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Money Management 101

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Here's another article by Finance Expert Brandon Lamb with some no nonsense money management tips (new to some, reminders for others… who, me?) 🙂

No matter who you are, at some point in your life, you will have to manage your own money. Unfortunately, few of us receive any formal instruction for this essential skill. We must learn it the hard way – through trial and error.

Even in the best of times, the trial and error method is fraught with peril. Every mistake can be reduced to a dollar amount. In the past, maybe those amounts, while certainly unpleasant, weren’t crushing. Times have changed. The stakes are greater, and so are the penalties. Defaulting on a cell phone bill means $500 to $1000 on top of the amount already owed. If your car breaks down on the freeway, and you can’t afford to have it fixed, or even towed, it could cost you thousands of dollars in towing fees, even if you simply sign the title over wrecker so he can sell it. What’s even worse, these mistakes will be reported to the credit agencies, which can damage your financial health for years to come.

But perhaps the worst effect of money-management is the stress and worry it creates in your life. Did you know that the number one source of friction between married couples is money?

Now, I’m not saying that managing your money successfully will mean that you won’t ever worry about money. Probably the only way you’d ever stop worrying about money is if you owned a few thousand shares of Apple stock. But it can help you reduce your worry over money. And who knows, maybe even improve your relationship.

The first thing you should do is research. It’s the key to everything, and it’s usually free. Start out online. Find some financial assistance sites and absorb their free information. But please take their suggestions with a grain of salt. Not everything you read online is factual or even complete. Simply use this as a starting point, gleaning the most basic information. Then go to the library. What you need absolutely need to know is:

• How to balance your checkbook
• What interest rates are
• How to pay off loans
• How to save for retirement

Next, make a list of your financial responsibilities. Write down what you owe, who you owe, what the interest rate is, and minimum payment amounts. Be sure to include daily expenses, such as food and gas.

This is your basic budget. If you match these expenses to your monthly income, you’ll see areas you might be able cut costs as well as how much money you can set aside for retirement, or a savings.

One last piece of advice: Try to avoid credit card debt under any circumstances. Don’t charge anything that you won’t be able to pay off at the end of the month.

To learn more about how you can manage your money better, slash your spending, and put more money in your bank account, visit Brandon's Slash Your Spending or read my review of his book.

5 Common Money Mistakes and How to Avoid Them

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While it's great to learn how to make more money – learning how to manage your money is also extremely important (says the girl who could have / should have bought 2 more houses instead of closets full of clothes. Ugh.) So, today's article by Finance Expert Brandon Lamb is a lesson for all of us. 🙂

It’s a fact that most of us spend way more money than we should. We get cash out ATMs that aren’t affiliated with our bank ($3 applied by the bank that owns the machine—ostensibly for the convenience of it—and another $3 applied as a penalty by our bank for taking advantage of the convenience), we order $2.50 Cokes at restaurants, even though the waiter brings us ice water free of charge. We pay $12 for a bucket of greasy popcorn at the movies, when a whole bag of Redenbacher’s unpopped kernels costs only a $1 at the grocery store.

Changing these habits requires a new way of thinking. The following suggestions can help you change your mindset.

  1. Be Prepared — Things happen. Cars break down, water pipes burst, kids accidently knock a baseball through the neighbor’s window. You can’t predict when these things will happen, but you can be sure that they will. Be prepared. Set aside a certain amount every month and mark it “Miscellaneous Expenses.” When a storm rips the shingles right off your roof, you’ll be glad you did.

  2. Pay Debt Off Early — It’s really a no-brainer. Interest accrues over time. The longer it takes for you to pay down a debt, the more you’ll end up paying for it. Try to send that credit card bill or house payment a little extra each month. It won’t always be easy, but it’ll be worth it in the long run. You should also consider consolidating your debts into a single, low-interest, fixed-rate payment.

  3. Avoid Emotional Spending — It’s a fact that people tend to spend more when they are upset. Buying things seems to take our mind off our problems…at least until we look at our finances. Next time you run off to the mall or the bait and tackle shop, take an inventory of your emotional state.

  4. Plan For Retirement Now — According to a recent USA Today study, more than a third of the workforce has nothing set aside for retirement. “So what,” you say, “I’ll just live on Social Security.” But did you know the average annual Social Security payment is only about $11,000? Do you really want to try living on $11,000 a year? If that idea doesn’t terrify you, I don’t know what will. Set aside something every month for your future.

  5. Buy Insurance — It’s easy to skimp on insurance, especially when money is tight. But it’s a fact that bad things happen to good people. And the human body is prone to all kinds of ailments and diseases. A monthly insurance payment may seem tough sometimes, or even extraneous, but if unexpected health problems or accidents crop up, it’ll be cheaper than paying out of pocket.

