Aspiring millionaire

30 by 30

2013-06-20T19:58:00.003+10:00

On my other blog I have a 30 by 30 list and yesterday I crossed one thing off. It was very spur of the moment, but so worth it.

Us at the falls

Somersby Falls is about an hour from my place and I have been meaning to take my kids there for some time. I move to Canberra next week and decided yesterday to just drive to the falls.

The top of the falls

My daughters were excited because they got to see a waterfall, well the top of it. As we went to go down these black turkey like birds came from everywhere and scared them so much. They actually ran straight back to the car and jumped in. My 4 year old was screaming from the other side of the glass "Mum, get in and run them over! Kill the black birds!" Not quite the reaction I expected from my child who plays with sticks, picks up all kinds of insects, rolls around in dirt and loves all animals. She LOVES reptiles, holding snakes, lizards etc. But apparently a black turkey is terrifying!

First part of the falls

I plan on taking them to some waterfalls my sister told me about which are close to Canberra. Hopefully this time they will explore a little more.

First part of the falls, closer

When was the last time you just jumped in the car or went somewhere and did something you have always wanted to do or been meaning to do for ages? How often do we just plod along in life and before we know it another year has passed and we haven't done anything different that we wanted to. What will you do tomorrow? This week or this month?

Free Business Banking

2013-06-18T10:05:00.000+10:00

If you have a business you need a separate business account. I know many people use their personal account when just starting out or if their business is from home or they view it as more of a hobby. For tax purposes, book keeping and basically running your business properly a separate account is essential.

Some banks will charge a lot for a business account with monthly account keeping fees, fees for doing pretty much anything so you really need to shop around. Business banking doesn’t need to be expensive, but you do need to ensure you are getting the right account and banking services for your needs.

You can shop around and find free business banking services in your area. You may find you don’t even need all the things that come with an official business banking account so a regular every day account would suffice for your needs.

Sit down and work out exactly what you want and need for your business banking such as online access, debit card, fee free, do you need a cheque book? When you know what you really do and don’t need it is easier to work out which account is best for you and your business.

You may find you need more than one account, or you want an every day account, savings account and a credit card for your business banking. Whatever it is that will work for you, do your research to ensure you are not paying for things you don’t actually need or use. Too often people go “I can claim it back on tax” so they don’t worry about certain expenses. While it is true you reduce your taxable income with various expenses, it doesn’t make that expense free, just reduced. You are still paying more than you need if it is a fee that you could otherwise not have to pay.

My business banking needs are pretty simple as my business is all negotiated online, invoices are usually paid via PayPal or straight into my bank account. I do sometimes have to pay PayPal fees, but other than that my banking is fee free which is how I want it.

I’m curious, what sort of accounts do you have for your business banking or what banking needs do you have? Do you still use cheques at all? Do you have high fees?

Has the US Housing Market ‘Recovered’ Enough for First-Time Buyers?

2013-06-14T09:15:00.001+10:00

The global market is continuing to haemorrhage, with every country from the East to the West suffering from financial crisis. China is suffering from incredibly low energy consumption, while the United Kingdom is forced to make cuts in every sector, seeing several massive institutions close as a result.

The US economy is no different, with a wide range of markets suffering from financial difficulty. However, the president announced in his weekly address that the economy is improving, if slowly.

Slow progress

President Obama called for lawmakers in Washington to continue with the choices made during his time of administration as the past four-and-a-half years have seen some improvement.

Citing the 7 million jobs created, and slowing of health care costs, Obama also referenced improvements in the auto and housing markets. But is the housing market truly improving?

The progress made is not organic, and as a result is not producing any benefits for actual potential buyers. The improvements seen are a result of companies such as Blackstone Group Inc buying foreclosed houses en masse in states which have been hit the hardest.

California, Illinois, and Florida are amongst those who have been hit heaviest by foreclosure status, with Blackstone Group Inc purchasing over 26,000 houses, with the intention of purchasing more.

First-time buyers may be stuck

The most drastic effect these mass-purchases cause is to local relators. While the foreclosed houses will be renovated and sold through a huge realtor company, local realtors are now forced to up the prices of their advertised homes.

Mark Hanson, banking and mortgage expert, has commented upon the positioning of first-time buyers in these circumstances: “After five years of interest rates being forced incrementally lower each year – and everybody that qualifies refinancing over and over again – the jig is up for a while at least.

“The mortgage market is now so efficient – and rates have been at historic lows for so long – there is simply nobody on the proverbial ‘fence’.”

US vs. UK

First-time buyers are in as much of a predicament in the UK as the US. Mortgages may be more accessible, but the cost of deposits required to receive them make home-owning a distant dream.

One advantage the UK is enjoying is the Funding for Lending scheme which is allowing banks to lend at a lower rate, which some first-time buyers are able to take advantage of. Despite this difference however, you may be surprised how similar the US and UK first-time buying process is. Check out this handy guide by Totally Money to see how first-time buyers may be able to afford a mortgage after all.

I got a house and move in a month

2013-06-09T19:04:00.002+10:00

I am very excited. I got a house in the suburb I wanted so my daughters can go to the school I wanted them to attend. I've been spending this weekend getting things ready which has been very exciting.

In preparation for moving I have been selling off a lot of my stuff that I do not want to move. If I don't love it, it's not coming. I have been giving away a fair bit too.

