THE REFRIGERATOR IS A TREASURE CHEST
Most people have a good deal of their paycheck each week ending up in their refrigerator, freezer or, pantry. Many people already believe that by shopping sales, using coupons, substituting store brands for name brands etc., they are already doing all that they can to save money on their food bill. But, saving money when you purchase your food is one way to save however, you can still save much more by simply managing your food better once you get it into your house. Just think about the price you pay for food items you have to throw out each week. If you could save $10 each week by better managing your food waste, you could save $520.00 per year. That is at least a small fortune in these hard times. Get use to saving on food waste and over a lifetime you will have saved a modest fortune. Therefore, just by better managing what you have, your refrigerator will become a treasure chest.
The first thing you need to do before you even go to the grocery store is to make a list of items you need. This should entail going through your refrigerator, freezer, and pantry and, wherever else you happen to store food. This way you purchase what you need rather than purchasing items which are not needed. Grocery items, even canned goods, are perishable and are generally dated with either “use by” or “sell by” dates. You should arrange like items so that close dated items are in the front and items with older dates (dates further out into the future) are behind those with close dates. A lot of money is wasted because people don’t pay attention to the dates on their groceries until they find that they have an entire gallon of spoiled milk in the refrigerator. Or, maybe their eggs have a funky smell when they go to make up a batch of cookies. Of course anything that I think might be spoiled I toss out to the garbage. Saving money is great but, getting sick is not worth saving fifty cents on some raunchy mayonnaise.
One way to combat having to throw close dated items out is to of course find ways to use the items quickly. Most meat items you can freeze and thus, prolong their usability for months. Most bake goods can also be frozen for future use. If you have a lot of eggs then perhaps you could make up some baked goods to freeze. You could also boil the eggs and pickle them in vinegar. I’ve often used up extra eggs by making up a large number of pancakes and then freezing them for future microwave breakfasts.
Produce items don’t usually have dates but, they usually will not last more than a few days in the refrigerator or on your counter. There are reasons to keep certain items like potatoes and tomatoes on you counter and not the refrigerator where they will keep longer however, I do have an idea or two on how you can keep potatoes in your refrigerator. I keep tomatoes inside my refrigerator. Inside or outside the refrigerator tomatoes keep for such a short time that I really do not notice much change in texture by keeping them refrigerated. It does add a few days of use if they are refrigerated. Potatoes can be kept in your crisper however; they will wither up over time. They wither because they are becoming dehydrated in the cold just like your house gets dry during cold winter months. You can at least partly replace the moisture in your potatoes or most vegetables by soaking them in water. Cutting off the end (butt) of your lettuce, soaking it in water and placing it back in the refrigerator, will crisp it up nicely.
Almost all fruits can be frozen and/or juiced. Even bananas can be frozen for later use in banana bread. You can even freeze them with the skins on. Just make sure your bananas are really ripe before you freeze them if you want really good banana bread.
Leftover meat, pasta, rice, vegetable, bread and, many desert dishes can be divided up into serving sized storage containers and frozen. You can even make up your own TV dinners. I save my old TV dinner and frozen entrée trays and reuse them this way. I just wrap them up in freezer wrap. The advantage of freezing leftover versus just leaving the dishes in the refrigerator is that many times people do not want to eat the same dish two or more days in a row. By the time they are ready or willing to eat the dish again it has spoiled while sitting in the refrigerator.
One way to save a little on items you throw out is to buy items you don’t use much of in smaller quantities. For example: if you only use a small amount of mayonnaise from a large jar before you have to throw the jar away, buy a bottle that approximates the size you will be using. Buying things in large quantity can save money only if you are not throwing the extra away. If you can only consume twelve eggs before the expiration date comes up then why would you spend extra money to buy three dozen?
Condiments can be a real source of waste in the refrigerator. Older condiments I like to try to use up as perhaps a glaze on some ribs, a ham or, even a roast. Older bottles of fruit juice can also be used to glaze and flavor meats. In order to get ketchup that is stuck in the bottom out, I will add just a little bit of vinegar to the bottle and then swoosh it around until the ketchup can be poured out. The point is when I see something is getting old but it is not yet spoiled, I will try to use it up as soon as possible. Overall, a few extra minutes each day can make an impact on the money you save. To misquote Ben Franklin: A penny saved is better than a penny earned because on the money you save you do not have to pay taxes.
