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Saturday, May 30, 2009
Wednesday, May 6, 2009
How Long Does It Take To Double Your Money?
Have you ever wondered how much some of your investments will be worth 10 years from now? How about 20 years? You can easily figure it out without using a financial calculator. Just use the Rule of 72.
Let's say you invested $10,000 in a fixed annuity earning 6% a year. In 24 years, your assets will be worth about $40,000. How does it work?
The Rule of 72: Divide the number 72 by the interest you earn, and it will give you the number of years it will take for your money to double. Using the above example, 72 divided by 6 equals 12 years for doubling. Since there are two doubling periods in 24 years, the original $10,000 would be worth $20,000 in 12 years, and $40,000 in 24 years.
Using this same Rule, an investment earning 8% would double in about 9 years, and a 12% investment would double in 6 years.
You need to remember that a 6% interest rate in a Certificate of Deposit would not work as well as a 6% annuity. A CD earning 6% would leave an investor approximately 4% after taxes. The Rule of 72 would only apply to an after-tax yield. A 6% annuity would be tax-deferred; therefore, the entire 6% would be counted.
The Rule of 72 works best with fixed investments, or those with a fairly stable return. Also, it only works if you reinvest your assets. The Rule does not apply if you withdraw any funds.
You can even use this Rule in reverse. For example, you are 38 years old, and you'd like to know how much you'd have to invest today to retire a millionaire.
Using the same Rule (assuming a retirement age of 65, and an average annual return of 8%), here is how it would work:
Step One: 72 divided by 8% would signify that your money would double every 9 years.
Step 2: At age 65, you want your assets to be worth $1,000,000, so...
Step 3: You work in reverse, going back 9 years for every doubling period.
$1,000,000 at age 65 (your goal)
$500,000 at age 56 (9 years earlier)
$250,000 at age 47,
$125,000 at age 38 (lump sum)
If you invest $125,000 at 8% until age 65 (before taxes), you would have about $1,000,000 at retirement. This amount would change, of course, if you invested more than $125,000, or if the interest were higher, or better still, you started investing a little sooner than age 38.
Depending on your goals, and your age, you could retire earlier or later than age 65. You don't have to invest a lump sum to retire comfortably. Just have a goal, and a systematic investment plan, and your retirement needs will be accomplished.
Let's say you invested $10,000 in a fixed annuity earning 6% a year. In 24 years, your assets will be worth about $40,000. How does it work?
The Rule of 72: Divide the number 72 by the interest you earn, and it will give you the number of years it will take for your money to double. Using the above example, 72 divided by 6 equals 12 years for doubling. Since there are two doubling periods in 24 years, the original $10,000 would be worth $20,000 in 12 years, and $40,000 in 24 years.
Using this same Rule, an investment earning 8% would double in about 9 years, and a 12% investment would double in 6 years.
You need to remember that a 6% interest rate in a Certificate of Deposit would not work as well as a 6% annuity. A CD earning 6% would leave an investor approximately 4% after taxes. The Rule of 72 would only apply to an after-tax yield. A 6% annuity would be tax-deferred; therefore, the entire 6% would be counted.
The Rule of 72 works best with fixed investments, or those with a fairly stable return. Also, it only works if you reinvest your assets. The Rule does not apply if you withdraw any funds.
You can even use this Rule in reverse. For example, you are 38 years old, and you'd like to know how much you'd have to invest today to retire a millionaire.
Using the same Rule (assuming a retirement age of 65, and an average annual return of 8%), here is how it would work:
Step One: 72 divided by 8% would signify that your money would double every 9 years.
Step 2: At age 65, you want your assets to be worth $1,000,000, so...
Step 3: You work in reverse, going back 9 years for every doubling period.
$1,000,000 at age 65 (your goal)
$500,000 at age 56 (9 years earlier)
$250,000 at age 47,
$125,000 at age 38 (lump sum)
If you invest $125,000 at 8% until age 65 (before taxes), you would have about $1,000,000 at retirement. This amount would change, of course, if you invested more than $125,000, or if the interest were higher, or better still, you started investing a little sooner than age 38.
Depending on your goals, and your age, you could retire earlier or later than age 65. You don't have to invest a lump sum to retire comfortably. Just have a goal, and a systematic investment plan, and your retirement needs will be accomplished.
Sunday, April 26, 2009
Make Money With Your Camera!
The first thing to do if you want to make money from photos is learn how to take great ones. In the world of commercial photography clarity sells. The subject of how to take a good photo is too comprehensive for one article, however the following is important:
· Get a decent camera.
· Learn how to use it.
· Have an eye for detail and colour.
· Be ready to grab an opportunity when it presents itself.
If you happen to be driving through the hills of Scotland and come across a lone piper (or even two), grab that camera. Watch for sunsets, moonrise, cloud formations and tree shapes. Keep a sharp eye on your pet for unusual poses, and visit your florist every so often. Flower pictures are surely many photographers’ bread and butter and they can be photographed in the light on your windowsill. Greeting card markets love photos of flowers, gardens and pets doing something unusual. Wildlife and nature are great for calendars and geographic magazines and educational markets.
Diversity is the keyword for topics in photography. The wider the range of topics you cover, the more likely you will be to get a sale. Anyone can make a good living from stock photos. Freelance photographer Lee Frost (UK) sells just as many photos taken from his own backyard as from exotic and far-flung locations. In fact he sold a pic of the dandelions in his garden to a natural health book. But if you love travelling, put your holidays to work for you. Travel guides, brochures and websites could be possible markets for your photos.
