Are You Financially Prepared to Have a Baby?
Perhaps you are a newly married couple doing some family planning, or you may have just discovered that you have a little “surprise” coming your way. Whether you are barely trying to get the hang of marriage and money management, or if you’re simply looking ahead to a future with a baby in it, a little financial planning will go a long way once your bundle of jubilation comes along.
The US Department of Agriculture estimates that a middle income family will spend a bare minimum of $250,000 to raise a child. Yikes! Don’t worry! Time is on your side. College won’t be for another 18 years, at the very least. But that doesn’t mean that you can slack off on saving, either.
A financial advisor can help you to realistically assess your income and your debts. More importantly a professional can help you set a realistic budget. Doing this will help you set sensible goals each month. You will find that, rather than go with your impulse to buy that “gotta have it” item, you will hold off on it a little longer, only to find that something of a much higher priority will come along.
That’s the whole idea of saving… saying “no” now so that you can say “yes” to the important things, later.
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Why Taking 9 to 5 Job is a Bad Idea
here are a lot of highly paid people who are still poor, or are drown in debts and high monthly commitments. They are not incapable people. In fact, most of them are at managerial levels or running groups of salespeople.
The main reason that led to many people’s poor financial lives is that they are still hauling buckets of water rather than building a pipeline of water supply for themselves. In other words, they are still trading time for money.
Look around. What are those basic living expenses which had increased in price since the past 5 to 10 years? Are there any of your monthly expenses which had been increasing steadily within the past 5 to 10 years? How much had they increased? How much more do you think they will increase?
What will you do to earn more income? When people start to have more and more higher commitments in life, most immediately seek to look for part-time or freelance job to earn more money. What they didn’t realize is they are just getting more buckets hauling more water. The fact is they are still trading time for money.
But how long can you continue doing this? Are they sacrificing your health? It’s sad that most people destroy their health to earn more money; eventually they become so ill that they have to spend all their money to restore their health.
If you want to predict your financial future by continue doing what you are currently doing, answer this very powerful question:
How long can you continue living in your current lifestyle if you’ve lost the ability to work- TODAY? Your answers will determine your long-term financial stability.
The cheapest and most effective way to have long-term financial stability is by doing a home based business.
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A Bad Credit Card That May Be Good For You
Millions of people use credit cards all around the world. A huge chunk of those users made mistakes when dealing with their credit cards. The consequence of the errors is costly. The cost may not just be in money but in your credit score and you reputation as well, not mention that financial difficulties are one of the leading causes of divorce.
A lot end up in debt and most of the time these are the people who rant about the credit card being the devil. But fact of the matter is, this is not the case. When used properly, credit cards are very good financial tools.
Credit cards are not necessarily just for people who have large sums of money to use. There are some cards even for the financially challenged, and these are called the: “Bad Credit Cards.”
A bad credit card is just precisely that: a card with a very bad or low credit limit.
There are two types of credit cards: there is the secured and the unsecured credit cards.
Unsecured credit cards are the accounts that are free from the limits of a bank account. The limit of credit is up to the bank’s discretion and not up to the size of the bank account. If the bank thinks that a person is deserving of a bigger credit, then it will be given.
This is the usual type of credit cards in the market and is fairly popular among the card shopping people. These are also the cards known to be more respected by other companies. These are also the cards known to send people to a very deep debt.
This is the type of credit card that should be avoided if the applicant is already in a financial mess.
The secured credit cards are the bad credit cards. These cards are grounded on the size of the account a person has. For example, if a person has a $1,000 balance, then that is all the credit a person is going to get. If there is a point where the balance reaches $0, then the person should go and “re-fill” the account.
The bank limits the credit to the money already present to avoid overspending, thus preventing even deeper debt. This will monitor the expenses of the person and will help the development of a financial recovery for some.
These credit cards are also known as “pre-paid credit cards” for there is only a fixed amount that can be used and the holder is the one who puts it there.
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