Sunday, January 16, 2011
Tuesday, August 31, 2010
CHECK CHANGE FOR SILVER TREASURE COINS
Did you know that the dime in your pocket or purse could be worth $1.00 or more in silver content. That one silver quarter might be easily worth over $3.00. Even those copper pennies might be worth much more than their face value. Just take a look to find big money in little things.
A great way to add a little treasure to your portfolio is to check your change when you take it out of your pockets, furniture, autos or piggy banks. U.S. coins minted before 1965 can be as 90% silver. Kennedy halves, Washington quarters, Franklin dimes minted before 1965 are 90% silver. Jefferson nickles minted from 1941-1945 are 36% silver. Many people don't know that Kennedy half dollars minted between 1965-1969 are minted in 40% silver.
Another group of silver coins found in change are Canadian dollars, half dollars, quarters and dimes minted between 1920-1966 (these are 80% silver). Canadian coins minted in 1967 are either 80% silver or 50% silver but, there really is no easy way to tell which coin is which. 1968 coins were minted in either 50% silver or no silver(nickle). The way to tell if the 1968 Canadian coins are silver is by using a magnet. The nickle coins will stick to the magnet but the silver coin will not stick.
A great way to add a little treasure to your portfolio is to check your change when you take it out of your pockets, furniture, autos or piggy banks. U.S. coins minted before 1965 can be as 90% silver. Kennedy halves, Washington quarters, Franklin dimes minted before 1965 are 90% silver. Jefferson nickles minted from 1941-1945 are 36% silver. Many people don't know that Kennedy half dollars minted between 1965-1969 are minted in 40% silver.
Another group of silver coins found in change are Canadian dollars, half dollars, quarters and dimes minted between 1920-1966 (these are 80% silver). Canadian coins minted in 1967 are either 80% silver or 50% silver but, there really is no easy way to tell which coin is which. 1968 coins were minted in either 50% silver or no silver(nickle). The way to tell if the 1968 Canadian coins are silver is by using a magnet. The nickle coins will stick to the magnet but the silver coin will not stick.
Many times people will dig up their old coins and just spend their silver coins because they need the money and don't have the time to sell the coins for silver or, don't know the coins have silver content. Holidays are good times to pay particular attention to your change. Also, during difficult economic times people will spend their hoards of coins at face value.
Copper pennies, especially the ones with the wheat design on the back, are also purchased by collectors (many times by the roll irregardless of date). A 50 cent face value roll of wheat pennies can fetch one to two dollars on the Internet depending on the condition. That's at least a 100% rate of return just for sorting out your wheat pennies. If you come across steel pennies (pennies dated 1943, there was a shortage of cooper that year because of the war so steel was substituted,) you could get 25 cents or more (depending on condition) for just the one coin.
So take a look through your change. A lot of common coins are much more valuable than their face amounts. It's true many of these coins are older but, because these coins have not changed much in shape and color than newer coins, they can go unnoticed especially, if someone needs money fast and just empties their piggy bank or grab some change they have setting around the house.
Many times people will dig up their old coins and just spend their silver coins because they need the money and don't have the time to sell the coins for silver or, don't know the coins have silver content. Holidays are good times to pay particular attention to your change. Also, during difficult economic times people will spend their hoards of coins at face value.
Copper pennies, especially the ones with the wheat design on the back, are also purchased by collectors (many times by the roll irregardless of date). A 50 cent face value roll of wheat pennies can fetch one to two dollars on the Internet depending on the condition. That's at least a 100% rate of return just for sorting out your wheat pennies. If you come across steel pennies (pennies dated 1943, there was a shortage of cooper that year because of the war so steel was substituted,) you could get 25 cents or more (depending on condition) for just the one coin.
So take a look through your change. A lot of common coins are much more valuable than their face amounts. It's true many of these coins are older but, because these coins have not changed much in shape and color than newer coins, they can go unnoticed especially, if someone needs money fast and just empties their piggy bank or grab some change they have setting around the house.
A great way to add a little treasure to your portfolio is to check your change when you take it out of your pockets, furniture, autos or piggy banks. U.S. coins minted before 1965 can be as 90% silver. Kennedy halves, Washington quarters, Franklin dimes minted before 1965 are 90% silver. Jefferson nickles minted from 1941-1945 are 36% silver. Many people don't know that Kennedy half dollars minted between 1965-1969 are minted in 40% silver.