On my moving to do list I have:
- List the rest of things I want to sell this week
- Give away whatever doesn't sell
- Order my daughters beds
- Pack some stuff to move as I will be going to Canberra this week
- Book moving truck
- Pack anything I am not using
- Sign and get the keys for the new house

I am beyond excited to be moving back to Canberra. I have been down more often recently than I have in some time. I have a couple more trips to make before I move in less than 4 weeks, so will bring stuff down then too.

I really look forward to setting up the house, having a study, a gym and lots of room for my kids to play. We have 2 living areas so there will be a main lounge and the toy room. I have lots of organisation ideas to implement and just can't wait to start the new phase of my life.

Any moving tips for me?

When to take the jump to platinum

2013-06-06T06:52:00.002+10:00

You have a gold card and you are wondering whether or not to make the step up and switch to a platinum card. But, is it worth it? Knowing the requirements of eligibility and getting a solid understanding of the benefits (and fees) are necessary before making the decision. Before jumping in, be sure to do your due diligence and review a number of platinum credit card offers. Generally speaking, platinum cards are intended for high-spenders who have a high income and excellent credit history. If you think this fits your lifestyle and spending behaviour, continue to do your research and read on.

When deciding on whether a platinum credit card is right for you, evaluate the offers on the following merits:

Eligibility Requirements

More so than gold credit cards, platinum credit cards want to ensure they remain exclusive and therefore they usually have fairly strict qualification standards. The usual requirements will be that you need to have a perfect credit rating, a yearly income of at least AUS$50,000 and meeting the minimum age level which varies between 18 to 25 depending on the card provider.

Rewards

If you decide to take the leap up to platinum status, you will need to shop around for the card that suits your spending habits and helps you get the most out of your card. Read more than just one platinum credit card review to see what current cardholders think of their rewards system. In general, the higher you go up in the chain of credit card statuses, the more rewards and benefits you are entitled to. Typically, the platinum credit card with give you 6 months of insurance, which is longer than the gold card or standard card.

Another important factor to consider is how often you are likely to use your platinum credit card and how much you will spend on eligible transactions such as, flights. Although you may qualify for the card, if you don't plan on using it frequently enough, you won't really be able to take advantage of the rewards. Getting involved with a platinum credit card often times means you need to plan your year ahead as you decide the amount you will spend on products or services which will earn you bonus points or activate other insurance benefits.

Security

High on the list when looking for a new credit card is security and an advantage of being a platinum cardholder is the added security and protections you will receive. Some platinum credit card providers offer 24 hour account monitoring which will help to ensure you are not a victim of fraud or crime.

High Credit Limit

One of the biggest advantages of the platinum credit card is that you receive a high credit limit, meaning you can make those large purchases with a swipe of your platinum card. However, if you plan to make a number of expensive items, be sure that the platinum card you have, gives a good return between money spent and the points you receive.

Low interest rates

If you hold a platinum card, you are no longer seen as a credit risk to your card provider and therefore you usually receive a low interest rate. Still be sure to shop around for the best deals on interest rates and check that the interest rate doesn’t change after a certain amount of time.

Before deciding whether or not to get a platinum credit card, you should sit down and read all of the extras and services included within each platinum credit card to see which is or isn’t the platinum card for you. This process can be made quicker by looking at platinum card reviews and reading up on customer feedback. Paying the higher annual fee will mean you will want to get your decision right the first time and take advantage of all the perks and rewards the card offers.

Preparing to move

2013-05-27T19:29:00.001+10:00

I will be moving in just under 2 months. The area I am moving to is more expensive for quite a few things but I found out today that schooling will be almost $2,000 a year cheaper for me, which I am ecstatic about.

I have started to pack some items and have been getting ruthless and asking myself "Do I really want to move this?"

I moved here to Sydney from Canberra almost 3 years ago. I have culled a lot of my stuff, but I look at some of it and I know I do not want to move it again.

I have listed a fair bit for sale on eBay, GumTree and Facebook which has been good and the money has helped. However, I am now at the point I just want things gone. If I am not moving it, I want it out of my house.

I have given stuff away and while some of it has been worth a lot, it has been such a relief to just get rid of stuff that it really does not matter to me what I could have sold the items for.

I'll be moving rather cheaply. I have packing boxes and tape already. I am not moving anything unless it is 100% essential and I need to move it.

I am very excited about the move. Do you have any tips to make it easier?

Investing in property

2013-05-15T06:29:00.003+10:00

For the best home loans comparison visit Tomorrow Finance.

Right back at the start of my journey I always talked about investing in property, this was my eventual aim. Recently, with my divorce, I felt unsure about whether I would be able to invest in property or not. On paper my income looks pretty bad and I had always thought that I would be able to get a loan because my then husband had a job and that's how I would do it.

WIth the divorce, obviously his income was no longer available.

This week I saw a broker. I have been playing around online with mortgage calculators and it looked like I would be able to borrow on my own after all. Not as much as I wanted and not for a house where I wanted, but an investment property in an ideal area is doable.

I am pretty excited. I like property because it is a more passive form of income, it is something I plan to hold for the long term and it is solid. I can see it. I can make improvements to it.

The properties I have been looking at already have tenants and the rent will cover the mortgage and all related expenses. Depending on the interest rate I get, the price I actually purchase at and agent fees (property manager), it should be positively geared right away.

I am using some of the money from my property settlement with my ex for it. I have plans for the rest of money and was hoping I would not need to use a lot of it to get one of the properties I have been looking at, and I don't.

