My Journey to Millions https://www.myjourneytomillions.com Mon, 03 Aug 2020 03:17:33 +0000 en-US hourly 1 https://wordpress.org/?v=5.4.2 August 2020 Net Worth Update https://www.myjourneytomillions.com/articles/august-2020-net-worth-update/ https://www.myjourneytomillions.com/articles/august-2020-net-worth-update/#respond Mon, 03 Aug 2020 03:17:32 +0000 https://www.myjourneytomillions.com/?p=18455 This is my first net worth update in about 6 months! When things started to get a bit hairy out there with COVID I took some time off looking at…

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This is my first net worth update in about 6 months! When things started to get a bit hairy out there with COVID I took some time off looking at the numbers, because I know it would cause me to make some rash decisions. Not making those decisions probably saved my family tens of thousands of dollars and if not hundreds over the course the next few decades in compounding. Obviously, I am not naive enough to believe that the lack of decisions could have gone the other way too! The only real move I made was when I moved a lot of my 401(k) into cash because 2 of my canaries in the coal mine died.

Thoughts before Calculating: My trading account which has my dividend growth stocks and ,very risky option trades which have absolutely gotten demolished, so my results are going to be based solely on whether my other investments and standard debt payments will cover those losses. My feeling is that this is not going to be a good number compared to February 1, 2020.

Calculating my Net Worth

My Family’s Assets

I used to say my assets were pretty straight forward, but over the years I think that has changed.

  • Cash Equivalents – This includes my emergency fund (which I would like to be a bit higher), as well as some other random accounts.
  • My Trading Account – This one account is both where I invest in my dividend growth companies and risky speculative option trades.
  • My 401(k) – I have toyed with the idea of marketing timing in the past, and I have mostly moved away from that (except the most recent move to cash for some of the account lol).
  • My Traditional IRA – Just some companies that have caught my attention at some point or another.
  • The Wife’s Roth IRA – Again, some companies that have caught my attention at some point or another.
  • Crypto Currency – A handful of years ago during the height of the crypto mania I decided to put a few dollars into BitCoin. It felt like immediately after I made the transfer BTC took a nosedive. At that point, I made the decision just to ignore the account.
  • Life Insurance Cash Surrender Value – I have discussed my choice to purchase permanent life insurance with a growing cash surrender value portion to it many, many times.
  • Physical Gold – A few years back I decided to start buying physical gold. I haven’t purchased a bar in quite some time, I may have to get back into it!
  • My Rental Property – It has been about a year since The Wife and I decided to pull our house from the market and rent it out. While I didn’t have the liquidity event that I expected It has worked out pretty good so far.
  • My Main ResidenceOur home!

My Family’s Debt

  • Law School Debt – I still have some law school debt. I was aggressively paying it down, but have stopped. One, I want the cheap liquidity for a pool purchase, and two, I really believe that the U.S. Gov’t is going to provide some relief and I’d like to get a piece of that sweet government hand out.
  • Mortgage and Home Debt – I have a mortgage on each home and a home equity line of credit on the rental property.
  • Revolving Credit Card Debt – The Wife and I pay off our credit cards every month for the most part. Granted we get behind from time to time, but that is the goal, month in and month out.

My Net Worth Change

  • From February 1, 2020 to August 1, 2020 my net worth decreased 4.02%
  • Year to date my net worth has decreased by 3.86%

As I expected almost my entire loss was due to my trading account. My 401(k) came back, my debt payments were made, my credit card debt was kept low – it was solely that account that caused the decrease.

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Getting Back to Sharing My Personal Finances https://www.myjourneytomillions.com/articles/getting-back-to-sharing-my-personal-finances/ https://www.myjourneytomillions.com/articles/getting-back-to-sharing-my-personal-finances/#respond Thu, 30 Jul 2020 04:20:21 +0000 https://www.myjourneytomillions.com/?p=18449 In early March I went full ostrich mode with sharing my personal finances. I stopped updating my net worth, stopped screening for undervalued dividend growth stocks, given how much of…

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Turtle with his head in his shell

In early March I went full ostrich mode with sharing my personal finances. I stopped updating my net worth, stopped screening for undervalued dividend growth stocks, given how much of my net worth is tied up in the market I was understandably spooked. I didn’t voluntarily sell a single stock until last month when I shared about 2 of my investment canaries in the coal mine dying. The emphasis on voluntary was intentional, as my broker, TD, did force me out of some of my naked puts, and even positions within my dividend growth account. This occurred because almost every single one of my option contracts turned sideways/negative on me. The worst part about it? Those contracts would have been fine if I just kept up rolling them out. Massive lesson learned.