Another group of silver coins found in change are Canadian dollars, half dollars, quarters and dimes minted between 1920-1966 (these are 80% silver). Canadian coins minted in 1967 are either 80% silver or 50% silver but, there really is no easy way to tell which coin is which. 1968 coins were minted in either 50% silver or no silver(nickle). The way to tell if the 1968 Canadian coins are silver is by using a magnet. The nickle coins will stick to the magnet but the silver coin will not stick.
A great way to add a little treasure to your portfolio is to check your change when you take it out of your pockets, furniture, autos or piggy banks. U.S. coins minted before 1965 can be as 90% silver. Kennedy halves, Washington quarters, Franklin dimes minted before 1965 are 90% silver. Jefferson nickles minted from 1941-1945 are 36% silver. Many people don't know that Kennedy half dollars minted between 1965-1969 are minted in 40% silver.
Another group of silver coins found in change are Canadian dollars, half dollars, quarters and dimes minted between 1920-1966 (these are 80% silver). Canadian coins minted in 1967 are either 80% silver or 50% silver but, there really is no easy way to tell which coin is which. 1968 coins were minted in either 50% silver or no silver(nickle). The way to tell if the 1968 Canadian coins are silver is by using a magnet. The nickle coins will stick to the magnet but the silver coin will not stick.
Many times people will dig up their old coins and just spend their silver coins because they need the money and don't have the time to sell the coins for silver or, don't know the coins have silver content. Holidays are good times to pay particular attention to your change. Also, during difficult economic times people will spend their hoards of coins at face value.
Copper pennies, especially the ones with the wheat design on the back, are also purchased by collectors (many times by the roll irregardless of date). A 50 cent face value roll of wheat pennies can fetch one to two dollars on the Internet depending on the condition. That's at least a 100% rate of return just for sorting out your wheat pennies. If you come across steel pennies (pennies dated 1943, there was a shortage of cooper that year because of the war so steel was substituted,) you could get 25 cents or more (depending on condition) for just the one coin.
So take a look through your change. A lot of common coins are much more valuable than their face amounts. It's true many of these coins are older but, because these coins have not changed much in shape and color than newer coins, they can go unnoticed especially, if someone needs money fast and just empties their piggy bank or grab some change they have setting around the house.
Many times people will dig up their old coins and just spend their silver coins because they need the money and don't have the time to sell the coins for silver or, don't know the coins have silver content. Holidays are good times to pay particular attention to your change. Also, during difficult economic times people will spend their hoards of coins at face value.
Copper pennies, especially the ones with the wheat design on the back, are also purchased by collectors (many times by the roll irregardless of date). A 50 cent face value roll of wheat pennies can fetch one to two dollars on the Internet depending on the condition. That's at least a 100% rate of return just for sorting out your wheat pennies. If you come across steel pennies (pennies dated 1943, there was a shortage of cooper that year because of the war so steel was substituted,) you could get 25 cents or more (depending on condition) for just the one coin.
So take a look through your change. A lot of common coins are much more valuable than their face amounts. It's true many of these coins are older but, because these coins have not changed much in shape and color than newer coins, they can go unnoticed especially, if someone needs money fast and just empties their piggy bank or grab some change they have setting around the house.
Tuesday, August 17, 2010
Every time each person on earth goes to throw something out they should look at the item and ask the following two questions: "Is this item worth anything to myself or others?" and "What can I substitute this item to replace so I will save money?" If you ask these two questions every time you take something to the garbage pail you will, save a lot of money.
Entire books have been written and even careers made (Martha Stewart for example) on finding ways to reuse disposables from the house and garage. But, still many people miss a lot of savings by throwing away items that could be obviously reused.
Certainly, plastic microwave dishes can be reused to heat up items. Some people even make up their own microwave dinners, recover the plastic containers with plastic wrap and refreeze them. These plastic microwave dinner plates can also be used in place of expensive disposable plates at picnics. Plastic dinnerware dishes can be used for storage of things like loose change, buttons, screws or anything else saved in or on top of a desk. One artist I know uses a plastic microwave dish to mix and hold her oil paints whiles she is working. When she is done she puts plastic over the paints to keep them from drying out. Last summer, I made a fairly nice bird bath using a deep dish microwave casserole dish in the center. I used 4x4's from my scrap wood pile to brace the outside rim and put some stones underneath to hold the dish firmly in place. I then placed some flat stones at one end of the dish so that small birds could wade in the little pool. The bird bath cost nothing to build but, the birds and squirrels appreciated the drink.