This is a way for me to invest in mine and my daughters future without it really impacting much on our lives, without a whole lot of effort from me, but still proved a return and stability.

Do you invest in property? What are your thoughts?

Doing things to improve myself

2013-05-08T21:40:00.003+10:00

I am taking control of my life and have been on a journey to refocus, determine what direction I want to go and heal myself. I have such an intense year and I just felt completely drained.

This week I went to a naturopath and it was really interesting. I overwhelmed her with my medical history, recent events in my life and why I came to see her. She checked my blood pressure, my eyes and a few things. I am running on empty, am completely stressed and while I am physically strong, I really should not be standing. How my body has not given up before now is amazing.

She gave me some herbs, an eating plan and I see her again in 3 weeks for a more thorough check up.

I saw my psychologist this week too. He gave me a few things to try to help with my sleep. It'll be interesting to see how it all works. He says I have made amazing progress and am handling thing very well.

I have been doing a lot of reading and thinking lately too. Trying to learn more about myself, what I really want and how I want to be living my life. I know that the life I have now, while in many ways it is good, it is not what I want.

I am making small changes and have been learning a lot about which direction I want to take. It is quite different from what I have been doing the past few years, but I am excited about where it will take me.

I am also going to be seeing a kinesiologist, getting regular massage and just trying to slow down and fix myself. I work and think at a million miles a second and that is not healthy. My psychologist said I have come a long way, but it is extremely difficult to slow down when you have an ADHD brain. I like that he doesn't refer to me as being ADHD but rather that I have ADHD traits/thought patterns/and ADHD brain.

What does this mean and why am I telling you?

I am not 100% sure I want to continue on the path I am on moneywise. I know I can be a millionaire by 30. I know I will be financially free. I also know that my health, improving my mental and physical health, my daughters and living my ideal life are all more important to me than money.

I still want to be financially free and will be. It's just that won't be as important in my life any more I don't think.

Share house survival guide: tips to stress-free living

2013-04-29T23:11:00.002+10:00

Australia’s housing affordability means many of us live in shared accommodation for years. Here’s how to keep your “home sweet home” rather than have it disintegrate into domestic warfare.

First, seek likeminded housemates in a similar life situation. Are you partying night owls or young professionals with early-morning commutes? Picking the right people and the right property is the best way to avoid obvious clashes.

Next, the key is to communicate and set agreements in advance.

1. Plan the finances

Will rent be split evenly, or will the master bedroom occupant pay more? Who’s responsible for bills and pay TV? If one person is the official leaseholder, it's wise to get bonds from other residents.

2. Food and fittings

Who pays if a shared appliance (toaster or kettle) breaks? Will you have a kitty for shared items like teabags and toilet paper, or are strictly separate cupboards and fridge shelves preferred?

3. Lifestyle and pets

Smoking, music and pets are key issues that you need to agree on beforehand. Make sure to discuss this when interviewing potential housemates.

4. Guests and partners

What’s the rule for overnight guests? What happens if someone moves a permanent partner in (using extra utilities and living space, but not paying for it?)

5. Housework

Will you pool money together for a cleaner or will you split the chores? Do you need to create a roster? What are the consequences if someone doesn’t do their part?

6. Respect each other’s space

Everyone needs their alone time – and some people need more than others. Be conscious to take time out and don’t pester people if they’re alone in their room, talking on the phone or working.

7. Have fun together

Engage in fun activities or spend time talking to your housemates. The better you can communicate with each other, the less chance there is for misunderstandings and arguments. Plan regular catch-ups, throw a party or have dinner together each week.

Following this, hold monthly meetings to raise issues and grievances and address any extra expenses.

Finally, be considerate. Think communally, not selfishly.

With property prices showing no signs of crashing, even home owners may end up sharing – either by buying real estate with a friend or relative, or taking in lodgers to pay the bills. On the upside, roommates can become your closest friends and allies. Happy house sharing!

Moving house again

2013-04-21T13:10:00.002+10:00

I am currently negotiating to be able to move interstate with my daughters. Naturally, it is very difficult for my ex husband to be ok with us going. I want to move about 3 hours away from where we live now. I feel the schools are better, life is slower, the crime rate lower and since we have lived there before we already have a support network.

He has almost agreed and we have mediation this week about it which I am desperately hoping goes well so I can move.

I have decided that since it is my aim to move, I need to get ready for it anyway. I have been going through my house and pulling out everything I do not want to move interstate and have been listing it on eBay. I was surprised how quickly I listed the free 30 items this month already.

I've had a few issues trying to list items, but got a lot up there and had watches on some within minutes of listing so at least some items should sell.

I am also looking at homes where I am moving to. I am leaning towards renting with a friend as the rent is significantly higher than what I currently pay and the homes are older. I live in a pretty new townhouse and love it, but would prefer to live in an area I love in an old house instead of an area I hate with a newer home.

I have looked into the schools and have selected one my ex and I agree would be a great fit for our daughters as it has programs she is already in plus lots of extras her current school does not offer. It is in a really nice area and is not too big. Our daughters are very social so I am not worried about them making new friends at school.

The one decision I have been toying with is whether to buy there or invest. I would love my own house again and could afford it with a bit of juggling OR I could buy an investment property elsewhere and build my property portfolio over the next 12 - 24 months then buy my own home. I am leaning more towards option number 2 as it fits more with my long term plan and the tax system in Australia is more geared towards investors, not home owners.

Either way, by the end of this week I should know for sure if and when I am moving.