Sometimes learning how to better spend your money is the key to eliminating mistakes and to save even more.  

To learn more about how you can slash your spending and avoid making these money mistakes, visit Brandon's Slash Your Spending or read my review of his book.

Product Review: Slash Your Spending

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If you've been looking for a way to cut down on the amount of money you spend and make your savings account grow, then this eBook is one you must read!

Even if your paycheck is small and your expenses are high, this in-depth eBook will teach you how to save thousands of dollars per year.

In this economy, everyone feels like they don't have enough money, but way too many bills.   Just look at the headlines.  Unemployment rates are skyrocketing, fuel prices are about to go up…   People are looking for ways to save the money.

The trouble is, though, there's not a lot of ready information online that tells you how to save.  You can find a tip here, a tip there, and old strategies like the envelope system.   But if those worked, you wouldn't still be searching the Internet.

It's almost impossible to find one resource that will give someone who wants to cut their spending and save money a detailed plan to do so.   For example, how can you save money and still eat out?  Can you save money on health insurance — if so, how?    How can you afford a new car and still be able to stick money in the bank?

Well, there's good news.   Financial expert Brandon Lamb has written an eBook that answers all your questions and gives you a detailed plan to save money in every aspect of your life.

From car payments, to utilities, to groceries, and even down to health insurance and medical care, Brandon gives easy to use strategies that will have you putting more money in the bank than you ever thought possible.

The best part of this book is that it doesn't tell you to quit spending all together.  Instead, it gives wise strategies and methods that you can use to spend more wisely.

This book has become a Bible for so many people, and it's not surprising.  Other savings strategies you may have tried in the past never worked because the ideas were good in theory, but not in the long term.   Brandon's book will guide you through the next twenty years of your life and make you wonder why you hadn't been able to save money before.

If you want to save money and cut how much money you spend, Brandon's book “Slash Your Spending” is a must-read.

Broke, Desperate and at the End of Your Tether?

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Have you been trying to start an Internet business and find yourself broke, desperate and coming to the end of your tether?

Well, you're not alone.

Here are samples of correspondence that I've received from folks who are in exactly that situation.

” …I have bought so many books I have lost count and am now so totally confused (and broke) about what to do I'm just about to give up.”

” …I am twenty years old and entirely dependent on myself. I have no parents and I am out on my own trying to make my way in this cruel world. I struggle to get by with my current job as a bus boy and I am tired of living from paycheck to paycheck. I am currently out of school and wish to go back but I do not have the time nor the money. I have dreams but do not have the time nor the money to pursue them.”

” …I am a parent, divorced and am struggling to make ends meet. I cannot quit my job.”

” …I desperately need more income.”

” …bill collectors hounding…”

” …I am a mom of six children and I have tried and spent thousands of dollars on trying to make money.”

” …as a two month veteran on the Internet I don't know if I can take another hit. I feel like I've been 10 rounds with Mike Tyson and I'm really thinking about staying on the canvas. Thousands of dollars later and I'm still on the starting line!”

” …invested thousands of dollars of my savings in the last two years in home business that I could not afford.”

” …burned really bad within the last two years for alot of money.”

Do those statements ring any bells for you?

Yes?

OK…I want you to pinch yourself to confirm that you're still among the living.

Still here?

Good!

Where there's life, there's hope.

(My mother taught me that.)

Now take a long, deep breath. Make that 10 deep breaths.

No, seriously. Close your eyes, breathe deeply and feel your body relax.

Relaxed? OK, here are some suggestions.

  • Don't Focus on Loss

    Let go of the past. What's done is done. Unless you can recoup some of your money, learn the lesson, chalk it up to experience and move on.

  • Build a mental image of yourself as an extraordinarily happy and successful Internet entrepreneur

    Trust me, this works.

    Failing my first attempt at air traffic control training, I felt defeated, depressed and stupid. When given a second training opportunity, I was reluctant to try, fearful of failing again.

    Then the little voice inside my head told me how much I really WANTED that job. I also wanted to prove that those who cast me aside the first time were wrong – that I COULD do that job.

    But could I really?

    It was time for some honest self-evaluation. What stumbling blocks had I put in my path? Was it lack of knowledge? Lack of effort? Not at all. I didn't honestly BELIEVE I could do it, AND I was intensely AFRAID of failing.

    Yikes! What a great recipe for failure that was. I got exactly what I focused on most.

    However, believing you can be successful at something when you've failed before is a bit of a trick.

