Category Money & Finances

Where To Invest Your Money Right Now

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If you have money invested in traditional bank savings accounts, you’re doing yourself a major disservice, because the average APY (Annual Percentage Yield) is currently at 0.23% according to CNET’s sister site Bankrate. In startk contrast, high yield online savings accounts from sites such as CIT Bank offer APY’s over 4% (CIT Bank’s current rate is 4.85% APY for balances of $5,000 or more). I have parked emergency funds and other savings into high yield savings accounts for about 8 years now, and would never consider putting my money into the paltry savings vehicles which traditional banks offer.

Let’s take the APY rates of 0.23% and 4.85% to provide a comparison between traditional savings accounts and high yield onling savings accounts. If $1,000 is invested in an account earning 0.23% APY, the account balance after 12 months will be $1,002.30, while $1,000 invested in an account earning 4.85% APY will have a balance after 12 months of $1,048.54. I’m sure anyone would be happier with having an additional $48 at the end of the year as opposed to $2!

Another investment alternative which actually has slightly higher yields than high yield savings accounts is a certificate of deposit (CD), but the downside is that the funds are locked up for a designated period of time. If you have money which you are willing to set aside into a CD, you might want to consider this investment vehicle. At least with a high yield savings account, you can withdraw funds rather quickly without penalty should the need arise. Some individuals who are accustomed to brick and mortar banks and traditional ATM machines won’t like this option, but I am sure that eventually, physical bank locations will go the way of the dinosaur, so it makes sense to get used to performing transactions online.

The other thing to consider is that the APY at online banks which offer high yield savings options can and does frequently fluctuate. However, accounts at such institutions are FDIC insured for up to $250,000, a comforting fact when trying to figure out how to protect one’s savings in these tumultuous financial times. At the very least, high yield savings accounts provide a means by which one’s money can keep pace with inflation.

Establishing A Car Fund

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Copyright: myndziakvideo

Since getting a car, whether new or used, is a major purchase, it makes sense to anticipate the financial outlay well in advance by setting funds aside. If you have a plan of attack, you can either put away enough money for a down payment on a vehicle, or even amass enough cash to purchase a car outright with no financing. I was so determined to pay cash for my next set of wheels that when I purchased my current car in April of 2017 after the 24-month lease ended, I began saving up for the next car by earmarking contributions in a specially designated car fund. I now have enough set aside to purchase a moderately priced new or gently used vehicle when the time comes. Granted, I was extremely aggressive and determined when I began saving up, but I now know that it is indeed possible to self-finance a car purchase.

Copyright: 3rus

Even if you can’t save up enough money for a cash purchase, a chunk of change could nicely cover a down payment, thus lowering the total amount which ends up being financed. I ended up intuitively setting up a high yield savings account and have been making monthly investments for the past five years, a technique which is actually recommended by financial experts. The other thing I kept in mind when figuring out how much to set aside each month was the value of the vehicle which I would most likely purchase in the future. When I got any additional small windfalls, I would add those monies to the fund. Lastly, another thing which I made sure to do was to set up a car repairs fund in high yield savings so that I would be prepared if I ran into any unexpected repair bills on my current ride.

For more detailed information on whether to buy new or used, or to buy versus lease (though I NEVER advise anyone to lease a vehicle), you can check out this article:

https://www.investopedia.com/how-to-save-for-a-car-5184740

Financial Wellness

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Copyright: tzido

*Note: This is an updated version of an article which I had posted back in September of 2020, entitled Do Your Finances Need A Tune-Up?

Now that restrictions are lifting after the COVID pandemic and lockdown from 2020, we are now in an especially critical situation due to the financial beating and recession which has negatively impacted the majority of the population. Whether you are someone who already had emergency funds and retirement savings in place before the pandemic hit, or you are hoping to finally start setting aside those funds for the future, it is important for you to review your financial health on a regular basis and to find ways to protect yourself so that you are prepared for any potential financial emergency. What if you don’t know where to start? The most important principles to follow in the quest for financial health include paying down debt, establishing an emergency fund, finding other means to generate income, and continuing to contribute to retirement accounts.  Another vital component in good financial health is establishing a budget and really examining your spending habits.  Almost invariably, people find out after they create a budget that they are spending money needlessly on frills that they don’t need.  By eliminating those hidden money drains, it becomes easier to cover living expenses, thus reducing some of the stress involved in getting by financially.

