Credit Score

When considering whether or not to take a personal loans out for something, one must look at their credit score. Just because a personal loan is an option, doesn’t mean it is the best option. The interest rates for personal loans can be higher if you have poor credit. If you have poor credit and are looking to consolidate loans, a good option would be a debt consolidation company.

Debt Consolidation

If your credit is good and you are looking at a personal loan, one of the reason a personal loan would be a good idea is consolidation. If you have many credit card balances a personal loan might be much more affordable because the interest rate will most likely be lower. Don’t forget that if your credit score is not good this may not be the case. However, a lower interest rate will mean lower monthly payments and less out of pocket at the end of the loan. This is all good news for the consumer!

Unsecured

A personal loan is generally unsecured. Meaning, you don’t have to put a personal asset as collateral so if you default on the loan nothing of yours will be taken away. Don’t think, though, that just because you don’t have anything to lose of your assets you have nothing to lose. There can be significant fees if you do default on the loan.

Flexibility

You are also able to use personal loans for almost anything you wish to. It is wise to read the fine print before you take out a loan though, so you know any limitations you have. That makes them useful when you need money quickly such as an emergency, or if you are wanting to put multiple items on the loan. With that, you need to make sure you’re being wise when taking out a loan. Taking out a personal loan for backyard furniture is not a good idea. Please save up money and shop the sales for purchases such as those. Personal loans are good for things that would make financial sense in your situation by allowing you to pay off your debt sooner, or using the debt to make you more money than you are paying in interest and fees.

Conclusion

When you are considering taking out a personal loan, it is important to know your credit score and the purpose behind the consideration. If you are considering taking out a loan for things such as backyard furniture, a personal loan isn’t the best idea. You should save your money for those kinds of things. If you have an emergency or need flexibility in order to pay off severl loans, a personal loan could be the best option for you.

What about you, have you taken out personal loans? How did it help you reach your financial goals?

The post When Are Personal Loans A Good Idea? appeared first on Your Personal Finance Pro.

Selling Products

Like anything in the business world and in life, preparation is key to your success. Determine what you can sell on Amazon. Are you creating something original or are you tweaking an existing product to bring to the market? Once you have what you are going to be selling, do some research on what Amazon has to offer for sellers and authors. Amazon has a very useful tool, “The Beginner’s Guide to Selling on Amazon”.

Selling Books

If you are an author and want to sell your books on Amazon, or if you are a book collector that wants to sell pieces of your collection on Amazon, they have a useful tool specific to book selling on Amazon. If this is you, here is the link for that resource to help you prepare for your business decision. Whether you are wanting to sell physical book or e-books, Amazon has both options for you. If you haven’t taken the time to make you physical book an e-book or audio book, adding that to your collection would be a wise consideration. It will help you reach more people. It will also help you become an authority on your writing subjects.

Advantages

There are advantages to using Amazon as your selling hub. If you use Amazon, you can choose to have your inventory local to you and personally ship all your products. Amazon has features that are helpful to streamline this. If you are crunched on space, Amazon has the option for them to fulfill the shipment. That means, for a fee, they will store your products on their warehouse shelves, so you don’t have to use up your personal space. They will then ship the product(s) for you. This frees you up from having to make trips to the post office or scheduling pick up. You no longer must worry about taking the time to pack product either.

Conclusion

Business owners want to be as successful as possible. Using Amazon can be very helpful in reaching those success goals. Amazon provides excellent guides for authors and other sellers. If you are selling books, don’t forget to consider the options of having e-books and audiobooks. There are many advantages to using Amazon in your business. One of them is the features of using Amazon to ship product for you. You do not need to keep your product at your home, business, or manage a storage unit. They will manage the storage and shipping for you.

Have you used Amazon in your business?

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Bitcoin was the first highly successful cryptocurrency option. Its creator is unknown, an impressive feat. They focused on using blockchain technology to make their cryptocurrency safe. Bitcoin is a public entity. You can trade Bitcoin on the stock market with your traditional brokerage cash account. To begin buying and using Bitcoin, there are a few things you will need.

To begin buying and using Bitcoin, you will first need to have a digital wallet. This is different than the wallets you have on your iPhone. These wallets essentially validate who you are and gives you the permission to use Bitcoin through using “keys”. These keys encrypt different transactions you make to other wallets. Using the blockchain system to validate these transactions to make sure you are who you are. This is an advantage when you’re spending your “money” on the internet or the like.

