Managing Your Taxes To Increase Your Cash Flow
Benjamin Franklin said the two things that are most certain in life are death and paying taxes. Everyone must die one day, and everyone who earns money must pay taxes. You don’t have to be a tax expert to know how to reduce the amount of taxes you pay to keep more…
Why Time Is Money?
Many of us have heard the saying, “Time is money”. But most of us just accepted it and have never really reflected on the meaning of the statement and its truthfulness. The statement “Time is money” can be explained using multiple scenarios in different contexts, but…
Why Dollar-Cost Averaging Beats Timing The Stock Market?
What Is Dollar-Cost Averaging? Dollar Cost Averaging is a strategy that is used to systematically purchase an amount of stocks or shares of securities products, such as a mutual fund or a portfolio fund, to offset investment risk in a market that is fluctuating. Put…
Why Bank On Yourself Or Your Family?
What Does “Bank on Yourself ” Mean? In the book Bank On Yourself by Pamela Yellen, she explains the “Bank On Yourself” concept as buying a whole life insurance policy on yourself, funding the insurance cash value using paid up additions (overfunding the cash value),…
What Is Your Debt-To-Income Ratio?
One of the biggest contributing factors to the financial issues many face today is debt. People from all income brackets tend to have too much debt, so most of their income goes towards debt servicing instead of towards a higher quality lifestyle. Many six-figure…
Personal Finance Issues You May Face
Throughout your lifetime, you may face a variety of personal financial issues. Issues like debt, unemployment, illness, and other unexpected life events can affect you rather harshly. However, if you can set aside time to create a financial plan, usually there are…
Should I Lease or Finance My Next Car?
What does it mean to lease a car? Leasing a car is similar to renting to own a home, the lessee doesn’t own the car and has no equity in it despite the monthly payments. As with renting to own a home, your car lease payment will remain the same for the duration of…
Ins And Outs Of Buying Your First Home!
Buying Your First Home? If you’re planning on purchasing your first home in the near future, you may have already asked yourself this question. Do I want to buy a resale home or a brand new one? Whether it’s a resale or a new home, there are some things that you…
Financial Literacy: A Great Legacy For Your Children!
“Go to school and work hard to get good grades so that when you graduate you’ll get a good job and be successful, and hence be able to take care of yourself and your family!” Were you told that when you were growing up? And did you believe that success was more or…
Assets vs Liabilities: Which Ones Are You Buying?
What Is An Asset? An asset is something that has monetary value. Put simply, an asset is anything that puts money in your pocket. Examples of assets are: money in the bank, stocks, bonds, and rental properties. What is Liability? A liability is a claim on your…