Like everything else in this new world post-March 15th, my lack of sharing almost became a new norm. That is until I saw a comment from Enough Wealth on my March Net worth update,

He is absolutely correct. With the markets back to basically even (which makes no sense to me) I think it is about time that I poke my head out of my shell. Starting in August, I am going to:

  • Restart my Net Worth Calculations – I believe I am still going to be down year to date, but at least it won’t be a nauseating money that makes me partake in dumb financial decisions;
  • Restart my screen and purchases for my dividend growth account – this account took a beating, however, I believe it is about time to start screening and buying again. I think the market, as a whole, is overvalued, but if I can find something within the dividend champion list that is a little less loved then 10 years from now Evan is going to be excited; and of course
  • Restart sharing the financial events and thoughts happening in my life.

I do not regret the time I have taken off (well maybe the not purchasing of shares in April and May), as I believe it allowed me to focus on understanding what is my new normal after COVID. I believe that if I were active with any of these above items I would have made missteps and mistakes out of fear.

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Does Loan Forgiveness Apply to Car Title Loans? https://www.myjourneytomillions.com/articles/does-loan-forgiveness-apply-to-car-title-loans/ https://www.myjourneytomillions.com/articles/does-loan-forgiveness-apply-to-car-title-loans/#respond Fri, 24 Jul 2020 19:14:36 +0000 https://www.myjourneytomillions.com/?p=18436 Car title loans are a type of short term, secured loan which uses your car as collateral. Title loans are therefore quite risky for borrowers because if you default, the…

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Car title loans are a type of short term, secured loan which uses your car as collateral. Title loans are therefore quite risky for borrowers because if you default, the lender has the right to repossess your car. 

In fact, a high percentage of car title loan borrowers default on their loans. According to WAMU, each year since 2010, there has been an increase in the total number of motor vehicles repossessed by title lenders.

Title Loans Are Quite Expensive

Generally, the amount of money that a person is entitled to borrow is based primarily on the resale value of the car. The interest rate for car title loans is also usually quite high. A typical APR or annual percentage rate for a title loan would be about 300 percent, which amounts to approximately 25 percent in interest per month. Therefore, if you take out a loan for $1000, at the end of a 30-day loan term, you would owe $250 in interest. On top of the high rate of interest, most lenders also charge several fees. 

What Type of Borrower Are Car Title Loans Suitable for?

Auto title loans are a convenient choice for people that have a bad credit history. Those who have a negative credit score will find it quite difficult to get a loan from a traditional bank. However, negative credit history is not something that lenders take into account when deciding whether an applicant is eligible to take out a car title loan. Most lenders do not even perform a credit check before approving an application.

Because of this, a person who applies for a title loan may be approved within a matter of minutes. According to 3 Steps Title Loans, many of its borrowers have their applications approved in about 15 to 20 minutes. Additionally, a borrower might be in a position to receive the money within 24 hours of the loan being approved. This means it is very easy to be approved for a title loan.

Why a High Percentage of Borrowers Default 

While title loans are approved quickly, it is not quite so easy to get out of a title loan obligation—Investopedia provides some alternative resources here. Additionally, many borrowers find that when they are unable to pay their loan back in time, the amount of interest they owe increases significantly.

This is because many title loan lenders will allow the borrower to take out subsequent loans where they are unable to pay back on time. For example, if a borrower is unable to repay the amount they owe after the initial term of 30 days, the lender often allows the term to roll over until 60 days, then 90 days, and so on. For example, if a borrower has a title loan for $1000 at 25 percent monthly interest, then they will end up paying $500 at the end of a 60-day extended period.

When this happens, a borrower will find that they will owe a substantial amount in interest and additional charges. Numerous consumers at this point will not be in a position to repay the loan and find that they are in over their heads. 

Is Debt Forgiveness Available To Borrowers Who Have Title Loans

Debt forgiveness is where a lender waives the amount a person owes, either in part of full. Certain loans, including student loans, have loan forgiveness programs where the borrower complies with specified rules or criteria. For example, some student loans are forgiven where a person has completed a significant amount of voluntary or community service. Unfortunately, however, there is no debt forgiveness program available for borrowers of title loans.