So what do you do with that fantastic shot?
The edges are sharp enough to cut with, while the clarity would bring tears of joy to many publishers. The main thing to aim for with any photo is to sell it to multiple markets. This is taken care of if you submit to a photo library. You don’t have to be responsible for selling your own stuff then, but since the word is ‘diversify’ aim to do both. Offer it to non-competing markets over several years, since you are not selling the copyright.It is important for any photographer to keep a portfolio of his work to show. You never know when you’ll meet a prospective buyer who wants to look at your work and they will not be impressed if you have to rummage through a dusty desk to scrape them together. When you do score a sale, don’t charge a pittance just because the picture only took a few minutes of your time. You’ve spent years learning your craft and your photos are worth a decent figure.
If you really know what you are talking about and can take a fantastic shot, think of submitting it to a photographic magazine, along with all the details of the precise equipment you used and a step-by step account of your procedure. A bit of a challenge maybe, but worth the effort. There are many other markets to consider too; all kind of magazines, newspapers, catalogues, travel brochures and books. So grab that camera and start shooting.
Thursday, April 16, 2009
Debt Stacking - Get out of debt quicker!
You go to the mail box and scan - a couple fliers (nah), your magazine subscription (yes!) and bills (groan). Every month the bills show up and as you sigh and take out your check book you wonder if you will ever be free.
Each month you pay the minimums and although you KNOW you've got a handle on it - you are not charging your credit card or accumulating new debts anymore - it seems that you will be paying the minimum fees forever.
Did you know that HOW you pay your debts can affect how soon you will finishing paying them off - even if you keep paying the same amount for debt every month? Of course you might be able to get a consolidation loan, but if you're not eligible or are not interested then there are several other things you can do.
It's not always the easiest to figure out the mathematics, but there are three steps to quicker debt relief - guaranteed.
STEP ONE - Create a list.
List your smallest debts first followed by your largest high-interest debts (credit card) and then your largest low-interest debts (Lines of credit and taxes).
Plan to pay the minimums on all debts with these goals in mind:
STEP TWO - Small bills first.
They may not be the highest interest, but every bill that you are paying some interest on means you are usually only paying minimal amounts on the principal. Multiple debts are also a sure way to bring your spirits down. Paying off small debts first is a quick way to start checking them off - and freeing your mind.
STEP THREE - Move the payments along.
When one debt is paid add the funds to the next debt. For example, say you're making $75 payments to a small debt. When the debt is cleared add the $75 to the next debt on your list. If the next debt had a minimum payment of $100, you will now pay $175 until it is paid off. When that one is finished, take the $175 and add it to the next payment and so on.
STEP FOUR - Save the cash!
Don't forget that when your debts are cleared you have set yourself up for a better financial future. The best way to take advantage of your new situation is to use all the money you were spending on debts and start investing or saving it every month.
With this strategy your debts will clear faster meaning you will pay less interest, you will see progress as you clear small debts first, and you will not be tempted to use the funds for personal use instead of debt repayment.
It is a worthwhile goal to get out of debt. Seeing that goal come sooner and teaching yourself discipline sets you up for a brighter financial future. You OWE yourself that!
Saturday, April 11, 2009
FOREX
I lost a lot of money in my account!
I lost every single cent in my account....a couple of times
The market went against me every time I entered into a contract.
I followed a multi-day seminar and paid a lot of money to some so-called 'Guru' but the system he showed failed big.
I have a lot of hope to make a lot of money from trading forex, but I ended up losing more money every time I trade.
Have you ever heard yourslf saying any of these things before? FOREX like day-trading in the stock market, takes training, time and experience. The bad thing about it is that while you are gaining experience you are typically losing money. There are traders that make a mountain of money but if it was easy we would all be rich.
Like anything worthwhile it is going to take some effort on your part to learn to be succesful in the FOREX markets.
I suggest going to the library and reading every book that you can get your hands on. Take notes. Once you have a good grasp on the basics take some advanced courses. When you are comfortable with the material open a "paper trading" account and practice with play money. Finally it will be time to put your book knowledge to the practical test. Everything changes when you have real money at stake. Many times though this is where you will learn the most.
Many people think that they will read one book and "Boom" the world is theirs. The real world doesn't work that way. Set your sight on the goal and figure out how you are going to get there. Good luck.
I lost every single cent in my account....a couple of times
The market went against me every time I entered into a contract.
I followed a multi-day seminar and paid a lot of money to some so-called 'Guru' but the system he showed failed big.
I have a lot of hope to make a lot of money from trading forex, but I ended up losing more money every time I trade.
Have you ever heard yourslf saying any of these things before? FOREX like day-trading in the stock market, takes training, time and experience. The bad thing about it is that while you are gaining experience you are typically losing money. There are traders that make a mountain of money but if it was easy we would all be rich.
Like anything worthwhile it is going to take some effort on your part to learn to be succesful in the FOREX markets.
I suggest going to the library and reading every book that you can get your hands on. Take notes. Once you have a good grasp on the basics take some advanced courses. When you are comfortable with the material open a "paper trading" account and practice with play money. Finally it will be time to put your book knowledge to the practical test. Everything changes when you have real money at stake. Many times though this is where you will learn the most.
Many people think that they will read one book and "Boom" the world is theirs. The real world doesn't work that way. Set your sight on the goal and figure out how you are going to get there. Good luck.
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