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The Importance of Being Disciplined In Becoming Rich

spendingExcept winning a large sum in a lottery draw or discovering a huge treasure, there are no shortcuts to becoming rich other than being disciplined. The key factor that determines how rich or poor you are is your ability to control your spending habits. If really want to be rich, you need to be moderate in the following areas.

Control the Desires of Your Body.

What your body doesn’t like most is work and if you remain idle, following the wishes of your body, you are never going to be rich. Be ready to work as hard as possible. Refrain from eating tasty but costly food articles. Before buying things, check whether they are worth their price. The more comfort you seek, the sooner you get poor.

Be Rational

Every day, you will find a lot of new things offered for sale in the market and if you aren’t a rational consumer, you may be tempted to buy all those things mainly due to the way they are advertised or being persuaded by the salesman. Buying things which you don’t actually need is a sure way to waste your money. Everybody likes to have all good things but remember that those who want to save money buy only those things which are necessary for them.

Change Your Mindset

Stop daydreaming about becoming rich overnight. If you set a financial goal for yourself, ensure that it is attainable. Once the goal is set, work towards it with perseverance. You may think that luck will favor you one day but hard work and frugality are more result oriented than luck.

Changing all your spending habits all of a sudden will be quite difficult. Start at one area where you spend money unnecessarily and move on to others once you become successful with the first one. Moderation and discipline in money matters will make you rich faster than you imagined.

Saving Up on Fuel Costs While Driving

Even the most fuel- friendly car can cost hundreds of dollars in fuel expenses due to poor fuel management. These cars as well as conventional gas vehicles benefit from good fuel economy brought about by the best use of the cars’ features.

For example, many drivers don’t bother turning on their cruise control. This can be especially important on highways or roads that are more or less straight for long stretches. Cruise control allows the car to figure out its own fuel needs, which is usually much less than what the driver thinks.

If the road isn’t straight, the terrain can still be used to help ease down on fuel. Keep a steady rhythm to your car engine’s revolutions per minute, even if it goes up and down hills and tight curbs. This allow the fuel to be burned more efficiently without wasting anything during those turns. For the best results, don’t speed up and slow down too fast, especially in the city where open patches of road only end up for a few dozen meters at a time.

There are also certain apps and websites that can tell drivers where the cheapest fuel is in their city. A difference of two cents per gallon can already help save up to fifty dollars a week if the driver is consistent with his fuel usage.

Planning Out Your Home’s Interior To Fit Your Lifestyle

A home renovation is anything but simple. Because of the planning and designing involved, the first estimate usually won’t be close to the actual cost of remodeling. One common mistake many homeowners make is they purchase too many appliances and ornaments at one time, some of which won’t actually be used at all. A careful remodeling plan can be the biggest difference between saving a few hundred dollars on the budget, or spending thousands of dollars over budget.

The best way to start a remodeling plan is to prioritize areas or appliances that need to be redone. When looking at appliances, it is very important to think about how they will be used in all year round. For example, renovations might begin during the summer where an air conditioner might serve the biggest need, but come winter time, a heater will be much more appreciated.

After the interior has been planned out, it’s a good idea to look outside. A home renovation is a good time to begin on a home garden, or to fix- up a dilapidated fence. Remember, the home’s exterior is the first thing visitors will see, so it’s best not to skip this area.

Finally, don’t skimp on the finishing touches. A few hundred dollars worth of paint or the right kind of picture frame can all add the special touch which can make a home go from looking good to looking great. Of course, it’s always important to consider the budget as even the best looking home won’t be worth much to a family without the lifestyle to support it.

Should You Get The Extended Warranty?


extended_warrantyAlmost all major appliance stores in the country today will offer the largest, most vivid color television with 1080p HD display and other bells and whistles that are sure to attract the most savvy tech consumer. The good news is that many of these TV sets are currently selling for around $500, which is far cheaper than what they were going for two or three years ago. The bad news is that you’ll have to wade through the salesman’s extended warranty pitch many, many times.

It’s hard to say no to extended warranty, especially if the sales attendant keeps pressing and pressing until you just say yes just so he goes away. While these warranties might be useful for certain times in the future, they’re really just a way for the company to squeeze more money out of the customer. In most cases, extended warranties can cost up to half of the item that you’re buying.

Experienced salesman won’t badger you into getting the warranty. Instead, they’ll try to guilt you into thinking that any malfunction in your TV set will cost more to repair without the warranty. This makes it easy to buy into the service just for your peace of mind.

The best way to avoid unnecessary expenses would be to research thoroughly about your intended purchase, and see how other customers rate the appliance. They’re indication of how tough and long- lasting the appliance is will be a far better protection system than any unneeded warranty.


Long Term Care Insurance: Disadvantages and Alternatives


The purpose of a long term care insurance policy is to provide you financial support during your old age for long term care requirements like assisted living or home care. However, these type of insurance policies have some disadvantages. Foremost among these is the possibility that you might not receive the insurance amount at all during your critical need. Even if you receive it, the amount might be much less than your expectation. This happens when the insurer informs that the basis of your insurance claim is not covered or partially covered in your policy terms and conditions. Another disadvantage here is that the insurer might considerably increase your premium amount with your increase in age.

There are some better alternatives to financially plan for your ill health during your old age. You might think of investing your money in an RRSP or a tax free savings account. When you do so, you are sure that you can utilize this money at critical times. For financially protecting yourself against major illnesses, you might consider taking a insurance policy of critical illness. These insurance policies can be claimed in the case of major illnesses and they have a much better history of paying their customers, compared to the long term care policies.