What would you do, buy your own home or an investment property?

Bank loans - overseas vs Australia

2013-04-15T07:00:00.000+10:00

I try to avoid bank loans but I know many others will take out bank loans for things they really want such as a new car, furniture or even travel. My personal preference is to save for what you want, but sometimes it is easier to just get the loan.

For example, if you want to live overseas, the costs involved in moving can quickly add up, especially if you do not have an employer paying for things or you don’t have friends or family where you are going. If you suspect it will cost more than your savings, it can be an idea to take out a bank loan, but shop around.

Interest rates in Australia are high because of our strong economy. In some countries the interest rates are more than half what we currently pay for exactly the same thing. As such if you are looking at moving overseas and are considering a bank loan, you should consider looking at major banks in the country you are relocating to. For example, in the UAE interest rates on a bank loan are less than 7% whereas here in Australia you are looking at 10 to 14% usually. So taking out a bank loan in the UAE makes more sense if you can do it than taking out a loan here before you leave.

Just with the above example of the UAE interest rate of 7% vs the Australian rate of 13%, you would save $1,000 on a 3year loan by taking it out in the UAE instead of Australia.

Australia is great for so many reasons, but if you can manage some of your money overseas at lower interest rates it can give you more money to play with when you are travelling.

I want to live overseas at some point and I know it will cost me a lot because just moving interstate costs me, let alone either selling off everything and rebuying or paying to have everything shipped. I have had friends who have moved overseas and back and it cost a fortune. More often than not, the amount you save just will not end up covering all your expenses and you are better to have things in place incase your funds run out before they actually run or your situation looks dire.

I would love to hear from personal experiences though. Have you ever dealt with overseas banks? Have you ever lived overseas? If you have, did you save a set amount or just go?

Online Business: Keep Clients Coming Back

2013-04-13T11:55:00.000+10:00

Even if you don’t run your own business, there’s probably a large part of your job that includes dealing with clients and customers. It’s a fairly fundamental rule of any business that if you want to be successful, you need your clients to keep coming back to you. Repeat clients are the backbone of most company’s income sheet, and a repeat customer is going to be a happy customer. If the customer is happy with the service that you provide, they’ll tell others, which leads to further business for you. It’s all so elemental that sometimes it’s forgotten.

Punctuality

Number one with a bullet is delivering on time. If you’re the only glass manufacturer in a small town, you might get away with showing up a few hours or even a day or two late with the new panes for the local bar, but as soon as there is a choice, you can bet that the bar owner is going to change his service next time he changes windows. If your business is online, you can be sure that there is someone offering the same product or service that you are. Make sure then that when you get an order, deliver it in the time period that you quoted to the client. Keep them waiting, and you’ll be waiting a long time for them to call back.

Follow Through

Getting the product delivered on time is really only half the sell. Make sure to offer after-sale services, whether it is regular maintenance, tune-ups, or anything else the client needs. As Startups.co.uk says, after sales support means “treating every request as urgent” and responding on the same day, if possible. Also, maintain client records so that you’ll know exactly what it is they’ve bought from you and what needs to be done to set it right should they need support after delivery,.

Every Client is Special

It’s quite amazing how many times this is forgotten. If you have a good product or service, this will no doubt attract customers, but if your business grows to the point that you take yourself out of the frontline of customer service, make sure your staff treats customers and clients the same way you treated the very first person who walked through the door (or dropped into your inbox, as the case may be). Go the extra mile, and make sure that your repeat clients are contacted regularly with online updates, and send out cards at holidays.

Discounts

Discounts for regular customers are a must for all businesses. One of the busiest establishments you’ll enter any time of the day is probably going to be your regular coffee shop. You can make a pretty sure bet that right next to their cash register, they’ll have little cards that offer a free cup of coffee for every $5 or $10 purchased. This sort of promotion is the key to getting people back time and again, so make sure to always try and come up with ways to make your business an attractive place for your regulars to come back to.

My birthday - a recap and valuation of my millionaire goal

2013-04-10T05:30:00.000+10:00

I am 28 today. I have 2 years to achieve my goal of becoming a millionaire by 30. Do you think I can do it?

When I started this journey my aim was to use property mostly. Then I separated, my husband lost his job for a while and a lot of my challenge money went to just paying the mortgage. There have been many ups and downs over the last few years, with my current personal situation pretty crappy. BUT I still know I can do it.

Why?

I am now a published author. I do public speaking. I am selling my house and will finally be able to access the money I made at the start of this challenge, but it was used to pay the mortgage. I have various streams of income and more to come.

I know that making more money, no matter where you are in life is completely possible. It is simply a matter of applying yourself, learning all you can and taking action.

The past few months have seen me be a victim of domestic violence, rape (not by my husband, just really want to clarify that), other assaults, a robbery, moving house twice, in and out of court over these crimes against me as well as trying to do the property settlement/child custody arrangement and divorce with my ex. It has been full on.

Despite that, I have a plan of attack and I feel more confident than I ever have throughout this whole challenge. I feel like everything that has happened has brought me to the point in my life I need to be.

So where to from here?
I am in the process of writing a book on people who have gone from homeless to entrepreneurs and it has been not only motivating for me, but so exciting.

Once my house sells I will be purchasing an investment property in my own name. I have looked into it and had I not started doing my blogging/writing etc. a few years ago I would not be in the position now where banks would lend to me. It is still harder than if I had a regular job, but it is doable. I already have some homes I would invest in, so it is just a matter of my house selling to free up the cash.

