An Island We Are Not.... 5 Ways To Keep Most Of Your Income!!

There seems to be a consensus with most of my friends and peers that money seems to run out faster these days.  Cost Of Living, if given legs, have run so far ahead that it seems impossible to catch.  Given the state of the US economy; rampant unemployment, uncontrolled inflation, increased tax audits, and trillions (about to be 14 trillion) owed by our national debt, its no wonder we as a nation are having a hard time cracking the money riddle.  Here are 5 suggestions on ways to keep more money in your pocket not just for the short term.

1. Pay Yourself First. 

I'm sure many of you have heard this before.  Take out a portion of your income after being paid and save it in an untouchable (and I mean untouchable!!...  No buts.. Untouchable!) bank account.  Now many would say, "Well, I just barely make enough money to cover all my expenses"  Trust me, we as humans are very adaptable creatures.  If we are given $10,000.00 we find ways to spend all that.  At the same token, if we are given $3,000.00 we find ways to spend all that also.  Start out even just a dollar; the purpose is to build the "Habit" of stashing away for a rainy day.

2.  Keep Life Simple, You can afford to be extravagant if excess money is there anyway.

Heard of "Living Like the Joneses?"  Or, Heard the phrase "If he can do it, So can I."  The context of these statements are not at all negative depending on the situation.  However, If these statements are placed where one competes (mostly materially), then this can be a problem.  As the economy continues to provide massive uncertainty, it may be wise to hold back on things not of immediate value.  Just remember, your situation is unique with others, so your needs and necessities should not be compared with others as well.

3. Invest in yourself.

Have enough income and cash to invest?  Buy a good valued condo to rent and receive cash flow.  Have a great business idea? Invest on the Time and Education in knowing what it takes to succeed in that business.  Want to earn more income at work?  Show value by doing extraordinary things compared to your job description.  The point of this is for you to spend time, energy, and money investing for your future. 

4. Learn more about taxes.

Taxes is the single most expense, if not mastered, will create a huge hole in your financial future.  Trust me, I know.  Find a good accountant that can help you with your financial planning.  Know their background, years of service, and people they have worked with in the past.  Know the deductions and tax loopholes that may reduce the amount of taxes (legally) you may have to pay.   

5. Find Great Services and Deals!

Yes they do exist!  Government agencies (although funds are starting to be limited), businesses, grocery stores, and online deals have greatly helped millions of Americans with alternative options.  Instead of buying things at full face value, be resourceful in finding similar products for a whole lot less. Spend the time, to save the money.  Online coupon-model businesses such as Groupon and Living Social, a hot business nowadays, have helped millions to save on purchases.  check it out, I have. 

As the economy continues to recover, expect a few things to happen.  Expect taxation, higher education fees, higher business fees, higher penalty fees, higher government and state fees, and higher cost of food and shelter.  It is now more imperative to be financially ready to cope at all these expenses to continue a comfortable lifestyle.  Being a multiple service and product Business Owner, Realtor, and Insurance Agent, I know what is going on out there.  My clients and I have long talks regarding what is currently occurring in their lives and mine.  If you are having financial challenges, don't fret, your not alone.  Things will get better in the future as long as you decide to make it better.

My suggestions?  Trust in yourself, save for a rainy day, pay yourself first, invest (if possible), work smarter, reduce liabilities, be a company asset, produce more (sales), and watch out for taxes.  I guarantee, you will save more income than you spend in the up coming future.

6 Good Reasons why you need to get paid everyday like the Rich!!

Have you ever questioned yourself why you need to live within your means?  Have most financial planner and institution talked about how you should live with the word "budget" in mind?   Are you being paid hourly or a salary that you receive every 2 weeks or monthly?  Than you are definitely not alone.

Most people in the U.S. work as an employee or as self-employed individual.  Whether government entities, huge corporations, private businesses, or the service sectors, we almost have to wait days, weeks, and months in order for us to get paid.  The word "Budget" thus become an important part of our vocabulary as we go through our everyday life.  Now imagine your world where you are receiving a check, bank credit, or cash money at the end of the day, everyday, that is equivalent to what you would normally receive with a paycheck at the end of 2 weeks.  Also imagine if this income everyday that you receive grows, and grows as time passes on.  Now you may ask youself, is this really possible?

I would say to you "Yes" this is possible, but it generally would not involve a person being an employee, salary, or self-employed.  Now there are exceptions such as rich salaried positions such as a CEO of a multi-million dollar company, or highly paid athletes such as Lebron James. You get my drift right?  Most middle-class Americans will probably not fall into this highly paid positions.  Getting back, how do we attain getting paid everyday like the rich does? 

By starting your own business.  

You may ask, What if I fail?  Isn't starting a business risky and expensive?  I would say to this it depends.  A start-up lawn cutting business require more time than money and you may get paid everyday on it.  You may start-up your own franchise business which requires royalties, initial buy-in, and monthly dues that tend to be quite expensive.  So, It does vary depending on the startup business you have your eye on. You may also join a direct business models such as MLM (Multi-Level Marketing) and receive business skills and guidance from members. This form of business require buy-in memberships with product to sell thereafter. Again, whatever you decide on, decide on something atleast.

Why do we need to start our own business?  I'll give you a few 5 good reasons.

1. Time: After a few short years growing your own business, you can buy your own time to spend with whatever you decide to spend it on.
2. Control:  Boss, Managers, Supervisors will be a thing of the past. Sorry, IRS is still on your back even as business owners. However, many tax benefits are enjoyed by the rich not seen by middle class americans.
3. Money: Getting paid everyday beats getting paid once a week, every 2 weeks, monthly, or even yearly.
4. Inflation: As Inflation keeps going up, prices of goods follow. With today's economy, salary hourly wages, and comissions keeps going down, thust inflation affects our dollar spending capacity.
5. No more "budget":  What!! is this real!! No sorry, the rich still do have a budget in mind. however, I would assume it looks much different from yours and mine.  Their budget possibly does not necessarily deal with the everyday "house budget" rather they deal with business operational, asset, liability budget.  So in essence, yeah!.. no more focus on "house budget."
6. Experience: Once you taste earning income everyday, you will never go back to your old job and career no matter what the setback you will experience with owning your own business. 

Again, being in business is not for everyone.  However, for those who does try to swim in this vast and competitive world, the payout in the long run is worth the risk. I believe not owning or controlling your own destiny is alot riskier than any business you may have a chance to develop for yourself.  So, try one out, your future may depend on it.