The Two Simple Equations That Lead to Financial Success

The Two Simple Equations That Lead to Financial Success

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Do you recommend financial advisors? I have a family of 4, have some savings, contribute to my 401K (which is my only investment). The rest of my money is in savings earning a paltry interest and providing a buffer if I am unemployed. How do I figure out where to invest and how much? How do I find out a financial advisor?

If you read financial books and magazines, visit financial websites, and watch money-focused TV, you'll come to the conclusion that managing money is complicated. The issues associated with handling money are vast, technical, and can not possibly be accomplished by the average person. At least that's what they'd have you believe.

As such, many Americans think that becoming wealthy requires a level of specific knowledge that they can't attain. They think that building wealth is too complicated and it's beyond their reach. So they don't really make an attempt to build wealth. Then you throw in limited self-control and the "I deserve it and got to have it now" mentality, and you get a financial disaster.

How bad is it? According to a survey of 5,000 people highlighted in the book The Difference: How Anyone Can Prosper in Even The Toughest Times by Jean Chatzky, 54% of Americans live paycheck-to-paycheck, barely getting by, and are one financial problem away from money trouble. Another 15% are what the survey calls Further-in-Debtors–people who are going backwards financially every month. So between these two groups, almost 70% of people are either struggling or going backwards financially.

Not That Complicated

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And what makes these results so perplexing is the fact that the principles to succeed in managing your money are pretty simple. They are both easy to understand and few in number. You don't have to be Einstein to succeed financially—anyone with normal intelligence and a bit of self-control can prosper.

You have probably heard of the 80/20 rule, right? Also known as the Pareto principle, it states that, for many events, roughly 80% of the effects come from 20% of the causes. In finances that would equate to getting 80% of the results out of 20% of the advice or tips. But in money management, the rule is more like 90/10 or even 95/5. Following a few, key steps is all you need to become wealthy.

How many steps? Can you handle two?

Two Equations that Lead to Wealth

Personal financial success ultimately comes down to two very basic financial equations. There’s no doubt about it–if you master these two equations alone, you will become wealthy and be far ahead of most Americans:

Income – spending = surplus

Surplus x time = wealth

Yep, that’s it. It seems pretty simple, doesn’t it? In fact, these seem to be “common sense.” But remember that these are two equations that 70% of Americans can’t get right.

If you look at these equations, you’ll see that all efforts to improve your finances come down to two things: increasing your income or decreasing your expenses. The more you do of each of these, the better. Of course, there are a few more details to fill in the gaps. You need to understand the basic definitions of each term above and know the steps to take to ensure your success in each area. I'll be talking about these as well as sharing ideas to make the most of them as time goes on, but for now, here's a quick overview of each one.

Income

You need at least a minimum level of earnings just to survive. Any amount above that qualifies you as a person who can build wealth. And since the minimum in America isn't that high compared to what people earn (average household income is around $50,000, and you can start building wealth well below that level), almost everyone qualifies.

Your career is where most people get the vast majority of their income. As such, we'll spend a lot of time here talking about how to manage and grow your career so you can maximize your earning potential. The bottom line: even a small change for the better can mean hundreds of thousands in extra income over a lifetime.

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In addition to your job, there are a whole host of ways you can earn extra money these days. If you're industrious enough, the money you make on the side can be quite substantial.

Spending

No matter what you earn—whether it's $30,000 or $1 million a year—you must keep your expenses below your income. You MUST spend less than you earn. If you don't, you will go backwards financially.

Consider two people:

·         Jenny makes $30,000 a year and spends $25,000 a year.

·         Jim makes $1 million a year and spends $1.1 million a year.

Which person is building wealth? Of course, it's Jenny. She added $5,000 to her net worth while Jim went backwards (by borrowing) $100,000. Yes, Jim has more POTENTIAL to become wealthy (and much wealthier at a much faster pace) than Jenny, but unless he gets his act together, he's going to be in one big financial mess.

Think about this—what if they each kept this up for 40 years? Jenny would have $200,000 even if there is zero growth in her savings (which there wouldn't be — she'd actually have much more.) Not bad for someone making her salary.

