Top 3 Personal Finance Books I Recommend – Great for 20 Somethings!
These books are great if you are trying to turn your Financial Health around. They have taught me so much in so little time. They are extremely easy to read and understand. The best part is they include real life stories and examples of the different steps individuals took to elevate their financial life.
Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
The Millionaire Next Door: The Surprising Secrets of America’s Wealthy
The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness
Let us know how these books have helped you and what you have learned.
Hungry? Don’t Go to the Grocery Store!
Money Tip: Most of us have busy schedules, full time jobs, busy lives, etc. So it’s very easy for us to make a quick run to the grocery store on an empty stomach…big mistake! You should never go grocery shopping on an empty stomach” as it is not recommended. Listed below are 5 reasons you should avoid the grocery store on an empty stomach at all costs:
- You may buy that you don’t need because you already have something similar at home.
- You will probably purchase items that are overpriced because of convenience.
- You many buy items that are unhealthy – i.e., candy bars, sugary drinks, etc.
- You may end up buying too much.
- You are less likely to stick to your grocery shopping list.
What are your reasons for never going shopping on an empty stomach? List them in the comment section below!
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4 Things You Should Know Before Financing a Car Loan!
Money Tip: Shopping for a car can be an overwhelming experience especially when inventory is high. There are so many years, models, makes and colors to choose from so it can be easy to become overwhelmed. However, when financing a car, pay attention to 4 things:
- When I financed my 1st car at 18, I was charged a whopping interested rate of 32%. I was so young and uneducated in this area, I didn’t even pay attention to the interest rate because I was only focused on the monthly payments. Besides, all I cared about was driving my “new” car to school the next day. This was definitely a bad financial decision!
2.Length of loan
- How many years will it take to pay your car loan off? This is a very important question you must ask your sales representative. I recommend staying away from car loans that are 4+ years long. Loans that are longer than 4 years will cause you to pay too much money in interest.
3. The total amount you will pay after the loan is paid in full.
- Whatever you do, don’t drive off in your new car without knowing the total amount you will have paid after your loan is paid in full. Believe it or not, many individuals have no idea!
4. Kelly blue book value
- Surprisingly, some people have no idea as to how much their car is worth so before you drive off the lot in your brand new car (in my best Bob Barker’s voice, lol), make sure you know how much the car is worth!
Oftentimes, the dealer wants you to focus on the monthly payment instead of the 4 things listed above, but in the end, you will end up paying a total amount that is worth wayyy more than the car itself. Do your research before signing the dotted line and you will be in good shape!
Now it’s your turn…do you have any tips or experiences to share regarding your car buying experience? Share in the comments below!
Use A Grocery Shopping List!
Money Tip: Always create a grocery shopping list before stepping into a grocery store. When you walk into any store, there are so many advertisements being thrown at you that it is easy for you to forget the items that you need. Therefore, before stepping into the grocery store, make sure you have a grocery list. Also, if you know the layout of the store you are visiting, it is a good idea to list your items according to their location.
You should also check the internet for coupons and deals. Coupons.com is a great place to check because they always have a great selection of coupons. Search kroger and food lion ads and you may be able to get some items for free by doubling and stacking coupons.
Learn How to Give!
Money Tip #5: Apply the “Open Hand Theory” to your life which means if your hand is always tightly closed because you never give, then you will never receive but if your hand is open from giving, then your hand is open to receive as well!
A lot of individuals fail to give because they feel as if they don’t have the resources to do so. However, one of your most important resources is your time and until you have the resources to give financially, you can always give your time. You can volunteer at the local soup kitchen, volunteer to sit with elderly individuals who have no family or donate old clothing. There are plenty of ways to give!
Before I became a giver, I never had enough. I was living paycheck to paycheck but once I started paying my tithes (10% of my income) and offering, I have always had more than enough! So I admonish you to apply the “Open Hand Theory” to your life!
What are some of the ways you give? Please share in the comments below!