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The 10% Rule

When you get your paycheck, try to always take ten percent off the top of the pre-tax amount and put it into a savings or other type of account. If you can’t do it every month, don’t fret. But try very hard to keep from dipping onto what you’ve already deposited.

Spend Less (This is Key to Saving Money)

Spend less than you earn each pay period. It seems like common sense, but so many people live beyond their means. Many people also have multiple credit cards and this allows them to overspend. It may seem like a good idea at the time; however, eventually you have to pay that amount back with interest.

Pay Your Bills On Time (We Know it’s Hard)

Make sure you pay your bills on time! If you’re late paying your bills, you can incur a late fee and that can cut into an already limited budget.

Know Where You Stand With Your Budget

Be sure you know how much money you have at all times. That way you also don’t incur non sufficient fund charges from your bank.

Avoid Debt (Rocket Science)

Avoid extra debt to the extent that you can. Taking on small payments might not seem like a problem, but they mount up. Four monthly bills of a mere twenty five dollars each adds up to one hundred dollars out of your pocket every month.

Set A Budget And Stick To It

Set a budget and live by it. It is a great idea to use your computer to keep track. Set yourself some hard and fast goals that you can work towards. If you have a goal, you are likely to push forward. No goals means no impetus to push forward.

Keep An Emergency Fund (Yeah, For Emergencies)

You’ll also want to create an emergency fund and build it up to the point that it equals at least three, or more likely six months of your normal monthly pay.

China is known for many things.  Many people picture China and they think of congested cities, lots of people, and bright lights.  China was also recently the home of the summer Olympics.  In addition, China has long been known for production of consumer goods.  Obviously, there are many reasons to like China, and today many people not only like China, but they are putting their money in the Chinese economy.

Chinese Economy

All reports seem to indicate that the Chinese economy is on the rise.  As of last year, investments in China rose 8 percent.  The majority of the investment in China is in the consumer goods market.  However, there are other sectors where people do invest money.

Value Of Dollar Declining

And, given the current outlook of the United States economy, investing in China is not a bad idea.  The dollar is declining as other currencies gain momentum.  One thing that many people are realizing as they invest money in China is that going global pays.  And, for now, they are definitely seeing returns on their investments.

Obviously it would be unwise to invest all your money in the Chinese market, however it is an area of business that seems to be doing well know.  And, it is definitely worth looking into.

Today, more than ever, getting approved for a mortgage is tricky.  Banks have tightened their standards due to the unfortunate economic situation at hand and the housing crisis.  One reason people often do not get approved for a mortgage is because they are not educated on the mortgage market.  The first step to finding a mortgage should be researching the industry.  You need to understand it so that you do not look naïve when you are talking with prospective lenders.

Shop Around

Once you understand and are confident in your abilities, make sure that you shop around.  When the economy is good, usually one loan is as good as the next.  However, that philosophy is not necessarily true during a tough economic time period.  Do your research.

Get A Fixed Rate

After you begin working with a lender, get a fixed rate.  If you currently have an ARM keep it for now.  The interest rates are low right now, so the ARM will not affect you in the short term.

Are You Pre-Approved?

Lastly, it is a lot easier to get approved for a mortgage if you are pre-qualified.  You might need to work out your finances and even improve your credit score to get pre-qualified.  And, for those who are first time borrowers, consider seeing a credit counselor.

California is bankrupt.  In an effort to raise money for their state, they are raising fees.  It makes sense from a government standpoint when you consider the bottom line.  However, what about the citizens of the state who have been affected by the economy and now have to pay for the state’s inability to manage their finances?

Higher Fees

Just last week I had to pay $379 for driving 35 miles in a 25 mph zone.  Is it just me, or has this fee gotten a little extreme?  Then, a few days later I had to renew my registration at the DMV and the fees had doubled.  There went another $400.  The state of California is not the only one causing citizens to pay more money.  The taxes you will pay next year could potentially be higher than normal.  How should you prepare?

Getting Ready To Pay Taxes

First, stay flexible.  Try to avoid a situation that locks you in, when you might want to get out.  Next consider paying more in 2010.  By 2011 there is a good chance that rates could be a lot higher.  Also, be smart about your investments.  Look at them from a tax perspective.  And, always rethink something before making your final decision.  If you do this it will benefit you in the long run.

Everyone knows there is value in saving money.  In order to save money you have to possess proper knowledge of the importance of self-reliance in addition to suitable financial management skills.  Although saving money might be difficult, it will always help you when you are in a bind.  And, those who save money are definitely better off than those who do not.  Today, one reason people are motivated to save money is so they have the time to pursue a second career.

Success Is A Journey

If you have moved up the corporate ladder or built a successful business than you understand that this does not happen over time.  Success is a process, and the destination is usually worth the efforts.