Jim? He'd probably be foreclosed upon or hauled into court after several years of losing $100k. While having a high income can be a great asset in becoming wealthy, it certainly doesn't guarantee wealth. That's why we see so many Americans living paycheck to paycheck — they simply spend more than they earn.

Why can't most people get the two equations above to work in their favor? Many would say it's simply because they don't earn enough money. And for a small portion of the population, this is true. But the survey above also identified why so many people are in tough financial shape: they spend too much. They can't control themselves and they simply over-spend. So they live paycheck-to-paycheck or worse, are falling more behind every month.

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The key to spending less than you earn is to take steps to save money in areas that work for you. We'll talk about this issue much more as time goes on.

Surplus

The difference between what you make and what you spend is your surplus. Some people like to call it a "gap." Others call it "savings." Whatever you call it, this is the fuel that fires your wealth-creating engine. It's the extra that you add to the pile that sets you up to grow your net worth.

Obviously, you want your surplus to be as large as reasonably possible. That doesn't mean you need to work 80-hour weeks and spend like a miser to squeeze every last penny into your surplus, but you do want a healthy (and growing income) and to keep expenses reasonable and under control. If you do these simple things, you'll grow your net worth automatically.

Time

Time does a couple things for you:

·         It allows you to add surplus after surplus to your net worth each and every year. Over a long period of time—20, 30, or 40 years—these can really add up.

·         It allows your money to grow upon itself. For instance, if you earn 10% on your money (selected just to make the math easier), your $1,000 surplus becomes $1,100 in year 2. The next year it becomes $1,210 and $1,331 the next.

See how it's growing itself? This is called compounding and we'll talk more about it later. But for now you can see how powerful it can be over a long period of time. 40 years down the road and your $1,000 will be multiplied many times over simply by compounding upon itself. This is why time is so important in growing your net worth.

Now let's say you're already 50 or 60 years old. You may think, "These tips won't work for me. I don't have any time left." While it's true that you don't have the advantage of 40 years to save, the tips we will cover here most certainly will make you wealthier down the road than you would have been without them. So don't dismiss these tips simply because you're older. Applying them WILL make you better off financially.

Wealth

If you put all of the above together, here's the conclusion: you build wealth (net worth) when you spend less than you earn and save up your surplus over time. Yes, it's that simple. No matter where your net worth is currently, you can improve it by taking the following steps (and the more you do of these, the better):

·         Grow your income.

·         Cut and/or control your spending.

·         Start as early as possible and save your surplus over time.

As a wise man once summarized it: "Save as much as you can for as long as you can."

What to Say When You Think Someone is Being Abused

Domestic Violence Facts

What to Say When You Think Someone is Being Abused

If you suspect a friend or family member is in an abusive relationship, talking with them about it can be hard. The most important thing you can do is to let them know that they have support and options to leave the relationship.

It's important to remember that you can't "rescue" your friend from an abusive relationship. Although it is hard to see someone you care about get hurt, ultimately the person being hurt needs to be the one who decides to do something about it. It's important to support and help her find a way to safety.
Here are some easy ways to help start the conversation:
Offer support without judgment or criticism.
There are many reasons why a victim may stay in abusive relationships. And, many reasons why she* may leave and return to the relationship many times. Let her know it's not her fault and that she's not alone. Respect her decisions, even when you don't agree. Do not criticize or make her feel guilty -she needs you to be helpful, not hurtful.

• "It's not your fault he treats you that way."
• "I know this is difficult to discuss, but please know you can talk to me about anything."
• "You are not alone. I care about you and am here for you, no matter what."
• "You are not responsible for his behavior."
• "No matter what you did, you do not deserve this."

Don't be afraid to tell her that you're concerned for her safety.
Help your friend or family member recognize the abuse while acknowledging that she is in a very difficult and dangerous situation.

• "I see what is going on with you and _______ and I want to help."
• "You don't deserve to be treated that way. Good husbands and partners don't say or do those kinds of things."
• "The way he treats you is wrong. Men should never hit or threaten the women they love."
• "I'm worried about your safety and am afraid he'll really hurt you next time."
• "Promise me that if you need to talk, you'll come to me."

Avoid confrontations.
There are many reasons why individuals experiencing abuse don't reach out to family and friends. It's important to recognize if she is ready to talk about her experiences while offering support.