If you do find yourself in trouble and cannot pay your title loan debt, there are several options available. 

Negotiation with the Lender 

Some lenders may be reasonable enough to allow you to negotiate the amount to be paid. If you find that you’re unable to repay the loan, call your lender to ask them if you can settle the loan for a lower amount or pay the loan back in installments, rather than in one lump sum.

Lenders may be open to this type of renegotiation, as they will get some or all of their money repaid, instead of not at all. It is worth trying to negotiate as the first step, as at the end of the day, the worst they can say is no. 

Do note, if you agree to repay a lower amount than you originally owed, this will still impact your credit score.

Filing for Bankruptcy

If your finances are a mess and you feel you have no other option, you may consider filing for bankruptcy. This is quite a serious decision and you should consult with a lawyer before proceeding with filing for bankruptcy.

Voluntarily Forfeiting Your Car

This option should be used as a last resort. If you do end up losing your car because of your debt, it might cause further problems in your personal life. Many people rely on having a car to get to work and make a living. Many people will find that after their car is repossessed they have no way of getting to work, which causes further financial turmoil. 

Refinancing 

For some borrowers refinancing may be a viable option. To refinance successfully you’ll need to find a loan that has a lower interest rate. This might not be possible for all borrowers as many people resort to car title loans in the first place because they have a bad credit score.

As mentioned, many traditional lenders such as banks are unwilling to lend to individuals with a bad credit score. However, refinancing with an unsecured loan may be a better option as at least your car will no longer be at risk of repossession if you manage to pay the loan off. 

Conclusion

If you are in the process of considering a car title loan and have not yet committed to signing up to one, perhaps reconsider your options. See if you have access to a credit source that is lower in risk than a car title loan. You should be particularly careful if you rely on your car to get to your place of employment. Many people who lose their car due to defaulting on their repayments find themselves in a worse situation than before they took out the title loan.

If you find that, after careful consideration, a car title loan seems like the best option for you, make sure that you can cover the cost of the repayment on time. Read all the terms and conditions of the loan agreement before you sign anything. 

If you have already signed up for a car title loan and find yourself unable to repay the loan, either negotiating with the lender or looking into a refinancing option may be the best option for you. First, it is worth speaking with your loan provider to see what options are available. Some lenders are more reasonable than others and you may be pleasantly surprised with the outcome.

Rotter, K. (2020, March 03). 8 Cheaper Ways to Raise Cash Than Car Title Loans. Retrieved June 25, 2020, from https://www.investopedia.com/articles/personal-finance/112814/top-alternatives-car-title-loans.asp

Which is Better? Chapter 7 bankruptcy or chapter 13 bk. My AZ Lawyers. (2020, March 16). Retrieved June 25, 2020, from https://bankruptcy-az.com/chapter-7-bankruptcy-or-ch-13/

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Do You Ever Really Disconnect on Vacation? https://www.myjourneytomillions.com/articles/do-you-ever-really-disconnect-on-vacation/ https://www.myjourneytomillions.com/articles/do-you-ever-really-disconnect-on-vacation/#respond Fri, 24 Jul 2020 03:43:17 +0000 https://www.myjourneytomillions.com/?p=18432 I just got back from an amazing 4 days on Fire Island with The Wife and kids. For four days we were playing in the waves, building sand castles and…

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I just got back from an amazing 4 days on Fire Island with The Wife and kids. For four days we were playing in the waves, building sand castles and eating ice cream (which I will play for the next week or so). Despite being a vacation during this time I also worked in some form or fashion for my three main streams of income which are my job, my small law firm and my small online business. Specifically, I took a limited amount of emails and phone calls for my main job, I worked tirelessly on a particular client’s employment problem for 3 of the 4 days for my law firm and checked and responded to emails twice a day for my small online business. All this work on ‘vacation’ made me start to think about actually disconnecting.

Do You Ever Really Disconnect From Responsibilities?

I look at those three streams of income as responsibilities that I don’t take lightly either for ethical reasons, or because they provide my family and I with the income that allowed the vacation (and sometimes somewhere in the middle). At the same time, The Wife ran her business, answering emails and phone calls. This isn’t to say that I don’t enjoy myself, quite the contrary, I love taking time with my family away. It is just that I am not sure how others can go away and just turn it all off.