I have had a budget in place for over 30 years, and I have seen the power it wields.  By following a budget, I was able to pay down all credit card debt, pay off a car, establish an emergency fund, and put money aside for retirement, so I know it can all be done.  I have lived without credit card debt or a car note for almost a decade now, and I will never fall back into the debt trap ever again. I am also acutely aware of my budget at all times, and I review it on an almost weekly basis to make sure I am on track. The emergency financial cushions which I have established give me peace of mind, because I have successfully created and maintained my own safety nets. By no means am I wealthy, but I know that I am not in any precarious financial waters either.

Source: pigly.com

If you need help in establishing a budget, you can use a budget calculator. I found a wonderful budget calculator on Pigly.com which is very easy to use, and extremely thorough.  It helps you break down all expenses, from the essentials to debts and savings so you can target all your goals and ensure that your income is allocated optimally. All you have to do is plug in your income, and the calculator will automatically generate a low end and high end for all the categories.  So even if you have never established a budget before, you can set one up instantly.

When budgeting, don’t be afraid to contribute to your retirement accounts right now, as long as you have your debts paid down and you have an emergency fund in place.  I am a big proponent of Dave Ramsey’s investing philosophy, and I am grateful that I educated myself on financial wellness and dug myself out of what once seemed like a desperate situation.  It was only after I had paid off all of my credit cards and established an emergency fund back in 2013 that I began aggressively started putting money aside for retirement.

Source: 123rf.com
Image ID : 129764462
Copyright : Romolo Tavani

The fact is, we are living in uncertain times, and need to be prepared for whatever hits.  By buttressing our financial health, getting creative with income streams, and following a budget, we will be better equipped to survive the ebb and flow of the current economy.

The Great Rolex Shortage of 2021

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©andreahast/123RF.COM

You might not know or care that there is a significant shortage of Rolex watches, but it’s true. Though Rolex is known as a rich person’s watch brand, it also manages to be the most recognized watchmaker worldwide. Rolex has no clear plans to address the shortage by increasing production either, so the demand for a Rolex timepiece will continue to seriously outpace the number available. This supply issue applies not only to brand new pieces, but is also affecting the pre-owned market in a big way. Part of the blame lies with the COVID lockdown situation, since the Rolex factory had been shut down for several months during the height of the pandemic, but there has also been a surge in luxury watch sales since then.

Let’s say you have your eye on a new Rolex GMT-Master II Oystersteel and Everose Gold. The MSRP is listed at $14,800. If you are unable to locate a brand new one, you might want to try a site such as Chrono24, which features pre-owned luxury timekeepers. The problem is that the price jumps up to a minimum of $22,495 for a preowned 2021 model, more than the MSRP for one never used. It seems quite backwards, but that gives you an idea of how well a Rolex piece holds and increases its value over time.

In summary, if you have been yearning to own a Rolex, be prepared to look high and low for one. You should also be prepared to purchase one as soon as it becomes available, because new models which are posted for sale on authorized dealer sites tend to sell within minutes.

Design A Budget Which Works For You

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Copyright: akkamulator

Not too long ago, I went shopping at a retail home goods store with a good friend. When we approached the checkstand, my friend experienced a bit of sticker shock, because she kept adding things to her cart and hadn’t kept track of how much she was spending. When I suggested that she might want to review what she had in her cart and perhaps pare down, she responded with, “Well, it will somehow work out. I still have some room on my credit card.” We kept chatting as the sales clerk rang up my friend’s items, and she continued with, “I never know how much I have in my checking account, and I don’t keep a budget, so I always hope and pray that I make it each month.” By this time I was cringing at what my friend was saying, and I also became very concerned for her financial health.

