Achieving Financial Freedom As A Millennial Is Easier Than You Think

Published on: 22 March 2021 Last Updated on: 25 June 2021

People often say that financial freedom is hard to achieve when you are a millennial. Though it can be true for the most part, it all lies in your mindset and how you control yourself. Achieving financial freedom is as easy as turning the tables to something positive.

And if you’re a struggling millennial who is stuck in this dilemma, this is the change you have been looking for. Are you ready to take on the challenge to achieve that financial freedom breakthrough? Seeing you here in this article is already a good sign. Read on!

Your Goals Matter:

Setting goals is the first step in achieving financial freedom and everything will then follow after. By having goals, you will be able to control and discipline yourself when it comes to handling finances.

And this not only affects your finances but also how you deal with life overall as well. This includes your relationship with the people around you, traits, and behavior. Settings goals mean doing yourself a favor in stepping up to greater heights financially and mentally.

Overspending Is Your Enemy:

Sometimes, we are all so glued to our wallet that leads to overspending. And the moment we are bombarded with bills, we have nothing left in our hands. That’s why you should always be careful when spending on things.

This is where self-control comes into play. We know it can be tempting to get that latest gadget that’s trending on the internet. But is it a good investment worth paying for? Or you just want to buy it so you can keep up with the trend? So take time to reflect before adding it to your cart.

Quality is King:

This section is a continuation of the one discussed above. Because when you opt for quality products, you will be assured that they will last for years. Thus, saving you cash from buying another one. That’s why it’s important to buy legit and authentic items when you go shopping.

And this can apply to anything, be it for work, personal use, or for your passion. If you are more into filming, it’s essential to see your work in all its glory. And for that, choose a LED screen manufacturer that you can trust. Love photography? Buy your camera from a trusted brand that is already known by many.

Whatever that might be, always choose quality over anything. Sometimes, companies love to sway customers with flowery words through the power of marketing. But before you get carried away by these promises, check the quality first and your wallet will thank you later.

Stick To Your Budget:

If you are a working millennial, it’s best to stick to your budget based on your salary. There’s no use eating in fancy restaurants or buying expensive things if your payroll won’t even last for a week. That’s why the importance of your budget should never be overlooked.

Don’t worry if your salary is not so big for now. Because you will eventually have a bulky wallet in no time as long as you work hard for it. One effective way to control your budget is by making a list of things or stuff you are going to spend with your money.

And of course, don’t forget to save some cash for your emergency fund too. Life troubles are just around the corner. That’s why it’s better to have extra money that we can grab in times of need.

Invest As Early As Now:

Start investing in things that will make your money grow while you are still young. Should you want to try businesses such as stock trading, or marketing, then go for it! Just make sure that the one you will be joining is not a scam.

Having trouble? There are myriads of guides and mentoring courses that you can find online that talk about investing. The best way to grow your money at such an early age is doable by the power of an investment.

Take the Leap of Faith:

Sometimes, the only enemy that is stopping us is ourselves. Maybe there are a lot of financial doors for opportunities in front of you. But instead, you choose to close them because you think that you can’t make it.

But have you ever thought that opportunity might be the one you’ve been waiting for? We never know, maybe that is finally the financial breakthrough that can give you financial freedom. So don’t be afraid to take the leap of faith even if how treacherous the path can be.

Become a person that is teachable to such possibilities when it comes to finances. Opportunities come and go, so it’s better to grab some of them before it’s too late. You will look back one day and thank yourself for finally taking the next step.

Conclusion:

Some say financial freedom is not a walk in the park if you are a millennial. But by following these pointers above, you will be surprised how far your wallet will take you someday.

It’s going to be one hell of a climb, but the journey will be worth every effort you have exerted for it.

So don’t give up just because things didn’t go your way financially. But instead, be a person who is willing to change and explore new heights to achieve financial freedom. So what are you waiting for? There is no better time to hunt for financial greatness than today.