    It CAN be done, however. I adopted a ‘B.S. baffles brains' or ‘Fake it 'til you make it' approach. Every step of the way I asked myself what a REAL air traffic controller would do in that situation, and then did that. Even when I wasn't completely confident, I forced my voice to at least sound confident. I acted the part until it became my reality.

  • Eliminate as Much Debt as Possible

    Because it's impossible to think clearly while worried about how to pay this month's rent, REAL entrepreneurs don't spend their last dime on an business opportunity.

    If you're currently in serious debt, then consider talking to a financial planner to help rework your finances.

    Leo Quinn's ‘Own Your Own PayCheck Again‘ is a terrific resource for those who are serious about debt relief. He prescribes uncommon methods that I know from first-hand experience really work.

    His book is a bit pricey, but it's a far better investment than buying an information manual that instructs you to go out and spend even more to build your business, when you don't have it to spend. Why not learn some techniques on how to pay off your debt quicker and keep a little more in your pocket?

    If you can afford to pay the bills but not much else, focus your energy on saving and earning the amount you'll need to build your business without worry. Invest small amounts on things that will bring real returns in the short term.

    For example, scour your basement and your friends' basements for things to sell on eBay. The insertion fee for items listed at less than a buck is 25 cents US. If the item sells for under 25 bucks, you'll pay a 5.25% ‘final value fee' to eBay. Do that enough times and pretty soon you'll have five hundred or a thousand bucks to invest in your business… but only if you SAVE what you make.

    Vist eBay now to see what's hot and selling.

  • Be Savvy about how you spend your money.

    I've talked to far too many folks who invest in expensive coaching programs, believing that somehow their business will magically appear once they've completed the course.

    In reality, whether you buy a $27.00 dollar, or a $5,000 Internet business coaching program, in most cases you're buying information on how to build a business, not a service that will do the work for you.

    If that's what you want, then you may want to consider buying an existing business. However, it may be hard to find someone who has invested the time, effort and money to build a profitable online business, who is willing to sell. Basically, at that stage, the business should generate revenue automatically without a whole lot of input from the creator… so they'd be a little daft to sell, don't you think?

  • Do your due diligence

    Read the fine print, ask questions and understand exactly what you're getting. And with regard to those coaching programs…. get a written contract, and search the forums for at least five people who have taken the program and were really happy with it… i.e. aren't just saying good things because they're trying to sell you the program through their link.

    If you choose to go the information manual route, plan to follow ALL the instructions, or fail otherwise.

    For everyone who ever told me “I bought this, that or the other book (or DVD, course, program, coaching package) and it didn't work”, it was easy to prove that it wasn't the book that didn't work – it was THEY that didn't work.

    We can't expect to be successful with ugly websites, little or poor content, not building a list or not building a relationship with our visitors and subscribers.

The truth of the matter is that there are no shortcuts.

Each and every step is essential, and every successful netpreneur has paid his or her dues to get to where they are today. They did their homework, made mistakes, and learned the lessons – always believing in their ability to succeed.

Starting an internet business is still easier, faster and less expensive (by far) than starting an offline business. If you want to do it bad enough, you WILL find a way to make it work.

Affiliate Marketing in Canada: Save Money with US Dollar Services

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On May 26th, while buying $77 US product through Clickbank, the total amount of the purchase showed up as $90.07 in Canadian dollars (as shown in the screenshot below).

CB USD conversion

I then checked Oanda for the correct exchange rates from US to Canadian dollars and discovered that the factor was 1.12404, or $77 US equalled $86.59882 Canadian (see screenshot below).

oanda 77 US

That's a difference of $3.47 – completed wasted!

Well, it would have been completely wasted if I had chosen to use a Canadian dollar credit card – but because I do business in US dollars all the time, I use a US dollar credit card for such purchases.

Using a US dollar credit card to pay for US dollar purchases also allows me to save whatever exhorbitant exchange rates the bank decides to charge on their credit cards – which are also always significantly higher than the actual exchange rates.

Last but not least, I earn affiliate commissions in US dollars which are deposited into a US dollar bank account here in Canada, from which I pay my US dollar credit card bills – and therefore incur no exchange rate losses at all from that setup.

So, if you're doing business as an affiliate marketer here in Canada and earning US dollar commissions, get a US dollar bank account and a US dollar credit card and save some money!

How do I Start an Online Business with a Bad Credit Rating?

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As the economy worsens and the price of basic goods continues to skyrocket, an increasing number of people are asking whether it is feasible to do business as an Internet marketer with a poor or bad credit rating.

The short answer is a big fat “YES!”

Sure, building an online business with bad credit or without a credit card is going to be somewhat more of a challenge than if you had unlimited resources and a Platinum Business Credit Card from American Express, but it IS possible.

