Category Archives: Investing

Smart investing ideas.

Wealth management and budgeting go hand in hand – Some tips

Avoid_debtAre you tired of managing your wealth and debt at the same time? Have you been wondering about getting help from the professionals or the financial advisors? If you answered yes, have you considered the extra charges that you’ll have to pay when you get help from them?

If you didn’t, you’re failing to understand some very important concepts. Wealth management and budgeting are both vital for a healthy lifestyle and if you’re not able to strike a balance between your personal finances and your budget, you’re bound to fall into debt. Unfortunately, there are few personal finance classes and because of that you need to understand and learn the financial steps necessary to keep debts at bay.

If you’re puzzled about how to manage your finances and also stay within your budget, here are some tips to consider:

  • Revisit your budget. Most Americans hate the B-word – budget – and this is the main reason behind the rising personal U.S. debt level. Most people think that budgeting only deals with pinching your pennies but this is not the case. Budgeting actually means maintaining a balance between your income and expenses. Staying within your income is something that can be done by following a budget. If you see that your expenses are more than your income, you need to revisit your budget so that you can get back on track.
  • Check your savings account. Check your savings account so that you’re sure you have enough money to cope with a “rainy day.” If you have been saving your dollars under your mattress, you’re making a mistake. The best plan is to choose a high-yield savings account so your money can be earning interest. The more you save, the more you’ll have available when you go through dire financial straits.
  • Stop using your credit cards. You must know that the credit cards are the main reason behind your poor financial state. Only when you stop using your credit cards will you see your debt level decrease. If you keep using your credit cards, you will continue increasing your debt burden and it will become even more difficult to get out of debt. Start using cash instead of credit and don’t waste your money on items you don’t truly need right now.
  • Negotiate with your creditors. An important part of wealth management is effective negotiation with your creditors so that you can opt for an alternative plan that will make repayment much easier. If you relate your financial hardship to your creditors, it is very likely that they will alter the repayment schedule and make it easier for you to payoff your debt in more affordable monthly payments.

Try these tips and see if you can manage your wealth and follow a budget. If you still can’t get out of debt, you may to get assistance from one of the debt reduction companies that can help you repay your debts more easily.

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Author Bio: Benjamin Beckwith is a financial writer and a blogger. He has profound knowledge on the different financial issues that are plaguing the current economy and he also offers sound solutions through his articles. He contributes his valuable posts to different financial communities, blogs and websites. He covers topics such as the U.S. debt and the impact on the economic growth, ways in which debtors should rein in their finances, ways to reduce debt, budgeting and personal finance tips, the pros and cons of consolidating debt and many more.

Turn Your Gift Cards into a Mutual Fund

If the market will eventually go up, now is the perfect time to cash in your gift cards for mutual funds.I discussed what to do with less-than-ideal gifts and gift cards in a recent post. Since then another strategy has popped up, and it might be the best idea of them all.

At GoalMine you can trade in your gift cards and open a savings account or even start investing in mutual funds.

If you’re starting a new account at GoalMine, they’ll give you 150 percent of the first $50 of card value on your first gift card and they accept more than 400 different kinds of gift cards.

After the first $50 in gift card value, you no longer get the 50 percent bonus value; they credit your account with the card’s market value. Still, this beats other gift card buyers who take a cut off the top.

GoalMine offers two mutual funds, a stock mutual fund and a bond mutual fund. These are fairly young funds so there’s not a lot of historical performance data on them yet. But, if you follow the links above you can see all the available information, including the fees built into the funds. You’ll also get a picture of what kinds of investments these funds make. GoalMine also offers a standard savings account.

The mutual funds are “no load” funds, which means you do not pay a sales commission when you decide to buy or sell any or their mutual funds. However, there is a management fee along with operating expenses included in the ongoing cost of the funds.

I don’t consider myself an investment guru, however I do believe that the stock market is fairly low right now. Will it recover in one year or ten years? That’s the big question. However, considering the adage, “Buy low, sell high,” this would be a good time to start buying.

Ask yourself this question: Will there ever be a time in the future when the stock market is higher than it is today? If you think that one day—either sooner or later—the market will be higher than it is right now, it makes sense to buy, and buy on a regular basis.

And, if you have a few gift cards rattling around the top of your bedroom dresser, you can ante up without having to dip into your personal funds. What a great way to start the new year!

Further, when your birthday rolls around and your friend gives you a gift card you can say, “I know just what I’m going to get with this!”