• "I'm here to help and am always available, even if you don't want to talk about it."
• "Remember, you're not alone - I am here for you when you're ready to talk about it."

Don't try to make any decisions for your friend because it implies that you think she's incapable of making good choices for herself and it may deter her from confiding in you in the future. Instead, focus on offering support and encouragement.

• "I want to help. What can I do to support you?"
• "How can I help protect your safety?"

Encourage her to get help.
Suggest ways she can get additional support. Help her look into available resources, such as the National Domestic Violence Hotline number (800-799-SAFE) or a local domestic violence agency with specially-trained advocates to help her out of the situation.

• "Here is the number to our local domestic violence agency. They can help provide shelter, counseling or support groups."
  • You could also add: "They also offer services to help you understand the legal system, access community resources, relocate or get support for your children."
• "Let's develop a safety plan."
• "If you need to go to the police [or court or a lawyer], I can go with you to offer support."

If you are concerned about the safety of your friend or family member, or to learn about services in your area, contact theNational Domestic Violence Hotline at 1-800-799-SAFE (7233) or TTY 1-800-787-3224.

*National statistics show that domestic violence primarily impacts women. Feminine pronouns are used in this document when referring to victims of domestic violence and masculine pronouns are used when referring to perpetrators. We are using gender-specific pronouns to keep the writing simple and clear, but we recognize that the issue is not a simple one. Sometimes the perpetrator will be female while the victim will be male. And, domestic violence can happen in same sex relationships as well.

 

Victims of Abuse

Victims of Abuse

Domestic Violence: Healing the Wounds Millions of people are in abusive relationships, or directly affected by one. After living in an abusive relationship, problems don’t end when victims escape the nightmare. The abuser’s psychological and physical attacks leave deep wounds that are difficult to heal unless carefully attended to in the aftermath of such trauma. There is hope for survivors of domestic violence. Although difficult and painful, recovery from abuse is possible. The healing process starts with recognizing how domestic violence impacts its survivors. The impact of abuse on survivors Survivors of domestic violence recount stories of put-downs, public humiliation, name-calling, mind games and manipulations by the abuser. Psychological scars left by emotional and verbal abuse are often more difficult to recover from than physical injuries. They often have lasting effects even after the relationship has ended. The survivor’s self-esteem is trampled in the course of being told repeatedly that she is worthless, stupid, untrustworthy, ugly or despised. It is common for an abuser to be extremely jealous and controlling, and insist that the victim not see friends or family members. The victim may be forbidden to work or leave the house without the abuser. If the victim is employed, she often loses her job due to the chaos created by such relationships. This isolation increases the abuser’s control over the victim and results in the victim losing any emotional, social or financial support from the outside world. This increases the victim’s dependence upon the abuser, making it more difficult to leave the relationship. If she does leave, she often finds herself totally alone and unable to support herself and her children. A traumatic experienceDomestic violence is a traumatic experience for its victims. Traumatic experiences produce emotional shock and other psychological problems. The American Psychiatric Association has identified a specific type of mental distress common to survivors of trauma called posttraumatic stress disorder or PTSD. Common reactions to trauma include: Fear and anxiety — While normal responses to dangerous situations, fear and anxiety can become a permanent emotional state without professional help. Memories of the trauma can trigger intense anxiety and immobilize the survivor. Children may express their fears by becoming hyperactive, aggressive, develop phobias or revert to infantile behavior. Nightmares and flashbacks — Because the trauma is so shocking and different from normal everyday experiences, the mind cannot rid itself of unwanted and intrusive thoughts and images. Nightmares are especially common in children. Being in “danger mode” — Jitteriness, being easily startled or distracted, concentration problems, impatience and irritability are all common to being in a “heightened state of alert” and are part of one’s survival instinct. Children’s reactions tend to be expressed physically because they are less able to verbalize their feelings. Guilt, shame and blame — Survivors often blame themselves for allowing the abuse to occur and continue for as long as it did. Survivors feel guilty for allowing their children to be victimized. Sometimes others blame the survivors for allowing themselves to be victims. These emotions increase the survivor’s negative self-image and distrustful view of the world. Grief and depression — Feelings of loss, sadness and hopelessness are signs of depression. Crying spells, social withdrawal and suicidal thoughts are common when grieving over the loss and disappointment of a disastrous relationship. RecoveryTo recover from domestic violence, the survivor must: Stop blaming herself for what has happened — take responsibility for present and future choices. Stop isolating herself — reconnect with people in order to build a support network. Stop denying and minimizing feelings — she should learn how to understand and express herself with the help of a therapist. Stop identifying herself as a victim— take control of her life by joining a survivors’ support group. Stop the cycle of abuse — get herself and her children counseling to help heal psychological wounds and to learn healthy ways to function in the world. Recovery from domestic violence is a step-by-step process; a journey no one should take alone. The first step toward becoming a survivor is taken when victims call for help. The National Domestic Violence Hotline is (800) 799-SAFE. By Karen S. Dickason, LCSW, CEAP © 2003-2004 Achieve Solutions

