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6 Common Financial Mistakes

Here we will take a look at some of the most common financial mistakes that the majority of people make. You might say, this doesn’t apply to me. Are you being truthful with yourself? My gut tells me you are in denial if you believe you don’t have some sort of financial problem.

1) Frivolous and Excessive Spending
Many people assume that their day to day spending is in control. What is the big deal about the $4 coffee or the $9 lunch? These are normal, right? Wrong. Small purchases add up quickly. The frivolous $15 spent per day is huge when measured on an annualized or compounded basis. $15 x 365 = $5,475. If this $15 per day was invested over 40 years at 8% interest, the balance equates to $1,592,772. Frivolous spending is debilitating. Get your act together. This is low hanging fruit. Be disciplined.

2) Never-Ending Payments
How can anyone gain considerable wealth by staying on the payment plan? Whoever invented lifelong payment plans is a genius. People assume it is natural to have 15 reoccurring payments each month. Anything subscription taking away money from me each month does not feel natural. I am sure you could eliminate half of the plans without much pain.

To name a few:

  • Netflix subscription
  • Cable TV
  • Gym membership that you use 2x per month
  • Fancy cell phone plan

3) Living on Credit Cards
For households that carry credit card debt, it costs them about $1,300 a year in interest. Today, the average household with credit card debt has balances totaling $16,748. Only 52% of credit card owners pay their credit card in full each month. Living on borrowed money will only cause heartache. I have seen too many close friends or family give away their freedom to this kind of behavior. Don’t be another statistic. You will never generate wealth by living on borrowed money.

Never fall behind on your credit card payments. Always pay your balance in full. The U.S.News and World Report explains that 35% of your credit score is based on your payment history. Another 30% is based on amounts owed. Don’t ruin your life by having an unpaid credit card balance. There’s a reason why credit card companies offer huge promotions for new card holders. They count on you carrying high balances. It just means more revenue for the credit card companies.

4) Buying a New Car
New cars depreciate very quickly. Payment plans are debilitating. Don’t get more than what you need. The economic, older car will still get you to your destination. What is the purpose of a vehicle? To get you to the destination. Nothing more, nothing less. So why get the big, expensive SUV with all of the bells and whistles? You are not impressing anyone. The seat is not that much more comfortable. If you can’t pay for the car with cash, you probably can’t afford it. Being able to afford the payment is not the same thing as being able to afford the car.

I feel bad for people when they buy a new car. They post a picture on Facebook and everyone “Likes” their new purchase and congratulates them. Why congratulate someone for signing up for another payment plan? Please, don’t encourage the wrong behavior. Instead, I wish more people would recognize payment plans as a form of bondage. Payment plans are miserable. Payment plans are not your friend. They take all your money each month and charge you interest. Doesn’t sound very friendly to me.

5) Spending Too Much on Your House
Housing is the number one expense for most households. Owning a big, fancy house just means a big, fancy payment plan. Mrs. H and I have chosen to live in a modest condo that is completely paid off. It feels wonderful to not be on the payment plan. We could sell our four paid off condos and purchase a very nice house. Instead, we choose to live in a condo and generate rental income on the other 3 condos. There is always an opportunity cost. People justify buying a huge house as an investment. Over the long run, owning a house appreciates at the same rate as inflation. Instead, I consider a house a liability. It takes money away from your monthly income. Anything that negatively impacts your income is a liability in my book. Minimize your liabilities.

Never refinance your house. Refinancing and taking cash out is a bad strategy. This will reduce your net worth and increase your monthly payments. Also, it will cost thousands of dollars in interest and fees.

6) Living Paycheck to Paycheck
This is a miserable way to live. Just think about it, constantly living in fear of not being able to pay your bills. Always one paycheck from being evicted from your home is a terrible way to live. If you believe it is impossible to save money, you are in denial. There are ways. Get creative. Make sacrifices. Avoid eating out. Stop buying the $0.99 soda on your way home from work. This all adds up.

Here is irony: when you get a 20% raise, you still somehow find yourself living paycheck to paycheck. Living paycheck to paycheck is less dependent on your income and more dependent on your choices. There are many low-income earners that are never living paycheck to paycheck. In contrast, there are many high-income earners constantly on the brink of financial ruin. Don’t make excuses. Life is expensive. It always has been and always will be. Just change the way you choose to live.

