Where does the money go? Answer: holes in your spending plan or spending leaks.
A spending leak is an uncontrolled expenditure of resources. Spending leaks are caused by a variety of reasons, both personal and economic. Common examples of spending leaks are susceptibility to impulse purchases, routinely paying credit card interest, or using energy inefficiently. Whether small or large, leaks add up and reduce the chances of achieving your goals. Sometimes spending leaks are hidden or camouflaged. So they have to be discovered. Others are more apparent. Once discovered spending leaks must be fixed. Fixing a spending leak may be quick or require a long term behavior change. All are repairable with varying degrees of difficulty. Here is one spending leak repair that is sustainable. It is a behavior change that eliminates a leak for a lifetime. Make a quality decision to Stop Paying Fees. A quality decision is one from which there is no retreat. Most people don’t make a lot of those in their lives. Nor should they. But you can on this one. Just set your jaw, head down, and just do it. Fees are not interest. They are other charges for privileges or penalties you have accessed through your actions. If you don’t access them, you don’t pay. It may take a strategy and some time to sustainably eliminate all fees but it can be done.I have for decades. Here are 5 fees to never pay again. When it comes to my money I see paying these fees as a self-inflicted wound. Those are the worse kind. I decided to stop hurting myself on purpose.
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Most employees unnecessarily leave money on the table when it comes to their compensation by not maximizing their employer-provided benefits. According to the BLS, 30% of your compensation is benefits. Let’s look at some strategies to get the most out of your benefits for the rest of this year.
But first a rant about paid vacation days. I realize that 1 in 4 American workers don’t get any paid time off at all. The rest get paid vacation “yet only 51% of paid vacation days are used! More disturbingly (if not surprisingly), 61% of those who do take vacation are “working while on vacation.” Americans left 768 million days of paid time off unused last year, according to research released by the U.S. Travel Association. The study found that 55 percent of Americans did not use all of their paid vacation time.” Why would you do that? Seriously, ask yourself, “why would I do that?” What are the short/long term benefits of this behavior? Here is what to do for the rest of this year. The best time to do this is around October 1. This will give you flexibility before that end of the year time crush everyone experiences. Also, it gives time for any changes in your withholding strategies to take effect and return the expected benefits. Of course, these strategies can be implemented anytime.
In 2017 Equifax acknowledged a data breach that affected about 148,000,000 Americans of the 209,000,000 Americans 18 years and older. The data breach released Personally Identifiable Information (PII) such as:
What you must do now since Equifax has set a deadline of October 15, 2019.
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