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Apr 13, 2016    |       64 comments

A Different Perspective

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I posted several weeks ago about my Glamping Budget expectations, but I have been putting some thought into it think I want to change my perspective.  Before you jump down my throat, hear me out.

I wrote the budget anticipating income from two part time jobs, a small amount from child support and adoption assistance for the twins.  But two things, one of my part time jobs has thusfar been unreliable in producing hours (like 3 weeks with no hours) and two part of this move is to let me get on my feet, build a consulting business and save for the future.

So, since our overhead is going to be SUPER low, I have been thinking that I should budget my percentage rather than by actual number.  Ok, I don’t actually have a plan yet, but what are your thoughts.

It would look something like this I suppose and as any income came in it would be divided up based on these percentages.

Saving – 35%

Debt – 35%

Living – 20%

Giving – 10%

A little more of my thoughts on this:

Saving – when our Glamping time is over, I have to have a substantial amount of money to get us into something new, whatever and wherever that may be, having this savings is very important.

Debt – obviously need to pay off debt, big time!  So don’t want to slow down on that, but this would balance paying on debt with saving, and using percentages would leave no question of what to do on months I earn more, which I hope will come soon.

Living – In an ideal world, I think you are supposed to be able to live on 30-40% of your income, right?  Because our rent/utilities are going to be covered for the time being, I think we can live on significantly less, in fact, I’m wondering if we could live on less than 20%, but this seems safe for now.

Giving – I know many would say don’t give in the situation you are in, but frankly, we have been given so, so much that I cannot, cannot NOT give, so this is staying.

So with my regular income the last few months being right around $2,000 per month that would break down as:

Saving – $700

Debt – $700

Living – $400

Giving – $200

Breaking things down this way, really tell me I have got to get more work!  But aside from that, what are your thoughts on budgeting by percentage rather than by actual number? 

 

Apr 12, 2016    |      1 comment

Protect Your Financial Wealth

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For many of us saving up for retirement, our financial wealth represents a life of relaxation and easy living after decades of hard work. However, you shouldn’t be complacent thinking that everything you’ve saved will just sit idly by waiting until you retire. There is the very real possibility of you losing your hard earned wealth. Use this article as a roadmap to the various precautions you can take to protect your hard-earned assets.

Eggs & Baskets

You’ve probably heard the expression “don’t put all your eggs in one basket” countless times, and the truth of the matter is it’s said for a reason. For example, investing in the stock market when you know what you’re doing can be a very lucrative long-term endeavor; however, there is no absolute guarantee that your stocks of choice will continue to increase. The 2007-08 Financial Crisis showed investors across the U.S. that investing in just one company can result in your retirement nest egg being completely wiped out. You should always spread your money around. If you’re going to invest, it should be in stocks, mutual funds, real estate, savings and emergency funds. By making sure that you have money spread out in different asset classes, you’ll have less of a chance of losing it all in the event of another economic depression. It is best to use a stock advisor like the Motley Fool when investing in stock market.

Get Renters Insurance

They say that home is where the heart is, but what this statement should also say is that home is where you keep most of your stuff. Whether it’s your flat screen television, furniture, appliances, or clothes, a large percentage of a person’s yearly income goes towards the stuff that they keep in their house. Despite the fact that they are used in your daily life, they are still considered as financial assets due to the cost of replacing them. Unfortunately, unlike land, stocks, and money in the bank (which has various systems in place to prevent it from being harmed or stolen), items that you have at home are subject to a wide assortment of dangers. These include, but are not limited to:

1. Robberies
2. Water Damage
3. Fire Damage
4. Vandalism

These are just a few of the possible cases that can result in you losing thousands of dollars. To prevent this from happening, you should check out various online insurance provider and perform a renters insurance quote comparison. By doing this, you can determine which insurance provider would suit your needs the best, and rest easy that your belongings are protected.

Health Insurance

You can say that you are in the prime of your life and that you feel absolutely fine with no headaches, coughs, aches or pains–but we’re not all Superman. People can get in accidents, they get sick and get hit with a host of other unlucky circumstances. With the cost of medical care today, making sure you have adequate health insurance can make a massive difference in the amount you pay. Hospital stays can cost several thousand dollars a day, and this doesn’t include the cost of doctor’s appointments, surgery, medication and the myriad different procedures that you may go through. You need to make sure that you’re adequately protected against such a possibility, and having health insurance is the best way of doing so.

Liability Insurance

Another precaution that you should take is to get comprehensive liability insurance to cover you and your family when it comes to the shared use of your cars. Accidents happen and in some cases, you could be the motorist at fault in a crash. Since you are liable, there is the potential that the injured party will try and sue you for more than what your liability insurance covers. The less expensive liability insurance policy isn’t always the better policy. By maintaining extensive auto insurance, you’ll be better protected and your finances locked tight in the bank’s vault.

Protecting your financial wealth is all about taking proper precautions. Use common sense and an analytical mind and you’re sure to enjoy your retirement. Just remember, when in doubt go online and do your research!

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