Archive for December, 2009

Where will you be (financially) at 30?

posted by Rebecka

acn-credit-score-vs-debt-reliefI recently read this post on MoneyUnder30.com and it had a great summary of where you should be financially at the age of 30. Since I am 21, I am so glad I read it now, I feel like it gave me some realistic goals to set myself for the next 9 years!

1. Have NO debt besides a Mortgage and/or Student Loan. That means no auto loans, credit cards or other personal debt!

2. Have an Emergency Fund. An Emergency fund is money set aside(NOT IN A CREDIT CARD) that could last you for at least 3 months in case of a loss of job, family emergency etc.

3. Have a HEALTHY retirement account. Many people seem to be more concerned about the present and forget about retirement! If by the age of 30 you have a well established retirement account, whether it’s in a 401(k), IRA, or Pension, you should be set for a good financial future!

I don’t know about you, but I think this is too good of information to pass up! Whether your 18 or 29, It’s never too late to start eyeing on the future! How on track are you? Do you think you can meet these goals by the time you’re 30?

Pursuing Life in Your 20’s

posted by YNF

Pursuing Life In Your 20s from www.20smoney.com

This is a great article — take a moment to read and let us know what you think

Much of this blog is typically about getting started early in work, career, saving, investing, blogging, whatever. Just as important as these areas is the area of life. If you’re like me, you graduated college (which we call the fun/free days) and then “got serious” about a career. Sure, I still had and have tons of fun after college even while focusing on a career, but it is very easy to get wrapped up in a job or a financial situation and lose track of living life. I want to comment on this a bit further…

The decade of our 20s brings many new things, a career, major financial responsibility, potentially a marriage, maybe even kids. At this point in life, it’s not like we don’t know how to enjoy life, it’s more that we’re starting to encounter new distractions that get in the way of life. Some of these are necessary, some aren’t.

Financial Stress
A major obstacle to life in our 20s is financial stress. Some of this stress is a good thing (i.e. wanting to save money), but much of it is brought upon ourselves. We can all but eliminate this stress but accepting a more frugal lifestyle. Live in a cheaper apartment, don’t go out to eat as much and don’t spend as much money on things. Instead, be smart financially by putting away a good amount of money each month and then enjoying yourself as a result of not worrying about your finances.

Pursuing Other Satisfactions
Since much of our energy goes into our budding career, and for single people, the rest goes towards a social life, we find it hard to put energy and time into other areas that bring us satisfaction.

For me, I would like to spend more time with my family, more time on my own business ventures such as this blog and more time pursuing physical training such as running and maybe a triathlon. Don’t get me wrong, I’m able to enjoy these things to a large extent, as much as is possible working a normal 9-5 job, but my goals are to be able to have a flexible lifestyle where I can pursue them even more.

For individuals who can’t really budge in terms of how much time is spent at work, I encourage you to maximize your time outside of work. You can do this by not watching as much TV, not spending as much time at the bar, and waking up earlier (so you can do stuff before work). These are all strategies I implemented while living alone, single and working fairly long hours.

Employee vs Entrepreneur
Most people ignore work when talking about pursuing life. I think that work can be a major part of your satisfaction that you receive in life. A major way to increase the satisfaction, at least for me, is to transition from employee to entrepreneur or business owner. Being my own boss is a major goal of mine. Not only does it allow me to work the type of schedule that I want to work, but I would love to see a direct relationship between my results and my own effort and being an entrepreneur is the best way to do this.

While most people won’t become an entrepreneur in their 20s, it’s important to just keep the goal present as you move forward in your career so that you can maximize your opportunities to learn skills and build relationships that will help you down the road towards this goal.

What are the ways that you pursue life in your 20s? How do you connect with people and find ways to be more satisfied?

You’re Burned! (If You Indoor Tan)

posted by YNF

You thought health care reform was all about boring stuff like health insurance, didn’t you? Well, it’s far more fabulous than that.
Do you use indoor tanning salons? If so, you will probably see an increase in cost due to the new Health Care reform bill.
The bill levies a 10 percent tax on consumers who use indoor tanning salons to raise $2.7 billion by 2019.
What do you think?

Emergency Preparedness

posted by Blake

I’m not saying the world is going to end but we have had 3 major earthquakes in the Pacific Islands in the past months, and even a small one in Salt Lake City last night. We can never tell when Mother Nature is going to throw us a curve ball.