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Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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What You Need to Know Before Buying Property with a Tax Lien

You find the house of your dreams but are told by the realtor that the home comes with a property tax lien. Do you give up on that house and find one that doesn’t have a lien? Even though friends and family might suggest you move on, it's better to have a deeper understanding of property tax liens before making a decision. What Is a Property Tax Lien? When homeowners have a financial setback, they often have problems making their mortgage payments. In many cases, they are also unable to pay their property taxes. When a homeowner doesn’t pay property taxes, their property becomes tax delinquent. A property tax lien prevents this property from being sold or refinanced. Depending upon the state they live in, after a certain period of time, the municipality can repossess, seize, and foreclose on the property. When this happens, the town or county that is owed the taxes issues a property-tax lien certificate against the property. The lien includes the owed taxes, penalties, and interest. Once there is a foreclosure, this certificate is then made available for sale, usually in an auction. There are two types of sales based on unpaid property taxes. Tax Deed Sale: A tax deed is a legal document that transfers property ownership from the homeowner who didn't pay the taxes and the municipal governmental entity owed the taxes. In turn, the government then has the authority to sell the property, collect the owed taxes, and transfer ownership to the purchaser. In this case, the property is sold at auction and includes unpaid taxes. Buying a foreclosed property gives you complete ownership of the property. The price may start low but is often driven up by competing bidders. Once the property is purchased by the highest bidder, it is owned clear and free of all mortgages and liens against it. Tax Lien Sale: In this type of sale, the lien is auctioned off to the highest bidder. It includes the interest incurred. If the liens are not paid, the new owner can foreclose on the property. Many states will utilize a tax lien sale in an attempt to get their unpaid taxes from the homeowner. They usually come with high penalty fees. The process and time period associated with tax lien sales depends upon the state where the property is located. Homeowners whose property is sold in a tax lien sale are given a period of time— a redemption period—to pay their taxes plus interest to the holder of the lien. The owner of the lien may not end up owning the property should the homeowner pay back the taxes plus interest. However, there is an opportunity to make money from the accrued interest. Interest rates vary by state, for example: In Florida, the maximum interest rate is 18 percent with a guaranteed minimum of 5 percent on liens redeemed early. The Mississippi tax lien rate is 18 percent—1.5 percent per month—and must be repaid in two years. Iowa’s interest rate is on the lower side, at 2 percent. The interest rates and sales process are structured by local jurisdictions and are also dependent upon the auction. Be sure to check with the municipality before making decisions. Because of low interest rates and the volatile stock market, many people are looking for other ways to get a return on their investment. With more than$14 billion in unpaid property taxes, purchasing properties with liens, for some, is a viable investment opportunity. It is important to understand what you are buying before you make an offer. When you purchase a tax lien certificate, you are not attaining ownership of a piece of property. You are purchasing the lien on the property. The delinquent homeowner still owns the property. When you buy a tax deed, you take ownership of the property in its entirety. Read Also: Property Investment Success Stories 6 Tips On How To Pay Off Your Tax Debt Investing In Property Is Investing In Your Future A Quick Guide To The Legal Steps Of Buying A House Why Off-Plan Investment Is Beneficial For Expats 5 Easy Estate Planning Tips To Help You Plan For The Future

Should You Consider Equity Release To Pay For Live-in Care?