If you are like my friend and choose to throw caution to the wind by refusing to follow a structured budget, you have signed up for a rocky financial future. You may argue that you have the same fixed expenses each month, such as mortgage/rent, cell phone, and your car payment, and that you somehow always know approximately how much you spend on groceries and fuel for your car, but if I challenged you and asked you to itemize those expenses, I would bet that there is some overspending occurring. If you are also forgetting about discretionary expenses like a regular Starbuck’s habit, or even worse, you are neglecting retirement savings or contributions to an emergency fund, then you are skating on very thin ice indeed.

You might be thinking, “But I don’t know how to make a budget!” The whole idea of sitting down and creating a budget may sound daunting, but all it entails is writing down all of your income sources for each month, then creating a separate list of all of your monthly expenses. Once you have the basic framework of your regular expenses, you can add in your occasional expenses, such as personal care items (haircuts, etc.), auto insurance, upcoming vacations, etc. so that you are aware of the need to cover them. If you really dig deep, you will probably encounter hidden expenditures you weren’t completely aware of, such as streaming movie rentals, outdoor dining, or even online subscriptions which you might have forgotten about.

Once you have determined how much money is coming in each month, and how much money must be spent on fixed and variable expenses, you can see which expenses are unnecessary or frivolous, and you can also determine what other financial goals for which you can earmark part of your income. Examples of good financial goals are the following:

  • Paying off credit card debt (make sure that you add your monthly payments into your monthly budget!)
  • Vacation plans
  • Retirement planning
  • Adding to an emergency fund

Once your budget is completed, make sure to refer to it at least once a month, and as you reach certain financial goals (especially paying off credit card debt), you can make adjustments to your budget. Funds which were previously being funneled in one direction can be redirected to another goal, such as cushioning your retirement accounts or emergency fund. I can’t stress enough how important it is to focus on eliminating any credit card debt, because nothing erodes financial security more than this type of debt. Think about it: if you are paying 19.9% APR on a credit card balance of $2,000, that means that the credit card company is making an extra $400 in a year (this is a very rough estimate, since you would be making payments each month on that original balance). The other problem is that most people will add to a credit card balance, which pushes you into deeper debt. With credit card debt, it’s like taking one step forward and two steps back, so if you have credit card debt, HELOC’s, or another high interest debt, your primary focus should always be on aggressively paying those balances down. Once you are free from credit card debt, I strongly recommend that you curtail usage of any credit cards and use cash or a debit card instead.

When you stick to your budget, you may be surprised by how much it will improve your financial picture. A budget establishes a framework which enables you to move towards financial goals you might never have thought you could ever reach. Another great thing about an effective budget is that it doesn’t have to be static, so as your goals change and you reach certain markers, you can make adjustments to further fortify your financial position.

The Men Who Built America – Financial Titans

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When I was a child, American history was taught in a very static manner.  We were expected to memorize important dates and factoids, to the point where epic points in history like the Industrial Revolution, though pivotal and vital to the development of America, seemed dull and uninteresting.  It took imaginative historical books which I have read over recent years, and shows such as “The Men Who Built America”, for a keen interest in American history to ignite within me.

Most recently, I stumbled upon “The Men Who Built America” right around Halloween when I was searching on Amazon Prime Video for an entertaining show to watch. What caught my eye was the fact that the television series was described on IMDB as a miniseries which “shines a spotlight on the influential builders, dreamers and believers whose feats transformed the United States, a nation decaying from the inside after the Civil War, into the greatest economic and technological superpower the world had ever seen. The Men Who Built America is the story of a nation at the crossroads and of the people who catapulted it to prosperity.”  Those words were enough to draw me in.

The focus of this series centers around the lives of Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, J. P. Morgan, and Henry Ford.