Another difference between currency and cryptocurrency is it decentralized. Bitcoin is decentralized, meaning there isn’t an institution backing it, it is peer to peer and the exchange are fact checked, if you will through the block chain system. “DeFi [Decentralized Finance] eliminates the fees that banks and other financial companies charge for using their services.” In a sense, this would give more leverage to the consumer rather than the financial institution that is backing the funds. Now each individual who has a crypto wallet is able to make a transaction in seconds to another person.

The challenge does come in when you are using wallets that do NOT act as decentralized. Rather they operate as a centralized institution wanting information or other things from you in order to use their platform. Coinbase is an example of situation. Be mindful when you are using Bitcoin, or any other cryptocurrency, that you are able to use it as the decentralized finance that is it. It can be difficult, but at the least have it in mind.

The team working at Bitcoin are wanting Bitcoin to be the outlasting cryptocurrency on the market. They are wanting it to be difficult to hack and not lose their investment in the technology. They want to keep the privacy of their users and make sure the goal is maintain throughout the history of the company. When you are going to choose a company for cryptocurrency use, make sure you use a well established company such as Bitcoin.

Cryptocurrency has been around for a while now, but many are still new to the idea of using it. Maybe you’re one of the people that has been scared about using it because it is not backed by gold or silver. The value varies back on what the stock market is doing. We have learned what Bitcoin is and the benefits it has such as the decentralization and its superior business goals. It is important when you are buying into cryptocurrency, you buy one that is going to stick around. Don’t be foolish and buy just any crypto-coin.

How do you use Bitcoin?

The post Bitcoin & Cryptocurrency appeared first on Your Personal Finance Pro.

Book List

What is on your book list this year? If you’re serious about learning and growing, you better have a list of books waiting for you to break open the cover to. I have a minimum personal goal of reading through at least 12 books a year, but I’d prefer to conquer 24 books or more. Here are some business related or growth related books I read in 2022 that you could put on your list for 2023:

• The Disciplined Trader: Developing Winning Attitudes
• How To Day Trade For A Living: A Beginner’s Guide to Trading Tools and Tactics, Money Management, Discipline and Trading Psychology
• The Power of Neuroplasticity

There are so many incredible books out there that you will not run out of options for reading material to grow your mind.

YouTube

YouTube is often said to be the second largest search engine. If you are looking for ways to expand your knowledge base YouTube can be a helpful place to start. As with anything, not everything on YouTube is correct, but it certain contains a WEALTH of quality information. You can study electrical or you can brush up on your statistics. Either way, checking out this search engine is likely to bring up something for you to learn from.

Udemy

I have used Udemy in the past to learn things about business such as marketing. They are low cost classes covering various topics and niches. If you are looking to learn something in particular, Udemy would definitely be on my list of places to look. There is an option to follow specific “teachers” so you know when they come out with a new class. Expand your knowledge on a small budget with Udemy.

Conferences

This option is the most expensive options, but it can prove to be well worth the investment. Going to conferences expand your network by getting you around people you are striving to be like. If you want to go, it is important to have people to emulate. Our brains are actually wired to mirror those around us. So going to a conference can be an excellent way to have a conversation with that person you have followed or read books from. It’s a great way to meet new people who will continue to expand your knowledge will beyond the conference.

Conclusion

Entrepreneurs are always looking for ways to increase their learning potential. They set yearly goals for a reading list or classes to attend. It is helpful to make list and cross out those items as you go in order to stay on the path of goals. Using the library to borrow books helps with the cost of learning. Udemy is a cheaper way to continue your learning in many topics and niches. There are many great conferences out there to expand your knowledge base and grow your network. With so many gems out there, it is an excuse to say you can’t find tools in order to continue learning.

How about you, what do you do to continue your learning? What are your goals for 2023?

The post Making 2023 A Year of Learning appeared first on Your Personal Finance Pro.

High Interest Savings

Some banks offer high interest savings accounts that I just like any savings accounts that you have used before. Capital One has such a product that I have been personally using for about a year. The current APY is 3% which is a far cry from their normal at .30% APY. I’ve really liked using it since I can deposit and withdrawal as I need but while it’s sitting there it’s making me more many than what I was previously using.

