finance Archives - 3 Kids and Us

Investments To Consider When You Have One Million Dollars

January 24, 2022 by admin

A million dollars is a considerable amount of money, and if you are looking to invest this amount, there are various options available to you. You will need to consider all the options carefully and ensure you select the one you are most comfortable with and offers the least risk. When investing your money, you need to be aware that you can lose some or all of it, depending on the risk of the investment you take.

Below are some options that you may want to consider using your million dollars to invest in that offer decent returns and get your money working for you.

Investing In Property

You can decide to put your million dollars into property, and you can buy a house with your money and keep it as an investment. If you wanted, you could rent the property out to receive a monthly income from it, which can also help safeguard your investment. The property will require maintenance, and you can use the rent money you get to pay for the house’s upkeep. Keeping the house in excellent condition will help it retain and hopefully increase its value. You can see excellent returns on your investment.

Investing In Gold

Since the global pandemic, the price of gold has reached record highs, and it is an attractive investment for many people. A million dollars will get you around 12kg of gold, which is a sizeable investment. However, you will also need to consider where you will store your gold, and most options have some cost involved. When you buy from a reputable Brisbane gold bullion dealer, you can often keep your purchase with the gold dealer at a monthly cost. You can also store your investment in a safety deposit box which also has costs involved. If you decide to store your investment in your home, you will need a secure safe and suitable insurance policy to safeguard your investment. To find gold bullion dealer near, head over to Google and do a quick search.

Investing In Stocks & Shares

You can consider investing your million dollars in the stock market, but you will need to know what you are doing to keep it safe, or use the services of a reputable broker. Depending on the stocks you invest in, the stock market can be highly volatile, and there is a high chance you can lose your money in part or all of it. As such, you will want to invest in various stocks instead of putting all your eggs in one basket.

Investing In Cryptocurrency

You can also consider investing your million dollars in cryptocurrency, but this can be a highly volatile market. The price of the various cryptocurrencies is prone to big swings up and down. If you decide to invest in cryptocurrency, you may want to consider adding various ones to your investment portfolio, which is a much safer option.

If you are looking to safeguard your investment, it is often best to diversify it and spread it in different options. Having all your eggs in one basket can be devastating when your investment collapses, and you can lose everything.

The Best Ways to Increase your Credit

January 16, 2021 by admin

Credit is one of the trickiest facets of the modern world. It is the cause of much pain, anxiety, and stress. If you have been struggling with debt and have a bad credit score, you aren’t out of luck. There are many ways to raise your credit and work towards financial health. It is important to keep this goal in mind if you currently have a bad score. Some of the methods to raise your credit may seem counterintuitive. Credit is the process of showing you are good to borrow money. When you prove you are trustworthy with funds, you’ll have the opportunity to raise your score and improve your overall financial standing.

Join a Credit Union

If you have an in at a credit union, you should most definitely utilize this ability. While it may scare you to apply for a credit card, if you have the chance to get a credit union credit card, it can really help you improve your score. Not only do credit unions have better interest rates, they do not punish you for paying what you owe back early. Credit unions are much more manageable when it comes to borrowing. If you have the opportunity to raise your credit score using a credit union, you should take advantage of it. Just make sure to pay everything off immediately and your score will go up in time.

Consolidate your Debt

Another way to increase your score and get rid of money you owe is to consolidate debt. When you owe multiple creditors money, putting these into one place will give you a monthly payment you can handle. This is vital because you want to get a hold on what you owe and stick to the payments, but it is crucial to pay more than the minimum. Working with a debt consolidator will help you understand what you should pay before you consolidate what you owe and how much you need to pay every month to get this off your back. There are many debt consolidation options. If you owe multiple entities money, take the next step by consolidating it and giving yourself a chance to pay debt back.