I have colleagues and buddies that are able to do it, but I just don’t understand how someone could go away and shut it all off.

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Use Tiffany Funding to Clear Debt Hurdles https://www.myjourneytomillions.com/articles/use-tiffany-funding-to-clear-debt-hurdles/ https://www.myjourneytomillions.com/articles/use-tiffany-funding-to-clear-debt-hurdles/#respond Tue, 21 Jul 2020 19:15:00 +0000 https://www.myjourneytomillions.com/?p=18440 When you think about financial independence and making your way toward being a self-made millionaire, there are certain hurdles you must overcome. For example, think about the FIRE (financial independence,…

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When you think about financial independence and making your way toward being a self-made millionaire, there are certain hurdles you must overcome. For example, think about the FIRE (financial independence, retire early) method of reaching your goals, one of the major concepts is erasing any non-mortgage debt. If you’re currently swimming in credit card bills and other liabilities, you need to clear these up before you can continue your journey toward millions. 

Debt Consolidation Loans

These aren’t for everyone. If you have a smaller amount of debt, you’re better off just paying it down as much as you can each month. However, larger amounts of debt tend to just collect interest each month, and oftentimes, the interest is more than the payments you make, leading to a vicious cycle where you never get ahead. This is where a debt consolidation loan can help you get expenses back under control and finally eliminate them once and for all.

What Is Debt Consolidation?

Debt consolidation is taking either all or the majority of non-mortgage debt and combining it into a single monthly payment. You knock off the interest faster because you’re exchanging varying rates for a single, often lower rate. The monthly payment is a lump sum, which may seem larger at first glance, but it’s usually more affordable than having multiple bills. Remember, you’re only being charged interest once, instead of multiple times on varying balances and you’re only making one payment instead of several. A calculator can help you see how much you’ll be saving by consolidating your debt, which, in turn, frees up more money for you to save and/or invest. 

Tiffany funding helps with consolidation by cutting your monthly payments by up to 50%, which, depending on your level of debt, could be significant. 

Work Side Jobs

Even if you have a full-time job, sometimes it’s necessary to take on a side gig. The good thing is this doesn’t have to be a part-time job outside the home. For example, you could take on freelancing in your field of expertise. There’s always a need for content on various websites, so if you have strong writing or editing skills, you can always find work. 

Other side gigs include putting your crafty talents to use. There’s a way to make money by simply selling your crafts in your spare time. Set up an account on Etsy or use the Facebook marketplace to reach local buyers in your immediate area. You can even set up a website and sell nationally or globally, the sky truly is the limit. And, who knows, maybe one of your side gigs will eventually lead to a full-time revenue stream, getting you that much closer to your dream goals of financial independence. 

Pinch Those Pennies

For most people, it’s possible to pay down debts quicker by pinching pennies. We don’t mean cutting out your daily coffee, because, let’s face it — for some, that’s the only indulgence they have. But, finding ways to cut costs on utilities, such as cable and electricity can really yield some savings. Then, instead of thinking of this as free money, you can turn around and apply it to a credit card that has a high interest rate, or to a bill that you’re paying down. Some people may have to get creative, but there are plenty of ways to do it. Look into electricity suppliers or even consider going solar — many companies will install the panels for free and pass on part of the savings to you. 

Getting to the point where you’re thriving financially can take some work, but it’s not impossible and it’s all worth it in the end. Companies like Tiffany Funding can help cut down your debt payments and get ahead quicker than ever before, and taking on a side gig can give you additional revenue to pay down debts and eventually save up and invest. No matter which avenue you take, the finish line is just up ahead so keep trekking and then enjoy every bit of your financial freedom!

