Financial Tips Everyone Needs To Know

| January 2, 2012

Financial Tips Everyone Needs To Know



Financial Tips Everyone Needs To Know

Financial Tips Everyone Needs To Know


In the past thirty or more years, much of the economic growth in the United States has been in the top 1%. The rich are getting richer and in order to keep up and maintain their way of life, everyone else has had to take out loans and become in debt. This includes things like housing loans but also includes payday loans, which is why President Obama is cracking down on layday lending companies and other forms of predatory lenders. However, no law can replace common sense, so there are some common sense things that you and everybody else should do to help make sure that you (or they) stay out of any serious debt and maintain good personal finances.

Ask yourself a few questions before you buy something

When you see something in a shop and it seems really cool and you have to buy it even though you have never heard of it before and did not intend to buy it when you came into the shop, chances are you are making what is called an impulse buy. In marketing, an impulse buy is just what it sounds like it is: You are buying something impulsively without thinking about it. Just think of things you have bought and then taken home and they have just sat there and collected dust and not really done anything. Examples are things you buy at knick knack stores, like Whales & Friends in Alameda, California. One thing you can ask yourself is, “Will I use this item once I have bought it?” If you will not really use it, or will only use it once, then it is probably not a very good idea to buy it. People buy movies they like a lot only to watch them once or twice even though renting the same movie once or twice costs less money. You can also ask yourself, “Will I still want this in a few days?” If you will not want the item in a few days then you probably should not purchase it.

Make sure you have enough money

A lot of people get good credit cards so that they can buy things and then pay them back at the end of the month, even though those credit cards have high interest rates. Why pay 20% interest on something when you could just pay for it now with cash or with a debit card? Even though retailers in some states, such as California, will charge you fifty cents to swipe a debit card, it is still a lot cheaper than using a credit card and getting charged 20% at the end of the month, or more if you forget to make your payment.

This is a guest post by Murray Newlands. Murray founded the online marketing and publish relations firm Influence People in 2011. Murray is also a blogger who writes on many topics, such as health, travel, and how to monetize mobile apps.

Murray is also the author of several books. He most recently authored What is Personal Branding? with Jim Kukral.


Financial Tips Everyone Needs To Know


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