Although it seems like equity release plans have been around forever, this sector of finance has only been regulated since 2004. However, this has not dented their popularity among over 55s wishing to free up a sum of money rather than leaving it tied up in their property. Many have used the money to fund home DIY projects, help a child onto the housing ladder, or simply for a blowout holiday or new car. Increasingly though many are seeing equity release as a good way to pay for care in their own home in old age. Equity is the value of your home minus any loans or mortgages secured against it which haven’t been fully paid off. If you’re wondering whether this would be right for you read our advice on the advantages and pitfalls of equity release and how the equity in your home could pay for a comfortable old age. What is Equity Release and How Does it Work? This is a method for releasing some of the untapped wealth tied up in your home. Being able to unlock the value of your home and turn this into cash is a way to remain in a much-loved family home. There are two main types of equity release – a lifetime mortgage or a home reversion plan, which is the sale of part or all of the property. A lifetime mortgage is a loan against the value of your home which is not repaid until either the homeowner dies or goes into long-term care, or the property is sold. If you decide to go down this route you must choose carefully between the two types of lifetime mortgage which are: The interest roll-up mortgage, which is the most popular option. With this, you receive either a lump sum or regular amounts, and interest is added to the loan at a fixed or capped rate. An interest-paying mortgage is similar to a standard mortgage in that you pay monthly or ad-hoc payments, and some plans allow you to pay off the capital, to reduce the sum owed at the end. The home reversion plan is only available to those aged at least 65. With this, you can sell all or a percentage of your home to a provider at below the market value and you become a rent-free tenant in your home. You can even sell percentages of the home at off-set intervals. Another, less well known and potentially more risky option is the sale and rent back scheme where you sell your home, at a discount and become a rent-paying tenant in your home. Points to Consider Home care services are increasingly seen as preferable to standard nursing home care for many reasons, not least among them being able to carry on living in your own home being looked after by a trusted live-in carer who becomes your friend. Lifetime mortgages are considered the most popular option for equity release because it allows you to retain full ownership of your property and some come with an option of paying back some of the loans over time in order to reduce the build-up of interest and retain as much of the value of your property to benefit your estate when you die. You can only apply for equity release once you are over 55 and the amount you receive is dependent upon the value of your home (minimum value £70,000) as well as your age. Your property must be in the UK. Benefits of Equity Release For today’s older homeowners who have seen the value of their homes rise significantly over recent years and with the added benefit of current low-interest rates, equity release gives you an amount of cash to spend now or to put towards a live-in care plan. Risks and Pitfalls of Equity Release The biggest problem with equity release is that you do not receive the full market value for your home, indeed the amount you can access would be much less than you would get by selling your home on the open market in the traditional way. Another disadvantage is that any inheritance your beneficiaries expect to receive would be reduced. The upfront costs and fees involved in setting up an equity release plan could be as much as £3000. If you opt for a lifetime mortgage there is a real risk that when the time comes for your home to be sold the amount owed may be more than you borrowed because of the compound interest charged on the mortgage, unless you can pay off some of the debt as you go along. So, if you want to leave a decent inheritance for your family you need to act with caution. Be aware that if you have a substantial amount of cash in the bank this could affect any means-tested benefits you may be entitled to. The upper threshold is currently £16,000 so above this you are ineligible for means-tested benefits. Your tax situation could be impacted. If you choose to pay off the whole of the lifetime mortgage early you could incur penalties. Risks of Home Reversion Scheme You may only receive between 30-60% of the market value of your home and there may be a clause in your contract which forbids you from moving home. Distressingly, once you die the property usually has to be vacated within one month which causes unnecessary upset to the family at a distressing time. Protections from the Equity Release Council You should look for an equity release provider who is a member of the Equity Release Council to ensure that any lifetime mortgage you take out will never exceed the total value of your property. You are also assured that: You can remain in your home until the end of the mortgage term You are provided with an independent solicitor who explains everything clearly to you Interest rates must be fixed or capped and the product must have a ‘no negative equity guarantee'. Always get the best independent adviser who is regulated by the FCA and discuss things with your family before signing on the dotted line. Read Also: What To Leave Behind Once You Have Sold Your Home The Guide to Understanding Your Home Value