Those little pie tins from pot pies, can be reused, you guessed it, to make little mini pies. If you've baked some large pies but, have some stuff left over, remember your mini-pie tins.
Plastic bread wrappers can be reused to store food, picking vegetables from the garden or for a lunch sack. Of course no one should ever have to buy wire ties since items like bread wrappers provide ample ties for most households. I often tie the ties together to make a long tie to attache my grapevines to a trellis. Scraps of cloth from old cloths or sheets can be cut into strips to tie up soft vines like tomatoes or to tie between a stake and a young tree that is growing up crooked. Old nylons work particularly well for trees.
Glass and plastic jars along with tin cans can be cleaned out and reused for storage and organizing. Even if you can't think of an immediate use for these items you should still clean them out and set them aside. It won't be too long before you will find you need to store some items or reorganize an area that has small items scattered all over. Remembering those cans and jars at such a time will help get a job done rather than just looking at the mess and wishing you could buy something to clean it up. By keeping things organized with all your extra free containers, you will be able to keep track of the items you have so you will know where they are when you need them so, you won't re-buy items you already have which, is the ultimate waste of money.
Using your plastic and paper sacks to line your indoor garbage cans will keep your cans clean while not having to purchase expensive small plastic garbage bags.
Keep a stack of old boards somewhere (preferably out of the elements) so you don't have to run to the nearest lumberyard to purchase a small board at very high prices when you need one for a project. At worst you might have some wood stakes to tie up you plants.
When possible, whenever you have a tear down project, save any screws, nails, fasteners, knobs or other hardware that are in good condition.
Just remember, the more times you reuse an item the more times you multiply your savings. The first reuse of an item instead of making a purchase, saves you 100% of the needed items purchase price. The second reuse saves up to 200% and so on...Pretty soon you are saving big money with a huge rate of return for just stopping and, thinking about the possible uses of the items you are taking to the trash.
Above are just a fraction of all the ways you can reuse stuff and save a fortune not only in buying items you don't need but, in gas to go to the store to buy that one item you need to complete a project. Hopefully, this article will get your thought juices going as to what you can do with various items you throw out all the time. This will help save you a fortune and, help save the environment for yourself and your kids.
Entire books have been written and even careers made (Martha Stewart for example) on finding ways to reuse disposables from the house and garage. But, still many people miss a lot of savings by throwing away items that could be obviously reused.
Certainly, plastic microwave dishes can be reused to heat up items. Some people even make up their own microwave dinners, recover the plastic containers with plastic wrap and refreeze them. These plastic microwave dinner plates can also be used in place of expensive disposable plates at picnics. Plastic dinnerware dishes can be used for storage of things like loose change, buttons, screws or anything else saved in or on top of a desk. One artist I know uses a plastic microwave dish to mix and hold her oil paints whiles she is working. When she is done she puts plastic over the paints to keep them from drying out. Last summer, I made a fairly nice bird bath using a deep dish microwave casserole dish in the center. I used 4x4's from my scrap wood pile to brace the outside rim and put some stones underneath to hold the dish firmly in place. I then placed some flat stones at one end of the dish so that small birds could wade in the little pool. The bird bath cost nothing to build but, the birds and squirrels appreciated the drink.
Those little pie tins from pot pies, can be reused, you guessed it, to make little mini pies. If you've baked some large pies but, have some stuff left over, remember your mini-pie tins.
Plastic bread wrappers can be reused to store food, picking vegetables from the garden or for a lunch sack. Of course no one should ever have to buy wire ties since items like bread wrappers provide ample ties for most households. I often tie the ties together to make a long tie to attache my grapevines to a trellis. Scraps of cloth from old cloths or sheets can be cut into strips to tie up soft vines like tomatoes or to tie between a stake and a young tree that is growing up crooked. Old nylons work particularly well for trees.