Bottom Line
You might say that your scenario is unique and there is no way to get out of the rut you are in. I would say that it is possible to get out of your imaginary long term out. Imagine you and I could have a personal conversation. Within 5 minutes we could come up with 5 relatively simple strategies that could be implemented immediately. You can change your circumstances but you must first Believe it is possible. The work every day to make your dream a reality. Life isn’t meant to be dictated by uncontrolled finances. Money is a tool to gain freedom, not lose freedom.

Contributed by Mr. Hammocker

Wearable technologies to reclaim their lost ground exponentially

Wearable technology 2017

Wearable technology 2017

Any sufficiently advanced technology is equivalent to magic. – Arthur C. Clarke (Author)

If you thought the age of wearable technologies (wearables) is passe. Think again. Coz the market is ripe with rumors about a fabulous comeback of the wearable technologies with a bang.

A new report published on the official website of the International Data Corporation (IDC), global wearables market are expected to double by 2021. The IDC forecast says vendors will ship around 125.5 million wearable devices in 2017 alone – a significant bump of 20.4% as compared to 104.3 million units shipped in 2016. 

The wearable markets will continue its forward march to reach a 240.1 million figure by 2021 that would result in a 5-year compound annual growth rate (CAGR) of 18.2%.  

Ramon T. Llamas, a research manager at IDC’s Wearable arm, has said that digital assistants, connections, and connectivity to larger systems from 2nd-generation and 3rd generation devices will be more functional, both at home and work and will make today’s gadgets obsolete. 

Top 4 wearables to watch out for in 2017

  • Wristbands - The wristbands ruled the wearables market but they’d lose their steam in the future. The wristband market experienced some hiccups in 2016 and it may continue to perform poorly in 2017 as well. However, there could be a proliferation of affordable devices with good features that will cater to the mass market. Users are expected to accept wearables because of their extra utility and multi-tasking capabilities.
  • Watches - During the entire forecast period, the total number of watches shipped will take up the lion’s share of the wearable technology market. Conventional watches – the basic ones that don’t run any kind of third party applications like fitness/GPS watches, hybrid watches, and many kid watches, will post far better performance than smartwatches (such as Apple Watch, Samsung Gear, and all the Android Wearables). The reason is many conventional watchmakers have upped the ante against the smartwatch companies as they have started using their resources to build more and more hybrid watches. As a result, it’ll create higher TAM every year. But, smart watches will keep growing in leaps and bounds as cellular connectivity grows further.
  • Clothing - The smart clothing market has started making its presence felt, especially in China. A number of Chinese vendors have begun delivering smart clothings like shirts, shoes, belts, socks, and other connected clothes. Right now consumers are wary of using connected clothing but professional athletes and some organizations have started using these garments to improve their on-field performance. The good news is that Google and Levi’s are releasing their first jointly developed, Jacquard-enabled jacket to break the mass apprehension.
  • Earwear - Don’t expect to hear anything about the Bluetooth headsets here that can only help you make and receive voice calls. The wearable technology market is vying for more sophisticated, more functional and smarter gadgets that can send information back and forth to any smartphone application. Take, for instance, Samsung Icon X, Bragi’s Dash and so on that would provide real-time audio filtering or language translation, besides collecting fitness data of the consumers.

Apart from the above, latest wearables like non-AR/VR eyewear, clip-on devices, etc will hit the technology market across the globe.


11 Habits you can practice to save more money in your 20s

Twenties is the right time to practice good financial habits. Because, at this age every one should prioritize their finance in order to make a smooth financial life. If you’ve a habit of spending more than what you earn, it would be really difficult for you to fight with debt. The major reason that people incur debt is because they don’t know how to live within their means. If you have a couple of credit cards in your hand and indulge into heavy shopping without thinking about future consequences, then you’re in trouble. Once you fall in debt, you’ll realize how difficult it is to get rid of it. It is better that you start building new habits to become a money saver.   My article can give you some suggestions.

Financial habits you can build in your 20s

Here are the 11 habits that can help you stay financially independent not only in your 20s but throughout your life.

1. Set up a goal

You should have some reasons to save money. Think what do you want? A home, financial independence, getting rid of your student loan debt . Take your first step and achieve one by one. Your desire will inspire you to save money and thus you can build a good money habits as well.