CD

Most people know what Certificate of Deposits or CDs are. With CDs you deposit your money for a length of time until maturity. You can choose from 6 months to multiple years. The down side to investing with CDs is you will be penalized if you remove the money before the maturity date. If you are wanting to the funds to be liquid, this may not be the investment option you will want.

They are also higher in interest than a savings, but because they are quite safe they do not have a significantly higher interest rate. Capital One for instance has rate that are a little over 4%. Each bank will have their own rate, though they are all based on the federal interest rates.

Treasury Notes

I have been looking into Treasury Notes, or T notes, for my own personal investing. I want something that is higher yielding but is also flexible or liquid. This is a little difficult because you generally can’t have your cake and eat it too. T Notes are through the federal government, but you can purchase them through bank institutions or brokerages as well. T Notes you have a certain minimum about, this varies whether you go through the treasury website or another institution. You can invest in 2 years, 5 years or even 10 years. The interest rate will remain the same in 6 month increments. The T note does have some differences so make sure you look at your specific needs before selecting it for your investment.

Bonds

There are two different bonds, the I savings bond and the EE bond. You can remove your money after 1 year with both bonds, though you will lose 3 months of interest before the 5 year mark. The EE bond is guaranteed to double in 20 years and will continue to gain interest up to 30 years. The I bond does have a different interest rate than the EE and it is currently 3 times higher.

Conclusion

When we are making investing decisions time and accessibility are important considerations. High rate savings, Certificates of Deposit (CDs), Treasury Notes (T-Notes) and Savings Bonds are a few of the different options we have to choose from in order to make money while we sleep. Allow your money to work for you, work smart not hard and find ways to make safe investments with higher interest rates. The above options will accomplish the safety options with the interest rate.

How about you, what do you find to be beneficial for you and your investing situation?

The post Variable Timing Investing Options appeared first on Your Personal Finance Pro.

Keep reading to learn important money saving tips that everyone in their 20s should know.

Save Whatever You Can

While being financially independent for the first real time in your life can be exciting, it is important not to lose sight of the importance of saving and to remember to save money wherever you can. This means not splurging on things like food, activities, and even bills such as rent, and living slightly below your means as you adjust to your new financial situation and create a budget that works for you.

Make A Strict Budget

The sooner you create and begin to follow a strict budget, the sooner you will learn about money and get better at saving. When budgeting, it is important to be specific and fairly strict. Consider all potential costs that you might face in the coming year, and plan how you will set aside money accordingly. In addition to giving yourself money to spend on bills and various activities, you should work on growing a savings account as well as an emergency fund to cover unforeseen expenses such as the cost of surgery to fix a hammertoe.

Pick Up A Side Hustle

If you are having a hard time saving money or managing your finances despite creating a firm budget, it might be time to pick up a second job or temporary side hustle in order to earn a little extra income. This can include picking up a part time job, working as a delivery driver, babysitting, or doing odd jobs for friends or neighbors. Whatever the case may be, earning a second source of income that can be put directly into savings can help you grow your finances without struggling to make ends meet or compromise on things you’d like to spend money on.

The post 3 Tips for Saving Money in Your 20’s appeared first on Your Personal Finance Pro.

How do you work though and have your children at home? What other options might you look into if you want to both work from home and have your children outside the public school system?

Flexible Hours

One of the beautiful things about schooling at home is it gives you more flexibility. You can choose what time of the day works best for you and your children’s schedule. Do you have a meeting at 11? If it works best to have your children working on some reading during that time have them read. Do you have baseball practice at 3:30? Do your work beforehand and take the kids to practice.

Working from home, or remote work, doesn’t have to be an 8-5 job. Schooling from home does not have to be an 8-3 affair either. Learn what is best for you and your children throughout the seasons of the school year and as they grow.

Schooling Options

Some of the options you can choose to use when home schooling your children include: Pod schooling, microschools, video schooling, and online schooling. There are many cities and communities that have home school coops which provide many different opportunities for your children. Again, schedule your time around these opportunities for the best result for you and your family. Micro schools or pod schooling can be an excellent opportunity for your family if you want to keep your kids out of the public school system, but you don’t want to do everything regarding schooling for your kids. If your work requires you to have specific hours, micro schooling can really be beneficial for both you and your children.

