My Financial Accounts Setup
Everyone has their own formula for the number of accounts and the amount of money they put in them. I figured. Depending on their lifestyle and budget, people divide accordingly. Keeping to the setup of my finances is very important to financial stability. The general accounts that many people consider are:
- Savings
- Checking
- Credit Card
- Emergency Fund
- Brokerage
- Individual Retirement
Currently my financial accounts percentage setup is:
At my stage in life, I have no need for an emergency fund nor do I have or want to use a credit card until I feel the need for a good-standing credit score.
So, here is what I hope my finance allotment would look like by the time I accomplish my short-term goal:
A person’s personality and age often determines how he/she uses and disperses their money.
- Big spender/Teens and young adults – Allocate more in checking and credit card accounts.
- Risk Taker/Young adults – Allocate more in brokerage and emergency fund accounts.
- Conservative/Mature adults and elders – Allocate more in savings and retirement accounts.
I’m the conservative type but I’m young and curious, particularly in business and the stock market, so I allow myself to entertain my interests. BUT I will be working to reach my ideal setup.
Tips On Finding A Job
Having a job is the best and most stable way of earning steady income. That is why getting a job should have priority over any other method of making a dollar. No matter who you are and what skills you have, there is a boss out there that would love to order you around to do work, while you get paid for it. Even if you are working in a fast food restaurant and making minimum wage, you must remember that you are getting money.
Though I sound like I’m money-hungry, that is only a disguise for my true purpose of earning money. I believe one must have money to make money. Just the simple deposit of a percentage of earnings in various banking accounts can yield a worth return. When watching the numbers go up in your bank account, you’ll discover a great sense of accomplishment. Thus, this is the same attitude one should have towards working and towards money. And so, a job (or two) is most important in building a multiple income stream.
To get a job, one presents to the employer a decent resume (or at least a decent-looking resume). Here are two examples of acceptable resumes:
Many people do not have the slightest idea how to write their resume though it is amazingly easy. Just follow the samples and replace everything with your own details. Also, Microsoft Word has a resume wizard, as do many other document-writing programs, which assist in correctly arranging your information and qualifications. Note: if a certain category doesn’t apply to you, don’t include it in the resume (i.e. you never had an internship, so just delete that category). Adding it would make you look bad. Instead, you may include things such as community services or volunteer experience. Visit this site for other great resume tips:
Now where can you find a job? Take a walk down the busiest street you know or go to the mall. Or, why not take advantage of the great power of the Internet? Here are some sites that are ideal for locating job opportunities in your area.
Once you land that job, work, work, and work. Clock in at 9AM and clock out at 5PM. Take as many shifts as you can handle. Soon you’ll have no time to spend the money, hopefully, and you’ll see that bank statement with increasing numbers. Remember that a job will give you money and money is needed to make more money.
Back from trip
Just got back from a trip and it put me down by $201. Net worth would continue to drop since the school year is about to begin and that always calls for some new clothes. Though afterwards, more money would be coming in with less going out.
Ever since my interest in stocks, stimulated by a friend, I’ve been continuously educating myself on every aspect of investing. Here are a few suggested books I have read or am reading:
- The Online Trading Survival Guide : An indispensable handbook for today’s wired investor, by Jack Guinan
- The Winning Investment Habits of Warren Buffett and George Soros, by Mark Tier
- The Successful Investor, by William J. O’Neil
- The Intelligent Investor, by Benjamin Graham
Introduction
Welcome to my blog, which is finally up and running smoothly. Here I’ll post all the events involving my finances as a way to track and to remind myself of the goals I wish to accomplish. I will also be providing educative information that I find useful.
My name is Simon and I am undergraduate college student at Stony Brook University pursuing a Bachelor’s degree in Health Science and a minor in Business Management. The prospective future includes a career in the health professions, hopefully in dentistry. Though still in college, I’m utilizing all possible methods for extra sources of income. Currently, multiple streams of income are from a university job, paid online surveys, and affiliate marketing. I guarantee that I’ll be discovering others for making money and increasing networth.
This is a personal finance blog that I started after looking around the internet and finding the many other educational blogs that are out there. After doing so, I decided to start one myself and taking my finances seriously and try to make my future a prosperous one. On the last day of every month, there will be an update post on my current net worth to track my progress.
I’m starting with a little under $2,000 and I try to manage it to meet my goals. I’ll venturing into the world of stock investing and retirement along with searching for more sources of residual income. I’m looking to greatly increase my knowledge of the financial world and I’ll share the information with my readers.