How to Confront and Conquer 7 Big Financial Fears

How to Confront and Conquer 7 Big Financial Fears Penny Wrenn money

 You’re too old to go trick-or-treating. Goblins and witches don’t scare you anymore. Nowadays the things that go bump in the night are real-world worries—from your fear of going upside down in yoga class to how scared you are to check your bank account balance on Monday morning after a particularly carefree weekend.

This post originally appeared on LearnVest.

Unfortunately, we can’t do anything to help your headstand (though we hear using a wall for balance helps), but we can offer advice for some of the money issues that you’re afraid to address. So, this Halloween, instead of pulling the covers up over your head, plugging your ears and singing “La-la-la-la!”—meet your financial fears head on. They’re only scary when you avoid ’em.

The Fear: Wading Into That Pile of Bills

How to Get Over It: First: “Go through them one by one,” says Natalie Taylor, a CFP® with LearnVest Planning Services. You just have to take it one bill at a time. If you keep letting them stack up, it’s just going to get worse. Once you get started, you’ll build up momentum and want to keep going.

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To keep the pile-up from happening again, advises Taylor, set up automatic bill pay to cut down on the mail you receive at home. However, automated bill pay is best used on fixed expenses (such as a gym membership, Netflix, your mortgage), while variable expenses like your cell phone bill or electric bill should never auto-deduct because their cost depends on usage (say, a $100 bill one month and $150 the next). If reading this still makes you feel like, “I don’t wanna,” then consider the price of your procrastination.
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How to Get Over It: Pick the right time. You’re itching to pull your boss aside to have a delicate conversation about giving you a pay bump but… you’ve got cold feet. We don’t blame you. The secret? First, spend a few months going above and beyond your job description. Be the star employee who’s top-gunning it all over the company—winning new business, impressing clients and knocking important projects out of the park. The best time to negotiate is when you’re riding high from a big success, and make sure you can quantify how your contribution is fueling the company’s bottom-line interests and values.

And remember: You must be your own advocate. You might think that your employer should take notice of how you’re hunkering down at your desk, head bowed and typing away, and that your hard work will speak for you. But that’s not always, or often, the case. Yes, work hard. But also: Speak up.

The Fear: Paying for a Medical Emergency

How to Get Over It: First of all, know that your fears are merited. “This is a legitimate fear,” says Taylor. “One of the main causes of bankruptcy is medical debt. Of course having an emergency fund is super important, but the first line of defense is adequate health care coverage.” If you’re not covered through work, find out how you could potentially get coverage through the Affordable Care Act.

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And, yes: By having six or more months’ worth of living expenses socked away, you can increase your peace of mind if your emergency isn’t covered. (At the very least, says Taylor, “get in touch with your insurer and find out what a maximum out-of-pocket expense would be, and make sure that your emergency fund is enough to cover it. For out-of-pocket maternity costs, for example, I’ve seen anything from $100 to $5,000, but they can vary widely.”)

Don’t have this in the bank already? Don’t worry, you’re not alone. The June 2013 Bankrate Financial Security Index report found that most Americans (76 percent) don’t have this much in their emergency funds. But with the average emergency room visit costing $1,233—40 percent higher than the average American rent, at $871 per month—you could be one mishap away from financial trouble. Here are five ways to get an emergency fund started today. Plus, everything you need to know about stocking your fund and spending it.