Check out these descriptions of the episodes:

1 “A New War Begins” Ruán Magan David C. White, Keith Palmer October 16, 2012
Cornelius Vanderbilt grows from a steamboat entrepreneur to the head of a railroad empire, and gets into a heated rivalry with James Fisk and Jay Gould; the up and coming John D. Rockefeller founds Standard Oil. Many business owners lay their own rail lines which leads to the Panic of 1873. Later, Rockefeller starts to expand his wealth by diverting his business from the railroads to a new innovation, oil pipelines.
2 “Bloody Battles” Patrick Reams David C. White, Keith Palmer October 23, 2012
Andrew Carnegie builds an empire around steel, but finds himself struggling to save face after the ruthless tactics of his business partner, Henry Clay Frick, result in both the Johnstown Flood as well as the bloody 1892 strike at the Homestead Steel Works.
3 “Changing the Game” Patrick Reams David C. White, Patrick Reams, Keith Palmer October 30, 2012
J. P. Morgan proceeds to banish the dark with the direct current electric light of Thomas Edison, but the two soon face serious competition from the alternating current of George Westinghouse and Nikola Tesla. As the 19th century comes to a close, the titans of industry must try to work together to stop a new threat in budding politician William Jennings Bryan, who threatens to dissolve monopolies in America.
4 “When One Ends, Another Begins” Patrick Reams David C. White, Keith Palmer November 11, 2012
Rockefeller, Carnegie and Morgan team up to help elect William McKinley to the U.S. presidency by paying for his 1896 campaign, to avoid a possible attack on monopolies. However, fate intervenes when McKinley is suddenly assassinated, and Vice President Theodore Roosevelt assumes the presidency and promptly begins dissolving monopolies and trusts in America. Meanwhile, Morgan buys out Carnegie Steel to make Carnegie the richest man in the world, and Henry Ford designs an affordable automobile with his Model T and starts his own business, Ford Motor Company, which sets a new business model for companies to follow.

It was mostly my interest in finance which locked me into this series, but I also truly enjoyed learning about the historical impact which these great men had on a sophomore nation.  If you’re looking for a great series which is relatively short (you could binge watch this over a weekend), then this is for you.

Do Your Finances Need A Tune-Up?

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Source: 123rf.com
Image ID : 111332213
Copyright : Tom Baker

 

This year has certainly been full of surprises, partially from the fear surrounding COVID-19, and partially from the economic upturns which have wracked the entire globe. From long furloughs to unemployment, people everywhere are feeling the financial effects.  We are officially in a recession, which makes it even more important for everyone to review their finances and find ways to protect themselves during the financial downturn.

There are general financial guidelines which should always be followed, such as paying down debt, establishing an emergency fund, finding other means to generate income, and continuing to contribute to retirement accounts.  Another vital component in good financial health is establishing a budget and really examining your spending habits.  Almost invariably, people find out after they create a budget that they are spending money needlessly on frills that they don’t need.  By eliminating those hidden money drains, it becomes easier to cover living expenses, thus reducing some of the stress involved in getting by financially.

I have had a budget in place for over 30 years, and I have seen the power it wields.  By following a budget, I was able to pay down all credit card debt, pay off a car, establish an emergency fund, and put money aside for retirement, so I know it can all be done.  Even at this point, with zero debt, I am acutely aware of my budget, and I review it on an almost weekly basis to make sure I am on track.

Source: pigly.com

 

If you need help in establishing a budget, you can use a budget calculator. I found a wonderful budget calculator on Pigly.com which is very easy to use, and extremely thorough.  It helps you break down all expenses, from the essentials to debts and savings so you can target all your goals and ensure that your income is allocated optimally. All you have to do is plug in your income, and the calculator will automatically generate a low end and high end for all the categories.  So even if you have never established a budget before, you can set one up instantly.

When budgeting, don’t be afraid to contribute to your retirement accounts right now, as long as you have your debts paid down and you have an emergency fund in place.  I am a big proponent of Dave Ramsey’s investing philosophy, and I am grateful that I educated myself on financial wellness and dug myself out of what once seemed like a desperate situation.  It was only after I had paid off all of my credit cards and established an emergency fund back in 2013 that I began aggressively started putting money aside for retirement.