Savings Offers You Flexibility

For many who are in need of a change cutting back to boost their savings might be a good idea.  This will provide them with needed flexibility to pursue other interests and possibly a second career.  If you want to start a new career, you will have to start at the bottom or at least begin at the ground and build up.  Having a savings will help you as you enjoy the ride in your new career.  Plan appropriately and decide now to work towards the future you want.

One of the biggest hurdles people experience in today’s economic climate is getting approved for a mortgage.

Strict Standards

The recession has caused banks to tighten their standards.  They are not as lenient as they used to be.  And, while this might make it more difficult for many to get a loan, it does not make it impossible.  Here are some tips to help you land the mortgage you are hoping for.

1. Look into government programs to help individuals with lower credit scores get loans.
2. Make sure that all your paperwork is ready.  Do not leave any holes in the paperwork.  A missing piece of information will make it more difficult for you to get the loan.
3. Get out of any loan with an adjustable rate.
4. Pay up front when the rates are lower.
5. Do what you can to boost your credit score.  A better credit score will make all the difference in the helping you acquire the mortgage.
6. Make all your payments and make them on time!
7. Use the Internet to find options for lenders that might be willing to work with you besides the local banks in your area.
8. Do not get overexcited.  It may take time to get approved for your mortgage.

The recession has definitely weakened consumer confidence.  Many people are skeptical about making even the smallest purchases because they are unsure about what tomorrow will bring.  And, while it is great to be smart and avoid making risky decisions, you should also consider taking advantage of an opportunity when it presents itself.

Opportunity In Housing Industry

One of the major opportunities for buyers today lies in the housing industry.  Yes, it may be more difficult to qualify for a house today.  However, housing prices are at a historic low.  Throughout the last year we have witnessed housing prices continue to drop.  And, according to reports, they will continue to fall through the next year.  If you are in the market for a house you should definitely start looking.  And, if you were thinking of buying a house at some point in the future you should consider doing so soon.  There is truth in the principle “buy low.”

Buyers Market

There are many real estate agents that would be willing to help show you properties in your area.  And, because it is a buyers market, there are several properties to look at.  Do not miss out on this opportunity.  Start shopping around for your new home today!

During the last year, many investment related assets dropped dramatically.  This unfortunate occurrence has left many people wondering if they will ever be able to retire.  Some think that retirement may not be an option, and, if they want to retire, they might need to win the lottery.  While it might be nice to win the lottery and have that extra cash on hand, winning the lottery is not necessary to retire.

Budget

It is possible to regain what you have lost in the market.  And, you might not have as much money as you thought to retire, however you will still be able to retire comfortably.  You need to think about your life in terms of your spending habits.  Consider your expenses.  Take into account how much money you need now to live on and how much you can contribute to the retirement plan.  Then, determine how much money you will need to live on when you retire.  You might need to budget a little bit more thoroughly than before and even talk with an expert to get counsel. However, retirement is not out of reach.

Stay Positive

Do not lose hope or let the recession get you down.  Things are getting better and the future looks bright.

Many people take for granted the benefits that their company provides them.  These benefits that are typically standard with a fulltime job usually include health insurance and sometimes dental and/or eye insurance.  If an employee is laid off from their job, they lose these benefits that their company provides since they are no longer an employee of the company and thus no longer eligible for the benefits.

COBRA

One of the programs the government has in place to help those in this situation is the COBRA program.  This program allows people to pay a fee to keep the health insurance that their employer provided.  You can be on COBRA for several months.  However, it is not always that affordable.  Currently, the government has a stimulus program in place to help supplement those who are in need of help.  However, the support is not permanent.

Other Plans Might Be Cost Effective

Researchers in the health industry say that sticking with a COBRA policy may not be the best option.  Apparently, there are other plans out there that may be more affordable.  They advise everyone to do their research to ensure they are getting not only the best price but also the best coverage.  This advice applies to those who are self-employed as well.

When it comes to your personal finances, the economic climate definitely plays a role.  Ask anyone.  Unfortunately this current recession has taken its toll on many segments of the economy including small businesses, large businesses, government funded jobs, etc – all of which affect each of us in some way.  For those who were better off, the risk of retirement funds being lost was great.  And, for those in debt, the situation only worsened the problem.  No matter where you fit in the grand scheme of things, you probably would like to see the recession end.

Economist Say Recession Is Near The End

The good news is economists are saying the signs lead towards a boost in the economy.  Why?  As of right now we are witnessing a stronger demand.  Real gross domestic product is on the rise.  In particular consumer confidence is stronger, more people are purchasing goods, sales of new homes are going up, and employment is also on the rise.  All these factors indicate the recession should be near the end and the economy should be on the rise.  This is good news.

Stay Confident

Remember that as a consumer you play a role in the economy.  Your confidence helps it continue to bounce back to where it used to be.