Topic: How to save money. - page 154. (Read 345824 times)

This is my first post. Please do respect

My post intention is to help readers to save their money.

Some of the employee are not saving their money. They spend it on things that they dont need. For example gadgets,buying a concert ticket, accesories, etc.Buying things that not they need is also like a wasting money. Because this thing give a happiness  not a good life. Saving money is just like securing your future because your savings can help you in emergencies. These are the way to save money .
If you are empolyee. You must save atleast 20% of your salary. The 20% of your salary divides into two .


The 1st way : cash reserves- medical insurance, retirement, life insurance  and if you not have salary yet. And emergency. But dont spend all of you 10% in this emergency. You must know if the injury is serious o not before you spend the 10%.
The cash reserves must equal of your 6 months salary this will help you and ensure you becauas of you loss your job you have extra money .

The 2nd way : investment, business- you can invest in some company so that you have a extra income. And you can also built a small business that will always have an income like apartment.

Example. My wage is $ 7.5 per hour and i work for 8 hours and i work for 20 days. So thar my salary is $1,160 . The 20% of $1,160 is $232 .
So that my cash reserves is $ 116 i can spend this money in emergencies and medical insurance.
If my 6 month salary is $6,960 i can stop my saving money in cash reserves.
 

Thank you .

This is my first post. Please do respect

My post intention is to help readers to save their money.

Some of the employee are not saving their money. They spend it on things that they dont need. For example gadgets,buying a concert ticket, accesories, etc.Buying things that not they need is also like a wasting money. Because this thing give a happiness  not a good life. Saving money is just like securing your future because your savings can help you in emergencies. These are the way to save money .
If you are empolyee. You must save atleast 20% of your salary. The 20% of your salary divides into two .


The 1st way : cash reserves- medical insurance, retirement, life insurance  and if you not have salary yet. And emergency. But dont spend all of you 10% in this emergency. You must know if the injury is serious o not before you spend the 10%.
The cash reserves must equal of your 6 months salary this will help you and ensure you becauas of you loss your job you have extra money .

The 2nd way : investment, business- you can invest in some company so that you have a extra income. And you can also built a small business that will always have an income like apartment.

Example. My wage is $ 7.5 per hour and i work for 8 hours and i work for 20 days. So thar my salary is $1,160 . The 20% of $1,160 is $232 .
So that my cash reserves is $ 116 i can spend this money in emergencies and medical insurance.
If my 6 month salary is $6,960 i can stop my saving money in cash reserves.
 

Thank you .

I don't think he will be completely mortgage free soon (as he keeps buying new properties), but he can by selling a few indeed.

I don't think the initial mortgage is enough to cover the costs; he bought (and fixed) a house with his very first mortgage. Since that day, he uses the income (rent) of these rooms to - cover his expenses - and to cover the costs of that mortgage. And, then there is a premium. I think with this premium, he can take another new mortgage on a new property (where the very same happens).

Now, years later, I'm sure some of his mortgages are like at 80% paid-back. As soon as some mortgages have been paid back, his premium will grow and grow (and I think that's a situation we all would like to have ). Renting out 4-5 rooms will atleast bring him €1600 / € 2000 per month (per house).

*snip*
That is a smart man, yes he does have high costs associated with the units, but once they start to become paid off and mortgage free, he has greatly increased income from them.  OR he has valuable real estate assets that he could cash out and have a large chunk of cash.

I have put a lot of thought into doing what you described him doing, starting with one, getting to know the ropes, and then expanding.  As long as the initial mortgage leaves enough room to cover costs, then you should be profiting from day 1 (assuming housing is in high demand and you can find tenants quickly).  Usually thats not an issue in college towns.

This is an advantage if you are leasing some apartments/rooms/houses. If you know how to do some fixing and repairs, you will definitely save a little money on your profit and can use that money to buy or earn some money for your future businesses.

That's a kind of movement I experience in my environment over here; houses are bought and then multiple (4-5) student rooms are created. It works quite well, as most "student cities" / college towns here in The Netherlands have shortages of these rooms.

I really think this is a good way to invest your money, atleast, if you are quite handy by yourself (as you indeed have to fix and improve things). However, you will need another mortage to buy such houses.

One area I've looked into is housing in college towns.  Houses that typically wouldn't rent or sell for much can be rented to college students at 400-500/person.  Yes they may be messier than typical tenants, but they also will probably live in a place that doesn't need to look all that special.

their wallet is a bit different it does not come with a gui, but with the usual command line, but they does have a good online wallet

nonetheless nxt was instamined to death from the beginning

One area I've looked into is housing in college towns.  Houses that typically wouldn't rent or sell for much can be rented to college students at 400-500/person.  Yes they may be messier than typical tenants, but they also will probably live in a place that doesn't need to look all that special.

Here's what I've been told about real estate as far as saving money from it: don't become a landlord unless you handle commercial real estate, running a bunch of apartments just blows completely, you're always fixing crap or dealing with tenant issues.

If you handle houses, pick an urban area that's growing fast and buy stuff in the areas that the city will grow into over the next ten years or so, and make your money there.

That or just make your money from commissions.

teenager now does not think about his future, because they assume that they have rich parents, and they will get his money someday, indeed very unfortunate this, perhaps the role of parents should be considered in this regard

Thanks to me. and also thank you for believing my way how to saved my money, because now a days teenager or employed people don't think or they not believing in saving. They just only want to spend their money in their own way, their not thinking about their future, when they not have a job, or incase of emergency etc.