AVOID THESE 6 MONEY MISTAKES IN YOUR 30s!

As you get into your 30s, you’ll realize that they’re a crucial decade of your life. You may be past the point where you don’t know what to do but you can still find ways to be proactive with your money.

Here are money mistakes you should learn to avoid in your 30s:

1. NOT HAVING AN EMERGENCY FUND

It is important to have an emergency fund to avoid debt in later life. Ideally, this account should cover three to six months of your essential expenses so you can cover any unexpected events such as losing your job or costly medical issues. It is highly suggested to put your emergency fund in a saving account so you can access it immediately and do not need to worry about a downturn in the markets affecting how much money you have.

2. BEING UNDERINSURED

Most people don’t like to buy insurance because it means paying for something that they hope to never happen/use. However, the consequences of being uninsured are so large that they can wipe you out financially. One accident on the job or medical emergency can change your financial structure just in the blink of an eye.

The types of insurance that are highly recommended are:

– Term life insurance

– Health insurance

– Disability insurance

– Renter’s insurance

3. MAKING MINIMUM PAYMENTS ON HIGH-INTEREST DEBT

If you have high-interest personal loans or credit card debt, it is suggested to pay them down as aggressively as possible before you focus on a low-interest loan or a mortgage. The faster you can pay those high-interest loans off, the more money you can put towards other financial goals that become increasingly important as you progress in your 30s.

4. BUYING TOO MUCH PROPERTY/HOUSE

Home/property ownership is gratifying and can lead to wealth creation. However, it is not guaranteed. You have to make sure that your housing budget includes room for things like unexpected repairs, maintenance, and potential changes to your future income if you start a family.

5. NOT AGGRESSIVELY SAVING FOR RETIREMENT

Retirement can seem far away when you are in your 30s. But every dollar you save for retirement now will be 10 to 20 extra years to accumulate compound interest than money saved in your 40s and 50s. You can set up an IRA (Individual Retirement Account) that will automatically move money from your checking account on payday.

6. SAVING FOR YOUR KIDS BEFORE SAVING FOR YOURSELF

When you become a parent, it is natural to want to put your kids’ needs in front of your own. However, saving for your children’s college education before you save for your own retirement is a terrible mistake. There are many ways to pay for college such as scholarships or applying to less expensive institutions but there is no way to pay for retirement other than saving.

When people enter their thirties, there are typically 20-30 common money mistakes they’re making. However, we’ve narrowed it down to the 6 most important money mistakes that need to be fixed if you want significant financial improvement.

Don’t forget to leave your comment below. Like and share this article with your family and friends if you found it useful and important.

Rental Alert: Huge 3 bedroom 1 bathroom Condo in Riverside Paterson, NJ – 30 mins from NYC and half the price of a New York City apartment!

Located 30 minutes away from NYC driving. This condo is a large open space with 3 bedrooms and 1 bathroom. Open floor kitchen with huge island and stainless steel appliances including stove, microwave, and dishwasher. Plenty of closet space in this unit, and lots of amenities and of course your own laundry washer + dryer in your unit!

Located 30 minutes away from NYC, driving. This condo is a large open space with 3 bedrooms and 1 bathroom. Open floor kitchen with huge island and stainless steel appliances including stove, microwave, and dishwasher. Plenty of closet space in this unit, and lots of amenities and of course your own laundry washer + dryer in your unit! This condo is Minutes from NJ train, bus, Trader Joe’s, plenty of colleges,and also the Great Falls National Historic park. With signing you are entitled to a parking lot, Entertainment room with ping pong tables, pool tables, and treadmills/fitness equipment.

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Upon signing lease you are given key remote to open secure gate to parking lot. Building has security cameras throughout complex. There’s is also a community room to throw pre-scheduled birthday party’s. First months and last month’s rent. No security deposit. Tenant pays electric and gas. Rental price $2100. Virtual tour here.

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7 Sensational Daily Routines That Will Create Success and Build Wealth

Follow these 7 routines to motivate yourself throughout the day. Start off small and then work you way up the list, this will keep you focus and unlock your potential to build wealth.

 1.  Write down 5 things that you want

Every Morning when I wake up the first thing i do is write down 3 things that i want, i’ll simply just grab my phone and type in the “I want 15 houses” or “I want to be a millionaire by 30 years old” the more you focus on what you want, the more you will bring what you want to yourself. It’s called the Law of Attraction, you have to keep a clear and positive mind to focus on what you desire most. By writing what you want down, you’re physically writing and seeing what you want at the same time mentally speaking what you want into existence.

