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.

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How to Save Money by Organizing Your Life

Organizing your finances will make you better at making spending choices. Organizing your purchases will help you deal with personal debt. Generating wealth is not always about having the most assets or money to spend. Sometimes analyzing your assets and planning for their future use pays off in an unexpected way. A lack of organization can harm your finances as much as being short on cash.

How you are potentially losing money because of disorganization.

Duplicate Items

You may have purchased duplicate items because you can’t find what you need when your need it OR you don’t even know you have it.

Late fees

23% of adults say they pay late fees because they can’t find the bills. How many late fees have you paid in the last year?

Excess Stuff

Just looking around your house, I bet you can see things you no longer use, or in reality, never used. How many hundreds of dollars are represented in your stuff?

Subscriptions

Do you have more than one streaming service subscription? Now, how often do you really use them?

Eating Out

This is an easy way to get food on the table, but it is definitely not the healthiest or the best financial decision.

What you can do starting TODAY

Go on a treasure hunt

Put like items together and see what duplicates are lurking. Visit your storage unit and make a plan to eliminate your dependence on this space.

Become more mindful of your future purchases.

You could even create a 30-day list and see if you still want the item(s) after 30 days. This reduces the spontaneous buying that is so easy to get caught up in.

Create a meal plan

One week I spent $30 on groceries because I already had most of the items at home. If I didn’t have a list or a meal plan, I would have certainly spent more than that!

Take really good care of your stuff

This includes your car, lawnmower, computer, sports equipment, children’s toys, etc. For example, it costs less to replace a spark plug and air filter every year than to buy a lawnmower every 3 years.

If your own peace of mind wasn’t enough to motivate you, maybe knowing there is a direct financial benefit to getting organized will do the trick!

Other financial benefits of organizing your life:

Make money on the items you are willing to sell. Have more time to spend on money-generating activities such as starting your dream business or pursuing a higher-paying job.

Have more time and energy to devote to your own self-care for better emotional and physical health.

More time and energy to explore free and active hobbies such as walking, yoga, library trips, journaling, biking, etc.

You may feel like money is a topic that has nothing to do with your life. However, it’s important to not think this way as personal finance has a huge impact on every aspect of your life. Regardless of your financial situation, whether you’re looking to make more money or trying to save money, it’s worth staying organized. It is crucial that you make financial organization a priority in your life. This will allow you to get a better understanding of the different aspects of your finances, create more wealth, and keep it over time.

If you need any financial help or advice, check out Ingram Taxes. They offer FREE Financial Consultation and FREE BUSINESS CHECK-UPs, and credit repair assistance, 24/7.

 Call or text 866-824-1440 to join the Ingram Taxes Club or visit www,ingramtaxes.com to know more about the services they offer.

DON’T FORGET TO LIKE, SHARE AND COMMENT.

4 Key tips to Get Better With Your Money

Get a Better Financial Mindset

You need to work on your mindset to succeed financially. Keep a journal, read books, watch motivational videos, or get a mentor.

Define Measurable Goals

Make sure your goals are measurable. Break down your big goals into small, easily digestible chunks so you don’t get overwhelmed

Prepare Your Financial Plan

Then, set up a plan for allocating funds to each of your goals based on the priority you have assigned to them

Budgeting is Your Friend!

If you want to get better with money, you have to love it. A budget helps you track your spending and income.

If you want financial tips and information regarding your taxes, 📩 text 866-824-1440 to join the Ingram Taxes Club. they will answer any financial questions you have.

Need someone to answer business credit questions? Book a FREE consult on ingramtaxes.com.

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Should I buy a Condo, House, or Multi-Family|How to Get Started In Real Estate

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When I started my first time home buying process, I questioned myself whether or not if I wanted to move into a condo, single family home, or multi family.

Here’s what it came down to. I wanted to move into something that wasn’t going to need any work that was one. With houses, they typically require a lot of handy work, meaning you may need to replace some fixtures, in a few months time you may need to replace the roof, or the siding. There’s a ton of things you may have problems with. Houses are typically more expensive than condos price wise, monthly payment wise, single family’s are generally cheaper. You don’t have to pay for a HOA fee, which are tacked on fees that cover everything from building management, building upkeep, water bills, garbage fees, and so and so forth.

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Not having to pay that HOA fee means saving yourself an extra 200 to 500 dollars a month!

Now buying a two family home is even more expensive than buying a single family house, you have all the same expenses as buying a single family and then some. The only difference is, when owning a multi family, you have the opportunity to rent the opposite side out, saving you on your mortgage payment.

I chose to go with a condo, because A. I didn’t have to put any work into it, if I did I would end up making the home worth more so that was a place. B. the mortgage was affordable as was the HOA fee, C. the price tag compared to other condominiums 30 minutes away was generally cheaper by hundreds of thousands of dollars!

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Get a free sample of my Ebook on my social media, which will go into extreme detail on how to buy real estate. Or go to the link below and get the full book

A book that helped me in my journey was “rich dad poor dad” and it may help you! Link below

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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.