Source: 123rf.com
Image ID : 129764462
Copyright : Romolo Tavani

 

The fact is, we are living in uncertain times and need to be prepared for whatever hits.  By buttressing our financial health, getting creative with income streams, and following a budget, we will be better equipped to survive the ebb and flow of the current economy.

6 things to DO during CoronaVirus

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Want to know how to survive the current global pandemic? Then read on!

The world has been isolated, stunned, more than we’ve seen, more than a jubilee, since WWII. This villain is different, this is a villain we can’t see, reason with, hear, and no nation in the world can build an army against. This is an epidemic that does not care about religion, race, creed, origin, or color.

Everyone has been touched, from the sanitation worker to neurosurgeons.

 

The silver lining?

 

For the first time in history, everyone is on the same level. This is an amazing chance to get ahead while the world is in the twilight zone. 

Fortunately, a big advantage between now and any previous plague is that we have the connection of the internet to learn, fuel, earn, communicate, and live.

Especially in Canada and the USA, NOW is when to get ready for when the world wakes up once again. Now is the time to learn and improve your skills.  It is the best way to protect yourself and your future. 

Remember, the world may be very very different post corona and the internet may become more of a mainstay, even for low tech companies. 

 

Do you like internet marketing? Learn  SEO, PPC, Email Marketing.

 

Are you attracted to content? Learn how to create engaging and impactful content.

 

Are you interested in art? Learn how to bring amazing creations to life, even digitally.

 

This is not an affiliated promotion (I just write articles) , there are tons of amazing training sites offering hand holding guides. Our favorite is Udemy.com,  a world renowned course site where you can learn everything from marketing to woodcrafts.   

 

Let’s be super clear: 

 

GET OFF NETFLIX – IMPROVE YOUR FUTURE

 

This is the time for action. 

 

Check it out: https://www.udemy.com/

 

You can also check out our digital marketing consulting opportunities here

So what will happen post virus?

 

Impossible to know, we don’t know the timeline, how depleted resources will be or what ongoing new laws will have to be taken on. 

However, people don’t change, you, your family, community, and the globe as a whole. 

85% of businesses are now in peril, and it’s not going to see improvement until the pandemic passes. The worse it gets, the more panicky the response will be as human survival instinct kicks in. 

This is why you need to be ready, educated, and ready to be at the top of the hiring list when its all over.  Now is the time to learn and start using those skills online for yourself or companies looking to work virtually for now. 

Key is to have a post virus, have an education, online experience, and business under your belt, your keys to success in turning this difficult time into a life changing opportunity.

 

Think positive!

 

“Ok, I’ll do it  – but I need money now too!”

 

Yes, this is why you gotta get online and start working as well. If there was no web, there would be chaos, BUT, fortunately we’re all just as connected as we were before (maybe a little more cabin fever). The funny quip in the business world is that “Now we can see how many of those meetings could have been emails after all”. 

Translating that, it means  that a significant percentage of jobs can be done from anywhere, and at the moment, the best option for millions.

So – to survive this, for your physical, spiritual health, and overall wellness, do the following:

  1. Update your Resume (especially with remote work)
  2. Apply to jobs on Monster.ca,  LinkedIn etc, and go freelance online, sites like https://www.upwork.com/ 
  3. Search in your local community groups
  4. Start a blog (like this one!)
  5. Creative? Try Etsy!

Everyone  has something to provide another, it’s the wonderment of the person, the miracle of the internet allows you to make yourself known. 

 

DOUBLE Your Conversions in 90 Days | Conversion Rate Optimization Agency

I’m A Jasmin Influencer!

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I am so thrilled to be a Jasmin Influencer!  I have been with them since early December, and I have a blast creating highlights for the site and posting every day.  Yes that’s right, every single day, even on holidays and weekends!

Please follow me at www.Jasmin.com/staceynaito  and check out my highlights and daily story elements!  You can also direct message me anytime through the site, and I also make myself available for Video Calls for a pocket of time every day.

Topics I cover include:

Dating

Relationship

Soul Mate

Fitness

Flirt Advice

Beauty

Lifestyle

Travel

Fashion

I haven’t posted anything on Dance, but who knows?  I may talk about my three year stint with salsa dancing on the Jasmin platform!