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2. Write down 3 things you’re grateful for

Now that we’ve taken a minute to write down what we want in life, let’s take 60 seconds to write down what we’re grateful for. It could be ” I’m grateful for my health“, it could even be “I’m grateful for my family.” As long as your showing gratitude for the life you have and what you are receiving in it you will be rewarded tenfold. Spreading Positive feelings by showing gratefulness will only attract good things into your life. In order to create success we must start our days off to a great start, and by stating how grateful we are, we will boost our spirits.

3. Read the news find out what’s going on in the world

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It’s always good to know whats going on in the world and whats going on with the economy. You don’t want to buy into real estate when the housing market is down. But if interest rates are down, you might be able to save a lot of money. The interesting question is, would you know if interest rates were down if you didn’t read or watch the news? That’s a big NO. There’s a bunch of websites or articles that you can read! There’s even blogs that can help you invest in real estate, like my last bog where you can find by (clicking here).

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4. Spend 30 minutes on the stock market

Spending at least 30-45 minutes looking at stock charts, getting a hint of how they go up and go down, can get you acclimated to how companies react to bad news and good news. Investing in stocks is a great way to earn interest and dividends on your investments. Putting your money into well-run companies, that have an excellent financial history, will set you up for success in the long run. But we must be consistent and study how the stock market operates to profit from it.

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5. Spend 30 minutes looking at real estate on Zillow or Trulia 

Next is Real Estate, I went from investing tens of thousands of dollars in the stock market to taking that money out of stocks and investing it into Real Estate. One of the greatest ways to build wealth is investing in real estate. From buying a home i was able to make money off of rental income and also building wealth as its value appreciates year by year. Before doing this, i would spend hours on zillow and trulia, looking at the numbers of different properties. Focusing all of my energy on real estate apps kept me on track of my goals and helped envision myself in a home. One book that i suggest you to read to motivate yourself is “Rich dad poor dad” by Robert kiwosaki put your money to good use and invest in educating yourself.

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6. Hit the Gym

Not only is mentally preparing yourself the key to creating success, but also Physically. Exercise or any physical activity is going to get the heart rate up and blood flowing, releasing endorphins to raise your energy level. And everyone knows when your energy is up, your able to get through your day feeling strong and ready to take on the world. So go out there, lift some weights, and boost your confidence.

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7. Invest as little as a dollar on cash app

Whats easier than taking a dollar from you bank account and transferring it into an investment account to accumulate wealth. I mean unless you don’t have the money then i understand, that’s a different story. But if you have a dollar try putting it away into your cash app, where you can invest in stocks with as little as $1. If you don’t have cash app, use my referral code https://cash.app/app/LDJRRBT to give you $5 to start your account off . Back to fractional investing, so if Apple is worth $265 you can literally buy $1 worth of Apple and if apple goes up your dollar increases as well.

Real Estate Investing vs. The Stock Market| How to Make $500 in Passive Income Per Month

Learn How to Make $500 in Passive Income Per Month

 

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When it comes to finance, I started off my career investing in stocks, following the portfolios of some of the best stock investors of all time. Investors such as Warren Buffet, Charlie Munger, and Peter Lynch. I put everything i had in my savings into stocks. Every check I made, I put 50%- 75% of that into my investment account. After a year of buying tech stocks, retail stocks, and bank stocks, my portfolio grew about 12%. In total, I was able to save about $10k… The big idea was, if I save about $50k into one or a couple different stocks, I could potentially make $500 a month off of dividend income. But here’s some of pros and cons of making that decision.

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Photo by Skitterphoto on Pexels.com

Pros and Cons of Investing $50k in Real Estate for Dividend Income

Pros Cons

1. Stocks are Extremely Liquid. Meaning you are able to sell you stocks immediately if you were in a sticky situation. However, in my opinion the best investor is a buy and hold investor.
1. Most dividends do not come monthly, them come quarterly. Which means every 4 months you’ll get to your dividend payout. 
2. If the price of your stock goes up you earn money. So if you invested $50K and the stock price goes up 6% than you make $3k totaling $53K. However, if it goes down you lose 6% or more.
2. To save up $50k, think about how much time that would take. A couple of years, realistically speaking. By that time you could’ve made a number of different investment.