2. Give yourself a deadline

Always fix a date by which you can meet your goal. This will give you a push to save money. Think about your goal once a day. Thus, you can avoid big expenses and stay within your budget.

3. Create budget and modify accordingly

Budgeting helps you spend less than what you earn. This helps you to save more as well. As you expend less and save more, you incur less debts and even if you do incur some, you’ll have the money to pay those off. You’ll have to make a list of your income and your expenditures in order to create a budget . A budgeting calculator can help you prepare your budget. If required, you’ll have to analyze and also modify the budget from time to time as per the changes in your income and your expenditures.

4. List items of your requirement

At the beginning of every week you should list the names of items you would require throughout the week. This list should only include items of necessity and not luxury. You should then visit the mall once a week to buy things you’ve written down in that list. You should remember to carry the list with whenever you go for shopping.

5. Use cash for shopping as much possible

One of the major reasons why young people get into debts is credit cards. When you’ve a credit card in your hand, you can barely resist the temptation of buying anything that catches your fancy without thinking whether or not you at all need it. Instead if you use cash for purchasing,   you would not be able to spend much even if you want. This is because you cannot carry too much cash always.

6. Stay within your means

You’ll have to change your style of expenditure in order to save money. That is, you’ll have to become more disciplined and lower your expenditures as much as possible. In addition, lower the usage of credit cards as these incur higher debts.

7. Make a habit of using coupons

Coupons are a great way of saving money. You can collect coupons from newspapers, magazines and even some websites which allow you to download free coupons. Thus, you can use these coupons to buy items on discount. Talk to your parents or elderly persons to get some information about couponing.

8. Make your own food always

Eating out, ordering food or buying lunch can make your pocket considerably lighter. It is better you skip eating out except for those very rare occasions when you want to go for dinner in a restaurant to celebrate anything. You should also carry brown paper bag to office so that you don’t need to buy food.

9. Set up an automatic savings account

Set up an automatic savings account to avoid spending money on something else. You can ask your employer to directly deposit a certain amount of money from your salary into the savings account. Pay yourself before paying others. Start small with just 1%-2% of your salary. Once it becomes a habit, you’ll see how fast your money grows.

10. Fight with debt

You should work on your financial obligations as soon as possible. The sooner you pay off your debts, the quicker you can start saving money. Try to pay the high interest debts first. Try to fix your credit card and student loan debts now.

11. Give priority to your career

Take your job seriously because your profession will give you a smooth financial life at the age of 30. A good job is always a steady source of income. Work hard and acquire advanced skills in order to stay financially secure in the long run.

Bottom lines

Try to learn more about banking, investing, handling finances and so on. Read journals and financial magazines. Visit good personal finance websites and follow financial market on TV channels. These all are good habits you can build in your 20s. Thus, you can discover your own ways to deal with money as well.


Commodities you own too many of – Things that can eat your savings – part 2

Hey Guyz..this is the continuation of the last post. Let’s check on some more of those things which we can cut off from our budget and save some bucks..yeah!


Makeup kits – If you are a lady, your makeup, especially lipsticks, mascaras, liners and many other make up utilities will cost thousands. I have seen most of the ladies always toss their make up things after using, here and there. anything you haven’t worn in the past year, you can gather in one bag and sell them or you can reuse them through the help of a professional makeup artist.

Books – Books are one of the most important part of our daily life. Many people doesn’t love to read, but fortunately, that number is decreasing day by day. Other part on the people thinks that books are specially made for decoration purpose. But either way, if you are not using them, you can utilize your collection and donate as many books as you can to the local library, a orphanage, or gift books to friends and relatives.

Bathing stuff, frilly soaps and scented candles – If you have these items, don’t use them to fill up your closet. You might be saving them for a special day. It is ok, but what you can do in the meantime is to keep them along with your clothes in the same closet. Your clothes will be scented without any hassle.

Vases – Use old vases for different purpose. You can use them for growing trees, use them as show-pieces. Recycle them by giving a personal touch, paints, ribbons and give them as a gift to your loved ones.