Lease a Car

If your credit isn’t great but you can be approved for a car lease, it might be a good way to increase your score and kill two birds with one stone. When you need a car but can’t afford to buy a new one, leasing is an option if you get approved. This applies to people who have a good score but want to increase it. When you have the ability to lease a car, you should make payments on time and never pay the minimum if you can avoid it. Always pay off what you can and you’ll watch your credit score go up. When you are able to get approved for loans, you will have the chance to use it to your advantage.

Save Save Save

When you are trying to bring up your credit score, it is important to have money in the bank. You won’t be able to pay off debts if you don’t have a solid foundation to pull from. It’s so crucial to keep up with payments and always avoid the minimum. However, this is very difficult if you don’t have some money to use. Living paycheck to paycheck makes it nearly impossible to get rid of debt. That’s why it is so important to save money. Don’t give in to the impulse to make yourself feel better in the moment. It won’t help anything. Every time you want to spend money on something you don’t need, just think that it will help you get out from under your debt and raise your credit score that much faster.

Getting rid of debt and raising your credit score is not often easy. It can sometimes feel impossible. The most important thing is that you have money saved up and more coming in. Then you will be able to look towards the future and utilize your money to pay off debts and increase your credit score by taking on new ones as you can. It’s a complicated modern world when it comes to credit, but you can do this. You can get out of the hole that is a low credit score.

Managing the Family Budget

December 15, 2020 by admin

All parents need to organize the family’s finances, and sticking to a budget can be tricky. There are always some unforeseen expenses, whether it’s that the kids need something for school or you need emergency home repairs. While you can’t avoid these bumps in the road, sticking to the budget the best you can for the rest of the time is what will help you feel a little less concerned about your finances. Below are a few tips if you’re trying to figure out your family’s budget and how you can save even more.

Save for Christmas

As the holidays are just around the corner, it seems like they’re worth a mention, especially as this can be one of the most expensive times of the year for people. Getting involved in the festivities is part of the fun around Christmas, but if you are trying to stick to a budget seeing the funds deplete from your bank account is only stressful. To make things a bit easier and to allow you to enjoy the jolly season, open a separate saving account for Christmas or whichever holiday you celebrate, and put in a little bit each month from the start of the year. You could also do this for your family’s summer vacations too.

Meal Plan

Life is very busy, especially if you’re trying to balance a career with raising a family. Sometimes it feels as though you don’t get a moment to yourself, which is why a lot of people might end up going to the grocery store and picking up random things for dinner while they’re in a rush, or ordering take out. To avoid wasting food and to help you stick to your budget, take the time to plan your family meals before you go grocery shopping and only buy the items on your list. This will also help you to keep your family eating balanced meals throughout the week.

Use Coupons

If you’re trying to make some cutbacks on your spending but aren’t sure where you can, think about finding some coupons or taking advantage of discounts at the stores you like. They’re easy to find online and could end up saving you a lot of money; some even offer cashback promotions, which is even better. You can even make more money if you use this RobinHood gift card and invest.

Sell Old Stuff

Do you have things lying around in the house that are in good condition but you never use? Things like kids’ toys that are no longer played with clothes, electronic devices, etc. If you want to make some extra cash to help with your family saving plan, consider selling some of your unwanted possessions online. It’ll also help you declutter your home, so it’s a win/win situation.

Life can get expensive very quickly, and when you have a family to support, this only adds to the financial pressures. However, using some of these simple tips could help you manage the family budget a little easier and hopefully help you save up for the big things in life.

4 Smart Spending Habits to Develop ASAP

November 23, 2020 by admin

When people talk about making smart financial decisions, they almost always discuss money-saving tactics. Of course, finding ways to cut back or cut down on expenditures can make it easier for a person to manage their debt and pay off bills. However, the reality is that developing smart spending habits can prove just as beneficial. Indeed, learning how to be a savvy consumer can do wonders for your long-term financial stability. With that in mind, today we’ll explore four smart spending habits that everyone should work to build right away. Check them out here:

Stay Patient

Have you ever felt compelled to make a purchase? Or have you ever bought something on a whim and then regretted it later? If so, then know that you’re not alone. While impulse buying is fairly common, it is nevertheless a bad practice –– particularly for people on a tight budget. Given that fact, it’s important for all consumers to exercise patience when considering their purchase options. Give yourself at least a few days to review serious purchases and never rush to buy a product or service you don’t need.