Glass and plastic jars along with tin cans can be cleaned out and reused for storage and organizing. Even if you can't think of an immediate use for these items you should still clean them out and set them aside. It won't be too long before you will find you need to store some items or reorganize an area that has small items scattered all over. Remembering those cans and jars at such a time will help get a job done rather than just looking at the mess and wishing you could buy something to clean it up. By keeping things organized with all your extra free containers, you will be able to keep track of the items you have so you will know where they are when you need them so, you won't re-buy items you already have which, is the ultimate waste of money.
Using your plastic and paper sacks to line your indoor garbage cans will keep your cans clean while not having to purchase expensive small plastic garbage bags.
Keep a stack of old boards somewhere (preferably out of the elements) so you don't have to run to the nearest lumberyard to purchase a small board at very high prices when you need one for a project. At worst you might have some wood stakes to tie up you plants.
When possible, whenever you have a tear down project, save any screws, nails, fasteners, knobs or other hardware that are in good condition.
Just remember, the more times you reuse an item the more times you multiply your savings. The first reuse of an item instead of making a purchase, saves you 100% of the needed items purchase price. The second reuse saves up to 200% and so on...Pretty soon you are saving big money with a huge rate of return for just stopping and, thinking about the possible uses of the items you are taking to the trash.
Above are just a fraction of all the ways you can reuse stuff and save a fortune not only in buying items you don't need but, in gas to go to the store to buy that one item you need to complete a project. Hopefully, this article will get your thought juices going as to what you can do with various items you throw out all the time. This will help save you a fortune and, help save the environment for yourself and your kids.
Tuesday, July 6, 2010
BUYING AND SELLING ON EBAY: A COUPLE OF HINTS
EBay and other online Internet sites are a great place to go to save some money. I primarily have bought stuff for resale however, I have bought Cd's, Videos etc, for personal use for prices as low as 99 Cents plus another $1.00 for Postage and Handling. These were great bargains since I had already checked in the local retail stores for these same items and they went for between $14.99-$19.99.
I want to begin with a couple of cautions when buying and selling items on EBay. When buying items, make sure you are not getting a fake or counterfeit item. Rare coins, paintings, precious stones are all prone to counterfeiting along with other items. Be especially Leary of items from foreign lands. A couple of years ago there was a real problem with silver coins from China. There have also been problems with fossils and gem stones from overseas vendors. So be careful.
I also want you to be cautious not be pay too much for an item, particularly when you are buying it for resale. Be sure that the price you are paying for the item, including postage and handling (total cost) can be gotten out of the item at resale. Ask yourself: What would you do different than the vendor you are buying the item from? You need to add value through better marketing if you are going to get more out of the item than the person you bought it from. (Hint: I have found that buying items during the week and selling them on the weekends can minimize the price paid and maximize the sale price. There are just more bidders on the weekends after payday and, people are more relaxed on the weekends and might tend to pay more for the item.)
Sometimes buying in bulk(or lot) on EBay can make you money when you break down the items and sell them individually or in smaller lots. (Caution: Sometimes people will pay more for lots than you can buy individually because some people believe no matter what they pay for something in bulk, it is always cheaper than buying the items individually).
One very important item to consider is,how much of a discount will you get on combined postage and handling for different auctions from the same seller? Make sure to e-mail the seller ahead of making bids on his items to get him to commit to a specific discount for buying multiple items. If you are a seller, it is best to set the amount of the discount ahead of time so the bidders don't have to bother e-mailing you.
Overall, make sure you take care of your customer once the bids are over and it is time to ship the item. Get it out as soon as possible (after you have received payment of course).
I want to begin with a couple of cautions when buying and selling items on EBay. When buying items, make sure you are not getting a fake or counterfeit item. Rare coins, paintings, precious stones are all prone to counterfeiting along with other items. Be especially Leary of items from foreign lands. A couple of years ago there was a real problem with silver coins from China. There have also been problems with fossils and gem stones from overseas vendors. So be careful.
I also want you to be cautious not be pay too much for an item, particularly when you are buying it for resale. Be sure that the price you are paying for the item, including postage and handling (total cost) can be gotten out of the item at resale. Ask yourself: What would you do different than the vendor you are buying the item from? You need to add value through better marketing if you are going to get more out of the item than the person you bought it from. (Hint: I have found that buying items during the week and selling them on the weekends can minimize the price paid and maximize the sale price. There are just more bidders on the weekends after payday and, people are more relaxed on the weekends and might tend to pay more for the item.)