Cost

If you have been sending your children to public school you might reasonably be wondering how schooling at home will impact your budget! There are many creative ways to teach your kids at home. Depending on your state regulations you may have more or less options. In the state of Arizona, where I live, we have many options because the state doesn’t regulate us to death.

One of the newest benefits in the state of Arizona is the passing of the Empowerment Scholarship Account which is for private institutions and homeschooling families. It gives money to help cover the cost of private tuition or curriculum for schooling at home. This is a huge opportunity for homeschooling and private schooling families in the state of Arizona.

If your state does not have a similar program, keep a look out for secondhand curriculum. Websites such as Thriftbooksks is really helpful for finding literature and workbooks for a fraction of the price. Many coops will have libraries where you can find a plethora of material for your children.

Conclusion

Going through 2020 taught us a lot about working and schooling at home. If you are wanting to work from home and homeschool your children it is very doable if you have the tools to make it work for your specific family. Fortunately there are many different ways to school at home and you’re only limited by your state regulations and community. There are so many options for curriculum and paying for all the things that come with schooling at home. Check out what is available in your state and area to best serve your family.

What did you learn from 2020 and working and schooling from home?

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Here are 3 simple ways to save at the grocery store.

1. Buy Generic Brands

While this might sound like common sense, many shoppers do not realize how much money they can actually save by opting to purchase generic branded groceries instead of name brands. From pantry staples to specialty foods, many grocery stores offer a wide variety of items for cheaper under their own brand name. These items are usually made with the same ingredients as their name brand counterparts, but are available for a fraction of the cost. Switching to exclusively generic groceries can save you hundreds of dollars at the grocery store each month, and you and your family will likely not even notice a difference in the items you are buying.

2. Buy in Bulk

If you are the head of a large household and find that you are constantly restocking groceries that are a staple in your household, it might be worth it to invest in a membership to a wholesale store like Costco or Sam’s Club in order to buy these items in bulk. While buying groceries in bulk is often more expensive up front, the individual cost of each item is often much cheaper, saving you money over time and saving you inconvenient trips to the grocery store as you will not run out of these items as quickly.

3. Look For Coupons

If you think that clipping coupons is an outdated method of saving money, you might be mistaken. While most coupons are available online these days, they can still save  you a considerable amount of money on groceries. Be sure to look online before heading to your favorite store and you can expect to save close to $100 on average on a large grocery haul.

The post 3 Easy Ways to Save Money on Groceries appeared first on Your Personal Finance Pro.

Early Retirement

When you are considering social security retirement benefits, you have two options. You can choose to take the benefits early at a reduced rate or wait until full retirement age for the full rate. When considering your options you might want to look at things like health and employment plans.

If you are in poor health you might want to consider if you most likely will live to full retirement age. You might choose to take it early in order to have the income between now and the time of death. If you are in good health and still working you might want to wait to and take your full amount. Either way, it is a good idea to get a calculator out and figure out the number of years it will take to break even between the two amounts.

Spousal Benefits

When your spouse dies you will be entitled to spousal benefits. You and your spouse must have been married for at least 10 years. There is a formula that The Social Security Administration uses to calculate your benefit amount. This will vary depending on your personal situation. If your spouse took their social security benefit before full retirement age you will get a percentage of a percentage of the amount of their full retirement age amount. If your spouse waiting until full retirement age it will be only a percentage of the full amount. It will also change if you take the benefit before your full retirement age.

Clearly, this is makes things very confusing. Here is a link that you might find helpful in understanding what your benefit amount might be. Check out this resource for detailed explanation. There are also many YouTube videos that can be helpful. They can help you figure out your equation before talking with Social Security or to better understand how they came up with the amount you will receive.

Other Considerations

When you are a spouse looking to take spousal benefits it can be very overwhelming. Make sure you consider your entire taxable income and other considerations such as healthcare. Before you are eligible for Medicare you must provide your own insurance. If you are on state Medicaid the amount you receive from spousal benefits might put you over the threshold costing you more out of pocket.

When you are taking social security benefits you are limited on the amount of taxable income. If you make more than the allotted threshold you will be penalized by a reduction of your social security check. So, you will not only be putting into social security even more, you will be receiving less of the over all amount you have put in. You will also be taxed on your income if you make over a specific amount even after full retirement.