Do you have a plan if a catastrope strikes? Whether its raid your parents’ food storage? Or maybe you have your own? I personally don’t have anything and would be up the creek without a paddle. How can people our age start an emergency preparedness kit?

Dollar Date Idea

posted by Bryson

With the winter months slowly but surely closing in on us, it’s getting harder and harder to find date activities to do outside. (Besides sledding, that is.) One of the great things about going on dates in the summer, in my opinion, is that it’s easy to plan a date that won’t cost much. You could go on a hike, play frisbee at the park, or go on a bike ride. But, when it gets cold outside, those things are harder to do. So, what can we do to go on a date and not spend a whole bunch?

The first thing that comes to mind for me is the dollar theaters. Dollar theaters are all over the place nowadays. At a normal theater, you’re going to spend nearly $15.00 on just tickets and who knows how much you’ll spend on the snacks there. But, if you’re willing to wait a month or two to see a movie, you can catch it at the dollar theater. Tickets are going to be much, much less (Between $1 and $3 at most) and so are the snacks. It’s really a great way to save money while still seeing a new movie in the theaters!

What about the rest of you? What are some of your great money saving date ideas?

Holiday/Christmas Traditions….

posted by Carli

One of my favorite Christmas traditions is getting new pajamas on Christmas Eve.images8 It’s always been such a fun tradition and I look forward to it every year, even though I’m an adult now. What’s more exciting than getting new pjs to sleep in, and wake up in, and open presents from Santa in? What are some of your favorite Holiday/Christmas traditions?!

Don’t Poo-Poo Potluck

posted by YNF

potluckWhen it comes to your holiday parties this year, don’t poo-poo the potluck! For those of you who may not know what a potluck is: A potluck is a gathering of people where each person or group of people contributes a dish of food to be shared among the group.  We do this a lot with both friends and family, and not just during the holiday season.

The term “potluck party” has an old-fashioned ring to it. I picture ladies in their Sunday bonnets and June Cleaver dresses, teetering in high heels, while carrying a large dish covered in a checkered cloth.  (about.com)

So, why do it all when friends and family are usually happy to help? I don’t know about you, but after accepting a party invitation the first thing someone says to me, usually is ‘What can I bring?’”.  Take guests up on their offer to bring something, whether it’s a plate of their favorite holiday cookies or a homemade side salad, especially if your holiday party is buffet-style.  Just make sure that guests aren’t bringing something that is crucial to the meal. If they don’t show up, you’ll be stuck.

And remember that potlucks don’t just save you money — they add to the fun. They give your guests a chance to join your holiday celebration in their own personal way.

Honeymoon or Not!

posted by YNF

Several of my friends went on a honeymoon right after they got married. Some have just waited till summer, and some have not gone on a honeymoon at all. It is common to go on a honeymoon. Think about it, how many people ask you when you got married “where are you going on your honeymoon?” I personally went on a honeymoon. I loved every minute, except the 5 day cruise, I was sick the whole time. It was nice for us to go on a honeymoon because we haven’t been able to go on a “vacation” since.

I can also understand why some college students would wait till summer, when they aren’t stressed about school, they have lots more time, etc. My friends that didn’t go on a honeymoon wanted to save the money. That is a good idea, honeymoons are expensive.

So ultimately it is up to you. What are you going to tell people when they ask “where are you going on your honeymoon?”

Do you want to go on a honeymoon? Why? Or Why not?

Whack a Banker….

posted by YNF

BOTH FEET FIRST

posted by YNF

There are many life changing experiences that happen to us, and some can be scary. I have found that it is best to jump in both feet first. That way, you can just adjust as life changes around you, and you also feel less stressed.

When it comes to financing those changes, you often need to prepare instead of just diving in. Before you buy a house or before you have kids, you should prepare by saving. You should also find out how much additional costs your change will have. For example, kids need clothes, furniture, food, etc. Houses need repairs, insurance, and possibly lawn care and snow removal. Try to prepare before financial changes, because it will greatly help you in the long run.

My wife and I are expecting our first child in the spring, and we have been trying to save for a while now. We are also taking advantage of a cafeteria plan, which basically allows us to use $1600 all at once, but only pay $133.33 each month. Pretty cool, huh. It’s kinda like a no-interest loan.

So, when it comes to changes in life, jumping right in is usually best in my opinion. But when it comes to financing those changes, you should plan ahead by saving. At least that’s what I have found.


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