorce
Unfortunately, though it’s legally required, child support is paid about half the time, and half of that is full payment. You or your spouse need to understand the children come first, no matter the reasons for the divorce. If you have custody of the children, come to an agreement with your spouse. If you are paying the child support, make sure it’s paid in full.

Now, before you start breaking away from your spouse, you should also be aware of your property rights. Just like child support, it’s not always considered. If you ignore the division of property, it can cost you a lot of money and assets you have rights to. Because state laws are different on how to handle the division of property, you should contact an attorney.

Here’s another important financial tip: you have more than property – you also have credit cards and bank accounts. Close all your joint accounts, get your own checking account, and also get your own credit cards. While it doesn’t always happen, it can be a nightmare if your spouse charges up your joint accounts. In order to be sure you find them all – as you might have other accounts such as store credit cards – you can get your credit report.

What assets do you have?
Also be aware of all your assets. This includes your house, properties, and cars, but also retirement packages, stocks, tax refunds, loans, artwork, and many other items you bought together.

Hiring a Divorce Lawyer
While your divorce lawyer is essential in making sure your rights are protected, you may also want to hire a financial planner to go over all your assets and incomes. Sometimes you may even want to get a mediator instead of going to divorce court and fighting it out. If you go to court with many disagreements with your spouse, it can cost you plenty of money, not to mention create some headaches.

Be Ready
It’s a misconception often that the wife always gets the kids, or that the husband will make more money. These are slowly changing. However, it’s not uncommon for one spouse to manage most of the finances, if not be the only one who works full-time. You should protect yourself in either case, making sure your agreements for property, bank accounts, and credit lines are changed. You need to protect yourself from your spouse’s debts and hurting your own credit report.

The best thing you can do is consult with some professionals for divorce law issues. That means a lawyer, but also some financial experts. A divorce is never easy, but make it easier by planning financially and being ready legally.

Scholarships are free money. With some planning and effort, you can use scholarships to pay for some or all of the expenses of getting a college degree.

Here are six tips for getting scholarships.

1. Start early

Well before you enter college The single biggest factor that will affect how many scholarships you get is your grade point average. You can’t fix your grade point average in the month before graduating high school. beginning with your freshman year you will want to keep those grades up.

2. Use Fast Web

Before you can be awarded a scholarship you have to know it exists and apply for it first. Fast Web is a site that can help you find scholarships that you may qualify for. There are thousands of scholarships out there, they each have different requirements and pay different amounts, the Internet and your high school counselor can help you find scholarships.

3.Use a special calendar to track scholarship application deadlines

In the spring of your junior year of high school or at the latest, the summer before your senior year, get a calendar for the next year and mark the dates that various scholarship applications have to be submitted. For each deadline you should mark two dates, the date the application must be submitted and the date 30 days ahead. For example if Culinary Institute’s $6,500 scholarship application must be submitted by April 15th, then you would mark April 15th and February 15th, indicating a 30-day warning and the actual deadline.

4. Follow instructions

This is critical, each application will have certain requirements. Make absolutely sure that you understand what they are asking for and that your application meets the criteria. Failure to follow this one will almost certainly ruin your chance of being awarded the scholarship and will result in a total waste of your time. To prevent a mistake, read the scholarship application requirements completely through. After you have read it once, read it again with a pen in hand and list each item that must be satisfied on a lined piece of paper. Your list might look like this:

a. must be currently enrolled

b. essay 800-1200 words

c.. topic: urban renewal & why I am passionate about it

After you have itemized the requirements, ask someone else to look at the scholarship documents and double check our list to make sure you have not missed something, then right before you submit the application check it against your list.

5. Do not pay for scholarship search services

It does not matter how reputable the company appears to be, or how much they promise to deliver, there is no reason to pay for scholarship search or submission. Almost everyone one of these companies are scams. It takes work to apply for scholarships, and you might get tempted to use a shortcut and hire a company, don’t do it.

