What made them millionaires?

#41 Your time is more precious than money!

Spend your time productively and make the best use of every minute to look for ways to earn more.

#42 A passive income options

It is good to look for a passive income options apart from your regular job. Turn your hobby into a source of income.

#43 Multi-jobs can make you multi-millionaire

A secret to become millionaire is look for do multiple jobs, may be part-times jobs after work, work-from-home options etc.

#44 Tone your body and finance down

A fit body can bring creative thoughts to handle finances. Spend some time to exercise and sometimes take part in marathons as well.

#45 Appreciate what you have

Learn to appreciate what you have and get contented.

#46 Recycle to save more

Try all possible means of recycling the things before you opt for buying a new one.

#47 Get a money buddy

Look for a buddy who shares same traits as you; so that you can discuss your finances and get ideas as well.

Boost your current earning potential

#48 Let employers name the figures

Let the new employer quote the salary first so that you get the idea of how much you can push it.

#49 Little extra from salary

Negotiate with the future employer on paid leaves, work hours, vacation time etc apart from your salary.

#50 You are susceptible to Unemployment

When the recession is at peak, unemployment can knock anyone’s door.

#51 Make Salary Discussions at Your Current Job About Your Company’s Needs

If you are need of extra money then try negotiating for hike or bonus based on the value you add to the company rather than putting forth your personal needs.

Special points for students

#52 FAFSA – for every student

It’s no harm in filling the form. Don’t miss out any opportunity that can get you grants.

#53 Opt for federal student loans over private loans

Federal student loans have flexible payment terms and better interest rates.

#54 Look for repayment options in federal loans

If you’re struggling with federal student loans, then ask your lender if they offer extended or income-based plans.

#55 Grab student discounts everywhere

The best thing for a student is the discounts in everything be it a movie, a salon or loan. Try to grab every possible deal.

#56 Pay per use

What is the point of spending $40 on a T-shirt when you can get one for $5? Pay as per the use of the product rather than wasting money on expensive stuffs.

#57 Learn from experiences not things

Spend time and money on concerts, meet-ups, conferences and shows rather than just buy things. You can learn a lot from these experiences.

#58 Overdraft protection – ditch it

Don’t fall in this trap laid by banks, to make you overspend and then make you pay for the privilege.

Planning ahead for retirement phase

#59 Your time starts now

Start today to put money for your retirement needs as it is going to take long to grow and yield results.

#60  A bulletproof retirement plan

Make a plan for your retirement with the exact figures starting from how much you need to save on a monthly basis to all the policies you need to invest on.

#61  Try not to cash out your retirement account early

There are many reasons for this: penalty for early withdrawal, a tax bill for what you withdraw and finally after all your hard work, the money is not even invested.

#62 The give & get option

The 401(k) match is when your employer contributes money to your retirement account but for that you need to contribute first.

#63 Hike- for the retirement savings as well

Every hike or increment you get, add it in your savings as well. An increase in your income should be an increase in retirement contributions.

#64 Knowledge is power!

It is important to read and learn from every source, the possible options that can fill your retirement needs. Keep track of the changes in policies, different retirement accounts and market trends for more savings.

#65 Go for 401(k)

You get enrolled for 401(k) once you get hired by any employer. This account holds the money directly from your paycheck and sometimes the employer contributes the same amount as well (termed as matching).

#66 Opting for traditional IRA

This is set up so that your contribution each year is tax deductable and you aren’t taxed on the income you make as it grows.

#67 Roth IRA – an additional way

In this you pay the taxes upfront at today’s tax rates and the best thing is , you don’t have to pay taxes on your investment earnings.

#68 The fourth option

Apart from the usual retirement account options, there is an option of non-deductible traditional IRA.

Credit the must watch thing!

#69 Keep an eye on your credit score!

Monitor and know your credit score as it would determine what kind of credit cards you’ll get approved for and how expensive your mortgage or car loan would be.

#70 Review the usage

You need to track down your credit usage and review it so that you know how much you spend.

#71 Use 30 out of the total credit

It is going to affect your credit score if you spend more than 30% of your total available credit.

#72 Have a bad credit, go for a secured one!

A secured credit card has the benefit that it will not let you overspend and will help you build credit as well.

The perfect way to get insured!

#73 Look for more, apart from your company’s policy!