Does Inflation Determine The Price Of Bitcoins: What You Need To Know

2021 has seen a spike in Bitcoin trading. Unlike investing in traditional currencies, Bitcoin is not issued by the central bank or backed by any governmental organizations. Therefore, the monetary policies and economic growth measurement that typically affect the price evaluation of the fiat currencies don't affect Bitcoin. So, if the price of Bitcoin is not affected by the traditional elements, what affects the price of Bitcoin? This is what we will discuss in this article. Does Inflation Determine The Price Of Bitcoins? Crypto investors often discuss Bitcoin being a hedge against inflation; why? The argument starts with the fact that the process of central bank money printing will eventually lead to the decrease of the value of money over time. But, on the other hand, Bitcoin has no connection with limitless printing. There are a total of almost 21 million Bitcoin that will end up in the market when the reward for Bitcoin Mining reaches Zero. This limited supply allows Bitcoin to resist inflation. Initially, the concept was only in the papers, but it became a proven fact after the pandemic. When the pandemic hit the global finance market, the government hoped for an expansionary monetary policy, whereby central banks started printing money to make the market stable. The crazy amount of money printed during the first twelve months of the pandemic increased the inflation rate. Despite the value of the currency depreciating, the price of Bitcoin keeps on rising, reaching an all-time high of more than $63,000. This further solidifies the argument that inflation does not affect Bitcoin's Prices. What Affects Bitcoin’s Prices? After our conclusion to the argument, one thing is certain: inflation plays no role in influencing Bitcoin’s prices. So then, what factors stimulate Bitcoin's prices? The answer may surprise the investors because of what’s not included: Bitcoin Mining. 1. Demand & Supply Demand and Supply are one of the main factors that affect Bitcoin’s price. The higher the demand and the lower the supply, the higher the price. As we have talked about earlier, unlike the unlimited supply of fiat currencies, Bitcoin is limited. Moreover, over time it gradually slows down. For this reason, there is a possibility that the demand for Bitcoin will increase in the future. Of course, the demand of every Cryptocurrency will vary, but that will depend on several other macro factors. If you are an investor and looking for an opportunity to invest in Bitcoin, the bitcoin equaliser platform might be a better choice. They have experts sitting on the other side of the platform helping new investors understand the new roads of investment. 2. Power Of Media Information regulation also affects Bitcoin’s price. The way the media writes about Cryptocurrencies largely affects the demand curve. If the media talks about the good aspects of Bitcoin, the demand rises, while bad news can cause panic, reducing Bitcoin’s price. 3. Financial Crisis The economic situation of the countries also determines the price in that country. If the traditional financial system starts to collapse, people start looking for other assets to safeguard their money’s monetary value. Therefore, the crisis has a close relationship with the economic status of the nations. 4. Rules & Regulation Another important factor that can be considered equivalent to the demand and supply is the rule and regulation of Bitcoin. Every nation has different rules and regulations that you need to fulfill while trading in Bitcoin or other Cryptocurrencies. When the rules become quite restrictive to take the repression, the price of Bitcoin falls. But, on the other hand, if the rules are friendly to the industry, it acts as a catalyst for a strong price increase. The Bottom Line The factors we have talked about are just the most important ones. There are other factors as well which support the price fluctuation. Therefore, all the investors who are looking to invest in Cryptocurrencies must analyze all the factors. Knowing the factors will help you avoid unwanted risks and increase the chances of profit. Read Also: Shopping for a Personal Tracking Device 8 Things To Consider When Purchasing A Water Tank Online 5 Reasons Why You Should Take A Criminal Lawsuit Seriously

Achieving Financial Freedom As A Millennial Is Easier Than You Think

Your Goals Matter:

Overspending Is Your Enemy:

Quality is King:

Stick To Your Budget:

Invest As Early As Now:

Take the Leap of Faith:

Conclusion:

Michigan Auto Insurance : Everything You Should Know About

Top 7 Tips To Save Up Money

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Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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What You Need to Know Before Buying Property with a Tax Lien

Should You Consider Equity Release To Pay For Live-in Care?

Does Inflation Determine The Price Of Bitcoins: What You Need To Know

Achieving Financial Freedom As A Millennial Is Easier Than You Think

Your Goals Matter:

Overspending Is Your Enemy:

Quality is King:

Stick To Your Budget:

Invest As Early As Now:

Take the Leap of Faith:

Conclusion:

Share this Article

Michigan Auto Insurance : Everything You Should Know About

Top 7 Tips To Save Up Money

Tags

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

Leave a Reply Cancel reply

Popular

Follow Us

Recent

Related