Closet hangers – Hangers always jumbled up with each other and looks messy. So, better not to buy so many of them. Use uniform slim hangers which will save space and looks neat, keeps your clothes longer. Clear your closet from stuffed wire hangers and contact the cleaners who will accept your old hangers.



Commodities you own too many of – Things that can eat your savings – part 1

Hey Guyz, Today I am gonna discuss about some common things which we normally have in our possession, some personal things may be. These are day-to-day commodities which we need practically everyday. But we usually gather multiples of them without any proper reason, so few of these turns into too many of them. Let’s check on some of those which we can cut off to save some bucks..yeah!

Bed Sheets – If you have more than two kids and you need to change bed sheets daily, then you really require more than two or three sets of sheets for your each bed. But if you have a grown child then you don’t need ¾ pairs of bed sheets, 1 or 2 sets will be more than enough for you. So, stop buying extra pair of sheets. Keep looking for quality instead of quantity, consider comfort rather than luxury. You can also have some bucks in your pocket if you sell your old sheets to a garage or backyard sale. You can also donate old pairs to dog shelters.

Transparent glasses – You’ll prefer Wine glasses, specially for drinking juice or soda, martini glasses for party…right? But seriously, do you really require different glasses for different purpose? Some people will disagree, but if you also go for the trend, it will fill your cupboards but simultaneously empty your wallet. Many of us normally use same glasses for drinking different beverages.

Handy towels – Similar as bed sheets, the towels. Is it necessary to change new towel in every week or month? Or much worse, after every bath or shower? Many people use different towel for different purpose. Like – a hair towel, a bath towel, a hand towel etc. Don’t change it so frequently, if you really want to change it, donate old towels to some place else like an animal shelter or something. Put aside big ones to use it on the beach or while having a tan beside the pool. Make space in your closet by buying less number of handy towels, increase using old ones more often.

Cleaning/Grooming Products – Specially for ladies, whether it’s face products, hair products, nail products, hair baubles or anything else, we are all a bit choosy. We normally always try to gather the best with great prices. But now it is time to eliminate that habit. Modify your routine, whether it’s a bath product or a cleaning product, cut out things you don’t use. Try to use low budget commodities, like medicated products and local made cleaners, stop going for the brand. It will save a lot from your budget.


To be continued…


B017PS - BGwk28 - Beware young parents – Avoid 5 greatest financial mistakes

Beware young parents – Avoid 5 greatest financial mistakes

One of the toughest job you have to perform as a parent is to raising a young child. This job will involve most of the time in your daily routine. There is so much you have to do in very short time that you might have ignore the financial life of your child. So, do not underestimate the importance of financial planning in your child’s life. Check out the below given mistakes which you should avoid being young parent.

  1. Living without an emergency fund – Did you saved enough money to carry out daily expenses and bills ? If not, set up a financial goal and open a savings account to gather emergency funds. Try to deposit minimum of $50 every month. There is a chance of sudden job loss, for both the parents. So, it is advised to save for total expenses for 3 months to 6 months at least. It will buy you enough time to find a new job. It would also help you in the time of crisis like an unexpected home repair or a medical issue.
  1. Not preparing for the retirement – Most or the parents save money for their kid’s college expenses, but they always ignore the retirement. Do the opposite. If any problem arises, you can opt for a student loan, but you can not borrow money for your retirement days. You must allocate funds from each month’s income for your future days. Choose a 401(k) account if possible. Another option is a Roth IRA or a traditional IRA.
  1. Not opening a savings account for your child – Open a savings account for your son or daughter. Give him or her a certain amount per month and ask them to deposit that amount into their personal account. By this way you can teach them saving habits which will encourage them to save for future. You can also put a certain amount in a 529 college-savings plan. The fund will be tax-free if it is only used for college expenses.
  1. Ignoring eligible tax savings – You might be aware of the personal exemption of tax by $3,950 per child, but somehow you missed the opportunity. These deduction will include the child tax credit up to $1,000 (it will be based on your income), child- and dependent-care (coverage given up to 35% of the cost of daycare and day camp), tax credit for adoption (up to $13,190) and tuition fee for special-needy students.
  2. Not having a health-care “flexible spending account” (FSA) – Most of the big companies allow you to separate some pretax dollars, which you can use to met out-of-pocket medical expenses. For now, this opportunity is given only to 1 in 5 employees. Gather up all your documents like prescription, bills, doctor and dental expenses from the last 12 months, and allocate that amount for enrollment. This step will save your health and medical costs by 20% to 50%.
B016PS - BGwk27 - Gain financial stability and success – Few habits to consider part 2

Gain financial stability and success – Few habits to consider part 2

Hi folks… This is the continuation of the last post of mine. Hope you’ll enjoy these one also.