Mostly, the basic policy from the employer will not cover all your needs. So, it’s better to look for more policies.

#74 Plan B- Renters insurance

This plan B can save you when there is a robbery, a natural disaster, a medical coverage if someone got hurt at your place, a rented apartment for a temporary stay in case of any damage in your apartment etc.

#75 Short-term insurance policies

The annual renewable term gives you 1 year of coverage and you can renew it every year. But there are chances that the figures vary every year.

#76 Long-term insurance policies

A level premium term lets you lock the premium for a particular period may be 5 years. This is a smart option to insulate you from any premium increases.

#77 Allocate time to read the insurance terms & conditions!

It is very much important to read what the insurance policy covers before you opt for one so that you get the maximum benefit.

Get grooving for those rainy (financial) days

#78 Savings- a part of your monthly budget

When there is an extra flow or not, it is better to set savings as a part of your monthly budget.

#79 Separate savings from the checking out

If you have savings in your checking out, you will never actually save it. Instead you will end up spending it on your regular expenses without actually knowing.

#80 Different banks for checking account & savings account!

It is good to open a savings account in a different bank as there is no chance that it gets mixed up between accounts.

#81 Opt for direct deposit

It feels great to see your savings grow apart from what you have in your checking account. Although it comes from your paycheck, but going for a direct deposit will leave no chances of missing it.

#82 Switch to Credit union if required!

It may not be an option for everyone unless you’re looking for kinder loans, better customer service & better interest rates on savings account.

#83 Be prepared for the 3 worst-case scenarios!

It is good to be financially prepared for these 3 emergencies:

  • A medical emergency or a sudden travel for a funeral
  • Fired from your job
  • Home or car repair

#84 The Richie-Rich’s savings

Who would not love to have savings like Richie Rich? Too much of savings is not bad at all. When you feel you have saved too much, go for investing it.

The smart way of investing

#85 When is the right time to invest?

You might be thinking of this for sure. When you have some extra flow of money & you have saved enough then it is good to plan on investing. A wise move is to make the best out of every extra dollar you earn.

#86 The right investment option

You don’t have to be an expert about personal finance to make the right investment. Instead of purchasing items that will out-grow or become useless once old, put money on things that can become an investment.

#87 Look for different investment options

Based on the money you can invest, opt from the various options like stocks, bonds etc.

#88  Pay attention to expense ratios!

Watch out! The fees you pay for your funds can crib on your returns so opt for low-cost index funds.

#89 Re-balance your port folio every year

Keep a check on your brokerage account every year to see if you investment allocations still match your goals.

#90 Be prepared: It might take long to save up a down payment

Before you plan to buy a house, you should be financially stable. Don’t be in a rush if you can’t handle the down payment.

Few more additional finance tips

#91 How your significant other handles finance?

Yes, this is an essential factor that would decide on your future goals and how you save for it together. Discuss and know more from him/her.

#92 Find a good tax accountant

Your financial situation decides if you can DIY your tax filing or hire someone to do it. Be sure you find the right person to do it.

#93 Where your parents stand financially?

You will feel great once you have this conversation with your parents. They are the one who stood by you in every situation and took care of you. You should be aware of their situation as well and help if needed.

#94 Know your money personality

Do a self check on how you handle your money to know is you’re: the budget-buster, the pleaser or the protector.

#95 Manage your budget-busting friends

In 20s hanging out with friends and spending will seem cool but if you drag the same in your 30s or 40s, it’s going to make you hurt in future savings.

#96 Did you know the truth about other people’s finance?

Don’t fall in the trap to try the same; the co-worker with great clothes might be struggling with huge debts. Don’t opt to do things just because someone else is doing it.

#97 The big cost of your little splurges

Once you start handling your finance well, you will realize that every $2 coffee can add-up to a huge at the end of the month and become a hurdle in your finance goals.

#98 Socially responsible investing

Giving charity is here & there is good; but it makes a difference when you do it the right way.

#99 Your favorite under $10 dinner

Everyone has a signature dish, what’s yours? It’s good to go out occasionally if it doesn’t affect you bank balance.

#100 Do you need a will?

There are 2 types of wills: a last will (or testament) & a living will. A last will is a legal document that will spell out what happens to your possessions when you die. A living will is health care directive for what should happen to you if you’re unable to communicate your wishes. And you need both!