FinanceDogma – Finance, loans, creditcard and mortgages

April 22, 2009

Planning for your childrens financial future

In world where economic instability plagues us in nearly every way, it can be hard for parents to look ahead to the success of their children. It seems that even professional, trained cannot find work nowadays, let alone someone who has had no former training or schooling. But, what you have to remember is that you cannot make or brake your child’s success. He or she will have to succeed on his/her own. However, you can help, and you can help best by making sure that when your child leaves home, he or she has their own savings account with enough money in it to get them by.

There are several ways to build up a savings account for your child, and here are some suggestions that you might want to consider. First, you could put aside a certain percentage of all the money your child receives for birthdays, holidays, etc. If you have a big extended family, than odds are that your child receives quite a bit of money for these occasions. Plan to put aside ten, twenty five, or even fifty percent of this money for your child over the years. 25 percent of your child’s birthday money, if saved for 18 years, can build up a pretty good savings account. Also, by not putting all of it aside, this gives your child spending money that they can use immediately. And trust me when I say that your children will thank you years later when they have that big savings account to pull them through tough times!

Another way to build up this savings account as your child grows older is by charging them a small amount of money for rent every month, and then putting all of that money in the account as well. For instance, lets say that your 16 year old son starts working at a pizza parlor. He makes like $60 a week. Well, charge him $30 a month for rent, and put this money in his savings every month. First, this will teach him to appreciate bills and deadlines, and second, it will build him a savings account at the same time.

March 30, 2009

Ways to supplement your income

Filed under: Finance — Tags: , , , , — admin @ 6:08 pm

Sometimes, especially if you live paycheck to paycheck, it can be hard to get by. And when those unexpected expenses come up, things like speeding tickets or doctor bills, it can be even harder to meet those bill deadlines at the end of the month. This is why many people nowadays are looking for ways to supplement their income with other things. Extra money can never hurt, right?  And it can certainly help pay the bills. So, here are some ideas for things you can do to earn a little extra cash for those expenses, or even just for spending money.

First, think about what you do for a living. Do you have special skills, talents, or training that you can utilize to make the most of your extra money earning time? For instance, are you an automotive mechanic? Well, you might be able to use this effectively to earn extra money by buying an old project car. You can buy it for next to nothing, fix it up, and sell it for a large profit. Or, are you a carpenter? Try picking up some weekend work, or maybe build things like furniture. This can be especially great if you have a woodworking shop. And since you do it for a living already, you could use your experience to your advantage. Teachers could tutor on the weekends. Policeman could take some chaperone jobs at places like roller skating rinks, or they could do security jobs on the weekends. Farmers could bail somebody else’s hay for a fee, since they already do their own already.

Now, when you don’t really have any special skills, it can be tough to find ways to make extra money. Finding side jobs where you make tips are the best, like being a waiter or a pizza delivery man. These jobs really don’t require any special skills,  and you can make really good money with tips if you are polite and do a good job. Also, you could collect things like coins, antique clocks, or old musical gear. These are all things that grow in value, and can make you money.

March 21, 2009

Building up your savings

Filed under: Finance — Tags: , , — admin @ 12:44 pm

As the economy grows unsure, it is often wise to keep a nest egg built up so that you have some emergency cash if you need it. Having savings is absolutely necessary to anyone who wants to be fully ready when calamity strikes, when your luck goes sour, or if things just don’t line up. I mean, it would be much cheaper to just spend some savings on a payment that you don’t have money for, as opposed to getting a payday loan or something like that. And then you can just replace the money you spent from your savings.

A really good way to start saving is to pledge a certain amount of money to your savings account every week. Make it a small percentage of what you earn. The key to saving is not in putting aside a huge percentage, but in putting aside a percentage that you can actually keep from spending. So, whether it is one, two, five, or ten percent, pledge a certain amount of money every month to go to your savings, and then don’t touch it… until the time comes when you absolutely need it. Then, you will be very glad that you have it!

February 2, 2009

Investing in Internet businesses

Filed under: investment — Tags: , , , , — admin @ 11:43 pm

In an evermore financially challenging world, we often wonder what else we can possibly do to make things better. And all of us might have different answers. For some, investing money into stocks might be a good way to go, but not everyone has the money to do it. Some might get a second job, although this is really not necessary for everyone. Some might go back to college to get a higher education, but not all of us have the time and resources to do this.