Sometimes buying in bulk(or lot) on EBay can make you money when you break down the items and sell them individually or in smaller lots. (Caution: Sometimes people will pay more for lots than you can buy individually because some people believe no matter what they pay for something in bulk, it is always cheaper than buying the items individually).
One very important item to consider is,how much of a discount will you get on combined postage and handling for different auctions from the same seller? Make sure to e-mail the seller ahead of making bids on his items to get him to commit to a specific discount for buying multiple items. If you are a seller, it is best to set the amount of the discount ahead of time so the bidders don't have to bother e-mailing you.
Overall, make sure you take care of your customer once the bids are over and it is time to ship the item. Get it out as soon as possible (after you have received payment of course).
Wednesday, March 10, 2010
SOME TIPS TO SAVE ON INVESTMENTS
Almost anything can be an investment. You might be investing in coins, stocks, bonds, antiques, baseball cards or, in frozen orange juice. Every investment has unique information that you will need in order to make a profit. You will need to do research on the nuances of your particular investment. For example, if you invest in coins than you must understand the grading system used to determine a coins value. If you invest in orange juice than you will need to know the current and future weather conditions in a state like Florida? If you invest in porcelain figurines than you will need to know the affects crazing (cracks in the glaze) has on the porcelains value.
Although each investor must become educated in the minute details of evaluating any given item, there are a few basic tips that I have learned (sometimes from being burned) over the years.
Before you make any investments, you must first do research on the item(s) you wish to purchase and resell later on for a profit. This entails finding out in advance what the item might sell for in the future and where you would be able to sell the item (internet, wholesale to merchants etc). The internet, newspapers and even retail stores should give you information on the potential value of your item today and by looking back at past prices and comparing them to current prices you might get some indication as to how long you will need to hold your item(s) before you can make a profit.
The greatest mistake most people make when investing is that they pay too much for their items. This would include paying too much for the basic item, for fees to purchase the item and, for commissions/markups. You will often hear stock market investors say that the company is a good investment but the price for the stock is too high. The same can be said of paying too much for other investments like collectables, real estate or, even U.S. Treasury Bonds. To really increase your return on your investments you should find out what the going price is and try to pay less than that.
You should watch out for items that are offered at much less than the average price. Many collectable items offered at low prices are often either flawed or counterfeit. Real estate may have some hidden problems like a leaky basement, a right of way, unsettled title etc. In short, don’t pay too much for your investments however, if it is offered at prices far below the current market, make sure you find out why the item is so cheap. That said; don’t be afraid to look at investments that appear to be really cheap. Sometimes you might get lucky and buy something cheap because the seller either does not know the true value or, doesn’t care what the value is and just wants to get rid of the item as is often the case in estate sales and with people who need to raise cash quickly.
I have another tip to give to investors. Please make sure that you do research to find out any potential legal issues that might crop up regarding your investment. For example: current and potential changes in local zoning ordinances may affect the amount of money you make on your investment. New zoning could put restrictions on your real estate which will make you property harder to sell in the future. On the other hand, you could benefit from a change in zoning. Many real estate investors will make out a purchase agreement on a property with the stipulation that for the sale to go through, the zoning must be changed. Once the new zoning is approved then the sale can be consummated.
Other legal problems might involve potential tax changes. The taxation of dividends, how depreciation is handled and, sales taxes are all examples of things you should look out for before you make an investment.
I have given you just a few tips to save money on your investments. They basically boil down to two basic rules: Do your research and don’t pay too much. Many people will prefer to hire someone else to handle their investments. If you do want to hire someone you must still do research. You need to know about the person you are hiring and also his company. In short, you need to do a background check to find out that the person and company you are dealing with is honest and also that they have a good track record at making money for their clients.
Finally, no matter what you invest in or how you invest, you must keep track of your investments. Unless you are a stock or commodities trader, you should not check on your investments every few minutes. However, you should evaluate your investments at least once each year to make sure that you will reach your investment goals.
Although each investor must become educated in the minute details of evaluating any given item, there are a few basic tips that I have learned (sometimes from being burned) over the years.