Engage with Businesses

Modern businesses value customers that reach out and engage with them. In fact, they value customer interactions so much that they may be willing to pass along discounts or special offers to consumers who communicate with them. For example, pharmacy customers might be able to earn discounts simply by filling out a survey about their last shopping experience. If you’re looking for a good deal, don’t be afraid to speak directly with local businesses.

Become Brand Blind

Attachment to a certain brand could end up costing you hundreds –– or even thousands –– of dollars in unnecessary upcharges over a long period of time. Whenever possible, ignore brand names and advertising messages and compare products and services in an objective fashion. Often, you’ll find that the “name brand” is overpriced or over-hyped.

Maximize Positive Impact

Believe it or not, your spending power can go a long way. That is, provided you know how to stretch it. Whenever you’re making a purchase decision, be sure to consider how you can get the best bang for your buck. For instance, purchasing a piece of equipment might cost more than renting it. However, if you use that product on a regular basis, purchasing it will end up costing you less than renting it again and again. What’s more, consider how your purchases will affect others. Don’t ever forget that even a small act of charity can make all the difference for someone else. Keep that vital money lesson in mind the next time you’re faced with a choice of how to spend your hard-earned capital.

How to Win a Scholarship

September 14, 2020 by admin

Scholarships are essentially financial aid toward schools and courses which are gifted, rather than loans or need-based grants that accrue interest from the moment it is taken out. With a scholarship, part or all the funding will be covered, so that talented students have the option to further their career debt-free while being treated as an investment.

While scholarships are a gift, they also come with strings attached, which are usually rules and clauses which must be kept intact to receive the scholarship money. That being said, where does a student even begin to look for winning a scholarship?

This piece will serve as a guide on what to do and where to look.

Write a Standout Resume for a Scholarship

Those who are looking to win a scholarship need to be able to stand out from the rest, which is where an exceptional resume comes in.

A resume should cover anything from extracurricular activities, awards that have been achieved, accomplishments, and interests. A resume can also help support an application and allow teachers to write letters of recommendation that coincide with the content.

For those that love sport, browse through asmscholarships.com.

Apply to as Many Scholarships as Possible

Like most things, scholarships is a numbers game, and the more you apply for, the more it should statistically increase the chances of obtaining one. A student can have all the skills, goals, and achievements necessary for a scholarship, but luck is also an extremely important factor too.

That said, it is important that scholarships are applied for only if the student matches all the criteria. The same applications or essays can be used for each scholarship to save time, but make sure they are personalized to the specific scholarship, and be sure to proofread everything!

Do Not Miss Scholarship Deadlines

Half of the deadlines for scholarships are during the fall, and the other half is during spring, so it is important to be prepared. Start searching for scholarships from the moment grades have been confirmed and pay attention to what the scholarship requires of the student. There are scholarships for different levels of education, but the terms and conditions can vary, such as already having a college, or another progressive position confirmed.

Always Complete the Optional Scholarship Application Work

If any scholarship applications that are being applied for have any “optional work” attached to it, make sure you do it. This not only shows that the student is both serious and keen about the scholarship, but it also shows initiative and the willingness to go the extra mile.

This is another one of those tips that will help student applications stand out from the ones who opted out of their extras.

Do Not Wait to Apply to a Scholarship Last Minute

There is nothing worse than having minutes to spare, only for the internet to crash, the laptop to die, or the essay that has been so carefully constructed to disappear into the computer abyss with no trace. Leaving applications until the last minute means there is no room for error, even if the error is no one’s fault. So, make sure to leave plenty of time to get the application in.