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5 Ways to Absolutely Destroy Your Finances!
Ben Stein has a book called How to Ruin Your Finances. To be honest, I'm not sure an entire book is needed on the subject-there are some fairly quick and easy ways to accomplish the task. (Before continuing, let me be clear that I do not actually recommend such activities-This is a reductio absurdum argument, meant to spur an opposing realization.) #1: Buy everything, yes, everything You never know when a neighbor may come over to use your dish towels, so make sure they are Ralph Lauren, less than six months old, and all the same color. While you're at it, buy things that you don't need now, but may need in the future, such as eleven new sweaters, a top-of-the-line treadmill, and some bestselling novels (just in case you ever read the 38 already on your bookshelf). #2: Charge all purchases That way you can itemize all your spending, which is sort of like budgeting. When the bill comes each month, be consistent-pay only the minimum. If there's anything left at the end of the month, see #1. #3: Don't be concerned about retirement That's what Social Security is for! Our country is run by intelligent economists, and they'll make certain there's enough for you in 25 years. #4: Buy a $4 million home, with 1% down, and a 30-year mortgage Then, spend your entire working life paying it off. Don't worry if you haven't invested in anything else-you can sell the home when you reach 65, rapidly adjust your lifestyle to match your new one-bedroom condo, and live off the difference. #5: Start being frugal 'tomorrow' Please, finish your $7 mocha latte and go about your day. After all, this article was obviously written for the other guy! © 2005 Matthew S. Clement, All rights reserved Matthew S. Clement is a financial planner and investment advisor representative with Financial Network Investment Corporation, member SIPC. He provides holistic wealth management and retirement planning to individuals and businesses. He can be reached in New York at (845) 942-8578, or by email: ClementM@FinancialNetwork.com
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Know Thy Finances The first step to financial success lies in knowing your financial situation at any given time. There is an anecdote attributed to John D. More Money? My Cup Runneth Over...But Im Still Thirsty Most of us, especially those of us who have debtor's disease (if you have it you know what it is!), have commented or at least thought, "If I could just win the lottery, or sweepstakes, everything would be better." Unfortunately, even if that big dream did come true things probably would get worse instead of better. Five Secrets for Long-term Financial Success Future financial success is not a guarantee that any one of us can rely upon, no matter how wealthy we are now or intend to become.There are however five future proofing financial steps that we can take to protect our current financial status, improve our future financial prospects and secure our long-term financial success. 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Planning Ahead with Your Finances If you, like most people, have not seriously considered what steps you should take for planning your finances and are now planning on buying a house, getting married or having children, you will do well to read David Chilton's book 'The Wealthy Barber'.It will not matter if you have never heard of a mutual fund or even balanced your checkbook. Save On Food - Ten Tips To save on food, be an opportunist. Buy what you like, but buy on sale. Your Dry Cleaner's Double Standard Women are charged more for dry cleaning services. Don't fume, find a better way. Avoiding A Nightmare On Renovation Street You've decided you want a bigger, better and more desirable house. How do you determine when to renovate, what to do and importantly, how much will it cost and will we get our money back?Unless you're in the building industry, most people are fairly naïve when it comes to making decisions about renovating. How to Obtain a Non ChexSystems Bank Account Without Being Scammed Predatory lending exists in the mortgage industry. It's typically when a mortgage broker add's on unnecessary fee's to a bad credit application, because he or she knows that the applicant is in a desperate situation. Budgets And Eating - Can They Co-Exist? Whatever your reason for having a tight budget, the truth is that going to the grocery store without a plan is a BIG budget breaker. And sadly all that cash ends up vanishing into our stomachs and then. Vesting and Your 401(k) Do you have a 401(k) retirement account? Are you vested yet? Before you move on to your next job, it is critical for you to find out if you are fully vested in your retirement account before you make the move. If you are not, you could lose hundreds if not thousands of dollars in employer contributions. Debt Management - Watch Out for Bank Fees! During the last twenty years, banks have offered a number of improvements in the area of being customer-friendly. The old 9 AM - 2 PM "banker's hours" are gone, replaced by a schedule that makes it easy for most people to visit when the bank is open. Risky Business: You May Not be as Daring as You Think I thought I was through with exams when I finished college. Then my financial adviser (a. The Wonderful World Of Address Labels Ever wonder where address labels come from? Avery® is perhaps one of the most well-known manufacturers of address labels. Rightly so in some respects.
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