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How Small Business Owners Can Balance the Books https://www.myjourneytomillions.com/articles/how-small-business-owners-can-balance-the-books/ https://www.myjourneytomillions.com/articles/how-small-business-owners-can-balance-the-books/#respond Tue, 21 Jul 2020 02:25:16 +0000 https://www.myjourneytomillions.com/?p=18426 2020 has not been a good year for business owners so far. Indeed, while a few, very select companies have managed to thrive during the COVID-19 lockdown and subsequent recession,…

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2020 has not been a good year for business owners so far. Indeed, while a few, very select companies have managed to thrive during the COVID-19 lockdown and subsequent recession, a great many more have suffered instead. And though some small businesses may have been able to “weather the storm” up until now, they’re likely facing new challenges ahead. With that in mind, today we’re going to share four savvy ways that small business owners can balance the books and take control of their financial situation moving forward. Check them out here:

Make New Projections

Obviously, COVID-19 and all of its fallout has affected business projections across the board. You can no longer rely on analysis, predictions, or goals you might have developed in, say, January. That’s  why you should closely review your current financial state, and work to create new, accurate models that reflect how the next few months will likely go for your business. The clearer picture you have of your own business, the easier it will be to make smart financial decisions.

Seek Out Cheaper Alternatives

When facing financial difficulties, many business leaders may feel the impulse to start cutting down on spending as much as possible. This instinct is understandable, but it is ultimately ineffective. After all, if you slash your entire marketing budget, you’ll struggle to increase your visibility and attract new customers –– at the precise moment when you need them most. As such, it’s best to seek out alternatives to high-priced products or services as opposed to getting rid of them completely. For instance, instead of paying for expensive concrete barriers, you could try renting more cost-effective plastic models. Or rather than eliminating funding for a technical support department, you can move some of those services in house.

Expand Outreach

As we touched upon earlier, businesses need to connect with as many potential consumers as possible right now. This means that they should do everything they can to promote their current marketing and sales efforts. Launching an email campaign just for your best customers could be a great way to generate a financial fillip. Additionally, expanding your services to include pick-up, delivery, or remote assistance can, in some instances, allow a business to stay above water.

Seek Help

First and foremost, small business owners should look to secure emergency funding from banks that are offering special relief for companies affected by COVID-19. Beyond that, though, there’s no shame in asking for assistance from others in your community. If you’ve built up a strong consumer base, then they might just be able to help you out in this jam. Just make sure you pay their generosity back to them with exemplary service and special offers when you can!

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Small Business Financing https://www.myjourneytomillions.com/articles/small-business-financing/ https://www.myjourneytomillions.com/articles/small-business-financing/#respond Sat, 18 Jul 2020 12:44:00 +0000 https://www.myjourneytomillions.com/?p=17392 When you have an idea for a business or a dream of starting something on your own, a major hurdle can be funding. Some businesses may have large startup costs…

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When you have an idea for a business or a dream of starting something on your own, a major hurdle can be funding. Some businesses may have large startup costs while others may not require much to begin or function, but it’s a reality that not everyone has the access to funds to live out their dream. Fortunately, there are options to consumers for small business financing that can help.

Get a bank loan

The most common way of financing is getting a loan through a bank or lender. You can either go to a brick and mortar bank or even borrow from 24 cash. With either method you will need to fill out an application where they can review your financial situation to determine what you are eligible to receive from them. The terms of borrowing their money will be set (amount, rate, etc.) and you will be given the money if you agree to the terms. If you have good credit than this is a great option, though there are many different types of loans out there for everyone.

Credit card

Credit Cards are very similar to bank loans. You have to fill out an application, get approved and receive terms. Unlike most loans, you don’t receive a lump sum of money. You get an available line of credit and then you can swipe your card for purchases up to that amount. Again, this is all based on your credit score and financial responsibility. The more financially responsible you are, the more money you will be allotted. Credit cards are a good option for startup costs for a small business.

401k

Some individuals may have access to a 401k that they have been contributing to. While most are tempted by the large sum of money, taking out money from a 401k requires you to pay not only capital gains on the withdrawal, but also you may be hit with a penalty fee if you are under the minimum age. The minimum age can be anywhere from 55 ½ to 60. In certain situations, these fees may make sense for you and your business.

Crowd funding

There are websites that offer crowd funding for your business ideas. Sites like kickstarter allow people to go online and post their ideas and ask people for money. As an investor you can contribute to these ideas.

Angel Investor

If you get funding from an outside source that is not a bank, possibly family, friends, or an investor than this can be called an angel investor. Someone who is an angel for supporting your cause. This can be a good option for those who do not want to deal with a bank or credit card company for one reason or another.

All of these options are great for people who want to start a small business. Basically, your dream can come true. The only thing that is important is that you evaluate your situation to see which one would be best for you.

