What to learn from a money mentor

A money mentor can be any financial professional who can show you the way to save, budget, and invest. A mentor can be someone you meet with person to person, someone you communicate with over the phone or someone you chat with online. For some people, a mentor is someone who is part of a formal mentorship program. For others, it is just someone they look up to – someone they never even meet. Whoever your financial mentor is, focus on learning these things:

How does your mentor resist temptation buys? How does he or she contribute to his or her emergency fund? Does he or she use a budget or make use of other techniques for keeping spending in check? Try some of the same strategies yourself.

Find out the little habits that your mentor does every day. Does he or she keep track of spending every penny? Does he or she have a specific technique for earning more each month? Learn the small doable habits and integrate them into your own financial routine.

This is a big one, because psychology is a big part of how we deal with money. There are people who are worth millions of dollars who live in poverty because they fear money and people who make minimum wage but draw up huge personal loans because they spend like someone from a much higher income bracket. If your mentor is someone who has a balanced view of money, try to find out what that attitude is and try to consciously shift your own ideas about finances to align with the ideas your mentor holds.

For many people, starting their own business is a dream. However, to start most businesses, you will need capital and some funding to pay for a location, inventory, marketing, licensing, and employees. Many new business owners rely heavily on personal loans when starting a business, since an untested business is often turned down for a business loan.

If you are considering taking out a personal loan with bad credit for a business, there are a few things you will want to keep in mind:
– Work on credit repair before applying for your loan to get the most affordable loan possible.
– You should not take out a personal loan if you want to incorporate. If you take out a personal loan for your business and your business fails, you will be personally responsible for the loan. Also, if you want to incorporate, you need to be very careful to keep business finances and expenses apart from your personal finances.
– You may need multiple business loans, a line of credit, and some other fundraising to start your business. One personal loan may not cover all your costs, especially if you don’t have considerable personal assets.

There are things you will want to do before applying for a personal loan. To improve the chances that your business will succeed (so that you can repay that personal loan), you will want to ensure that you have researched your business and industry carefully and have a good business plan in place for success. Try to spend and borrow as little as possible in the beginning, so that you can start repaying loans quickly as soon as your profits start to roll in.…

Make a cool million

What could you do with a million dollars? Many people dream about having one million dollars. They imagine all the things they could do with it. They imagine paying off all personal loans, retiring, traveling around the world. For many people, one million dollars has a big emotional value. What most people don’t realize is how easy it is to get to one million dollars. Here’s how:
1. Do the math. If you want to make one million dollars in 25 years, you’ll need to make $40 000 after taxes and after deductions. If you want to have one million dollars (which is very different) you’ll need to save or earn this amount through investments. This may seem like a scary number, but that amounts to about $3333 per month or $833.34 a week or $167 a day (assuming a five hour work day). Many people can earn $167 a day through an additional job, freelance or consulting work, or through some form of passive income.
2. Plan your investments and maximize them. If you want to make a million dollars more easily, you will want to invest. You will need to educate yourself about investments and start investing. A good step to take today: find out whether your employer matches your retirement contributions. If yes, set up an automatic deduction today from your paycheck. If your employer matches contributions and you set aside $500 into your retirement fund, you’ll be setting aside $1000 with the contributions. Now you only have to come up with $2333 per month to make that million in twenty five years.
3. Make a passive income. You can make $167 a day to set aside, but that means extra hours of work (maybe many extra hours). Try to find some additional ways to make money. If possible, find passive ways to make money. Maybe you can sell information products you make online, offer online consultations, or monetize websites. Find something that will bring in extra cash.
4. Check in once a day. Once a day, review your goals and keep tabs on how much you have made or saved. Reach for that goal of $167 a day (or whatever your daily goal is) and make sure you reach it every day.
5. Get excited. To make your million, you will need to take consistent action each day for a long time. You’ll also have to cut out some bad habits. You can’t spend money wastefully, take out payday loans on a whim and easily get to your million. To help you stay on track, remember to get excited. Picture your life when you have that million dollars. Put up pictures of your new life where you can see them.…

Fast ways to earn cash on the side

Saving more money is great, but bringing in more cash is even more important if you want to repay credit. Here are some fast and easy ways to bring in extra cash:
1. Take in your recyclables. If you live in a community where you pay a deposit on bottles and other recyclables, you can earn back some of your cash by bringing your recyclables to a plant.
2. Roll up coins. If you have piles of change everywhere, roll them up and take them to the bank. You could have a hundred dollars or more just lying around.
3. Sell the items you don’t like and don’t use. Are there movies in your house you don’t watch, furniture you don’t like, exercise equipment you don’t use? Get rid of that clutter through a garage sale or classified ad and enjoy a few hundred extra dollars today.
4. Sell a service. Could you teach someone English, help someone with college school work, mow lawns, teach a skill, or do handy work? You could advertise your services in the paper and make a few hundred dollars extra a month on weekends and evenings.
5. Start a small business. Whether you sell things online or help people with their taxes, a small business can bring in tens of thousands of dollars a year in your spare time.
6. Work overtime.
7. Get a temp job or an extra job. You can get hired today through an employment agency and work around your schedule.…

If you’re self-employed, you should have a line of credit

If you are in business for yourself, a line of credit can be a powerful financial tool. Even if you already have a credit card or a personal loan to cover your business expenses, the line of credit offers many advantages:
1. It is a safety net. Self-employed workers sometimes have to wait additional time to get paid, if clients are late with payment. A line of credit helps prevent such emergencies.
2. It is less expensive than a credit card. A line of credit usually has a more advantageous interest rate and in many cases lenders allow you to draw checks or withdraw cash from a line of credit at no extra charge.
3. It is a good idea to have a cushion, which a line of credit can provide. Self-employment sometimes can mean feast-or-famine cycles and a line of credit ensures a steady access to cash when needed. This is especially important since some lenders may be reluctant to offer payday loans or personal loans to self-employed persons.…