Commit. Plan. Take action.
Last week we started getting ready for your debt free journey. We discussed the importance of getting your spouse on board (if you have one) and promising yourself that you are done with debt.
Now we are ready to jump in to assessing your current financial picture. You need to know where you are starting from in order to begin your journey.
Today, I have something a little different to share with you.
Instead of sharing more about my family’s debt free journey, I have a special guest who has agreed to share his debt free story.
Ron Noble tells how he and his wife Thu paid off $167,500.00 in seven years! They are a true debt free family because they have paid off all of their debt including their house!
Continue reading to find out how they did it and what they have been able to do since becoming debt free.
[Read more…]
You’re ready for a change.
You have committed to getting out of debt, but you don’t know where to start, right?
You’re tired of living paycheck to paycheck and seeing your hard-earned money go toward interest to the bank or credit card company.
You bring home a decent income, but before you can actually enjoy what you’ve worked so hard for, you have to pay all of the bills. And what’s left over for you? Not much.
Well, I am here to help!
Part 3 of a 3-Part Series
My husband and I decided to pay off all of our debt, including our mortgage, as quickly as possible.
We understood it was a huge endeavor and estimated that it would take us about eight years to do, but we knew the feelings of freedom and achievement once we met our goal would be well worth the dedication, sacrifice, and hard work in the end.
As the saying goes, “How do you eat an elephant? One bite at a time.”
We still have a long way to go before we are completely debt free, but in this three-part series, I am taking you through exactly what we did to pay off over $65,000 from August 2013 through June 2014.
Click here for Part 1 and Part 2 if you missed them.
Part 2 of a 3-Part Series
At the end of July 2013, my husband Mike and I decided to pay off all of our debt, including our mortgage, as quickly as possible.
We understood it was a huge endeavor and estimated that it would take us about eight years to do, but we knew the feelings of freedom and achievement once we met our goal would be well worth the dedication, sacrifice, and hard work in the end.
As the saying goes, “How do you eat an elephant? One bite at a time.”
We still have a long way to go before we are completely debt free, but in this three-part series, I am taking you through exactly what we did to pay off over $65,000 from August 2013 through June 2014.
If you missed Part 1, you can check it out by clicking here.
My husband and I decided to pay off all of our debt, including our mortgage, as quickly as possible.
We understood it was a huge endeavor and estimated that it would take us about eight years to do, but we knew the feelings of freedom and achievement once we met our goal would be well worth the dedication, sacrifice, and hard work in the end.
As the saying goes, “How do you eat an elephant? One bite at a time.”
Artificial Intelligence (AI) has transcended its role as a futuristic concept to become an integral part of our daily lives. Beyond its applications in various industries, AI has proven a powerful tool in personal finance, offering innovative ways to save money and make more informed financial decisions.
Unknown to many, there are 10 impactful ways AI can revolutionize your finances and contribute to significant cost savings.
Traditional budgeting methods can be time-consuming and prone to human error. AI-powered budgeting tools like Mint and PocketGuard offer a more thoughtful and efficient approach.
These tools use machine learning algorithms to analyze your spending patterns, categorize transactions automatically, provide real-time updates on your financial status, and even find you the best loans like NetCredit. By automating budgeting and expense tracking, you gain a comprehensive understanding of your financial habits, allowing you to identify areas where you can cut unnecessary expenses.
Investing can be complex and intimidating for many individuals. AI-driven robo-advisors simplify the investment process by using algorithms to create and manage a diversified portfolio tailored to your financial goals and risk tolerance.
Platforms like Betterment and Wealthfront leverage AI to optimize your investments continually, ensuring that your portfolio aligns with market trends and adapts to changing conditions.
Using AI isn’t just about growing wealth. It’s also about managing debts intelligently. AI-powered debt management tools analyze your financial situation, identify high-interest debts, and create personalized repayment plans.
These plans may include strategies for debt consolidation and negotiation with creditors. By leveraging AI in debt management, individuals can make informed decisions to pay off debts strategically, saving money on interest payments and achieving financial freedom sooner.
Retailers and service providers increasingly use AI to offer personalized recommendations based on consumer behavior and preferences. Apps and platforms employ AI algorithms to analyze your spending habits and present tailored suggestions for discounts, promotions, and cashback offers. By taking advantage of these personalized recommendations, you can save money on everyday purchases without compromising your preferences or lifestyle.
AI significantly promotes energy efficiency in smart homes, leading to tangible cost savings. Smart home devices with AI algorithms can learn your behavior patterns and optimize energy consumption accordingly.
