3 Reasons Starting a Business in Retirement is a Good Idea

starting a business in retirement

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Many people go into retirement as a personal decision to slow down or to attend to other interests – many others are “persuaded” into retirement because of changes in their industry. Irrespective of the reasons why you retired, it is normal to have a nagging feeling that you are quite done with work. Interestingly, available data suggests that many folks have an itching desire to get busy with work again once the initial novelty of retirement has worn off.

Why Starting a Business In Retirement Is a Good Idea

The Kauffman Index of Entrepreneurial Activity revealed that the number of new entrepreneurs between 55 and 64 years increased from 14.5% in 2010 to 22.9% in 2010. If you are one of the . . . → Read More: 3 Reasons Starting a Business in Retirement is a Good Idea

Don’t Let a Job Switch Nuke Your Retirement

withdraw your retirement early

Switching jobs can be tough financially, especially if you didn’t plan on leaving your old job. You lose your steady paycheck and your benefits. You still have all of the bills you had before, and maybe expensive COBRA insurance at the same time.

Even if you start a new job immediately, you may have more time than usual between paydays. And what if you don’t have a new job yet? Experts estimate your job search in terms of how much of an annual salary you’re looking for as one month for every $10,000. That means if you used to earn $70,000 a year, it will likely take you 7 months to find that next job! Ouch!

And suddenly, you remember…you had a retirement account at that old job. You’ve been saving 3, 5, maybe even 10% or more of your salary for years. You really need that money now. Maybe . . . → Read More: Don’t Let a Job Switch Nuke Your Retirement

4 Amazing Results of Knowing Your Why

your why

“Hey, you know what you should do? You should sell your nice car, stop going out to eat, and slow down on all those trendy clothing purchases. Then your life would be much better.”

That statement all by itself sounds pretty crazy doesn’t it? So…what you’re telling me is that if I reduce my fun in three areas….my life will be more fun….? What nut-house did you come from again?

4 Amazing Results of Knowing Your Why

In my opinion, the above advice is sound, but there’s one important element that’s missing – it’s the person’s ‘why’. If they like their current life and have absolutely no reason to change it, then why would they? But, if you explain to them that if they sacrifice a few things for just two years, they could be amazingly wealthy for the next 50, you might peak their interest a bit more.

What’s . . . → Read More: 4 Amazing Results of Knowing Your Why

How David Escaped $35k in Debt After Divorce

debt after divorce

David’s life was rolling along just fine. He married a beautiful woman, had a son, and all in all lived a pretty good life! Sure, he had some debt, but who doesn’t? They could make the payments, and they were sure they’d take care of it eventually.

It really didn’t seem to be that big of a deal….until the divorce.

How David Escaped $35k in Debt After Divorce

Andrew Schrage, the owner of MoneyCrashers.com, recommended that I connect with David just a few weeks ago and I’m definitely glad I did.

David’s story wasn’t unlike many of yours in the fact that he had a pretty sizable debt. What makes David totally different is that he took extreme action against his debt. He slayed the beast, is now standing atop of him, and has the feeling of complete invincibility.

This is where I want you to be.

So what better . . . → Read More: How David Escaped $35k in Debt After Divorce

4 Money Strategies We Used to Knock Out Thousands in Debt

knock out thousands in debt

“The essence of strategy is choosing what not to do.” Michael Porter of Harvard Business School said that, and it’s pretty profound.

Adding new habits to our lives can be an important way to make a change. But it’s often more important to quit old habits that are leading us away from where we want to be.

That’s why our family has been so effective at paying off debt. We’ve managed to pay of many thousands of dollars worth of debt on one income, even while raising 5 kids. And we’ve done that by not only eliminating bad habits, but replacing them with much better habits.

4 Money Strategies We Used to Knock Out Thousands in Debt

Let me show you what I’m talking about. Here are four money strategies we’re using to knock out all our credit card debt.

This post was written by Jamie Jeffers, one of . . . → Read More: 4 Money Strategies We Used to Knock Out Thousands in Debt

3 Reasons Why I’m Not Maxing Out My 401k

not maxing out my 401k

All you personal finance geeks, get your gasps ready….

