How to Be a Millionaire (or Think Like a Millionaire!)
Millionaires are, of course, a diverse lot. While some were born to money, others slogged through the corporate grind for years, while some came up with that one great idea - and had the stamina and guts to make it work. But rich people may have some common traits that the rest of us should consider.
Independent Thinkers - While most people spend a lot of energy trying to conform, people who make their fortunes tend to forge their own paths.
Visionairies with an Optimistic Outlook - Millionaires like to look ahead, see the big picture, and also keep a positive attitude about their own chances of reaching their goals.
Passion - People who make a lot of money tend to love what they do! And they don’t just like their jobs because they are well paid. Rather, it would seem, they make a lot of money because they love to get to work in the morning - even Monday mornings.
Investment - Millionaires are willing to invest in their ideas and themselves. They canand forgo other pleasures because they need the money to grow their enterprise.
Salesmanship - Millionaires tend to have good social skills, not want to take “no” for an answer, and have an ability to promote their ideas. In fact, experts believe that social skills were more important than IQ for people who wanted to forge ahead with a million dollar idea. That doesn’t mean that introverts cannot become wealthy, or that rich people are always nice guys. But it does mean that they have ways of convincing others to work with them.
Do you have a millionaire mindset? Most of them forged ahead despite problems, did not expect to get rich overnight, and were willing to delay some things for a bigger return later.
If you enjoyed this post, make sure you subscribe to my RSS feed!
Big Car Insurance Savings Tips
Do you need some tips to help you save real money on car insurance?
I know you can find lots of articles that promise to help you, but many of those are directed at promoting one particular insurer or another. The point is, no one insurer is the best one for everybody!
Compare Insurers for Yourself!
Cheap Car Insurance Quotes Online - You can save lots of time and money by using an internet auto insurance quote form. Simply fill in your information one time, and then sit back as the most competitive companies return quotes.
Higher Risk Drivers Like Young People Need Help
Got a kid to insure? It can be very tough to find cheap under 25 car insurance, and your best bet will probably be to bundle that young person with other policies your family has.
Beware of Coverage Cutting, and not Cost Cutting!
Beware of cutting any coverage you now have. You may save a few bucks today, but it could cost you a lot more in the future. If you are cutting coverage to save money, take a few minutes to analyze the risk you are taking. You may be able to buy all of the coverage you have now for less money by simply finding the best car insurance quotes.
If you take these steps, though, you should be able to cut your rates. Many online shoppers report a $500 a year price difference just because they took the time to find out which company really offers their better rates to drivers with their own situation. This is doing the real work that will help you save money, and not just buying into the hype that is paid for by one particular company or another.
If you enjoyed this post, make sure you subscribe to my RSS feed!
How Do Insurers Calculate Life Insurance Premiums?
How Do Insurers Calculate Life Insurance Rates Anyway?
We had a question! A concerned reader wanted to know what factors that insurers use to calculate the cost of life insurance. The previous link provides a good overview by the way.
Of course, your own premium will depend upon the amount of coerage you apply for. Beyond that, the type of life insurance you want will make a difference too. Obviously, cash value life insurance like whole life or universal life, will cost more than term costs for the same amount of face value. A $100,000 whole life insurance benefit will be more expensive than a $100,000 term life benefit. That is because term policies are temporary, while whole life covers you for your whole life. It is also because whole life can build up a cash value, while term usually does not.
Your age, where you live and your health matter too. But beyond all of this obvous stuff, you need to shop around. Life Insurance rates differ by company. We have certainly found examples of finding price differences of hundreds of dollars a year to insure the same person from the top 10 life insurers in their area.
Find Life Insurance Rates In Your Area with one short form that can save you time and money: Best Life Insurance Quotes
If you enjoyed this post, make sure you subscribe to my RSS feed!
Safe Places To Put Your Money
Where is a Safe Place To Put Money?