I am doing some peer to peer lending, privately. Not something I had looked into much before, but it seems to be working out.

I have a couple of other businesses I am potentially going to be a partner in.

I have 2 other projects I will be starting work on in 3 months which should be quite profitable.

I am where I am meant to be. My life is going exactly how it should and I know that as long as I stick to it, put my mind to it and believe in myself, I will achieve my millionaire goal.

Sole trader, partnership, incorporation? Which one to choose...

2013-04-04T14:23:00.003+11:00

I have been looking into the difference businesses I want to be involved in, how I want to invest my money and the way I want to set it all up. Previously, I was just going to buy property in my name and do most things as either a sole trader or in a partnership.

As I have learned more, my wealth has grown and with so many changes to my life in the last 6 months, I have drastically changed my mind on how I want to set things up.

You see, as a sole trader it can be good, but you carry a lot of risk, in that you are responsible for everything and if things go south you personally can be sued for everything.

I do not want to carry that sort of risk. I am aware the chances of being sued in the things I want to take part of are minimal, but the fact remains it is a risk and personally, if I can eliminate a risk, I will.

So how am I looking at reducing some of the risks?

Incorporating.

That is, instead of being a sole trader, I have been looking at incorporating my businesses, including setting up one for my future property investments. This separates my personal finances from my business completely. It lowers the risk for my personal finances if things don’t fare so well in something to do with my business.

There is a lot more paperwork involved and it is more to set up than just jumping in either as a sole trader or property investor, but I feel setting things up as securely as you can from the start is the smart way. You set your foundations then build.

It varies from country to country how to do it because each country has different rules and since I have a variety of readers from all over the world who stop by here I won’t just share my experience with Australia, but also how to do it in other countries.

For example, Canada is similar with their financial systems in so many ways to Australia. This article on Incorporation Canada has been an interesting read. I have been researching the past week as this is something I want to do soon and the pros and cons listed in it are what I had already thought of, so it was good to see. That article also has a great link to incorporating in the USA.

I’d love to hear if you have a business which route you decided to go, sole trader, partnership, incorporated etc… and why you chose to go the way you did.

Check your credit history

2013-03-26T22:26:00.000+11:00

Before I got married, all the way back in 2004, my car died. I was engaged and my then fiancé wanted to get a car loan to get a new car. He found what he wanted, had a good job, but got rejected for the finance. At the time I was getting paid cash with no proper pay slips (because hairdressing is often dodgy like that), so I couldn’t get a loan. I rang my parents in tears as I had no way to get to or from work, we were 1.5months off getting married and it was not something we could find the money for. We were under enough stress planning the wedding without having to sort out a car. They ended up giving us a loan.

Next he got rejected for a phone plan, which was weird given he had a higher income than me. At the time, neither of us knew much about finances, so shrugged it off.

In 2005, we started looking into buying a home. At this time we discovered there was an issue with his credit history. Had we got one of the free credit checks available back when he had the car loan issue, we would have seen that there was an unpaid bill of nearly $2,000 from a few years before in a location we didn’t know, so obviously not his.

We went through the process to get it removed from his file, yet after 12 months, things were still not happening. We had sent the letter, the statutory declaration, talked to different people and were getting absolutely nowhere. What I could not believe was that the company was a phone company and they were more than happy to sign him up on a home phone plan despite the $2,000 unpaid bill already!

At this time, a friend of mine was seeing a financial advisor, so we decided to have a meeting with him about our situation, what we could do mortgage wise based on my apprenticeship income and that sort of thing. He said once the statutory declaration was sent, they should have removed it from his file. He put us onto a lawyer friend of his to get it sorted.

One visit to the lawyer, one call made by him, for no charge finally had it cleared. Finally, we were able to buy a house with a mortgage we could afford on just one wage and move on. I had seen so many properties I wanted to buy, even now there are a couple I wish I had been able to purchase, but we were not in a position to do so.

Had we checked our credit history often it would have been a much smoother process instead of over 12 months of stress. We would have been able to have our own home sooner instead of paying rent and now it is something I do regularly. It costs nothing to check, but by not checking it can cost you dearly in not only time and money but lost opportunities because your finances are not in order!

Checking Your Free Credit Scores - USA

2013-03-18T17:24:00.003+11:00

Technology has connected us all in ways that were once not possible. We can find old high school friends, hold club meetings, talk to family half-way around the country, and even go to school, all online. Technology has also made us all vulnerable to identity thieves that look to take our hard earned names and credit. Anytime we make an online purchase, use our credit cards, or even send out an email, we're opening ourselves up to these wrong-doers.

Technology has also made it possible to safe-guard against these people. There are many companies that offer identity security that protect you from having your identity (your livelihood) taken. Some will even help you recover what's been lost should you have your identity stolen. Technology also helps you monitor your credit to ensure you haven't been compromised by a thief and to make sure your credit is in good standing. In 2003, The Fair Credit Reporting Act gave consumers access to their scores online for free.

How to check your scores

There are three major credit bureaus in which you can obtain free credit scores: Experian, Equifax, and TransUnion. All three of these may or may not report the same things, so it is important to check all three. You can check these bureaus by using online companies that will give you your scores within minutes. Some will require memberships, credit cards, or purchases with a company advertised with them, but not all do. You will need to provide your personal information and Social Security number, however, but since you're requesting the scores yourself the requests will not reflect on your credit scores.

