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Wednesday, December 5, 2007

how to control your money

Many people do not feel satisfied with their finances.
Even some rich people are not happy. This unhappiness or lack of satisfaction sometimes comes from not being in control of your finances.

You lose control when you become dependent on others. Being dependent allows factors from the outside to control your finances.
Becoming financially successful involves taking back as much control as you can over all areas of your finances.

You cannot control Social Security, but you can control how much you save for retirement. Currently there is no way to directly control how much Social Security is taken out of your paycheck and how much (if any) you will receive when you retire. What you can control is the number of retirement accounts that you set up, and how much you contribute to those retirement accounts.

You cannot control your employer, but you can find alternative sources of income and maximize employer benefits when on the job. Many companies have programs through which they match investments up to a certain amount or percentage. This is like free money from your employer. You can also find other sources of income, such as investing in real estate or blogging.
You cannot control your taxes, but you might be able to reduce or defer your taxes. Many people don’t realize that their biggest expense is taxes. This is because taxes are taken out before you receive a paycheck. There might be ways that you can reduce your taxes or defer them to a time when you are making less money. Talk to your accountant about your personal situation.

You cannot control inflation, but you can control your investments and debt. The inflation rate in June 2007 was 2.69%, which means that if your savings account rate is 5%, you are only receiving 2.31% value, and that is before taxes are taken out. Review your investments with inflation in mind and see if they are still as good as you thought. You can also consolidate your credit card debt and possibly lower your interest rates by applying for a person-to-person loan from here

You can’t control investment risks, but there are some returns that are guaranteed. Do you want to know how to receive 19% guaranteed return on your money? Pay off that credit card. If you are an active investor or have significant sums invested,

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