For example, smart thermostats adjust heating and cooling schedules based on your usage patterns, reducing energy bills. Investing in AI-powered smart home solutions enhances your lifestyle and reduces utility costs, leading to long-term savings.
Many individuals subscribe to various services, from streaming platforms to magazines, and it’s easy to lose track of these subscriptions. AI-powered subscription management tools like Truebill and Trim analyze your bank statements to identify and cancel unused or unnecessary subscriptions. By eliminating redundant subscriptions, you can free up funds previously spent on services you no longer need, contributing to significant savings over time.
Understanding financial concepts and making informed decisions is crucial for saving money. AI-driven financial education platforms, like Albert and Cleo, use machine learning to provide personalized financial advice and insights.
These platforms assess your financial situation, offer tips for saving money, and even provide guidance on investments and debt management. Incorporating AI-driven financial education into your routine gives you the knowledge to make sound financial decisions, ultimately leading to long-term savings.
AI excels at predictive analytics, and this capability can be harnessed for effective expense planning. By analyzing historical spending patterns and external factors, AI algorithms can predict future expenses with a high degree of accuracy.
This foresight allows individuals to plan and budget more effectively, avoiding last-minute financial stressors and enabling better control over their finances. Whether it’s planning for upcoming bills or setting aside funds for irregular expenses, predictive analytics can be a valuable tool for saving money.
Financial security is a top priority, and AI is crucial in safeguarding your assets. AI algorithms analyze transaction data to detect unusual patterns and flag potentially fraudulent activities in real-time. This proactive approach helps prevent unauthorized access to accounts, protecting individuals from financial losses and the hassle of resolving fraudulent incidents.
Tax season can be stressful for many individuals, but AI can simplify the process and potentially lead to significant savings. AI-powered tax optimization tools, like TurboTax and TaxJar, use advanced algorithms to identify eligible deductions and credits, ensuring that you maximize your tax savings. These tools stay up-to-date with the latest tax regulations, reducing the risk of errors and helping you navigate the complexities of the tax code more efficiently.
From automated budgeting and intelligent debt management to personalized recommendations and tax optimization, AI empowers users to make informed decisions that contribute to long-term financial well-being. With AI technology advancements, managing finances has become more accessible and less daunting. Using these tools and using them to their full potential, individuals can take control of their finances and achieve financial stability.
The financial sector is typically a great choice for graduates who are looking to get a job in their chosen field straight after college. There are plenty of roles to choose from, from working in a local business to working in a high-pressure environment as an investment professional. Some students also choose to specialize further after college, for example taking additional courses to become a certified accountant.
There’s no right or wrong path to take after college, and you may well change your role throughout your career. The days of sticking to one job for your whole working life are long gone, with modern employees changing things up when they want a new challenge. So what could you future hold with a finance degree? Let’s take a look.
A financial analyst is a key part of any large business. Their role is to gather data, analyze it, generate forecasts and create financial models, and present that information to the people who need it. They also adjust budgets to reflect this new data, after discussion with stakeholders. Financial analysis allows a company to identify any risks, as well as potential opportunities for growth.
This role would suit someone who thrives in a high-pressure environment, and isn’t afraid of presenting their findings and defending them in front of senior management. If you love a challenge, want each day to be different, and are interested in working in a corporate environment, this could be a good fit for you.
Worried about climate change, but don’t know how to make a difference? Good news – you could consider becoming an environmental accountant. These finance professionals use their reporting and modeling skills to calculate the environmental cost of business activities, with the aim of identifying ways to reduce the most harmful culprits.
It can be hard to understand exactly what impact a business is having when all the information is reported collectively as one carbon footprint figure. Environmental accounting breaks this down, allowing companies to have clear information so they can make informed decisions about their products and services. It’s a great way to use the skills you’ve learnt on your course and put them into practice for the greater good.
If you get a buzz out of talking to people, then a sales role might be a good choice – it’s far more social than many financial jobs, which involve crunching numbers in an office. As a manager, you’ll also be in charge of monitoring, supporting and motivating a team of people, which can be incredibly rewarding. You may even be able to travel in this role, attending conferences and visiting clients, depending on the sector.
Your finance degree will stand you in good stead when it comes to understanding forecasts, setting targets and looking at the data to identify potential market opportunities. Some companies will offer graduate schemes that get you straight into higher level roles, so look out for these if you want to have higher earnings straight out of college.
