Moneymonk

Growing my net worth and thinking of how to get ahead

Entries for September, 2009

What debts should be paid off first?

Most people have this problem when it comes to debt. Like most people, you have a substantial amount of debt and do not know where to begin. You can always try the Cash Flow Index (CFI).
To figure out your index number, divide the total balance of the loan by the amount of the minimum payment. [...]

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How you can get ahead financially?

By having a good investment strategy and great salary!
First comes the salary and later you can develop a good investment strategy
Salary:
Network with professionals (LinkedIn.com is a great start)
Read books on Career and personal finance
Seek a promotion (considering you love what you do)
Seek raises
Stay educated
Investment strategies:
Market goes down, contribute more dollars
When oil goes up, it usually [...]

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Friday Quote

The easiest way for your children to learn about money is for you not to have any
– Katharine Whitehorn

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Your bills should be as low as possible

By having low payments, you will automatically have a larger cash flow. That is the reason we’re able to enjoy life more and have great weekends with our daughter.
In Thomas J. Stanley book Stop Acting Rich, he mentions that the key rule concerning homes and happiness:
Live in what is below your means
I [...]

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Cheaper does not mean you have a deal

Just because something is inexpensive and you can afford it, doesn’t mean you HAVE to buy it.
Point in case, my Dad’s friend and his wife has absolutely no debt. Their home is paid for and cars are as well. Credit cards are paid as the bill arrives. I know this is going to sound weird [...]

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Friday Quote

The most important thing a father can do is love their mother
-Bill Toohey

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Selfishly Employed

Words that are used for people that “choose” to work when they want do. They follow their passions instead of the money.
Of course, you have to have money first to even participate in this game.
I hope to be selfishly employed 5 years from now. Right now I’m on track. A year from now who [...]

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How to Preserve your Money

I believe there are 3 stages to money in personal finance:
Accumulating moneyPreserving moneyGiving money
The hardest part is the preserving money stage. It’s easy to make money; we all are good at finding a job and going to work.
However, keeping and preserving it becomes hard. There are taxes, medical expenses and family obligations that constantly come [...]

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NO TIME FOR TACT: Book Review

Another awesome book by the New York Times/Wall Street Journal bestselling author Larry Winget. He share his quotes to keep you upbeat for 365 days out of the year.
If you think like a “Life happens to me”, Well this book is for you. He has 365 quotes and words of wisdom that is sure to [...]

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Friday Quote

Wealth is never worth sacrificing your happiness, family or integrity
-Stewart H. Welch III

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This blog is a list of ideas and thoughts that I suggest about finances. Please consult with a Financial Professional for any advice or information