If you’ve been watching your stocks decline, you are not alone. The stock market has lost trillions of dollars over the last few months, and that includes billions of retirement 401K money. If you are looking for a safe place to sock away cash, it can be frustrating. You may see that your local bank is only paying a fraction of a percent in interest will will really be a loss since it probably will not keep up with inflation.
High Yield Online accounts like the ING Orange Savings Account may be a better option. Since online accounts do not have to pay the salaries and other expenses of a branch bank, they can offer better returns. They offer higher than average interest rates, and are FDIC members so your money is insured just like it would be at the bank down the street.
It is actually very easy to use online savings accounts. So go on and stash some cash.
If you enjoyed this post, make sure you subscribe to my RSS feed!
Watch For Car Loan “catches”
If you have good credit, and a down payment saved, it is very tempting to buy a new car now. Auto makers are eager to make a good deal, and some great auto financing deals can be found. But here is the question that comes up often: Are 0% Car Loans a good deal?
Well it turns out that loans without interest often require a fairly quick payoff time. If you can afford to pay off your car in 3 years, rather than 5 or 7 years, you will save money in the long run. But you can still find some very low interest rate loans that will let you have a longer time to pay your car off, and this will reduce your monthly payment. If that longer payout fits better into your own monthly budget, then you may consider it even if it will cost more in the long run.
Of course, it would be better to have the cash to just pay off a car, but reliable transportation pays off in the long run.
If you enjoyed this post, make sure you subscribe to my RSS feed!
Prepare for a Recession
Well, now there is no doubt about the fact that the US, and the world, is enduring an economic downturn. We have been watching financial leaders and politicians deny if long enough, but even they are admitting it now. However, as much as we are all struggling to watch our expenses and keep our savings, we do find that some people do ok during a recession, and some people even prosper! What is the difference between those that can barely survive the crisis, and those that make out ok? I think the difference is being, just like a Boy Scout, prepared!
Look for some practical tips here: Surviving a Recession. It is mostly downhome advice like saving money, reducing debt and preparing yourself for a job loss. But it also contains some unique tips on making some income during unemployment with freelance jobs that you may not have thought of.
If you enjoyed this post, make sure you subscribe to my RSS feed!
Funeral Expense Planning
Nobody really likes to thing about the death of a loved one, and the topic is uncomfortable. However, the reality is that funerals are very expensive in the US, and when people do not plan for the inevitable, a sad time can be even more stressful. While US funerals average about $8,000, many familes do not have the cash around to pay for one.
There are different ways to plan for burial expenses, and of course the best way is to have the cash handy in an interest bearing acount. If that isn’t possible you may want to look at burial insurance for seniors, which is basically a low face value whole life insurance policy that is designed to be easy for seniors to qualify for. They are also designed to be affordable for most seniors, or for their families. A monthly bill seems easier to handle than one large payment.
If you are curious if a burial plan is right for you, and your families, look at final expense insurance rates. And since these plans are usually based on whole life insurance, you may want to get whole life insurance explained.
If you enjoyed this post, make sure you subscribe to my RSS feed!
What is a Credit Score?
Most of us know that we have something called a credit report on file somewhere. We also know that credit report affects our ability to obtain financing, and it also affects the interest rate we pay if we can get credit. This impacts our home mortgage, car loans, and other credit. However, even though we have some vague idea that we have a credit score and credit report, we really do not not understand it.
Bad Credit Blues explains credit scores here! They tell us that Americans have a number assigned to them that is between 300 and 850, and the higher that number is the better! The majority of people have credit somewhere between the high 600’s and mid 700’s. A credit score below 600 is weak, while a credit score over 700 is usually pretty good. And even though all 3 major credit bureaus use the same basic calculation for credit scores, the scores are likely to differ slightly, mostly because different information may get reported to each source.
Remember, the better your credit score is, the less you will pay for credit. A large factor in calculating your own score is how timely you pay your bills, and the amount of unsecured credit you have used vs. how much you are allowed. So try to make those payments on time, and keep control of your credit use!