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5 Steps to a More Organized Life https://www.myjourneytomillions.com/articles/5-steps-to-a-more-organized-life/ https://www.myjourneytomillions.com/articles/5-steps-to-a-more-organized-life/#respond Sat, 18 Jul 2020 03:33:44 +0000 https://www.myjourneytomillions.com/?p=18418 Organizing your life will naturally come with some difficulties. Still, you can make it easier on yourself when you start with your finances. When your finances get out of control,…

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Organizing your life will naturally come with some difficulties. Still, you can make it easier on yourself when you start with your finances. When your finances get out of control, it becomes more challenging to stay organized and keep track of things. We have some tips that you can use to organize your life when it comes to finances.

Budget Your Spending

Before you can accurately organize your finances, you need to create a financial plan for yourself. This involves identifying what you will use to keep track of your income, how much you will spend, and what you will save. You can then use this information to make adjustments and plans to budget your money properly.

Budgeting requires you to identify how much you need to spend so you can decide what to do with the leftover money. You can put aside some savings while allowing yourself to spend some money on your hobbies or entertainment. This will vary depending on the person, but make sure that you check your spending habits for each category.

Prioritize Your Expenses

After you budget your expenses and find out how much you usually spend, prioritize everything. This comes down to identifying which expenses are the most important and ensuring that you pay for them first. For example, you may need to cover food, entertainment, bills, and rent; you should order them based on importance.

By identifying which types of expenses you should prioritize, you can ensure that you stay on top of your payments. This way, if you have less money during the month, you can cut from the least essential expenses to keep yourself financially safe. This way, you can always remain organized and ensure that you pay for your bills, food, and other necessities.

Group Services Together

Remember that you will have different services that you can put into a single category to keep yourself organized. This process involves you getting your various expenses and categorizing them based on their similarities. You could group your electricity, water, and rent together under your “bills” section while putting your groceries and under “food.”

These sections can help you remain organized since you can keep all of those purchases in one place. On top of this, you can potentially save money as you seek out different bundles. For example, if you enjoy using online streaming services, you can look into streaming service bundles to save money.

Track Your Spending

Even after you create plans to help you organize your finances, you still need to track your spending. If you don’t do this, it will be harder to hold yourself accountable for your budget. On top of this, you could easily overspend on different expenses without realizing it if you don’t track your spending.

You can use different methods to track your spending. For example, some people will look at their bank accounts to see their purchase history at the end of each day. Others will use checkbooks to keep track of it easily, and some use online programs to do so. It comes down to picking the one that you can most efficiently manage and organize.

Adjust As You Go

Remember that organizing your life will require you to make adjustments as you face different circumstances. For example, if you notice that you need to spend more money one month than another, you should adjust your budget accordingly. This way, you can use the best plan available to manage your finances properly.

Life-changing events may also affect your budget. You could receive a raise, make changes to your spending, save more money, and even add a bit more to your discretionary spending. It comes down to monitoring your current position, making changes when you need to, and using that to remain organized.

Remember that personal finances remain an essential part of your life. Your life requires you to balance your spending and stay on top of your finances, so make sure you prioritize and organize them. This way, you can organize your life and spending by focusing on your finances.

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6 Tips for College Students on a Budget https://www.myjourneytomillions.com/articles/6-tips-for-college-students-on-a-budget/ https://www.myjourneytomillions.com/articles/6-tips-for-college-students-on-a-budget/#respond Fri, 17 Jul 2020 01:16:00 +0000 https://www.myjourneytomillions.com/?p=18421 College is an experience that you don’t want to miss, and it leads to a much brighter future after you graduate, especially if you use a cost-effective approach and don’t…

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College is an experience that you don’t want to miss, and it leads to a much brighter future after you graduate, especially if you use a cost-effective approach and don’t get overwhelmed with student loans that will keep you broke for years after graduation. 

Budgeting is hard on anyone who has to live by one, but it’s especially hard on college students who are used to their parents footing the bills. Finding yourself in a grownup situation where you’re the one responsible for paying the bills can be quite a slap in the face. That’s why in this post, you’ll be able to find a few tips for college students on a budget to help you along the way. 

Use a Budgeting App

As a college student, you always have one million and one things on your plate at any given time. It’s easy to become overwhelmed and let your budget fall by the wayside. The trick here is organization. There are many free budgeting apps out there for college students to help you keep on track so that you want to go over your budget and have to call your parents to bail you out. 

