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Archive for the ‘Personal Finance’ Category

When it comes to purchasing that shiny new car, you might be confused as to whether you should pay cash or finance it. With all the talk about personal finance these days, most people are either on one side of the fence or the other. You have one group of people who pay cash for everything and don’t believe in having any debt at all. Then there is another group of people who finance all kinds of stuff with the intention of paying everything off quickly. There are pros and cons to each approach that we will discuss below.

Perks of using Cash

When you pay cash, you get the perk of not having a monthly car payment to deal with. The feeling of not having to scratch out a check each month to pay for your car is a great one. Plus, if you run into any kind of financial, job-related or medical issues, you don’t have the worry of paying your car payment each month. When you pay cash, you also eliminate the need to pay finance charges and interest each month.

Managing your personal finance should not be a difficult task even if you are not financially intelligent. There are experts who specialize in every discipline of life including all areas of finance. So if you need to step up your financial game, you will need to talk to an expert in this field of endeavor.

The importance of meeting with a financial advisor cannot be overemphasized for the reason that it helps you become more knowledgeable in the area of finance and money management. Money and Financial issues are so complicated that so many people have little or no understanding of the subject which is the main reason why they are financially stranded. Most people think that having more money will solve their financial problems which is totally wrong. All they need is an advisor who will help them understand their situation and give them a plan that will eventually get them to the level of financial success.

A major issue is that a lot of people believe that only high net-worth individuals make use of the services of financial advisors which is not very true. It is true that some financial advisors would only attend to wealthy clients but most will attend to anyone who needs their services without much ado. It is usually the charges of these advisors that scare prospective clients away which should not be. Financial advisors are usually compensated in various ways which include:

Most finance articles speak about the hard facts, the numbers, the economy. Let’s talk about the hidden aspect of wealth.

Here is a short story: A colleague shared that he is changing his conversation around money. He explained that he was doing a lot of penny pinching and playing small when it comes to money. He shared he was now planning some big vacations, expensive vacations, that would push him to play a bigger financial game and attract more wealth to himself. His theory was that the universe was only going to give him as much money as he ‘needed’ so if he had the mentality that he ‘needed’ a lot more to fulfill on a bigger lifestyle, well maybe the universe would send more money his way. He then shared that the same day he changed his ‘money conversation’, meaning his mentality around money, he got an email about a client who purchased an upgrade in his business–putting thousands in his pocket. How’s that for some karma?

Finance experts focus on all the things you should be doing but what about how you are being? What about your wealth mentality?