Financial Security – what does this mean?
First we have to look at what financial security is. How many of us live paycheck to about 4 days before paycheck? How many of us worry about where our next meal will come from or if we are going to have enough money to pay that electric bill? Financial security is simply a reference to that peace of mind you feel when you don’t have to worry about if there is enough money to pay the bills and buy for for the children. It’s a peace of mind that comes from knowing you got it all covered and knowing that you even have enough set back in case of emergencies. Many of us Americans are struggling with this area of our lives. We find that there isn’t enough pay but we work long hours. I find that the problem is that most of us don’t really know how to become financially secure because we don’t know how to budget or what the necessities actually are. We all go about things as a “just jump in” method. Probably not really the best idea. For me, I have found that the first step in becoming financially secure is learning what are priorities and what are not. For example, a vehicle. Yes, a means of transportation is very important for things like getting to work, doctor appointments, WORK.......BUT, do we really NEED a 2019 fully loaded Cadillac Escalade? Do you need those name brand shoes that cost $150 when you only make $10 an hour and have 2 kids to feed? Probably not. Many of us try to tie a need and a want together not realizing that you are burning your state of finance to the ground. “I NEED a vehicle so I can get to work so while I am buying a vehicle I am going to buy something super nice!” I need shoes and I really like these Nikes. I have $400 in my bank account and I need to pay rent but I want THESE shoes so it’s ok if my rent is a little late.” Many people have that mind frame and that is the frame of mind we need to change in order to become more financially stable and secure.So, the bottom line is, financial security is that feeling of relaxation and that peace of mind knowing that you have money in savings, your bills are paid, and you are not in a state of financial chaos.
This thought smacked me in the face the other day. All the people I know who seem financially well off haven’t survived a recession yet.
Future Proof: Setting Up Automated Payments for Your Loans
October 17, 2018 / One Big Happy Life
In a perfect world, you’d have it all together all of the time. You’d pay your bills the second they hit your mailbox–weeks ahead of the due date–and late fees wouldn’t exist anymore because no one ever missed a payment deadline. Well, while abolishing late fees may be a bit of a pipe dream, automating your loan payments is an easy way to make the other parts of that perfect world a reality.
Oh, the dreaded “B” word - budget. Just the word alone conjures up images of sitting around a kitchen table with bills in one hand and a piece of paper with a bunch of numbers in the other.
Introduced to make our lives better and our consumption smoother. But quite frankly did they not give us more sorrow than relief?
There are a growing number of people who are looking for more financial freedom. But, where do you start? How do you define your retirement number? And, how do you actually reach your financial goals once defined?
When you are not making enough money, the first thing to think about is what you might be spending it on. Here are some of the common mistakes that people make when they are trying to save money by saving less money.
A bank account is a process that you make with a bank by which you can withdraw and deposit money. If you save a particular amount of money at a specific time, a bank account occasionally earns you interest. During the account opening, a bank can require you to some money amount when other banks permit you to freely open an account.
You've heard it before; put money away for emergencies.
One thing the pandemic has reinforced is the importance of having savings. You never know when something is going to disrupt your ability to pay your bills.
At various times, a small business needs extra capital in addition to incoming cash flows to ensure the smooth running of the business. During an unexpected emergency, a requirement for new equipment or a cash flow crunch, many small business owners decide to take a business loan.
Ask whoever you want: Nobody out there would pass if you would offer them to have some extra money. And if you tell them they can have a continually increasing wealth, they will most likely cheer and hooray.
The number one question from everyone out there is: Why should I pay you to coach me on my finances?
If someone finds themselves in a financial pinch, I can see how it might seem counterintuitive to spend money on a service with no guarantees.