3. You can reinvest your dividends to earn you more money. This method is called compounding, where you’re money is doubling over the years.

3. You may lose money big time, if the stock market goes down. Look back at the 2008 crash, everyone lost money, houses, and jobs.
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Referring back to this chart, there are companies that will continue to appreciate in price. But what will go up, may go down (click the link for examples). There are also companies that do pay monthly dividends. But if you were put $50k into one or two different stocks, how do we know how stable that stock is? Do you want to put your money at risk? If you’re a low risk investor, that would be the smartest decision. So I thought to myself what if I bought a condominium, and rented it out after a year of living in it? How much would I have to spend out of pocket to buy it?

Photo by Pixabay on Pexels.com
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To answer that question. Using the purchase price of $100k, the down payment and closing costs would come out to $9k. Let’s fast forward a year from after i bought my property.. The time has come for me to move on, and now i want to rent my unit out. I could potentially make $500 monthly, i would just have to rent out the unit for 30%-50% more than the actual cost of my mortgage payments but that is doable if you bought the property at a good price. On top of the monthly cash flow, you can ask for first months rent or last months rent. During the 2008 recession, one of the most stable investments were rental properties. The best part about real estate is that its in constant demand. Somebody’s always looking for a place to rent, just do your due diligence when you do choose your tenant. The most important part about investment properties is the guaranteed monthly rent check. While other investments such as commercial properties during a recession might be a lot more risky, a rental property still brings in a steady flow of passive income.

Is It A Good Time To Purchase A Home Today in America?! To Buy Or Not To Buy That Is The Question.

Implications like these tell us that a Buyer’s markets, within the next couple of months, could possibly be coming. Inventory may come on the market at much more accurate prices. The people who will benefit from this, will be essential workers, who have strong cash reserves on hand

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undefined De-listings are up way over 100 Percent this quarter, that is the highest it has been in history today so what does this mean to us Real Estate Investors and Home Buyers. The corona-virus has put a wrench in this years real estate market —but don’t expect buyers to lower their prices. Today’s Sellers are simply not giving in to the temptation to lowers prices accordingly. Along with the Sellers making it hard for buyers, Lenders are also making it harder to close new loans even though rates are low, staff are laid off or working from home, and the Covid-19 environment makes things like getting inspections and appraisals much more difficult.

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Implications like these tell us that a Buyer’s markets, within the next couple of months, could possibly be coming. Inventory may come on the market at much more accurate prices. The people who will benefit from this, will be essential workers, who have strong cash reserves on hand. Potentially you may actually have less competition and a more level playing field when it comes to offers and closing cost concessions, because showings are – No pun intended- virtually limited.

Key Takeaways

  • It’s a Great time to buy if you’re not at risk of being laid off
  • You have an ample amount of cash reserves to use as a safety net
  • Get a Number or Price you can work with, Negotiate the price down

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The work from home experiment has proven to workout for the economy, this means that the demand for homes with office space will be up. So when scouring the market for a home be sure to add extra space/ home office as a requirement to the menu.  Evidently the big winners will be home-buyers who have patience, however if you can get a discounted deal in today’s market with a low interest then your in the game.

90 Percent of Millionaires become so through owning real estate

– Andrew Carnegie

Negative Interest Rates May Be Happening – This Is What To Expect If They Do – Cheaper Loans And Higher Bank Fees

Negative interest rates are something the United States has never seen before, I repeat never have seen or done before. When rates dip below 0, there are three things that generally happens. One major effect of negative rates, is banks will have to pay you to take out a loan. This is one thing I’m looking forward to as a real estate investor, because I’m currently paying 4 percent interest on my $111,636 mortgage that I owe. Which is historically low, a couple years ago you couldn’t get an mortgage rate lower than 15 percent! However these rates are hovering around 3.38. The second effect, would be that you would be charged a fee to save your money in a bank. In the long run, I would expect people to pull all of they’re money out and invest all it. The Third effect, would result in stimulating the economy.

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Negative interest rates have been around for years, just not in America. Countries such as Japan and a few other European nations have implemented the idea but in limited form. “Negative interest rates are inevitable in the U.S.,” said Bankrate’s Greg McBride. President trump has also tweeted numerous times that he suggests some form of negative rates would benefit the United States, especially in a time like this.