Most people think you can only receive your free credit scores once a year. That's not true. There are several companies out there to assist you in checking your scores, so you don't have to limit your checks to once a year. You do need to be aware, though, that each company may not report all three reporting bureaus. Therefore, to check all three places you may need to check different sites, or you could break up your score checks into four parts: comprehensive review in the first quarter of the year, then one bureau for each of the remaining quarters. It's completely up to you how you want to check your credit standing.

What the companies offer

Some of these online companies offer more than just free credit scores. They offer tips to improve your score, overviews of what may be effecting your score, applications to qualify for credit cards, a mortgage, and loans. It's important to remember none of these companies offer accurate FICO scores. FICO scores (an acronym for the Fair Isaac Corporation, the creators of the FICO) are the most commonly used by lenders when assessing an applicant's credit risk. These scores help lenders determine whether or not to grant a loan.

These companies are able to give you an idea of where your credit rating stands. Each company will have a different score, but each score should all fall within the same range. Basically, if you have a score of 779 on one site and a score of 749 on another, you're still in the same range and your credit is reflected accurately.

Working at electoral booths

2013-02-10T12:26:00.003+11:00

Have you ever considered working the poll booths? With Prime Minister Gillard announcing the election and the campaigns which are now up and running (seriously, they had our local member at the school already handing out green bags with pencil cases and they have signs up around the school for him. Drives me nuts), it is something to think about.

It is casual work only and a long day, with you starting at 7am usually. There are various positions that need filling. You fill in an expression of interest, then a few weeks before the election they let you know if they need you. You can see all of that here.

There are certain positions for which you have to be over 18, but there are some roles where under 18's can apply and do them. The same laws apply for breaks and things as they do with any job, so while you may need to stand next to the ballot box most of the day, you will still get at least half hour breaks every 5 hours and so on.

It is a rather monotonous day, but the pay is ok, it's on a weekend so is something you can do here and there when elections come up without being a continuos monotonous job.

My brother has done it a few times and said it wasn't too bad.

Have you ever worked the polls or considered working for the elections?

How to save money on gas

2013-02-07T16:04:00.002+11:00

Gas, in general is cheaper than electricity. For an energy efficient household it is recommended you either have solar power or switch what you can such as cooking, heating and hot water to gas. I have had gas for years and the difference between my total power costs (that is, adding my gas and electricity bills together) I significantly less than friends of mine who use electricity only, even though our behaviours and habits are much the same.

Even though gas is cheaper, it doesn’t come free. In winter it can be a huge shock when you get your bill, especially for heating, but there are many ways you can reduce your gas expenses.

1.) Lower the temperature – Whether it is your hot water, cooking or heating, you don’t need to have it on the highest temperatures all the time. Lowering the temperature by a few degrees can save you hundreds a year. With gas cooking the temperature needed is usually lower than electricity to get the same result.
2.) Seal gaps – When it comes to heating your home if there are gaps under the doors and windows you are essentially trying to heat outside as well as in. Block any gaps, close doors and only heat the area you need to. You can buy strips to attach to the bottom of doors and foam strips you can stick on to block slight gaps in door frames and windows.
3.) Take shorter showers – You do not need to stand under hot water for 20 minutes to get clean and wash your hair. Instead, use a timer and keep your showers under 4 minutes. Not only will it reduce the cost of heating the water, but you will save money on water bills too.
4.) Compare companies – You don’t have to stick to the companies who advertise the most. Google the companies available in your area or use a comparison service if you like to see what options you have. The rates might be the same in some areas, but sometimes there are different discounts such as a pay on time discount you can ask about which will make one company cheaper than another.
5.) Use off peak – Some areas have off peak gas. Doing cooking or using hot water during this time can help reduce your bill.

It doesn’t take a lot of effort to seriously reduce your bills. A quick comparison, finding the best deal then using your gas wisely will result in saving hundreds of dollars a year.

Are You Paying More for Your Midlife Crisis?

2013-01-30T15:33:00.000+11:00

It may be a stereotype, but for many men, and increasingly women, your middle years are synonymous with going through some kind of crisis. Faced with the prospect of getting older and impending mortality, people start to question why they didn't ever do all those things they dreamed of when they were younger. As industry experts know, this results in increased ownership of fancy sports cars that most drivers wouldn't ever consider under other circumstances - and lots more money for insurance companies.

There's nothing wrong with buying a few new toys, and you definitely ought to avoid regret when it’s too late. But when midlife crisis purchases keep costing you money long after you initially make them, you'll soon experience a crisis of an entirely different nature.

How Midlife Crises Affect Insurance Premiums

Drivers over 50 usually have way lower rates than anyone else. Car insurance companies have run the numbers: Although common public misconceptions put forward the idea that older individuals are higher-risk drivers, insurance firms know that they have fewer overall accidents than teens and other groups do. As a result, they charge less as driver experience increases. Unfortunately for you, that trend starts to take a sudden turn as soon as you add a fancy new convertible into the equation.

Well-known sports cars are costlier to insure regardless of how old their drivers are. New vehicles that rarely see anything but showroom floors because they're too expensive for most people to afford are horrible investments anyway. After you sink a significant chunk of your savings into some flashy vehicle that James Bond would be proud of, you'll end up sinking even more into insurance fees for it even if you've got an utterly impeccable driving history.