Try to Build a Financial Cushion

Many college students find an on-campus job before the year even begins. If you have a job, try to save at least 10% of your checks as a financial cushion. Take any spare change that you have and start a penny jar with it. You’d be surprised at how quickly that jar will fill up. From unexpected car repairs to your roommate moving out and leaving you high and dry in the middle of the semester, emergencies always happen and you need to take the financial steps to build a cushion to take care of the added expense. 

Double or Triple the Credit Card Payments 

Credit cards are something most college students have. However, it’s important to know that it’s easy to swipe that card, but it can be a little harder to pay it back. If at all possible, pay that credit card off in full every month, but if not, at least make sure to double or triple the payments. This keeps you from defaulting on payments and increases your credit score at the same time. 

Start Paying on Your Student Loan

Student loans can be a nightmare you can’t wake up from when it comes time to pay them back after you’ve graduated and settled into your brand-new life. Even if you’re just paying the interest on your loans every month, it’ll be a big help when it comes time to really start making those payments. Put paying something on your student loans into your budget for the month, and make sure it always gets done. 

Take Advantage of Discounts with Your Student ID

There are many different discounts that you can get with your college student ID, Benefits such as signing up on Amazon for a student prime account, movie tickets, and more can be had with a simple student ID or at times by just using your student email. Why would you not take advantage of the discounts given to you because you’re a student? 

Use Coupons 

You’ve probably seen your mother using coupons for things since you were a child, so you already know what they are. There’s nothing wrong with using coupons for things you want and need as a college student. You’ll be surprised at the money you can save when you do. 

These are just a few of the best budgeting tips out for any college student who is looking to make ends meet. College should be a great experience, so budgeting will help you get through it and enjoy it to the fullest. 

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What is Option Trading? https://www.myjourneytomillions.com/articles/what-is-option-trading/ https://www.myjourneytomillions.com/articles/what-is-option-trading/#respond Wed, 15 Jul 2020 14:26:32 +0000 https://www.myjourneytomillions.com/?p=18413 An option is a contract that allows investors to buy or sell an underlying instrument like a security, ETF, or even index at a predetermined price over a certain period…

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An option is a contract that allows investors to buy or sell an underlying instrument like a security, ETF, or even index at a predetermined price over a certain period of time. 

Buying and selling options is done on the options market, which trades contracts based on securities. There are two different kinds of options trading, call and put options – which give the investor the right to sell or buy either type of option.

1. Call option.

Call option is buying an option that allows an investor to buy shares of a certain commodity at a later time. Call are more typically bought by traders speculating the market will go down, known as the bull traders. Here the lower the strike price, the more essential the value the call option.

2. Put option.

Put option is a contract that gives the investor the right to sell a commodity at a specified price over a certain amount of time. Put options are bought by traders speculating the market will go down, otherwise known as the bear traders.

Put options operate in a similar way to calls option, except the security will have to drop in price, if you are buying a put option in order to make a profit. However, one can either buy or sell either type of option.

Options contracts

Option contract is an investment that involves exchanging contracts that have underlying assets such as shares or commodities attached to it rather than buying and selling physical assets. An investor does not need to actually own the assets at any point in order to make a profit.

Trading option can be much risky than any other standard share trading, but is advantageous in a way that options traders can profit regardless of whether stock, commodity or forex prices are rising or falling.

Options can be traded from days, weeks even to a year. Owning an option trading australia entails the buyer paying the seller an amount called premium, and then when selling an option, you buyer receives the premium.

The premium is decided by a few factors;

  • Price

The current rate or price of the commodity is the first thing that determines the premium. The price at which the option buyer can choose to execute is the strike price.

  • Time element.

The date on which the option can be exercised is called the expiration date. Since options are contracts to trade in the future, there is a limited period to conduct the trade, that deciding the premium.

For both call and put options, the more time left on the contract, the higher the premiums are going to be. Longer dated options have higher premiums than shorter dated options.

What Are Vanilla Options?

Vanilla options are contracts that give traders the right to buy or sell a quantified amount of a commodity, at a certain price on a given period of time. The traders have the power to control the commodity and the amount they choose to trade, at the price they choose to trade it.

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