Deprecated: Function set_magic_quotes_runtime() is deprecated in /var/www/ssovez/data/www/finances-all.com/ffd80bdb44cdb991ce7927dcdd59abf4/sape.php on line 219
Deprecated: Function set_magic_quotes_runtime() is deprecated in /var/www/ssovez/data/www/finances-all.com/ffd80bdb44cdb991ce7927dcdd59abf4/sape.php on line 225
Page № 5 » Finances
You are sitting at your computer on a Friday afternoon busily finishing up your last project of the week. It seemed a little peculiar that you hadn't been given those typical "due yesterday" projects as the clock rolls to 3 p.m. This doesn't bother you much because you are more content thinking about that get-away weekend you and your wife have been planning for months. Suddenly, your boss calls you into his office. "Here it comes," you think to yourself, "that project announcement that will keep me here till all hours of the night." In the usual office setting you sit down. The unforeseen happens, "Your position has been eliminated, you have an hour to gather your things." Like an image from an Ally McBeal show, your jaw literally drops to the ground.
Here are some tips that can help you focus on the reality of the situation by cutting expenses and managing your budget:
* Minimize your budget. Sacrifices are hard to make, but in order to keep the funds manageable without sinking further into debt, you should think about eliminating the following: ...
Make A Monthly Budget One of the keys to successful money management is a monthly budget. Before you consider looking at your spending habits, you must know what you spend your money on. Gather all of your bills and monthly expenses that you are aware of, but don't forget to include incidentals, such as gas and dry cleaning. These variable expenses should also be included in your monthly budget and can be labeled as miscellaneous or however you see fit. Clarify Your Financial Goals
NEW YORK (CNNMoney.com) -- If you want to refinance your mortgage into a loan with a sub-5% interest rate, better hurry. Your window of opportunity is closing fast.
Lenders are still advertising rock-bottom interest rates, but for most borrowers, rates are rapidly rising into the 5%-plus category.
During the week of Jan. 7, the average 30-year, fixed-rate loan closed at 5.09%, according to mortgage giant Freddie Mac. That is significantly higher than the 4.71% it averaged at the beginning of the month, and experts say rates will go higher yet.
"Interest rates are up and they're not going to go down below 5% again," said Mark Zandi, chief economist for Moody's Economy.com, not for a while at least.
A banner year for stocks means you probably didn't wince the last time you looked at your 401(k). It also means that your asset allocation is probably out of whack. A $100,000 portfolio invested in 60% stocks and 40% bonds and cash and rebalanced annually for the past 37 years would have grown to $2.9 million, vs. $2.5 million for one that was never rebalanced, according to the Schwab Center for Financial Research.
2. Earn one new credential
The economy is getting back on track, but the job market has a long way to go. So develop a skill that will make you more attractive to your current employer or a prospective one. Some in high demand right now include project-management certification, blog software like WordPress, and expertise in data-crunching programs like Excel and search-engine optimization, says Fabio Rosati, CEO of Elance.com, a website that helps freelancers find jobs.
(Money Magazine) -- Question: I'm 25 and want to start investing in the stock market, but I'm unsure of how to do it. Any advice? --Kyle, Bentonville, Arkansas
Answer: After all the lousy news of the past few years -- the collapse and near-collapse of some of the nation's largest financial institutions, the long and deep recession, the horrendous job losses and a more than 50% decline in stock prices from 2007's high to 2009's low -- it's heartening to hear from young investors like you who still recognize the value of investing in stocks.
That's important because even though recent events have reminded us that investing in equities isn't anything close to the all-gain-no-pain path to riches it was once portrayed as, stocks still offer the best shot at the long-term gains needed to achieve financial security and a comfortable retirement.