Midlife-crisis car purchases are so common that auto magazines and insurance industry publications even release literature about the phenomenon. Top-ten lists of performance autos purchased during midlife crises are commonly the subject of online articles. Make no mistake; your local car dealer isn't the only one who wants to profit off the collective crises. Insurance companies know your age, and they can tell when you're making a midlife emergency car purchase. There's no way to escape paying higher premiums for it.

Debunking the Midlife Myths

For many individuals, however, higher insurance premiums aren't really a deterrent, Of course, their feelings change after they actually see how drastic the increases actually are, but it's probably best not to let things get that far.

Many of you will swallow the dealer's line that a new car will let you redefine yourself, and paying more for it won't seem like too much of a sacrifice for that. Unfortunately, you have to remember that buying a new car won't make you a newer, younger person. You'll just be the same person in a new car. If you're smart, on the other hand, you'll be the same old person with a car that works and a whole lot more money in your pockets to enjoy yourself with. That’s not to say you haven’t earned yourself some luxury and comfort – but you don’t need a show pony to get a smooth ride.

In the end, you just have to think about what matters more. Many drivers who make big midlife purchases do so because they can't see a reason not to. They know they can't take their wealth with them, so they might as well enjoy it while they can.

Surprisingly, sensible older drivers feel the same way. The only difference is that they enjoy their wealth by spending their money on things they've never done before, like taking exotic vacations and exploring the world using their current, serviceable vehicles. Those who cripple their checking accounts with expensive performance vehicle purchases and the insurance nightmares that ensue sort of eliminate such grand options.

If you're not convinced, there's a really easy way to gauge the effects of your midlife crisis before you actually commit to buying a new car. Just compare car insurance prices online. Use an Internet-based insurance evaluation tool to see how much a specific new vehicle will cost you each month. Also take a look at other related expenses like roadside assistance and fuel costs. You're likely to find that there are more life-defining things to spend money on.

Make money doing car detailing

2013-01-30T08:32:00.001+11:00

If you enjoy cleaning cars, step it up and detail them properly, waxing and everything.

You will need some equipment to start with:

- Good vacuum cleaner with attachments

- Upholstery cleaner

- Polish

- Buffers

- Bucket

- Car cleaner

- Wheel cleaner

- Polishing pads

- A tooth brush is useful for nooks and crannies

- Microfibre cleaning cloth

- Sponges

It takes quite a while to perfect car detailing. There are always new products you need and different cars require different treatment.

It can take some time to do each job properly but you can charge accordingly if you do a good job.

Start off by doing some for free to get a reputation and testimonials. Set up a website to post pictures of your work, list your services, prices, contact and any other details you can think of.

Being a mobile car detailer makes it easier to get more work, but some areas can be tricky to work in.

You can do it for car dealerships, real estate agents (they need their cars to look good) or business people. You could do it at people’s homes or at office buildings.

It is simply a matter of putting the word out through flyers, emails, your own site, Facebook, Gumtree etc and getting recommendations.

An extra $500 this week

2013-01-24T17:49:00.003+11:00

At the start of this week I was hoping to secure a rental property. I had applied on Saturday for it and I had a feeling I would get it. Since moving is not cheap I decided to try and find an extra $500 this week to help lessen the dent in my savings.

On day 2 I had hit $300 already! It just goes to show I need to set my goals and aspirations higher.

It is now day 4 and I have hit my $500 mark.

How did I do it?
- Sold some second hand books ($105.43)
- Sold beauty products I had not used and most were freebies I got ($50)
- A sponsored post on my blog ($200)
- Found $2 at the shopping centre plus another $1.15 elsewhere
- Sold some seeds ($55)
- Did some hair ($120)

Now, aside from the extra money I also managed to have things come into my life for free that I either wanted or had been thinking about, as well as more income happening in the following weeks which was completely unexpected. I also recovered some money that was owed to me this week, which helped.

I have not been focused for a while, but this week I have been very focused on this goal because moving was so important to me. I wanted spare money to do it and I wanted to move less stuff. Now to turn this extra $500 into a regular part of my income!

How are you making extra money?

Change of direction - more charitable pursuits

2013-01-18T20:40:00.003+11:00

One of the reasons I want to be a millionaire is to help other people more. Aside from wanting financial freedom, which is my real goal, I wanted to be in a position to help a whole lot more than I have. I am so blessed to be born in Australia. I have struggled sometimes, but my struggles are nothing compared to what billions of people around the world have to live with.

Over the last month I have had a strong urge to do more to help others. I had set a goal a couple of years ago to raise $10,000 for a charity, but no charity I found felt 100% right. This Christmas break I found my charity and I am so excited.

I will officially be launching my fundraising drive on Feb 1st. There are a few things I needed to get organised first and I wanted to create a proper fundraising plan.

To start with I opened a bank account specifically for this purpose as well as a PayPal account. People can of course also donate directly to the charity through the site when I announce it all. The account and PayPal was so I could track things better and when I do cash fundraising events, it gives me somewhere to deposit the money properly. The charity will have full access to all of this, so everything is transparent.

Aside from this I also decided to use some of my insurance money from my recent robbery to help others. Since I was in primary school I have wanted a sponsor child through World Vision, but didn't feel I could commit to it and my financial situation has been so variable, often with me barely able to take care of myself, let alone donate routinely. A couple of weeks ago I finally did it.

I know I am much better with annual bills than monthly ones. I don't know why, it's just how I am. So I paid for 1 year sponsorship in full and now am just putting aside a little each week, so next year I can pay another year in full. My child is only 10 and I hope that I can go to Kenya and meet her in the next few years.