6. Develop a strategy to maximize amount of money you get from scholarships

The amount each scholarship pays varies for each scholarship, usually the highest paying scholarships are the most competitive. If you have a 2.5 grade point average, it probably would not make sense to write a 5000 word essay for a scholarship that pays $25,000 and everybody is applying for. It probably makes more sense for you to find special interests scholarships that pay relatively small amounts and apply for as many of them as you can.

For example, lets say that your father is a member of United Auto Workers Union and your mom is a school teacher, and you are Hispanic. There are scholarships for students who’s parents are in the UAW, scholarships for children of teachers and scholarships for Hispanics, it would probably be better to focus on those scholarships than it would be to spend a lot of effort on a scholarship that is open to anyone studying engineering and pays $15,000.

Whatever your specific situation, workout a plan that utilizes your strengths and works with the factors that might limit your success.

Scholarships are free money for college at a time when college is getting more expensive. Although you do not have to come up with your own cash to pay for school when you get scholarships, or at least not as much of your own cash, scholarships still require effort. To get the most from scholarships you should start early. Use the Internet and your guidance counselor to find scholarships. Track scholarship application deadlines with a special calendar and give yourself a warning 30 days before the deadline so you can avoid a last minute rush.

Be very careful to do follow the instructions and meet every requirement of the scholarship. Use an itemized checklist and ask someone to double check your list to make sure that you have satisfied each requirement before submitting the scholarship application. There are no shortcuts, never pay for a scholarship finding or submission service because they are usually scams.

And finally, come up with a strategy that works best for your specific situation. Make sure you play to your strengths and factor in any weaknesses as you decide which scholarships you want to go after.

When you’re working as a travel nurse, saving money is even more important to secure your future for retirement. Unlike permanent nursing staff that more or less enjoys a guaranteed pension and a job for the rest of their working life, travel nurses have to consider that in times of downsizing and job-cuts, they are the first to go. Thankfully, nurses in urbane scrubs free shipping are in high demand even in times of crisis. Moreover, nursing travel companies, unlike before, are offering benefit packages and pension contributions to attract nurses. In addition to cash incentives and investment vehicles, these nursing travel companies offer matching contributions to those who wish to invest in a pension plan.

Corporate 401K

Experts say that 401K contributions combined with another pension investment option such as individual retirement accounts (IRAs) are enough for guaranteeing you a comfortable retirement. Travel nurses should take this wonderful opportunity so that they no longer have to worry about retirement. Corporate 401K plans are usually managed by the employer. Every month, contributions are deducted from your salary and goes to the investment plan, and often, your employer matches the contributions so that it is doubled. Travel companies can offer a nonqualified retirement with IRAs or a qualified 401K. The nonqualified 401K is less complicated since it does not have too many requirements and does not involve too much reporting. Even if the nursing travel company you’re working for does not offer matching contributions, you should still take advantage of the available investment options offered by corporate 401K.

Individual retirement accounts

Other travel nurses supplement their retirement investment with individual retirement accounts. Traditional IRA contributions are great because they are tax-deductible; however, earnings from it are tax-deferred. Another option is the Roth IRA which, while not tax-deductible, the earnings you will get from it are tax-free. So it is up to you if you want to pay taxes now, or pay them later.

Saving early

Saving for retirement is often taken for granted by a lot of travel nurses, especially the young ones. Saving as early as you possibly can is key to enjoying a financially abundant future. The money that you save now, rather than later, can significantly earn a lot more benefitting from time, compounding interest and tax-deferred growth. Pension contributions will only take up as small fraction of your salary. The deductions can be made automatically, every month, so you won’t even notice to the point that you can more or less “forget” about it. By the time that you reach retirement age, you will be financially independent for the rest of your days and will not be a burden to your children or family. You can start small and gradually increase your contributions every year or when you get a bonus or a raise.

Diversification

When it comes to investing, the key is diversification-the spreading of investments. Travel nurses can purchase some company stocks and invest in mutual funds offered by their banks-all low-risk investments. Depending on your risk-tolerance, you can set up a portfolio by first consulting an independent financial consultant.