Black Money Business Jobs : The Importance of Saving $85 a Month

Discussion in 'Black Money Business Jobs' started by blackisbeautiful, Dec 11, 2011.

  1. blackisbeautiful

    blackisbeautiful Banned MEMBER

    Joined:
    Dec 6, 2011
    Messages:
    131
    Likes Received:
    77
    Gender:
    Female
    Ratings:
    +77
    One of the biggest excuses people have when it comes to starting businesses is that they lack the funds for advertising. And even if they have the funds, they might be in so much debt from their personal expenses that are too afraid to take that next step.

    So, why not get in the habit of saving $85 a month? In a year, you would have $1,020, which is a substantial amount of money.

    What could you do with $1,020? If you have debt, you can pay it down. If you lose your job, you would have a month of rent available. If you are open to online businesses, you have $1,020 worth of advertising. The list goes on.

    True, $1,020 may sound small, but in the whole scheme of things it can get you to a higher level of freedom. It just depends on your perspective.
     
  2. Shikamaru

    Shikamaru Well-Known Member MEMBER

    Country:
    United States
    Joined:
    May 7, 2011
    Messages:
    3,486
    Likes Received:
    1,965
    Gender:
    Male
    Ratings:
    +1,989
    I would keep my short term savings liquid (in dollars).

    Long term savings should be stored as precious metals (platinum, gold, silver, copper).
     
  3. Shikamaru

    Shikamaru Well-Known Member MEMBER

    Country:
    United States
    Joined:
    May 7, 2011
    Messages:
    3,486
    Likes Received:
    1,965
    Gender:
    Male
    Ratings:
    +1,989
    I guess I'm more fanatical than most, but I'd recommend saving 50% of your paycheck and live on the half.

    You'll have tons of money saved to buy stuff outright with cash or whatever.
     
  4. pamelab

    pamelab Member MEMBER

    Joined:
    Dec 12, 2011
    Messages:
    10
    Likes Received:
    9
    Gender:
    Female
    Occupation:
    housewife
    Location:
    Baton Rouge, LA
    Ratings:
    +9
    Shikamaru, sounds like you live below your means. I think that is a good and wise way to be. I adher to the idea of paying cash for things.
     
  5. Ankhur

    Ankhur Well-Known Member MEMBER

    Joined:
    Oct 4, 2009
    Messages:
    14,710
    Likes Received:
    3,007
    Gender:
    Male
    Occupation:
    owner of various real estate concerns
    Location:
    Brooklyn
    Ratings:
    +3,015
    Now that is Strength!
     
  6. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

    Country:
    United States
    Joined:
    Mar 21, 2001
    Messages:
    69,983
    Likes Received:
    3,978
    Gender:
    Male
    Occupation:
    BUSINESS owner
    Location:
    Da~WINDY*CITY //CHICAGO
    Ratings:
    +4,178
    That's good but there are so many families who can't do that
    while i do have a scale /goal each year to withold i also know the greater need of now
    i agree cash for items and things needed then use a credit card is better and i do look
    into rare fines /value collectibles silver/gold/copper and coins

    I also look for anything with a face value like properities while working with a small
    amount of money

    If you could save anything weekly or bi-weekly is a plus for down the road of hardship
     
  7. Shikamaru

    Shikamaru Well-Known Member MEMBER

    Country:
    United States
    Joined:
    May 7, 2011
    Messages:
    3,486
    Likes Received:
    1,965
    Gender:
    Male
    Ratings:
    +1,989
    I'm trying to get back to my personal best i.e. 75% of my paycheck saved. I lived off 25% at that time and still was able to goof off :).

    I still use credit cards, but I pay them off before close of the month.

    Cash is still king.
     
  8. Shikamaru

    Shikamaru Well-Known Member MEMBER

    Country:
    United States
    Joined:
    May 7, 2011
    Messages:
    3,486
    Likes Received:
    1,965
    Gender:
    Male
    Ratings:
    +1,989
    I concur.
    On the flip side, that same family will have a cable bill, magazine bill, cell phone bill, and other non-essential expenses.

    I would not seek out rare coins or numismatics.
    If you seek to buy the cheapest coins with the most metal content, you'll come out more profitable by weight in dealing with hard money.

    If you are employed, here is a neat trick to boosting your take home pay: adjust your W-4.
    You could boost your take home pay by $50-$100 per check by simply adjusting your withholding schedule.
     
  9. blackisbeautiful

    blackisbeautiful Banned MEMBER

    Joined:
    Dec 6, 2011
    Messages:
    131
    Likes Received:
    77
    Gender:
    Female
    Ratings:
    +77
    How can one do this?

    In my area, the rent alone takes away half of our paychecks. And we live in a very middle-class area.

    The only way I could start saving in the first place was literally putting away $1 here and there.
     
  10. Shikamaru

    Shikamaru Well-Known Member MEMBER

    Country:
    United States
    Joined:
    May 7, 2011
    Messages:
    3,486
    Likes Received:
    1,965
    Gender:
    Male
    Ratings:
    +1,989
    I'd aim for a minimal savings of about $30 a month. This is approximately the amount for a 1 oz. American Eagle silver coin.

    You'll have to cut expenses and expenditures.
    You'll need to optimize your personal business to increase savings and reduce payments.

    Example:
    Pay off lower balance credit cards first. Right there would be $25 - $100 a month an individual could save from a portion. Take the remainder and pay off other cards. You'd be surprise how much you actually have when you aren't paying it out on credit cards. This is the "snowball method" recommended by Dave Ramsey.

    Move closer to work. This saves money on gas and wear and tear on your car.

    If you have credit, refinance your debt to consolidate and lower interest rates. This will net additional savings.

    Clean up your credit report. The higher your score, the cheaper it is to finance credit.

    Re-negotiate your insurances, cable/satellite, DSL, phone, etc. for greater savings, lower rates, while maintaining about the same service. In fact, I've lowered my payments and received greater benefits and services from providers while doing this.

    Shop around for insurance. You'd be surprised what kind of savings you can obtain. Also review your policy for savings.

    After achieving this increase in money savings, take that to begin stocking your "treasury".

    This is from personal experience.
     
Loading...