Posts Tagged ‘finance’

Really Thinking About Finances In Being Independent

Thursday, September 18th, 2014 by

I haven’t been following the news too much about the Scotland referendum, but it was unavoidable today as it was all over the news and social media.  It got me curious to read more about the situation as years ago there was a referendum here in Canada where the province of Quebec was voting to separate or not.  There was one point in both of these cases that seemed to bring out a common remark such as if they were to separate what currency would they use?  For the most part, it seemed like no one really thought about stuff like that.  Of course, that in itself would require a lot of time and money to establish.

Because of that, it makes me think of like one’s personal finance where many times we simply focus on what we want to make ourselves feel like we are in control of our lives without thinking what it truly means financially.  Example, I know a few people who were so happy to buy a house only to be surprised financially how much extra they have to pay for even the simple things such as having to pay a larger property tax by themselves.

This is where doing things like browsing around stores a lot whether it be in-person or online actually helps I find.  Constantly seeing all those price tags on various daily needs makes you think about what is needed on average to be financially stable.  In a way too, it forces you to constantly compare what you make versus what you can realistically spend as well.  Some say that is way too much work, but if you simply make it a lifestyle habit it’s almost as simple as breathing I think.

You Have To Work To Waste That Much Money

Wednesday, September 17th, 2014 by

I saw this video from the Wall Street Journal site today revolving around the theme on how one could make $400,000 a year and still feel broke. You can see the video at http://www.wsj.com/video/do-you-make-400000-a-year-but-feel-broke/387CA8E8-2C0F-449B-8F8F-7BBCF70EE954.html

I don’t know if this is supposed to be serious or a form of satire comedy. Example, $500 a week on groceries? $12,000 in club dues a year? This kind of reminds me of what I found to be a comical infographic that the WSJ created awhile back talking about how tax hikes affect people which you can see here:

 

wsjtzincrease

 

Like with that, people sure make a lot of money on average to be sad huh? :D  It does make me wonder if these types of information are based on real examples. I mentioned it before though, reading stuff like this and seeing how ridiculous it is can in a strange way help you to manage your money better as I don’t think anyone wants to be in that pool of financial graduates. You have to actually try and go out of your way to waste money to achieve that level of accomplishment in many ways.

Trying To Learn From A Government’s Budgeting Strategy

Monday, September 8th, 2014 by

So recently a person asked me to do some public research in regards to the BC teacher’s strike as there was this site called bcparentinfo.ca that was created as a way for the government to communicate to the public on what is going on with the labor dispute. What stood out to me was that apparently there was a $335,000 budget that was allocated for their online marketing efforts which really made me wonder.

I then tried to wrap my head around how they could spend that much money even if they tried considering it appeared that the site was actually using a lot of third party services such as a Godaddy shared hosting plan which isn’t exactly known to be like an enterprise solution for large corporations. It made me think of personal finance too and how funny enough you can probably learn to manage your finances better by figuring out how others can save money in their situations. We often do that for other aspects of our life to help us learn and so it makes you wonder why we don’t do that for finances too.

It almost makes me curious in wanting to see all the book records and financial transactions for this. Maybe I will if the person who I sent my findings to gets any additional information. Example, wouldn’t you react if a person mentioned they had money problems yet they were spending like $200 a month getting haircuts? Sometimes we need to see crazy spending habits like this from others in order to make sure we don’t do it ourselves.

Financial Insecurity To Help Others

Wednesday, August 13th, 2014 by

I was reading a story today of a person who really wanted to start their own business as ultimately they want to help others. However, financially this would cause the person potential hardship as whenever you create your own business you are in that not knowing when your next pay cheque will be scenario when you start out. A comment was then thrown out that if you helped one person in the world then it would be all worth it. That’s where it seems the conversation got a little messy.

I think financially speaking the reality in these cases are that as good as you may feel your cause is you have to have a plan to take care of yourself financially as opposed to assuming that the universe will equally reward you to keep you afloat. It’s one of those things where you can dream big but still need a realistic action plan I guess you can say.

I have one project for example that has pretty much cost me time and money where I made it to help people. However, I did that knowing that I have other things in place to enable me to do so. It would have been crazy for me I think to say drop everything with no form of income stream believing that my good deed will automatically mean people will support me financially so I can keep doing it. I probably would have had to close it a long time ago in that case. Instead, this way I can still do that without putting myself in a financial pickle. Need to make sure you are okay yourself first before you can help others.

Having Those Residual Income Sources Due To Time

Sunday, August 10th, 2014 by

Time just flew by today as I found myself spending hours non-stop working on a project where since it was for a volunteer event I don’t exactly make an income out of it. That then made me think how fortunately I do have residual income sources and that this is something that everyone should try to establish in their lifetime I think.

It’s definitely harder where the gain may not seem as much initially, but at times like these it sure is a sensible way to give yourself the flexibility to do other things as well. There is so much variety you can choose from nowadays too in terms of partnering up with businesses to sell their products or services in such a way where you can get repeat commissions for your effort. I think the harder part is simply deciding what it is you want to do in regards to say a home business.

If anything, even writing an E-book can constitute as making something that can generate residual income for you. You just need to get started.