  • Avoid and manage your debts – You need to set up a debt elimination plan, if you have any credit card debts or any other personal debts like loans etc. List up your debts from lower amount to higher amount. You can target the topmost debt amount, which is the lowest of the list. You can easily pay off that amount. Gradually you will pay off the whole list of debts. Then calculate the total amount of the payment and add it with the next debt amount in the list. Continue this procedure with your extra saving funds and go along, until you pay off all your debts. This might take few years, but it’s a quite easy and required process.
  • Implement envelope system – Envelope system is a budget based technique. Suppose you maintain 3 funds to pay off your debts easily – 1) Daily groceries 2) one for gas, 3) one for foods. Gather these amount on payday, and put them in three separate envelopes. By this way you can easily calculate and track, how much you have paid till now. It will help you to manage your money when you truly need it badly. You can’t over spend by this way. If you notice that your budget is finishing very fast, you must rethink your budget.
  • Pay bills immediately or automatically – A very good habit is to pay your debt burdens, means all bills as soon as possible. Try to pay as much as possible also, as the more you’ll be paying the lesser you have to pay in future. If you can initiate an automatic deduction from your account to pay monthly bills, it would be great. For those who can’t, they can utilize bank’s online check system for making regular automatic payments.
  • Do research and read more – The more you read about personal finances, the more you’ll know about different tips and tricks to save money.You’ll know how to live a simple life with saving more. You’ll learn new strategies to manage daily expenses in such a way that your costs will be lower and you can gather funds for future utilities.

Search new ideas to increase net worth – You can try new ways to grow your net worth. You can lower your debt, you can grow your savings or develop your income capacity, whatever you want to do. Always find new ideas for growth of income. As soon as you can see increase in your net worth, you’ll be boosted to work more hard than ever.

B015PS - BGwk27 - Gain financial stability and success – Few habits to consider part 1

Gain financial stability and success – Few habits to consider part 1

You need to develop good financial habits to achieve any goal. Similarly, if you want to gain financial stability and total success in your life, you must also need to work hard to grow constructive habits. As we all know, bad financial habits can make your financial life miserable, similarly good financial habits can also make your finances grow more than ever. So, let’s have a list of some common good financial habits which we can implement in our daily life.

Here goes the list in no particular order:


  • Make a automatic savings – If you don’t have any savings yet for emergency costs, this habit     will be useful for you. This will be just like separating a monthly     payment to a creditor, the point is..that creditor will be you absolutely!! Make sure that you enable an automatic deduction of a certain amount, from your checking account to an external online     savings account. You don’t have to remember about this transaction,     assume it was never happen. Just remember one thing, make sure it should deducted from your income every month. You’ll find a lump sum fund if anytime you need an urgent cash.
  • Hold on to your impulses – In today’s world, we are very much obsessed with impulse spending habits. We love outdoor time spending along with eating out, movies,     shopping and buying online. These activities actually drains out our finances heavily. It also affects the budget plans which we might have prepared for our future activities. So, don’t get too much overboard with your spending habits and save your money.
  • Evaluate your expenses – Like a frugal individual, you must try to examine your spending habits for at least one month. Check your expenses regularly, and decide     which costs can be neglected. Give priority the important expenses like rent, utility bills, mortgage payments etc and if you can..ignore the unimportant ones like buying movie tickets, shopping, eating etc. Take the initiative to reduce unnecessary costs from the bottom.
  • Think about your future – People often forget about saving for retirement fund. If you are a young person, you might have also forgot the issue too. This would be your     lucky day, as now you can start for your retirement. The growth of your investments will be astonishing if it can be started in your early 20’s. It will get the time to get bigger by increasing your 401(k). Again you can choose another good option , that is a Roth     IRA. Keep going on research and start as early as possible.
  • Invest for your family – Now, you have to decide how you would make the formation of your savings. Initially you should always go for the emergency fund. If you can afford to save some more money, think about your family next. If you have a spouse and/or dependents, make insurance policies for them and confirm the premium payments every time. You should also make a will so that if something happens to your, your property can be transferred to that dependent in a hassle-free way. Remember, it is your duty to take care of them, whether you are with them or not.