However, there is one option that practically anyone could take advantage of, and that is investing in an internet business. An internet business is great for several reasons. One, it is inexpensive to get started. You can write a blog and put Google Adsense on it for free! And it is really inexpensive to set up a nice website and start earning ad revenues from it, or even doing some affiliate hosting for a profit! Also, online stores are all the rage right now. (more…)

January 13, 2009

Longer ring finger – More Money

Filed under: Stocks — Tags: , , , — admin @ 7:11 pm

A new research shows that stockbrokers with longer ring fingers make six times as much money as their rivals. According to this research, people with longer ring finger have been associated with higher exposure to testosterone in the womb, which has been linked to confidence, risk-taking ability, extra vigilance and quick reactions.

The research led by Dr John Coates, included 44 men in the study. Dr John Coates compared the profits of the traders over a period of 20 months with their finger-length.

Results showed that traders with long ring fingers made up to 11 times the earnings (averaging 6 times) of their counterparts.

“We were surprised to find that exposure to hormones in the womb had such a strong influence on future trading performance. But we should not conclude from this that only people with long ring fingers should be employed in the stock market,” said Dr John Coates.

January 7, 2009

Multiply your Money

Filed under: investment — Tags: , , , , — admin @ 5:05 pm

Money is a powerful tool that helps a human being to purchase things of his desire, buy foods, buy a home, buy a car, afford for vacations and what not? It is essential that we safeguard such powerful tool and make more money to lead a stress-free and happy life. It is not a good idea to possess all the money in our hand or as a single Investment. The surplus money we have apart from the reserves for our day to day expenses and emergency expenses can be invested prudently. There are various ways of multiplying your money thru various Investments.

Certificate of Deposit

Investing your money in the form of “Certificate of Deposit” in a Bank is the safest way but offers moderate return compared to other Investments. Some long term deposits may offer the benefit of Tax Savings. (more…)

January 1, 2009

Know about Credit Cards

While using Credit Cards offer numerous benefits, one needs to be careful on choosing a credit card and should understand the right way to spend thru it. Improper usage or spending beyond your limit may lead towards debt. Although a credit card offers the advantage of paying the dues in small amount or a minimum payment, the card holder should understand that paying just the minimum amount due would take years to clear off the dues.

Shopping and Safety

Credit Cards are widely used for online purchases or conventional shopping expenses. It eliminates the need of carrying cash which carries the risk of burglary. Even if you lose your credit card, the Credit Card companies offer the convenience of immediately calling them and disable the particular card. You may no longer be liable for purchases made after reporting the loss of card.

Money at the time of need

Credit Cards offer the benefit of withdrawing money from ATM which is of great help when you are outta money. Even If you don’t possess enough money you could still afford to buy your desired products through a credit card and pay money after few days (next billing cycle).

Reward points

Most of the credit cards offer flashy gifts which could be purchased thru the Reward points. When you make a purchase through your credit card, you gain some reward points. Based on the number of reward points you have, you could redeem it to buy gifts offered by your Credit Card Company.

Choosing the Right Credit Card

Choosing the right credit card is a chaotic job for any greenhorn. You need to compare various credit cards offered by different companies. You need to analyze the APR (annual percentage rate), interest free period, Cash Advance facility, Balance Transfer facility etc.

Is Stock Market for me?

Filed under: Stocks — Tags: , , , , , , , , — admin @ 1:31 pm

Investing in Shares or trading in Shares is one of the lucrative ways of earning money in a short period of time. In the same time, Investments in Stock Markets is risky and may lead you towards losses. Before entering into the world of Stock Markets, a person needs to gain a decent amount of knowledge about Share Market.

Apart from gaining knowledge about the basics of share trading, one needs to have enough money and patience to make profits. Share trading is the process of buying shares and selling it in a short period of time. In contrary, Share Investments refers to the process of buying shares and holding it on for a longer period like 1 year or above. Choosing the Share Trading or Share Investments is a personal choice of the Investor.
Market Sentiments

An Individual should understand that the activities of Stock Markets are prominently driven by the sentiments of Investors. If the sentiments are negative it would have a negative impact on the Stock prices and incase the sentiments are positive the stock prices would surge.

Stock Specific News

At times, the price of Stocks may be influenced due to stock specific news irrespective of the overall market condition. If there is a positive news, the specific stock would increase in value even if the overall Market is moving in a downward direction.

Global Cues

US Stock Markets (Dow Jones and Nasdaq) are considered the mother of all Stock Markets. The results of these Stock Markets have a great impact on other countries’ Stock Markets. Typically the price of stocks raises or falls depending on the global cues.

Demat Account

In today’s electronic world, opening a Demat Account has become a must for Stock Investors. A demat account is useful to buy or sell shares over the Internet and eliminate the need for physical share certificates. Market regulators in many countries have framed rules in favorable of the electronic delivery of Shares.

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