Of course, here at the Frugal Pig, we advocate using as little credit as possible. But sometimes using credit is a wise decision. If your kid needs dental work, your car is broken down, or you need to stock up on PB&J, and credit is what you have, then credit is what you need to use. Just try to be responsible and keep it in control.
If you enjoyed this post, make sure you subscribe to my RSS feed!
Prepare For A Job Loss
You Can Prepare For a Job Loss
A good friend of mine had been a very productive team member at his job for years. In fact, his team even got recognized for a couple of patents, and he was certain that his company valued the contribution he made. A few short months after he brought home his certificate and bonus money, the company decided to outsource his group. He arrived at work on Friday and was told he would not need to report in on Monday. Needless to say, he was unprepared for the job loss, financially or emotionally, and it was a devestating event in his life.
Companies are cruel these days, and few employees are really safe. In fact, over a million and a half workers were laid off in the last 12 months, and I’m sure most of these people were very good employees too. Most of us will get laid off a couple of times in our working lives. We cannot possibly prevent every possible reason for a job loss, but we can prepare ourselves.
Save Your Money, Just Like Dad Said
Your financial advisor, your friends, and your dad will tell you to sock away 3 - 6 months worth of living expenses. You need to have that money saved in a way that can be easilly accessed. Have you dont that? Well, if not, don’t waste time feeling bad about it. Honestly, I have the savings now, but I can tell you that I’ve had plenty of times in my life where I was lucky to have a week’s worth of living expenses saved in a cash account.
I know how hard it is to save, especially these days, with high fuel and food costs. Besides, one trip to the emergency room or mechanic can wipe out months of savings in about five minutes. It isn’t always possible to keep as much cash on hand as we should. And though I always advise people to look at their lifestyle for places to cut expenses if they just cannot save, I also have another suggestion.
Insure Against Job Loss
Look at job loss protection plans that pay you, and not the lender. Some mortgage unemployment insurance or credit insurance pays the lender. However, since you are the one paying the bill, I think you should be the one to get the cash!
Prepare Emotionally For A Job Loss
Also be sure to emotionally prepare yourself. Honestly, I have seen depression get to lots of people, almost as much as a loss of income does. A layoff can be a major ego blow, even though most layoffs are not personal at all. Understand that this is just one of those bumps in the road that almost everybody goes thorugh. Also know that many people - myself included - look back and say that, even though we did not feel that way at the time, that a layoff was a blessing, because it led to a better opportunity later. If you get the news that your services are not needed any more, stay cool. Some layoffs are temprorary, and no matter how angry you are at the moment, remember the other good advice your dad gave you about burning bridges. Gosh, the older I get, the smarter my dad gets!
Make sure you have your friends and business contacts stored where you can get to them if you cannot login at work too. You do not want to lose all of your valuable contacts just because you cannot get into the front door at work. The best way to find a good job as quickly as possible is through your network, and do not underestimate it.
If you enjoyed this post, make sure you subscribe to my RSS feed!
Worried About Layoffs?
We haven’t been getting very good news about employment in the US lately. And of course, all economic news, with the bailout of the mortgage giants, is pretty grim. In fact, home foreclosures hit a record in the 3rd quarter of this year. And if you think that the bailout will help the situation, you might want to read this article: who does the mortgage giant bailout help?
Prepare for an Income Loss
Do home mortgage defaults and layoffs have anything to do with each other? Well, according to the much maligned Freddie Mac, unemployment or income loss is the leading cause of mortgage default. In an ideal world, we would all have 6 months of income stashed in a bank account in case of an income loss. But lately, with rising gas and food prices, most of us have had to dig into that savings account.
So what can you do? Well many people can qualify for a supplemental job loss protection program. Instead of a loan company financed mortgage protection plan, which only pays the mortgage company, you can get a plan that actually pays you cash if you are layed off. I think that giving the consumer the choice of how to allocate the cash, rather than the loan company, is a better deal to protect a family’s home, credit, and finances.
Learn more about Job Loss Payment Protection Here.
If you enjoyed this post, make sure you subscribe to my RSS feed!
