For most of us, there are two levers we can move to put more dollars in our pockets: #1. Work more #2. Spend less Your investments earn money for you, but for most working people those dollars are being accumulated for later (retirement), not for today. For a fortunate few inheriting is an option. Various other (illegal) options exist, but we will not be covering those. Option #1- Work more Take a second job, work more hours at your first job, try to get promoted into a higher pay grade, etc. Let’s look at the numbers for a mythical couple named Harry and Sally.** Harry and Sally are married and file their taxes jointly. Sally makes $85,000 a year; Harry makes $75,000. This likely …
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What are you doing with your extra money?
What extra money you ask? The money in your pocket thanks to falling gas prices. According to AAA gas prices have fallen ≈81 cents/gallon since the April 2014 peak price of nearly $4/gallon. Like me, you probably drive a car that uses gasoline. If your household buys 4 tanks of gas a month you have nearly 50 extra dollars per month in your pocket. Odds are you probably haven’t noticed it. Because those dollars stay in what I call the “vortex of spending” and get spent somewhere else. The trick is to remove the dollars from the vortex and send them off to good home at an FDIC insured bank. (Such as Barclay's online savings). Start a weekly savings program and automate it. I like weekly …