Top 3 Ways to Buy a Home with Bad Credit |No Money Down| Essential Real Estate Tips

There’s many hidden costs when it comes to buying real estate. You have inspection fees, attorney fees, appraisal fees, and so on and so forth. All of these fees, what you call closing costs, sum up to be anywhere from 3 to 6 percent of the total loan. And that depends on if you go with a FHA loan or a conventional loan. With an FHA loan you may pay more fees than what you would if you went with a conventional loan. This is all because you may be a little riskier credit wise, FHA loans have less strict lending restrictions so people with lower credit scores go with these loans making the closing costs more expensive.

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But fear not there are a number of ways to work your way around paying these closing costs and even down payment. You just have to use your resources well, and search through the internet until you find a blog that will guide you through the way, like this one! Being a first time home buyer opens up a lot of doors when it comes to avoiding closing costs and high percentage down payments.

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1 Find Grants that will give you up to 10k to fund your down payment and closing costs.

Let’s go into further detail on what grants are. Grants give you money that does not need to be paid in return. Money that comes with no strings attached is by far the single and best kind ,and it can help tremendously with your down payment. There are various grant programs out there designed to cater to your areas of need. Whether it’s money for a down payment or closing costs. You can receive grants from nonprofits, local governments, and even employers.

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Examples of Grant Programs (click the programs for more information):

Freddie Mac Home Possible 

HomePath ready buyer program

NJHMFA state-wide Down Payment Assistance Program

Photo by PhotoMIX Ltd. on Pexels.com

2 Apply for a VA or USDA loan which will allows no money down

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The U.S. Department of Agriculture also insures 0% down payment loans. The requirement is that you must buy a house in a rural area and meet certain income restrictions. Closely consider what’s important to you in a home and a location. When it comes to a VA loan, these mortgages are usually offered through a Department of Veterans Affairs program. They’re mostly available to active and veteran service members and their families, VA loans are backed by the federal government, but are issued through private lenders. VA loans have generous terms, such as no down payment, no mortgage insurance, no prepayment penalties and limited 

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3 Ask for Seller Concessions, and let the seller pay for your closing costs 

When going with a FHA loan you can only receive up to 3 percent of sellers concessions. So if your house’s purchase price is $100k, you’re getting $3k from the seller. This should cover the closing costs in full if it doesn’t you can roll the rest of closing costs into the end of the loan. 

Photo by Andrea Piacquadio on Pexels.com

The next step would be paying the down payment, which would equal $3500. If you want to take it even further, you can borrow the $3500 from a family member. If you go with this method you would end up paying $0 to own a piece of land and a piece of property. 

How to Trade Options in The Stock Market: A Beginners Guide to Make $100 a Day | with Low Risk Day Trading

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Hi all and welcome to my Website/blog Ingramuniversal.com. I appreciate the fact that you have taken time out of your day to scroll through. Be sure to follow and subscribe to get to the latest info on Investments and Personal lifestyle. By clicking the social media icons you can share our posts, we have Facebook, Instagram, Pinterest and many more. Don’t forget to like and comment!

It’s currently day 27 of waking up to the same exact routine of being home and pacing around the house looking for something to do. Since we’ve been in a state of inertness, I’ve been able to learn more and more each day. One of the most intriguing things I’ve learned since being stuck on the couch, has been day-trading.

What is Day Trading? Day Trading is known as the art of buying and selling equities or stocks in a short time usually a day. The goal is to earn a small profit on every trade.

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Each day I’ve been able to profit at least $80 to $100 day trading stocks that are affordable and I know well. Day trading can be risky but only if you’re trading money that isn’t yours, it’s not as if we work on Wall Street and make tons of money. So let’s be realistic, trade with an amount that your comfortable with. Not with an outrageous amount, an amount that if you lost it you would go crying to your mommy about it… I tend to use only about $30-$70 of my own money buying call options, it’s always best to buy in the money. Meaning your break even percentage is extremely low so it doesn’t take a long time to profit. You simply buy a call option only if you believe that the stock is going to rise. I typically buy 1 contract every trade. If you don’t know what a contract (click the link above for a full description). A contract is 100 shares of a single stock. If you buy 2 contracts your purchasing 100 shares of a stock, so be mindful of what stocks you choose. The market may go down rather quick, and your portfolio could drop to zero. This is where cancelling your contract comes into play. You are able to cancel at any given time, so if you feel like you’ve made a bad move, Exit the contract. Timing is always key, buy at the right moment and you may make yourself quite a pretty penny.

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Buy the dip, and exit quick. The best time to buy an equity, is when its hitting its bottom or the dip. Stocks are known for quick jumps up after being in the red, this is the best time to buy in. Once your in the money, or making your profit you’re able to cancel your trade at any time. I try not to play around and wait to get the most gains possible, that would be a buy and hold strategy, with options you want to get in and get out. Make your money, exit, and repeat. You can easily compound your money this way, just remember keep your trades reasonable by spending what you can afford to lose. A book that i suggest for you to read is How to trade options: A complete guide for beginners. This will guide if you have any unanswered questions, also feel free to ask away down below in the comment section.

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After much practice you can find a stock that your profitable with and continue to trade it over and over. The stock that has been my winning stock has been MFA, a real estate investment stock that is at its 52 week low, and with recent good news it has been ticking up slowly. Who knows perhaps after a few days trading this may take over your mornings and start day trading for a living. It never hurts to have more than one streams of income!