The Fear: The Economy Tanking or Stock Market Crashing

How to Get Over It: Keep in mind that you are probably investing money for the long haul, so the trick is to not be too swayed by immediate gains or losses. Says Taylor: “I even recommend that clients write out an intention statement that they can refer to, something like, ‘I know that this is a long-term investment and that being in a well-diversified portfolio maximizes my returns in the long-term, so even if I see the market drop, I’m going to stick with it.’”

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In other words, with the money you invest, you “set it and forget it.” “Control your behavior so that you’ll get market-like returns,” says Taylor. “A lot of investors lose money by getting in and out at the wrong time.” You shouldn’t invest money you’d need to pull out in the next three to five years. Historically, the market has returned at a 7%–8% average, but you may get that only if you’re able to wait out the ups and downs. And, really, a market downturn isn’t necessarily the worst thing in the world—which is to say, in Taylor’s words, “When the market drops, that’s the time to buy like it’s the sale rack at Banana Republic.”

The Fear: Never Getting Out of Debt

How to Get Over It: Maybe it’s your student loans. Maybe your spending went off the rails and you racked up too many credit card purchases. “The scariest part is not knowing how much you owe or what your payments look like and how they can fit into a realistic budget. So the first step is getting your arms around your debt,” says Taylor. How to do that? Pull your credit report and see who and what you owe.

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Then put a game plan together for tackling your number. Look the amount square in the face and do something about it. (If it’s student loans that you’re trying to tackle, and you’re a teacher or work in some other kind of public-service industry, Taylor suggests researching loan-forgiveness programs to see if you qualify.) What we want you to know: You can get out of debt, though you might need help creating and sticking to a plan. Get going with our Live a Debt-Free Life Bootcamp. You can also use the National Foundation for Credit Counseling as a resource, says Taylor, or get one-on-one guidance from a certified financial planner™ by signing up for a plan today.

The Fear: Never Saving Enough to Buy a Home

How to Get Over It: You see all your friends who seem to be buying homes left and right… and you feel left behind because you’re still renting. “When it comes to real estate, people really get into comparing themselves to others,” says Taylor. We get it: Homeownership is an “I’ve arrived!” hallmark baked into our cultural psyche. In a recent October 2013 LearnVest survey, “The American Dream 2.0,” 77% of respondents say that owning a home is an achievement that they most associate with the American dream.

But it’s not an automatic rite of passage. It’s one of the biggest purchases you’ll ever make, and one you should only consider if you’re in a good financial place to make that investment. And it might be that you’re still enjoying the perks of not owning a home. “There are substantial benefits to renting,” says Taylor, who touts the flexibility of being able to upgrade, say, from a one-bedroom to a two-bedroom, without having to sell your place first, and the limited out-of-pocket expenses, because when something breaks, it’s usually not on your dime.

Still, if owning a home is your American dream, and you’re saving toward making it come true, then keep in mind that it’s a stalwart purchase. “You should generally only buy a home if you’re going to stay in it for seven to ten years,” says Taylor. “The housing market goes up and down, and you want to have time to build equity so that you’re not under water when you sell.” Another way to avoid being the proverbial under-water seller: putting a full 20% down. If you’re still working toward that goal, then here are five ways to boost your down payment.

The Fear: Being Poor in Your Retirement

How to Get Over It: First of all, you’re not alone. According to the National Institute on Retirement Security, the typical American family has only “a few thousand dollars” socked away for the golden years. “This is a fear more people should have!” warns Taylor, who adds: “It takes trade-offs in our regular monthly spending. We need to carve out money on a regular basis to save for later.” And the sooner you start, the better. (The October 2013 LearnVest survey “The American Dream 2.0“ revealed that most people think that they’ll be working until at least 65—though they would like to retire at age 60—and nearly two-thirds see themselves working a part-time job once they are retired.)

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Use LearnVest's Retiring in Style Bootcamp to begin figuring out how much you’ll need to live in retirement. Then, investigate your savings options. See if your employer has a 401(k) matching program (that’s free money!). If you’re self-employed, consider a Roth IRA or a traditional IRA. Remember: There’s no such thing as a retirement loan, so it’s up to you to think ahead. Many of us are unprepared for the future, but it’s never too late to reboot your retirement savings.

