Loading...
No BYH to those who have been slamming the US mail, which will presently deliver a document to Alaska or Hawaii for .50...

Tips to maintain your financial health

Wanda_Naylor (2).jpg

Wanda Naylor

Loading…

By Wanda Naylor

Sunday, February 18, 2018

Maintaining your financial health isn’t always easy. Here are some tips to keep you on the right track.

1. Watch your debt. Remember debt that produces assets — things that pay you — can be good debt. Debt that produces a liability is bad debt, especially on depreciating assets (cars or boats) or consumables (food, gas or clothes put on credit cards).

2. It does not take much to live if you have no debt.

3. Do not start to live like the 78 percent of Americans who live paycheck-to-paycheck. Always save, always invest and always give some away.

4. Failure is never a noun that names a person unless they accept it. Most of us will fail at something (failing is a verb which defines our actions, not who we are). The folks who become successful will get up, brush off their seats and go to work again using the six inches between their ears.

5. Serious and difficult economic times are facing you. Learn to conserve now: your assets, your finances, your relationships and the earth. Vow to make a difference … stop the plastic, walk rather than ride, share your meals, remember a dollar spent is forever gone. A dollar invested, compounded over time, grows exponentially.

6. Begin the habit of putting the maximum amount allowed into your retirement account, 401K or IRA. If you never see the money, you will never miss it. It grows tax deferred or tax free. If your company does up to a 3 percent match, that is 100 percent return on your money.

7. Plan B … never be without it. Always have a six to eight month emergency fund account. Learn a new skill to add to your resume every month. Keep your resume updated. It should always be improving. Always be ready.

8. Remember most CEO’s started at the bottom. Move the pile of rocks with enthusiasm and to the best of your ability. Someone is always watching. Giving your best is your only job security. Give the person who pays you more than his money’s worth and it will pay off.

9. Learn the markets … stock markets, oil markets, real estate markets. Invest in them but never forget there are two directions in them all — up and down — and don’t forget flat or sideways. Money can be made in all markets in all directions. You just have to learn how.

10. Knowledge is free in America. Most people just never bother to learn or are too lazy to teach themselves. They expect someone else to take care of them. Not going to happen in your lifetime. Social security will go bust. The stock market will have other serious declines. Be prepared and be smart.

11. Protect your No. 1 financial asset: your credit score and report. It affects your interest rate, your ability to get insurance and whether or not you can borrow (use leverage) to buy assets that pay you. It also may be the turning point in that dream job. Lock it to protect it.

12. Never live off credit (food, eating out, gas, rent, cellphone, clothes). If you don’t have the money to buy it, don’t buy it. Use the three rule: have to need it three times before you buy it. Lots of money will stay in your pocket. This will stop impulse buying or “makes me feel better to spend” purchases that you only enjoy until the bills show up.

13. Save 1/10 at least, invest 1/10 at least. Tithe or give away 1/10 at least. Compounding is a universal concept, Make sure you are never one paycheck from bankruptcy. Illness happens, cancer happens, death happens, job loss happens. Be prepared.

14. Stick to a budget. A budget will show where your money is going. Depending on when you are paid, you may decide on a weekly, fortnightly or monthly budget. You need a budget regardless of how much you earn a year.

Wanda Naylor teaches in the Finance Department at ECU.

Loading…

Humans of Greenville

@HumansofGville

Local photographer Joe Pellegrino explores Greenville to create a photographic census of its people.

Business

September 23, 2018

The Veterans Administration published changes earlier this month to a benefits program commonly referred to as Aid & Attendance. If you are a war-time veteran or a widow(er) of a war-time veteran, you have less than 30 days to take action to potentially preserve some of your hard-earned…

SilverDAVE (2).jpg

September 16, 2018

I have heard financial “experts” in the media say things like:

“Buy life insurance equal to three times your annual salary.”

“Never buy whole life insurance. Always buy term life insurance.”

“All life insurance is a rip-off.”

These are what I call…

brenda wells (2).jpg

July 17, 2018

A new outlet for managing shipping needs and other personal office and business services is coming soon to the Bells Fork area.

PostalAnnex Plus, a 2,400-square-foot franchised retail postal and business services center, will open in the Bells Fork Square shopping center at 2120-107 Charles Blvd.…

071718PostalAnnexPic1

July 13, 2018

The staff at a Greenville dental practice were all smiles this week, their second full week in a newly renovated building on Arlington Boulevard.

Bowman, Padgett and Associates opened June 18 after renovating a vacant dental office at Arlington and Dickinson Avenue and moving from their…

071218DentistRenovationPic1

June 10, 2018

Tax season is over. School is ending. Summer is here.

Things have slowed enough to gather yourself and get organized.

We call it the Big Book in my family. Invented by my scrupulously detailed father-in-law, the Big Book is the index containing a road map to everything we own.

The wealthy have…

June 03, 2018

One of my favorite movie lines comes from "The Jerk," a 1979 comedy that was Steve Martin's first film.

"I don't care about losing all the money. It's losing all the stuff," whines Bernadette Peters, playing the lead character's girlfriend, in a memorable meow.

Which brings us this week to "stuff"…

6 stories in Business. Viewing 1 through 6.
«First Page   «Previous Page        
Page 1 of 1
        Next Page»   Last Page»