To be continued…

B014PS - BGwk26 - Reasons behind overspending – Avoid this issues to save your wallet part 2

Reasons behind overspending – Avoid this issues to save your wallet part 2

Hi folks… This is the continuation of the last post of mine. Hope you’ll enjoy these money saving ideas.


  1. Immediate need – When you visit a store, you might not be looking a special thing to buy. But suddenly, if you remember something which you need immediately, you are gonna use your credit card and buy it. You’ll feel a great satisfaction after achieving that commodity. But after that, when you return home and think, you may find that you have wasted your money on a product which can be purchased later. You needed that money for another special need. But it was too late. you got what you want now, and you have to pay the bill on time..
  1. Lifestyle – If you are living a good, high class lifestyle, it will be very hard for you to downgrade your daily habits due to a financial hardship. So, you might maintain your high grade, costly habits and routine which will gather more debts for you.
  1. Behaving like a child – Some people just behave like a CHILD. A child normally gets money, and he/she got scared that may be someone will snatch that money from him/her. Then the child normally spends it in any kind of activity, the aim is to spend. But this behavior can be suitable for a child, not a mature person. If being a mature citizen, you spend without thinking, at any reason, I am afraid you’ll be in a deep trouble.
  1. Showing off power – Spending money actually is a mode of showing off power. No matter what would be the amount, paying it off with a card swipe is pretty cool. Similarly, throwing off a bunch of $100 bill for paying your shopping bills is also mind blowing. But seriously! what kind of power you gain by piling up debts?? Think about it..
  1. Over self-estimation – Don’t overestimate yourself! I agree you also deserve a $50 haircut, or $75 body massage, but it is wrong you always have to spend that much extra for yourself. I mean , practically you can handle yourself if you got a $10 haircut.
  1. Not saying “NO” – This one is the one that I have heard the absolute most. Whether a child asking a parent for the newest fad toy or a spouse wanting the newest computer game, some people just cannot say no! Even if they cannot afford to say yes, they feel like a failure to some degree if the money is not there to meet the wants of the other person. No matter what, these people will make it happen, even if it becomes a dead end to bankruptcy court.


B013PS - BGwk26 - Reasons behind overspending – Avoid this issues to save your wallet part 1

Reasons behind overspending – Avoid this issues to save your wallet part 1

Hi folks…In this article I am discussing about the reason which prove us to spend most of our monthly income. Learn how to recognize these reasons and enjoy these money saving ideas.


The most common reason for an individual to not saving enough is lack of self-control. But seriously, is it so problematic that a person can not handle it properly? No, it will take serious attention and a lot of self-control as well. So, what happens is, whenever you have a sudden costs to cover urgently, you’ll forget everything else, even your other priorities like education and medical costs.

So, it is clear that there are many reasons which will force you to spend without any limit. But actually, if we try to reduce those reason first, in spite of trying to save money, we will come out with flying colors definitely. So, here goes some of the main reasons which will poke you to spend without thinking for tomorrow :

  1. Maintaining high status – many people think that if they will not follow the high status just like their neighbors, then the neighbors would avoid them. ThIs is totally the inferiority complex, nothing else. Actually the neighbors are also thinking the same way and they are continuous.
  1. Keeping company – In today’s trend, many people love to enjoy dinner, discoes, shopping and many more activities along with friends. They think if they not spend enough money on their friends, their friends will drop them. It is a totally misconception, if you can’t afford to spend on them, and they leave you for that, do they should be called friends?
  1. Funds are coming – many people spend a certain amount way before they actually getting that amount in hand. Suppose you’ve won a big amount as prize money. For that reason, you may decide to buy a new laptop for your son. But do not buy that gadget from your own pocket using credit cards. This way you are only increasing your personal debt burden. You must use your prize money when you get the cash amount in your hand.
  1. You don’t feel credit card – It is true, people doesn’t feel while spending through credit cards. plastic cards definitely not feel as much as old paper cash. For this reason people use cards more often and tend to over spend.

To be continued…