“Just get started,” says Taylor. “And you can start small, putting aside 3% of your income at first, then every six months increase it by 1%.” And know that it might take you a while to get up to the recommended savings amount. According to Taylor, a good rule of thumb is to contribute at least 5% of your income if you’re around 25 years old, at least 10% if you’re 30, at least 15% if you’re 35, and at least 20% if you’re 45.

Get a Handle on Your Finances This Weekend

Get a Handle on Your Finances This Weekend

Indeed, the economy and difficult to manage money, a lot of students around the world SEO who spend money carelessly without thinking about their families biliyorlar.hatta even came out of this situation is really out of control, Housewives should be for the home economics education biliyordur.ancak I'm sure a lot of people can see how to apply it oluyor.Gerçekten problem in the best way to save money, and it is difficult to control the information that is described in olabiliyor.burada are a student or an employee vermelisiniz.Eğer each ear, no matter what education and information about money management'' make'' need. A lot of good for the economy that is described in this article, a note .sosyal medya agenda described in the media a lot about a lot of the budget deficit olaydır.eminim is closed.guate seo
Managing money can get awfully complicated when you have lots of bills to pay and mouths to feed, but you don't have to struggle. A few tips and tricks can help you manage your finances and you can get them all working for you this weekend.P
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Before you can make one, you should understand the basics. You need to break your spending down into broad categories and allocate your money. For everyone, this will include fixed costs (e.g. rent and utilities) and most will set aside money for savings/investments and some spending money as well. For the most part, you really just need to figure out how much you need in the first category and disperse the rest as you please. A higher savings percentage may be more responsible, but you need to account for your lifestyle and how you enjoy yourself. Don't avoid taking vacations and buying things you want from time to time. Save your money and enjoy it, too. Don't overburden your willpower or you won't have a budget that works.
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Whatever you choose, plenty of software can help you track your budget. We have top picks for iPhone and Android, and there are many more options for mobile and the web.
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If you make a reasonable salary and have a steady job, you can save some of your money each month even if it doesn't amount to much right away. If you have a hard time parting with any of your paycheck, it helps to trick yourself into saving. Use direct deposit to automatically put money into a bank account that's difficult to access or withdraw from. Separate your savings into multiple bank accounts so you getting it all takes even more work. When you have trouble with spending, get rid of credit cards and make it difficult to reach your cash.
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You can also save more by spending less. If laziness gets the best of you and you don't spend your money well, it's time to learn how. Timing makes an incredible difference. If you know when to buy what, you can wait until the approriate sale rolls around and grab a discount. You can also buy plenty of things used and either fix them up yourself where necessary or just enjoy a well-made product that someone didn't need or want anymore. Furniture is one great example of something you should never really have to pay full price for. It doesn't resell well, and with enough patience you can often find whatever you want through Craigslist at a steep discount.P
You can save money on tons of other stuff, too, from building a computer to medical expenses to all sorts of technology to groceries. If you want to spend less, pay attention to when things you want cost less and remain patient. You'll always get a discount if you wait.
How to Save Money When You Build Your Own PC

Computers are expensive, and every dollar counts if you're building one on a budget. If you pick the right parts, shop at the right stores, and… Read…

How To Save Money on Planned Medical and Dental Expenses
My oldest child is now in second grade, and apparently orthodontia treatment starts way earlier than it did when I was growing up. Braces have always … Read…
Top 10 Ways to Save Money on Tech
We technophiles picked an expensive hobby to pursue, but that doesn't mean you can't cut a few corners. Here are the best ways to save… Read…
How to Save Money on Groceries and Keep Making Awesome Food
Everyone could stand to save a little money on groceries, but doing it while still eating good food is a challenge--to say the least. It doesn't … Read…
Eliminate Debt
Debt plagues a lot of people nowadays. Many of us spend more than we have without a plan to pay it off. Even more have student loan debt they can't manage. If this includes you, make a plan to fix it. Plenty of tools exist to help you out. For student loan debt, check out Student Loan Hero. For that and everything else, check out ReadyForZero. If you try and pay off your debt with practically no plan, you'll probably fail. Figure out a plan that pays off your debt as quickly as possible without too much of a financial burden and stick to it. It may take time, but you'll be better off in the long run.