Risk managers play a critical role in identifying, assessing, and mitigating risks that could impact an organization’s financial stability and reputation. With a finance degree, you can pursue a career as a risk manager in banks, insurance companies, investment firms, corporations, or government agencies. Risk managers assess potential risks associated with financial transactions, operations, market fluctuations, regulatory changes, cybersecurity threats, and other factors. They develop risk management strategies and policies to minimize exposure to risks, protect assets, and ensure compliance with regulations and industry standards.
Risk managers also implement risk mitigation measures, such as hedging, diversification, insurance, and contingency planning, to safeguard the organization’s financial interests. Additionally, they monitor and analyze risk metrics, conduct risk assessments and stress tests, and provide recommendations to senior management or board of directors to support decision-making processes. A career as a risk manager requires strong analytical skills, problem-solving abilities, and the ability to anticipate and respond to emerging risks in a dynamic business environment.
Investment bankers are financial professionals who facilitate complex financial transactions for corporations, governments, and other institutions. With a finance degree, you can pursue a career as an investment banker in investment banks, financial advisory firms, or corporate finance departments. Investment bankers advise clients on various financial matters, including mergers and acquisitions, capital raising, restructuring, and strategic planning. They help companies evaluate potential merger or acquisition targets, structure deals, negotiate terms, and raise capital through debt or equity offerings.
Investment bankers also conduct financial due diligence, assess valuation metrics, and prepare financial models and presentations for clients. Moreover, they maintain relationships with clients, industry professionals, and investors to identify potential business opportunities. A career as an investment banker requires strong analytical skills, attention to detail, and the ability to thrive in a fast-paced and competitive environment.
Financial planners help individuals and families manage their finances and achieve their financial goals. With a finance degree, you can pursue a career as a financial planner in financial planning firms, investment advisory firms, or wealth management departments. Financial planners work closely with clients to understand their financial objectives, assess their current financial situation, and develop personalized financial plans. They provide advice on various aspects of financial planning, including budgeting, saving, investing, retirement planning, tax planning, estate planning, and risk management.
Financial planners also recommend appropriate investment strategies, insurance products, and retirement accounts based on clients’ risk tolerance, time horizon, and financial goals. Additionally, they monitor clients’ financial progress, review and adjust financial plans as needed, and educate clients on financial matters and investment options. A career as a financial planner offers the opportunity to make a positive impact on clients’ financial well-being and help them achieve financial security and independence.
Accountants play a crucial role in helping businesses and individuals manage their financial records, comply with tax laws and regulations, and make informed business decisions. They prepare and examine financial statements, such as balance sheets, income statements, and cash flow statements, to ensure accuracy and compliance with accounting principles and regulations.
Accountants also maintain financial records, reconcile accounts, and prepare financial reports for internal and external stakeholders. They may specialize in areas such as auditing, tax preparation, forensic accounting, managerial accounting, or financial analysis, depending on their career goals and interests.
Loan officers play a crucial role in facilitating loans for individuals and businesses. They evaluate loan applications, assess borrowers’ creditworthiness, and determine the appropriate loan products and terms based on their financial situation and credit history. Loan officers also help clients understand the loan application process, gather required documentation, and navigate the complexities of lending regulations. They work closely with underwriters, processors, and other professionals to ensure the timely processing and approval of loan applications.
Additionally, loan officers build and maintain relationships with clients, real estate agents, and other referral sources to generate new business opportunities and promote loan products and services. A career as a loan officer requires strong communication skills, attention to detail, and the ability to work effectively in a fast-paced and customer-focused environment.
Insurance underwriters assess the risk of insuring individuals and businesses and determine the appropriate coverage and premium rates based on their risk profile. They evaluate insurance applications, review medical records, financial statements, and other relevant information to assess applicants’ insurability and calculate insurance premiums. Insurance underwriters also analyze market trends, claims data, and underwriting guidelines to develop risk assessment models and pricing strategies.
Underwriters also collaborate with insurance agents, brokers, and other professionals to underwrite policies, negotiate terms, and ensure compliance with regulatory requirements. Insurance underwriters may specialize in various types of insurance, such as life insurance, health insurance, property and casualty insurance, or specialty lines of insurance, depending on their expertise and interests. A career as an insurance underwriter requires strong analytical skills, attention to detail, and the ability to evaluate risks effectively to make sound underwriting decisions.
Corporate treasurers play a critical role in managing the financial assets and liabilities of corporations. They oversee cash management, capital budgeting, and investment strategies to optimize the organization’s financial position and liquidity. Corporate treasurers monitor cash flows, forecast cash needs, and develop strategies to fund ongoing operations and capital projects. They also manage relationships with banks and financial institutions, negotiate financing agreements, and ensure compliance with debt covenants and regulatory requirements.