Internet marketing is actually an excellent choice for those with little or no credit.

Most of the tools and services that you need to run an online business are either free or very inexpensive – and some services will accept checks and money orders for payment.

Provided you have access to a computer with an Internet connection, the most basic tools of the trade are a web site and a way to build your subscriber list, both of which can be obtained through free services such as Blogger and Feedburner.

You can make your site look attractive using free templates, graphic and photographic images which are widely available online. Simple software such as file transfer utilities as well as text, HTML and graphics editors are available for free through download sites such as Tucows.com.

Basic market research and writing your own content costs only time. Partnering with online merchants as an affiliate is also free. Lastly, there are numerous ways to get traffic to your site for free, including article marketing and social media marketing strategies such as blog commenting.

An important caveat about using free domains and hosting.

Using free hosting services is a bad plan for the simple reason that after building a profitable business your site may be taken offline without warning. I share a story in my book about having that happen to one of my sites.

Furthermore, many merchants do NOT accept affiliates who don't have their own top-level domains, i.e. mydomain.com. The programs that you can join with a free site generally need tons of traffic to produce even modest earnings. Such programs include Google Adsense which pays for people to click away from your site; and Amazon, which offers relatively low commissions on low-priced products such as books and videos.

Another huge drawback to free hosting services is that when you do decide to move to your own domain (and you will), you'll lose most of your feed subscribers. Because the list you build and the relationships you establish with your site visitors will become your most valuable business asset, it is therefore absolutely essential that you establish a solid foundation for your business from the outset – which means having your own domain.

The largest cost you'll have for starting a business as an Internet or affiliate marketer is for domain registration and web hosting.

Fortunately, you don't need a credit card for either service, as BlueHost – which has my highest recommendation – accepts PayPal, checks (U.S. Only) and money orders.

Furthermore, Bluehost will cover your domain registration fees when you purchase either a 12 or 24 month subscription. Respectively, pricing for those subscriptions is currently set at $7.95 and $6.95 per month, or $95.40 and $166.80 due at signup.

Having said all that, your first objective should be to repair, build and re-establish your good credit rating.

You can do that by scrambling together whatever money you can muster and getting either a prepaid debit card or a secured credit card, both of which are specifically for people with poor or no credit.

Both types of cards require that you deposit cash into an account that then becomes the credit line for that account. For example, if you put $300 in the account; you can use your secured credit card to charge up to $300 in purchases.

As you use the secured credit card, your credit rating will improve over time to the point that you may no longer be required to make advance deposits, and become qualified to hold an unsecured credit card.

As the saying goes, “when the going gets tough, the tough get going“, so don't let a bad credit rating discourage you from starting your own online business. Use the situation to drive your determination to succeed in such a big way that you'll never have to worry about a bad credit rating again.

Credit Cards for People with Bad or No Credit

New Millennium Bank Black Diamond Visa®/MasterCard®As the U,S, economy sinks to new lows and the prices of oil and food rise to new heights, more and more ordinary working people are having a hard time covering the cost of basics such as food, housing and transportation.

After defaulting on a payment or two, many find that their credit rating has plummeted to the point where they are considered a credit risk and have difficulty obtaining credit.

How frustrating that just when you need credit, it becomes harder to get it!!! It's especially frustrating if you want to start a business to earn more money and can't get a credit card.

Fortunately, you may be able to get a secured credit card or prepaid debit card even if you have poor or bad credit.

A secured credit card or prepaid debit card requires the user to deposit money into the credit card account before the card can be used.

Once money is deposited into the account, the secured credit card can be used to purchase items. The prepaid debit card or secured credit card will not allow you to exceed the amount of money you deposited into the account.

Check out this prepaid credit card for folks with poor credit.

In summary, don't accept a poor credit rating as a reason NOT to start your own Internet business. Use the system effectively to rebuild and re-establish your credit rating.

Financial Freedom: Get Out from Under the Burden of Debt

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I don't often pass out financial advice, but odds are you have more debt than you'd like to have.

You likely DON'T know that the ‘common sense' approaches to conquering debt can be very harmful and expensive!

You NEED to consider these FACTS:

  • Having a savings account can COST you thousands of dollars
  • Paying off high interest debts first can be the slowest way out of debt (do the math!)
  • Paying extra money on more than one of your debts can actually keep you in debt longer
  • Having many debts can actually help you get out of debt faster
  • Your debts are often the very best investment you can make and much SAFER than today's stock market!
  • You can easily calculate EXACTLY when you'll be out of debt

Did any of those statements shock you? Then KEEP reading… [Read more…]

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