Conclusion

When it comes to spousal death it can easily become overwhelming with all the “to-dos”. When it comes to social security and spousal benefits it can become very confusing. Before your spouse passes away they may have chosen to take social security early or at full retirement. That will impact the calculation The Social Security Administration uses to calculate your benefit amount. Other things to consider is your income and healthcare options.

What about you, what have you considered about your social security when your spouse passes away?

The post Social Security and Death Benefits appeared first on Your Personal Finance Pro.

Therapy

When you’re starting out with having a garden you might not know a lot about how to be successful. If that is the case, don’t expect to save money the first time or two, but it’s all experience for the future. One of the advantages of gardening is therapy. When you are in the garden you can opt to having a grounding or earthing experience in the rich soil that you are planting in. In most cases you will be gardening outside where you are able to synthesize vitamin D and breathe in the fresh outdoor air. Lastly gardening is beneficial for your mental well being. According to this article, it can even help people with dementia and even help prevent dementia.

Earth Benefits

There is no denying the benefits to the earth that small home gardens have. It produces its own eco-system by creating different avenues for animals and bugs to flourish. The plants clean the air, restores nutrients into the ground, helps reduce city noise. Plants also help keep erosion from happening. So if you’re wanting to “go green” consider how having a garden will reach your goal. Even if you’re in a drought area, there are many ways to be conservative with the water usage with gardening. Tools such as timers and dripper lines help your garden flourish by having a consistent water schedule as well as makes the water absorb better into the ground by being slow and steady.

Cost

You can go crazy and plant all sorts of plants that I may or may not eat. You could choose plants that aren’t well suited for your region. These are not good ideas when wanted to save money gardening. Select fruits and vegetables that you know you will enjoy. Also, select crops that are well suited for your region. Growing multiple plants of a single fruit or vegetable will help ensure you will have a better harvest. Plant more than you anticipate wanting in order to combat issues like bugs and hail damage. Having more plants of the same variety will make the most of the money you put into the bed and watering system as well as your time.

Particularly if you are going the organic route, this can easily save you money especially if you do some of the more expensive produce like bell peppers. Also consider some plants also take more than one season to really take off so the production savings will be longer. Lastly, don’t forget, once again, that producing your own vegetables will reduce your need for the grocery store. It will be local and very fresh!

Conclusion

Having a home garden is beneficial for the gardening, the earth, and the pocket book. Starting out on your gardening adventures might take more time, but the results will be a wider understanding of where food comes from and sustainability as well as a healthier you. Gardening can help ease the bill at grocery store with fresh, homegrown food that is ripened on the vine and the most nutrient dense.

How about you, how have you found growing a garden to be helpful for you?

The post Gardening for Health and Wealth appeared first on Your Personal Finance Pro.

Cremation Vs. Burial

When we consider what do to with the body after death, the difference between cremation and burial is significant. You can choose to buy an urn at the funeral home or buy one online. If you are not interested in extravagance, you can even buy a large enough container at the market, just verify the size before choosing your piece.

According to this article the average costs for cremation here in the United States can be between $800-$4,000. Even if you choose to cremate you can choose burial for the cremains. This obviously would include the actual burial costs, but would also you give you options. Burial alone can cost between $1,000 to $4,000 for the plot. The average cost for a casket in the United States is $1924. The average cost of a headstone is $1,500.

All these expenses go into the consideration of burial versus cremation. Again, if you choose to do cremation and burial you will need to expect some of the same costs.

Donating Your Body

If you’re not aware, you can choose to donate your body to science. This option has some restrictions depending on cause of demise and other factors. It is a really good option though when wanting to cut costs for post mortem care. You will want to look at the options in your individual state because they do vary.  This website gives you a step by step process in making a whole body donation. This option will generally cover most of the costs making it really financially friendly. A word of caution, if you are concerned where they might send tissue or DNA, please check with the company because they might send it internationally. My grandfather was donated and it was a really great experience for his widow and the rest of the family involved. It’s definitely something to consider if you’re on a tight budget.

Funeral

Finally, if you are wanting to have a funeral consider making it more intimate rather than lavish. Consider having someone open their home for the funeral rather than a funeral home. You can still put together things like slide shows and open the floor for sharing stories in a more personal setting.