Corporate treasurers also assess and manage financial risks, such as interest rate risk, foreign exchange risk, and credit risk, through hedging and other risk management techniques. A career as a corporate treasurer requires strong analytical skills, financial acumen, and the ability to collaborate with internal and external stakeholders to achieve strategic objectives and mitigate financial risks.
A Chartered Tax Accountant specializes in tax law and regulations, providing comprehensive tax planning and advisory services to individuals, businesses, and organizations. They analyze financial data to ensure compliance with tax laws and optimize tax strategies to minimize liabilities. Additionally, they assist clients in preparing and filing tax returns, while also offering guidance on tax-efficient investment strategies and estate planning. Overall, Chartered Tax Accountants play a crucial role in helping clients navigate complex tax matters while maximizing financial efficiency.
A Financial Consultant offers personalized financial advice and guidance to individuals and businesses to help them achieve their financial goals. They assess clients’ financial situations, including income, expenses, investments, and debts, to develop customized financial plans. Financial Consultants provide recommendations on investment opportunities, retirement planning, risk management, and wealth accumulation strategies tailored to clients’ needs and objectives. They also offer ongoing support and monitoring to help clients stay on track towards financial success.
An actuary analyzes financial risks using mathematical and statistical methods to help organizations make informed decisions. They assess the likelihood and financial impact of future events, such as accidents, natural disasters, or mortality rates, on insurance premiums, pensions, and other financial products. Actuaries use complex models to develop strategies that minimize risks while maximizing profitability for their employers or clients. Additionally, they often communicate their findings and recommendations to stakeholders, such as executives, regulators, or policyholders.
In conclusion, a finance degree can open doors to a wide range of rewarding careers in the financial services industry. Whether you’re interested in analyzing financial data, facilitating corporate transactions, helping individuals achieve their financial goals, managing risks, or maintaining financial records, there are plenty of opportunities to pursue a fulfilling career path in finance.
In the fast-paced world of trading, safeguarding your investments is paramount. Whether you’re a seasoned trader or just dipping your toes into the market, understanding risk management and implementing effective strategies can mean the difference between success and financial turmoil. In this article, we’ll explore practical ways to manage your trades safely, protect your capital, and optimize your investment journey.
Before executing any trade, conduct a thorough risk assessment. Consider factors such as market volatility, liquidity, and your risk tolerance. Determine the maximum percentage of your capital you’re willing to risk on a single trade. This percentage should be consistent across all your trades. For instance, risking no more than 2% of your total capital per trade is a common practice.
Example: Suppose you have a $10,000 trading account. Risking 2% means that your maximum allowable loss per trade is $200.
A stop-loss order acts as an emergency exit. It automatically sells your position when the price reaches a predetermined level. By setting a stop-loss, you limit potential losses and prevent emotional decision-making during market fluctuations.
Example: If you’re long on a stock at $50, consider placing a stop-loss order at $45. If the price drops to $45, the order triggers, protecting you from further losses.
Don’t put all your eggs in one basket. Diversification spreads risk across different assets or markets. Consider allocating your capital to various stocks, commodities, or currencies. This way, if one investment underperforms, others may compensate.
Example: Instead of investing solely in tech stocks, diversify by including healthcare, energy, and consumer goods.
Stay up-to-date with market news, economic indicators, and company-specific developments. Knowledge is power. Being aware of global events and their potential impact on your investments allows you to make informed decisions.
Example: If a central bank announces an interest rate hike, consider its implications on currency pairs and adjust your positions accordingly.
FOMO (Fear of Missing Out) can lead to impulsive decisions. Don’t chase hot trends without proper analysis. Often, by the time a trend becomes mainstream, it’s already losing steam. Be cautious and evaluate the fundamentals before jumping in.
Example: During the cryptocurrency boom, many investors bought Bitcoin at its peak, only to suffer significant losses when the bubble burst.
To enhance search engine visibility, incorporate relevant keywords naturally throughout your article. Use terms like “risk management,” “investment protection,” and “trade safety.” Quality content attracts readers and encourages them to share your insights.
Visual aids break the monotony of text. Include eye-catching images, charts, or infographics to illustrate your points. A well-designed visual can make your article more appealing and shareable.
Wrap up your article by summarizing key takeaways. Encourage readers to implement the strategies discussed. A clear CTA, such as “Start applying these risk management techniques today,” motivates action.
