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Finances For Couples II

Finances For Couples II: One approach to managing finances as a couple is to combine all your income and then pay each other an equal allowance.I've written in the past about one method which you can use to handle your finances as a couple. Of course, there are other ways to handle the money side of your relationship and depending on your personal situation a different method might work for you. Today I'll be looking at an alternative approach which you may want to consider.  ... read more of this story»

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The Problem With Debt Consolidation Loans

Debt Consolidation Loans: Although debt consolidation loans can be a good way to package your debt for repayment, unless you get your spending under control, it can also lead to a much bigger overall debt. So be careful!If you are struggling with lots of debt from a variety of credit cards or other consumer loans, combining that debt into one large consolidated loan can help you to get things under control. However, if you aren't careful, you can get yourself into an even worse situation than when you started.  ... read more of this story»

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Is Your Mortgage Interest Tax-Deductible?

Asset Swap: At the end of the day, you have a mortgage and an investment portfolio, only now, your mortgage interest is tax-deductible.If you are frowning and thinking to yourself, "Of course my mortgage interest is tax-deductible!" then you are likely a visitor from the United States. If you are frowning and thinking to yourself, "Of course my mortgage interest isn't tax-deductible!" then you are probably a Canadian. Our neighbours to the south have been enjoying a tax break on their mortgage interest for some time now. Although, as a Canadian, your home's mortgage interest is not normally tax-deductible, there is a technique that can make all or part of your mortgage interest expenses tax free.  ... read more of this story»

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You Can't Time The Market So Try Dollar Cost Averaging Instead

Dollar Cost Averaging: This is one method for reducing the risks of getting into a falling market.
"Buy low, sell high" is often one of the first things you'll hear when you're learning about investing. The problem with this is that it's tough to know what "low" and "high" actually are even when they are staring you in the face. When markets seem like they are down, like they are today, it can seem risky to make a large investment in case the markets keep going down. One way you can help limit your risk while entering into a falling market is through Dollar Cost Averaging.  ... read more of this story»

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The Happiness Formula: Part Five

The Happiness Formula: By knowing what factors affect it, we can take steps to try to improve our overall level of happiness.The Happiness Formula allows us to take the otherwise complex concept of happiness and break it down into smaller more manageable parts. By tackling each of the three parts separately, we make it a lot easier for ourselves to come up with practical steps we can take to improve our overall happiness. Today I'll be reviewing what we've learned from our study of The Happiness Formula while suggesting some ways in which we can use the formula to improve our happiness.  ... read more of this story»

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The Happiness Formula: Part One

The Happiness Formula: By knowing what factors affect it, we can take steps to try to improve our overall level of happiness.Formulas are pretty common when dealing with concepts that tend to be expressed using numbers, such as in engineering or in finance. They aren't very common when dealing with less "measurable" concepts such as happiness. This is mostly because we can't easily add or subtract happiness and come up with a numerical total. However, even if we can't place actual numbers into a formula, it doesn't mean that the formula isn't useful.  ... read more of this story»

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Finances For Couples

Finances For Couples: By taking the time to plan how you will handle your finances as a couple, you'll avoid one of the most common sources of tension in a relationship.If you've ever been in a relationship where money became an issue, you know how important it is to be open and honest about finances with your significant other. When my wife and I first moved in together she suggested we start things off on the right foot by establishing a fair and open method for dealing with our mutual expenses. Looking back, I think this was one of the best things we've done together as a couple and is one of the (many!) reasons we're so happy together. Today I'll show you how we handle our joint finances and I'll tell you why I think it works so well for us.  ... read more of this story»

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5 Reasons To Manage Your Money

The Value of Money Management: By tracking where each dollar you earn comes from and where it goes you'll be setting yourself up for financial success.One of the best ways to get yourself headed down the path to financial freedom is by getting a grip on your personal finances. I'm talking about knowing where your money comes from and knowing where it goes - in detail. Without this important information, you'll likely end up working a lot harder and a lot longer than you need to. Today I'm going to give you five good reasons why you should be managing your money and not just "going with the flow."  ... read more of this story»

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Understanding Inflation

Inflation: Here we see how inflation affects our ability to buy a $6 hammer with $10. By investing our $10 we maintain our purchasing power over time despite the effects of inflation.After looking at the anatomy of our personal finances, I think that it would be worthwhile to go over how inflation affects our plans to escape from the 9 to 5 grind. Inflation is almost always an enemy when it comes to our long term financial goals. If you don't fully understand how inflation affects you, you won't be able to create a good plan of action for your escape. So let's get started.  ... read more of this story»

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Personal Finance 101: Cash Flow & Net Worth

Personal Finance 101: Cash Flow & Net WorthSo far we've looked at income, expenses, assets and liabilities, but what do these all add up to? Well, today we'll be looking at Cash Flow & Net Worth the two basic measurements of our personal financial health. By maintaining a positive cash flow and building a strong net worth you'll be securing your financial future. Understanding this will help us to unlock the secrets of wealth and financial independence. Let's take a closer look.  ... read more of this story»

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