Consider making it a potluck and have those attending bring a dish they love to share. This should be a time of reflection and community, it doesn’t have to have all the bells and whistles.

Conclusion

Having a loved one die is a stressful time. It can be a financial burden as well. Consider staying on a smaller budget with things like having a cremation and no burial or having a small, intimate funeral held at someone’s home. Honoring the dead doesn’t need to break the bank, especially if you have time to plan it in advance.

What about you, have you planned for your death? What do you plan to do?

The post Saving Money While Planning For Death appeared first on Your Personal Finance Pro.

Having been around for more than a decade, the world has watched the crypto market grow and expand into various horizons. While individual investors continue to take an interest in it for its potential to generate worthwhile returns despite its volatile nature, businesses and merchants are gradually becoming accustomed to the idea of offering crypto payment options for easy, secure, and quick transactions. 

Just as many sit in positive anticipation for the Verizon 200, there’s equally enough excitement to look forward to when it comes to the benefits to enjoy from using cryptocurrency. So, for a comprehensive look into the benefits of using cryptocurrency, you can continue reading for more. 

Cryptocurrency: An Overview

Cryptocurrency is a digital currency that’s marked by cryptography which is set to be a network that’s spread across several computers. This makes it impossible to double-spend or counterfeit any transaction allowing for secure online payments.  

Cryptocurrencies are designed to operate on decentralized networks that run on blockchain technology essentially working to make it impossible for anyone to cheat the system. It’s effective structures like these that allow cryptocurrencies to be independent of control from governments and various regulatory authorities. 

Since the success of Bitcoin, cryptocurrencies have turned into a worldwide phenomenon. This has caused it to have influence that’s significant enough to see it replace general currencies in the near future possibly. Since the world is gradually gravitating towards becoming a cashless society, the momentum behind the use of cryptocurrencies continues to grow. 

Cryptocurrency Benefits

No Inflation

Thanks to inflation, the world has seen many global currencies decline in value over time. When you look at cryptocurrencies, an ASCII computer file will work to specify the crypto coin’s quantity; therefore, when you look at leading cryptos like Bitcoin, it’s already set that only 21 million Bitcoins will be launched and released on the market globally. The moment the market starts seeing an increase in demand for Bitcoin, its value will increase so it can maintain its value on the market, in turn, preventing the effects of inflation. 

This concept is generally used when it comes to other cryptocurrencies as well. 

It’s Self-Managed And Self-Governed

For any currency to develop, its governance and maintenance are important. All crypto transactions are stored by miners and developers on hardware, allowing for all records to remain accurate and up to date. This maintains the integrity of cryptocurrency and also keeps all records decentralized. 

It’s Decentralized

The main advantage behind the use of cryptocurrency has to come with the fact that it’s decentralized. Cryptocurrencies are controlled and influenced by their developers, corporations that develop the coin before it’s launched on the market, and investors that own large amounts of the coin. This decentralization helps to keep the digital currency free of any monopoly; therefore, no organization can determine its worth or flow, allowing for stability and security.  

It’s Cost-Effective For Transactions

Cryptocurrencies are mainly used for sending money across global borders. Since no third parties are involved in facilitating or verifying these transactions, crypto users are charged exceptionally low fees that can easily be ignored. 

Currency Exchanges Are Seamless

You can use almost any global currency to buy cryptocurrency. With the help of varied crypto wallets and exchange platforms, users can convert fiat currency into cryptocurrency or vice versa across different wallets. And while all this happens, users are charged minimal transaction fees that make the experience affordable. 

It’s Private And Secure

For a long time, many experts and speculators questioned concerns surrounding privacy and security that lies within the use of cryptocurrency. However, since the ledger used in the blockchain is heavily reliant on its different mathematical puzzles, decoding this has proven to be challenging. This makes cryptocurrency a safe market to explore in comparison to other ordinary transactions that are done electronically. Therefore, privacy and security remain worthwhile benefits to keep in mind. 

A Smooth Transfer Of Funds

Cryptocurrencies have maintained their reputation as being an optimal solution when it comes to transactions. Whether these are done domestically or internationally, processing times remain quick since verification requires little time to process as the barriers are very few to cross. 

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