Before you make any investments, you must first do research on the item(s) you wish to purchase and resell later on for a profit. This entails finding out in advance what the item might sell for in the future and where you would be able to sell the item (internet, wholesale to merchants etc). The internet, newspapers and even retail stores should give you information on the potential value of your item today and by looking back at past prices and comparing them to current prices you might get some indication as to how long you will need to hold your item(s) before you can make a profit.
The greatest mistake most people make when investing is that they pay too much for their items. This would include paying too much for the basic item, for fees to purchase the item and, for commissions/markups. You will often hear stock market investors say that the company is a good investment but the price for the stock is too high. The same can be said of paying too much for other investments like collectables, real estate or, even U.S. Treasury Bonds. To really increase your return on your investments you should find out what the going price is and try to pay less than that.
You should watch out for items that are offered at much less than the average price. Many collectable items offered at low prices are often either flawed or counterfeit. Real estate may have some hidden problems like a leaky basement, a right of way, unsettled title etc. In short, don’t pay too much for your investments however, if it is offered at prices far below the current market, make sure you find out why the item is so cheap. That said; don’t be afraid to look at investments that appear to be really cheap. Sometimes you might get lucky and buy something cheap because the seller either does not know the true value or, doesn’t care what the value is and just wants to get rid of the item as is often the case in estate sales and with people who need to raise cash quickly.
I have another tip to give to investors. Please make sure that you do research to find out any potential legal issues that might crop up regarding your investment. For example: current and potential changes in local zoning ordinances may affect the amount of money you make on your investment. New zoning could put restrictions on your real estate which will make you property harder to sell in the future. On the other hand, you could benefit from a change in zoning. Many real estate investors will make out a purchase agreement on a property with the stipulation that for the sale to go through, the zoning must be changed. Once the new zoning is approved then the sale can be consummated.
Other legal problems might involve potential tax changes. The taxation of dividends, how depreciation is handled and, sales taxes are all examples of things you should look out for before you make an investment.
I have given you just a few tips to save money on your investments. They basically boil down to two basic rules: Do your research and don’t pay too much. Many people will prefer to hire someone else to handle their investments. If you do want to hire someone you must still do research. You need to know about the person you are hiring and also his company. In short, you need to do a background check to find out that the person and company you are dealing with is honest and also that they have a good track record at making money for their clients.
Finally, no matter what you invest in or how you invest, you must keep track of your investments. Unless you are a stock or commodities trader, you should not check on your investments every few minutes. However, you should evaluate your investments at least once each year to make sure that you will reach your investment goals.
Wednesday, March 3, 2010
SAVE MONEY ON INSURANCE
Insurance is one of the least fun things to talk about in any discussion about saving money. However, it should be viewed as no less a way to save money than buying needed items cheaply or purchasing a rare coin on EBay at 10% of the coins' real worth. In fact, I enjoy saving money by finding cheaper insurance policies or, changing my current policy to better reflect my risk tolerance.
Most people have insurance on their home, auto, life and, health. You might also have insurance on a boat, jewelry, collectibles or, some other item or items. Insurance can be any number of items but, in order to save on insurance you must first realize what insurance actually represents. Most people buy insurance but, don't really know what they are doing. Insurance is a specific financial tool that exists to keep an individual from having a catastrophic financial loss. A catastrophic loss is different for different people. Someone making $20,000 per year might find that $1,000 is a catastrophic loss whereas, someone making $2,000,000 might find they do not suffer a catastrophic loss until the amount of the loss is at least $100,000. In short, what you make depends on the amount of insurance you buy, in most cases.
Insurance codes and licencing are generally divided up into three major areas: health insurance,life insurance and property casualty insurance. Having run a general agency back in the 1980's (I had a company that hired and trained people to sell for various insurance companies), I have gleaned some ideas in how to purchase policies. I also have personal experience from purchasing most of my current insurances online.
First of all, your insurances can be easily compared and bought online, over the telephone or in person. No matter how you purchase your policy, you must make sure the company you are dealing with is legitimate. I like to search the web several times for a particular insurer. Make sure the same website comes up each time you do a search. Fraudsters on the web will often overlay their website over a legitimate site in order to get you to give out harmful personal information.
A second problem with buying insurance online is that you must make sure the carrier and the policy you are buying is o.k. for the state you reside in. Every state has it's own insurance laws and lists of carriers it approves to do business in the state.