I’m not maxing out my 401k.

Am I nervous about it?

No.

Do I think I’ll change my mindset in the near future?

Nope.

Would I tell you to max out your 401k?

Probably not….

3 Reasons Why I’m Not Maxing Out My 401k

It seems like an absolute sin in the personal finance world, but I’m just not a big fan of maxing out my 401k. Why not? There are actually quite a few reasons. Three to be exact…

1) I’d Rather Pay the Taxes Now

Most people love investing in their 401k because it’s tax deferred – meaning, if they invest the money today, they can avoid paying taxes until they take their money out later.

This is great and all….but here’s my take on it:

The United States’ national debt has more than tripled since 2001. In just . . . → Read More: 3 Reasons Why I’m Not Maxing Out My 401k

7 Tips to Save Up Cash for Your Next Rental Purchase

save up cash for your next rental

Want to buy a rental property? I always recommend doing it with cash.

And then of course I hear this…

“Derek, you must live in some kind of fairy tale if you think people can save up enough cash to buy a property outright. Most can barely do it with a loan!”

Well, I’m not most people, and you shouldn’t be either…because most people are broke and have constant setbacks from their continual poor choices!

Instead of living in the land of “most people”, let’s first discover the major benefits of buying a house with cash:

Never pay interest to the bank – this alone is hundreds of thousands of dollars in savings No need to pay for an appraisal – saves time and makes it more appealing to the buyer Cheeeeaaap closing costs – since the greedy bank isn’t involved, you save thousands here A reduced purchase price – . . . → Read More: 7 Tips to Save Up Cash for Your Next Rental Purchase

Grow Your Small Business With Better Insurance and Benefits

There are many challenges that can come along with running a small business. To keep your establishment afloat, it is important that you spend a good chunk of time researching various ways to make positive changes to your company.

Of course, one of the wisest moves that you can make as the owner of a small business is the decision to treat your employees well. Some companies fail in this respect and it shows in dwindling sales numbers and poor customer relations. Doing what is best for the men and women who work for you is a very important move.

Grow Your Small Business with Better Insurance and Benefits

You do not need to go to extreme lengths to improve the way that your employees feel about working for you. In fact, most business owners are able to do wonders for employee relations by simply taking . . . → Read More: Grow Your Small Business With Better Insurance and Benefits

How to Host a Cheap Summer Party for Less Than $150

cheap summer party

Summer brings the heat, pools, and barbecue’s, but it also brings the parties! With 4th of July, back to school sales, and lots of other fun days, a cheap summer party is a great way to get everyone together before summer ends. But how do you throw a party for less than $150?

This post was written by the ever-talented Kimberly Studdard.

Keep Invites Minimal

This pertains to both the invites themselves, and who you choose to invite to the party. Are you friends on Facebook with all of the people you want to invite? Create an event and invite them virtually. Can your kids text their friends or invite them by word of mouth? Have them do so! Don’t spend extra money on your cheap summer party if you don’t need to.

If you still want to send an actual invite, that’s okay! Try delivering them by hand . . . → Read More: How to Host a Cheap Summer Party for Less Than $150

What’s Your Five-Year Plan?

five-year plan

“What do you see yourself doing five years from now?”

Granted, this isn’t really an ice-breaker question, but whenever I get to know somebody decently well, I like to bounce this off of them and see how they react.

Most of the time, their response starts with….

*Crickets*

They have absolutely no idea!

People spend more time planning a vacation than they do planning their own lives!! Sad, but true…

What’s Your Five-Year Plan?

If you ever meet me in real life and want to avoid the *crickets*, then you’d better start figuring out your five-year plan!

More importantly than just not looking foolish though, realize that this is an incredibly important step to becoming financially successful. As Zig Ziglar always said, “If you aim at nothing, you’ll hit it every time.”

In other words, if you just wander through life, you’ll definitely end up somewhere, but is it really . . . → Read More: What’s Your Five-Year Plan?