Another donation was to The Fistula Foundation. I read about it in a magazine I picked up at an op shop. I was cutting it up for my vision board when I came across an article on different charities. I cried when I got to Fistula Foundation and immediately donated so a woman could have the operation. I take so much for granted here in Australia.

I also like to donate through Kiva. I have done it for a while now and love how the money can be reused over and over. There are other sites similar to Kiva. I just found one which lets you pick the interest, unlike Kiva who charge astoundingly high interest rates, which I don't like. I am testing the new one to see how it goes and will let you know. It is called Zidisha. It is nowhere near as big as Kiva, but if it works and I can loan to people charging no interest, I will be donating a lot more through them.

My desire to help those less fortunate than I far outweighs my desire to be a millionaire now. As long as I can provide for my family and do what I love, I am happy.

What charities do you donate time or money to?

2012 Review and plans for 2013

2013-01-06T16:11:00.002+11:00

2012 was a hectic year with many life changing events for me. I separated from my husband, discovered my daughters both have learning disorders needing a lot of help, I went to the States again, moved house, got robbed and a few other things.

What I learnt from it all is that I can choose to be happy. I am stronger than I ever imagined and no matter what happens, my reaction is my choice.

Much of 2012 was filled with so many major events that I didn't think a lot about my goal to be a millionaire by 30. My focus was my children. As such, my aims for the blog changed. I have been struggling to decide what direction I want to take this site. Part of me was going to just stop, but I have decided instead to give it a little make over and put up posts from my list of 1001 ways to make money. I mean, that posts (which is no longer on here) is a great source, yet it has just sat there and I am sure you would all appreciate new ideas on ways to make money.

So Aspiring Millionaire will be less about me and more about what you can do. I will still have little updates for you and my aim is still to be a millionaire by 30, but right now my focus is my family, not money.

Some of my other plans for 2013 include marking more things off my bucket list, publishing another book, travelling more to places I have never been and just spending more time with my daughters. In 2013 I will officially get divorced and at the end of the year plan on moving to Canberra.

What are your 2013 plans?

My Garden - Reducing Expenses

2012-12-26T10:25:00.002+11:00

I am renting at the moment and will be moving within 2 months so I have no real garden. Instead I have a few things in pots on my front porch. I decided on a chilli plant because I love chilli's but don't buy them a lot since I am the only one who eats them.

I have 3 strawberry plants, 5 lettuce plants, aloe vera and some garlic. I plan on growing a few more things that I use regularly. Obviously 3 strawberry plants doesn't get me far, but it has ben exciting for my children to water them, watch them grow then eat their own fresh strawberries.

With this tiny pot plant garden I am not exactly reducing expense but I am learning a little so when I do have the space to grow plants again, I will know more and hopefully be able to keep them alive.

I have a bunch of heirloom seeds to plant when I have my own place again, even though that probably won't be for a year or 2.

Overall, my pot plant garden has cost me more than it has saved me right now, it is a long term project and provided I can keep these plants alive, they will eventually pay for themselves.

Do you have a garden?

The time I almost took out a payday loan...

2012-12-22T00:01:00.002+11:00

Recently I found myself in a situation where I was seriously considering a pay day loan. I am so anti debt, but I just had no idea how I was going to make ends meet.

I had been robbed, so all my clothes, shoes, jewellery, skincare, make-up, even my underwear was gone.

I had been paying for all my daughters speech therapy despite my ex promising to pay, so was heavily out of pocket there because I continued the appointments expecting payment from him. (He has since back paid me.)

I had no fridge so was spending more on food as I had to drive to the shops and there was limited options for what we could eat and store. It is summer here, so nothing lasts long if not in the fridge.

I had moved suddenly and most of my savings went on the move for the bond, advanced rent, cleaning products, moving my stuff etc.

So I was in a situation where I had no cashand no idea how I was going to pay for things my daughters and I needed. I knew my insurance would come through soon to cover the robbery and as I was contemplating what to do I walked past one of the many pay day loan places in my area. There seems to be one of these places on every corner. Knowing my insurance money was coming, I was tempted to go in.

It was the first time I saw it could really be useful. I have had relatives use pay day loans, some good, some bad. If you know you can pay it asap I don’t think it is too bad, but if you use it as a financial crutch or get stuck and can’t pay it instantly, it will cripple you.

I stood there in the street, thinking about it. What were my options really? Not pay rent and be unable to rent elsewhere later? Not buy food and try to stretch the rice I had in the cupboard for the next week? I could get a pay day loan just until my insurance pays then I would be fine.

I decided against it and instead swallowed my pride and called my parents for help. I am fortunate they are in a position to help me, so I didn’t need the loan, but when I discussed this with a friend of mine, she said she had been in a similar situation (right down to the robbery) and she had to use the loan. Thankfully she was able to pay it quickly, but it did get her through as she had no one she could get help from.

This is the first time I have truly seen how a pay day loan could be beneficial. I never expected to be in a situation where I would truly consider using one, but there I was. I can tell you now, from my recent experiences I am a whole lot less judgemental on the whole pay day loan thing. I still don’t think people should depend on them, but I know I could have gotten cash right then when I needed it and it was a need.

Have you ever been in a situation where you just do not know where you will get money from that you need to buy food/pay rent/petrol etc.?

Post brought to you by uk payday loans, written by Kylie Ofiu, based on my personal experience.