Buying the cheapest insurance does not mean you are getting the best policy for your money. The flip side is that paying the highest price for your insurance does not mean you are getting the best coverage for your price either. I like to select a company based upon recommendations from people who actually had a claim. I bought a low cost personal health insurance policy from a company that was highly recommended by a friend of mine that needed open heart surgery when she was in her mid 40's.
Purchasing insurance online can be great for comparing policies. Internet insurance brokers will often have several companies you can directly compare in terms of price and coverage. When dealing directly with an independent insurance agent you will find that they will often try to sell you the policy that pays them the highest commission. When dealing with salesmen for anything it is good to always play the game of being poor and cheap. The salesman will then finally get to better policies in terms of coverage and price in order to get a sale. Remember, no matter what type of insurance you buy, many times 20-50% of the first years premium goes to pay for commissions.
Insurance companies offer a huge variety of policies that vary greatly in what they cover. However, the bottom line to saving on insurance is the deductible. Legitimate companies that have cut out some corporate costs and pay lower commissions might save you some dollars. But, the bottom line to saving money on your insurance is the amount you are ready to accept as a loss. The amount of your deductible is not just a function of pain but, a function of what you can afford. For example: if you have no health insurance but, have assets you could lose if you get sick then, a $2,000 deductible policy is better than no policy at all.
In summary, you need to decide your tolerance for loss before you start looking for an insurance policy. Most of your savings on a policy will be determined by the amount of commission paid to agents and more importantly, your deductible.
Most people have insurance on their home, auto, life and, health. You might also have insurance on a boat, jewelry, collectibles or, some other item or items. Insurance can be any number of items but, in order to save on insurance you must first realize what insurance actually represents. Most people buy insurance but, don't really know what they are doing. Insurance is a specific financial tool that exists to keep an individual from having a catastrophic financial loss. A catastrophic loss is different for different people. Someone making $20,000 per year might find that $1,000 is a catastrophic loss whereas, someone making $2,000,000 might find they do not suffer a catastrophic loss until the amount of the loss is at least $100,000. In short, what you make depends on the amount of insurance you buy, in most cases.
Insurance codes and licencing are generally divided up into three major areas: health insurance,life insurance and property casualty insurance. Having run a general agency back in the 1980's (I had a company that hired and trained people to sell for various insurance companies), I have gleaned some ideas in how to purchase policies. I also have personal experience from purchasing most of my current insurances online.
First of all, your insurances can be easily compared and bought online, over the telephone or in person. No matter how you purchase your policy, you must make sure the company you are dealing with is legitimate. I like to search the web several times for a particular insurer. Make sure the same website comes up each time you do a search. Fraudsters on the web will often overlay their website over a legitimate site in order to get you to give out harmful personal information.
A second problem with buying insurance online is that you must make sure the carrier and the policy you are buying is o.k. for the state you reside in. Every state has it's own insurance laws and lists of carriers it approves to do business in the state.
Buying the cheapest insurance does not mean you are getting the best policy for your money. The flip side is that paying the highest price for your insurance does not mean you are getting the best coverage for your price either. I like to select a company based upon recommendations from people who actually had a claim. I bought a low cost personal health insurance policy from a company that was highly recommended by a friend of mine that needed open heart surgery when she was in her mid 40's.
Purchasing insurance online can be great for comparing policies. Internet insurance brokers will often have several companies you can directly compare in terms of price and coverage. When dealing directly with an independent insurance agent you will find that they will often try to sell you the policy that pays them the highest commission. When dealing with salesmen for anything it is good to always play the game of being poor and cheap. The salesman will then finally get to better policies in terms of coverage and price in order to get a sale. Remember, no matter what type of insurance you buy, many times 20-50% of the first years premium goes to pay for commissions.
Insurance companies offer a huge variety of policies that vary greatly in what they cover. However, the bottom line to saving on insurance is the deductible. Legitimate companies that have cut out some corporate costs and pay lower commissions might save you some dollars. But, the bottom line to saving money on your insurance is the amount you are ready to accept as a loss. The amount of your deductible is not just a function of pain but, a function of what you can afford. For example: if you have no health insurance but, have assets you could lose if you get sick then, a $2,000 deductible policy is better than no policy at all.
In summary, you need to decide your tolerance for loss before you start looking for an insurance policy. Most of your savings on a policy will be determined by the amount of commission paid to agents and more importantly, your deductible.
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