You can sign up for FREE and get 15 FREE CREDITS!

 

I am also always open to suggestions on topics which you would like to have me cover.  Want more nutrition tips?  Beauty hacks?  Travel deals? Relaxation techniques?  On the go workouts?  You tell me, I’m open!

Healthy Living Tips for Seniors on a Fixed Income

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Please check out this fantastic article, written by Karen Weeks, which is full of tips on how to live healthy and strong as a senior on a fixed income!

by Karen Weeks – Elderwellness.net
karen@elderwellness.net


Image by Xevi Casanovas via Unsplash

As you get older, it’s more important than ever to make your health a priority. Unfortunately for seniors living on fixed incomes, a healthy lifestyle can seem financially impossible. Nutritious ingredients, fitness classes, and other healthy living resources don’t come cheap. When money is limited, it’s hard to find room in your budget.

Forgoing healthy habits may save money in the short-term, but it costs seniors in the long-run. A healthy lifestyle is one of the best ways to prevent chronic illness, and if you don’t take care of yourself, you’re more likely to develop health problems that are costly to manage.

That’s why it’s so important to adopt healthy habits now, no matter your budget. If you’re a senior living on a fixed income, these tips will help you stay healthy without spending a lot.

Eating Well

Learn how to grocery shop on a budget
If you look at the price of packaged organic goods, healthy foods can seem out of reach. Instead of worrying about organics, focus on eating a diet high in vegetables of any (and every!) type. If fresh vegetables are too expensive, frozen vegetables are just as nutritious without the sodium content of canned goods. Dried beans, whole grains, frozen fruit, canned fish, and eggs are more cheap and healthy foods. Avoid frozen meals. While they seem like a good value, most frozen dinners are high in sodium and saturated fat.

Make use of food assistance programs
If you find yourself skipping meals or eating poorly to save money, look into food assistance programs like the Supplemental Nutrition Assistance Program, the Senior Farmers Market Nutrition Program, and Meals on Wheels. Meals on Wheels is an especially helpful resource if you live alone and have trouble leaving your home.

Staying Active

Get cleared for exercise
It’s safe for most older adults to exercise, but it’s still wise to talk to your doctor. Your annual wellness visit is a good time to ask if you should take precautions before starting an exercise program. Keep in mind, however, that Medicare’s annual wellness visit doesn’t include a full physical. You may owe a copay if your doctor recommends bloodwork or other tests to clear you for exercise.

Exercise at home
There’s a lot of exercise seniors can do in the comfort of their homes. Basic strength and balance exercises, important for senior fall prevention, require minimal space and no special equipment. Use these 14 exercises from Philips Lifeline to get started.

Join a senior center
Do you prefer the camaraderie of group exercise? Senior centers offer tons of activities for older adults, including exercise classes like tai chi, yoga, and Zumba. Not only that, but all of a senior center’s services are available free or low-cost. No matter where you live, there’s likely a senior center in your neighborhood.

Getting Help at Home

Apply for the Assisted Living Waiver Program
If you need caregiving but don’t want to move into a nursing facility, consider assisted living. Under the Assisted Living Waiver Program, California seniors receiving Medi-Cal benefits can receive a reduced rate for assisted living. With facilities in California having a median cost of $54,000 annually, that’s a valuable benefit. However, not all facilities participate, so it’s important that seniors understand how to research assisted living facilities. Online search tools are a good place to start looking for a facility that meets your needs, but once you find one you like, you’ll need to check if it participates in the waiver program.

Get a roommate
Unfortunately, not every senior who needs help affording care qualifies for a waiver. If you could use help at home but don’t need nursing home-level care, consider a roommate. A roommate can be a housemate who splits the bills or someone who provides housekeeping and companionship in exchange for reduced rent.

Living on a fixed income forces you to get creative with your money, but it shouldn’t stop you from living well. If you’re having trouble affording the things you need to stay healthy, reach out to your Department of Aging and Adult Services to learn what resources are available to you.