With the possibility of these types of rates coming, the economy may benefit from stimulation due to a increase in lending. As a result it would become more affordable to borrow, and more expensive to save. You may see a increase in gold investing and even bitcoin being that there have been talks out creating a digital dollar in the past couple of months. It is uncertain whether this would affect the nation in a positive or negative way, because simply; this has not been done.

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For more of my posts follow me on Pinterest at Ingramuniversal. Also, your comments are more than welcome!

Coronavirus is making everyone rethink where to live|Should you as well


Owning a home in the big apple, has always been a huge dream of mine with being born and raised in lower Manhattan all of my life. What’s more convenient than living in an area that you know like the back of your hand. Your jobs are there, your friends are there, and your memories so what could possibly make me change my mind now. 

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Well with the way things are going now, living in the city that never sleeps is becoming less desirable to a large group of people. The hustle and bustle of the city has more of a negative tone than a positive one in 2020. With the Coronavirus literally destroying small businesses and other facets of life, it has also single handedly eliminated dreams of one day living in the big city. People are now gravitating towards suburban areas,stepping away from the city, and trading in their convenient commute for more green space.With the coronavirus rampant in U.S. cities and big towns many people are thinking of relocating to less crowded or even rural and country areas.

But in a post coronavirus world where dense city areas are tightly-packed New York has been the epicenter, more and more may favor the suburbs instead.

Scared of the risks they’re taking by living in a city that has been called the epicenter of the covid-19 epidemic. “Why New York? Why are we seeing this level of infection? Well, why cities across the country?” Cuomo stated in a briefing last month.

“It’s very simple,” the governor said. “It’s about density.” 

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Density is what’s making people flock to the suburbs. People are willing to just pack up and leave, but can you blame them. Cost wise it makes sense, moving just 20 miles away from the city could save you hundreds of thousands of dollars. Being that you were willing to purchase, we’re talking cheaper property taxes, lower costs of goods, and most of all you’ll definitely save on gas.

NYC Brokers are predicting housing sales will jump dramatically in Staten Island, where things are a little more spread out and less cluttered compared to the city’s real estate.

In my opinion, i do not see a change in population statistics within inner cities. If you take the attacks of Sept. 11th and the 1918 flu pandemic, the city has rebounded time and time again. Will there be more demand in suburban areas? Possibly, but don’t count New York City out just yet. 

“New York loves all of you. Black and white and brown and Asian and short and tall and gay and straight. New York loves everyone. That’s why I love New York. It always has, it always will. And at the end of the day, my friends, even if it is a long day, and this is a long day, love wins. Always. And it will win again through this virus. Thank you.”

– Governor Andrew Cuomo

New Stimulus Bill Proposed To Cancel Rent And Mortgage Payments | Plus A Check For $2000 A Month

New Stimulus Bill Proposed To Cancel Rent And Mortgage Payments Plus A Check For $2000 A Month To Help The People.

Congress has stated that they have made two separate proposals for Americans who have been affected by the Coronavirus Epidemic. Fed discloses that they’re may be a 2nd stimulus bill that will give you $2000 a month, plus mortgage and rent will be canceled for up to one year. Introduced by representative Ilhan Omar Minnesota Democrat, under the Rent and Mortgage Cancellation Act. 

Photo by Pixabay on Pexels.com
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Today we’re getting into the 2nd proposal which would call for mortgage payments to be omitted during the covid-19 epidemic. It would focus on the following:

-Rent forgiveness in its entirety for one year.

-Mortgage payment forgiveness on your primary residence.

-There will be no accumulation of debt for renters or homeowners and no negative impact on their credit reports.

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If you have already made mortgage payments due for April 1st, you will be back paid or reimbursed, as the bill will be retroactive to March 13 2020 so you will get that month’s rent/mortgage back if this bill is passed. You will not, however, be able to use this income for more than one property. You will have to include the primary residence that you live in to receive the mortgage forgiveness.

Photo by Pixabay on Pexels.com

Landlords and mortgage companies will also be covered by the department of housing and urban development. The Development of Housing and Urban development would create a fund for landlords to be insured on the rental and mortgage payments that have been missed by tenants. “The Rent and Mortgage Cancellation Act offers the only solution that can meet scale and depth of our immediate needs to housing, and establish a new framework for long term recovery.” Ro Khanna

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Top 3 Benefits of Becoming a Real Estate Agent | Rental Property Investing | HowtobuyNYC Podcast Ep. 2

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