Remember, successful trading isn’t about avoiding losses altogether; it’s about managing them effectively. By following these guidelines, you’ll be better equipped to navigate the markets, protect your investments, and achieve your financial goals.
Western role-playing games have delighted players for decades, offering epic quests, intricate worlds, and memorable characters. But beneath the serious narratives lie some delightful and often absurd tropes that add charm to the genre. Here are 14 of these quirky conventions that make Western RPGs both entertaining and eyebrow-raising.
These are repetitive tasks where players are sent to collect a certain number of items or kill a specific number of creatures. An example would be the “Radiant Quests” in The Elder Scrolls V: Skyrim, where you’re asked to retrieve an item or eliminate a target. These quests lack depth and can become monotonous.
Some Western RPGs rely on generic fantasy settings with elves, dwarves, and dragons. The Witcher 3: Wild Hunt breaks this mold by offering a rich, gritty world inspired by Slavic folklore, making it stand out from the crowd.
In Western RPGs, developers often grapple with the challenge of creating content that is inclusive and respectful of diverse backgrounds and identities. While striving for political correctness is commendable, it can sometimes lead to overly sanitized or predictable narratives. Games like Pillars of Eternity have faced criticism for their handling of sensitive topics, as they attempt to balance historical accuracy with modern sensibilities.
Crafting systems can be fun, but some games allow players to create ridiculously powerful gear. The Elder Scrolls IV: Oblivion had a notorious “Chameleon” enchantment that made characters nearly invisible, breaking immersion.
Escorting NPCs through dangerous areas is a frustrating trope. Fallout 3 had the “Following in His Footsteps” quest, where players had to protect a vulnerable character, often leading to their untimely demise.
While dialogue trees are a staple of RPGs, some games present choices that don’t align with the character’s personality. Mass Effect faced criticism for oversimplifying complex decisions into binary options.
In some Western RPGs, enemy level scaling dynamically adjusts the strength of adversaries based on the player’s progress, ensuring a consistent challenge throughout the game. This mechanic aims to maintain a balance between player power growth and enemy difficulty, preventing encounters from becoming too easy or overwhelmingly difficult. For instance, in “The Elder Scrolls V: Skyrim,” enemy level scaling ensures that encounters remain challenging regardless of the player’s character level, promoting a sense of immersion and strategic gameplay.
In Western RPGs, the lack of consequences for player choices often results in a world where decisions feel inconsequential and fail to significantly alter the narrative or gameplay. For instance, in “Mass Effect 3,” despite the game’s emphasis on player choice throughout the series, the ending received criticism for its perceived lack of meaningful consequences based on those choices, leading to a sense of disappointment among players. This absence of impactful outcomes can diminish immersion and replay value, leaving players feeling detached from the consequences of their actions within the game world.
In many Western RPGs, the bland villain trope often rears its head, presenting players with uninspired antagonists lacking depth or complexity. These villains typically embody generic evil traits without nuanced motivations or compelling backstories, ultimately failing to engage players on an emotional or intellectual level. As a result, the narrative tension and investment suffer, leaving players longing for more dynamic and memorable adversaries to challenge and intrigue them throughout their gaming journey.. Dragon Age II suffered from this with its underdeveloped villain, the “Arishok.”
Many Western RPGs default to a medieval-inspired world with castles, knights, and magic. While this setting can be captivating, it’s become somewhat overused. The Elder Scrolls series, particularly Skyrim, exemplifies this trope by immersing players in a medieval-like realm of dragons, dungeons, and swordplay.
Some Western RPGs feature intricate skill trees with numerous branches, abilities, and prerequisites. While depth is appreciated, overly complex systems can overwhelm players. Path of Exile exemplifies this trope, offering an extensive web of interconnected skills and passives.
In many Western RPGs, players encounter an excessive number of seemingly useless items—broken swords, rusty keys, and random trinkets. These “junk” items clutter inventories, serve no purpose, and often require manual disposal. Fallout 4 is notorious for its abundance of mundane items that players collect without much benefit.
Ever notice how every dungeon or battlefield in Western RPGs is littered with destructible crates and barrels? “The Elder Scrolls V: Skyrim” takes this trope to new heights. As the Dragonborn, you’re not just a hero; you’re also a professional crate-smasher.
Western RPGs love verbose NPCs. In “Mass Effect”, you can spend hours chatting with crew members about their favorite color or the intricacies of space hamsters. Because nothing says “epic quest” like discussing hamster habitats.
