Such situations take some time to crop up when you do not take your money seriously. You have to face it that there is a huge debt on you and its growing at a fast pace by every passing day. At such times it is better to realize your faults, not to get scared and think of getting out of this trouble. These debt reduction methods are the most popular and helpful ways to get rid of your debts. These methods are very simple to understand and follow. You need to understand the extent of damage done to your finances and try to link it to the benefits offered by the debt reduction methods. You may then decide upon one method that you think can get you out of the situation.

‘Debt avalanche method’ is one of the most recommended debt reduction methods, when your debts are causing you to incur heavy costs. By cost, we mean the amount of interest you need to pay on your debt. High rate of interests on credit card balances is one such example of high costs. Debt avalanche method may take some time to show positive results depending upon the size of your debt and your repaying capacity. This method definitely helps you save dollars in the long run, since it takes into account the interest rate you pay on your debt, and not the size of the debt.

Working the debt avalanche method

1. As mentioned earlier, this method considers the interest rates as a prime factor. So you need to write down all your debts in the descending order of their interest rates. Expensive debts come first; cheaper debts form the latter part of the list.
2. Every month you make prescribed minimum monthly payments towards all your debts. However, you pay additional amount on the high interest depth. You continue this payment pattern over the months till you are set free from the first highest interest debt on the list.
3. Next month you have one less debt, i.e., the one you cleared last month. The minimum monthly payment of that debt and the extra money in your hand will help you to focus on the next highest interest debt on your list. You make minimum monthly payments for all the debts and pay an additional amount for the highest interest debt.
4. This payment pattern is repeated till all the debts are paid off.

The debt avalanche method requires you to repay highest interest debts first; so you can avoid making higher minimum monthly payments over a long period of time for that particular debt. This is the mechanism that helps you save on the cost in the long run. It works its way down the cost ladder, hence the name ‘debt avalanche method’.

The post Debt avalanche method- Helping you get rid of your growing debts appeared first on The Money Mail.

Roth IRA is a powerful retirement saving tool for everyone who can use it. You invest money in the Roth IRA account on an after tax basis but all eligible withdrawal are tax free, so your money grows tax free until you retire and start withdrawing your money. If you are eligible to open a Roth IRA account  to open a Roth IRA, you should not wait any longer.

How to Select a Roth IRA account?

In order to select the best Roth IRA account, you should first review your requirements. Do you want to trade stocks in the account, do you want to invest in index funds and ETF, do you want to invest money in CDs? Roth IRA provided by various institutions will differ in the instruments you are allowed to invest in. For instance, a Roth IRA offered by bank may only offer the ability to invest in CDs (which are currently giving very low rate of returns), a Mutual fund provider can also act as a custodian for your Roth IRA account. Brokerage houses and discount brokerage houses also provide Roth IRA accounts. So which one should you go with?

After reviewing many account, I have concluded, discount brokerages offer the most flexibility in terms of the instruments you can invest in and also offer the lowest fees. Some mutual fund providers also offer very competitive accounts.

ETrade: ETrade is one of the nations leading online brokerage firms. They also have offices in many cities across USA. They are also a bank and offer good checking and savings account. ETrade is one of the companies which can help you have all your financial accounts under one roof. They are also economical when it comes to trading cost and other fees. Trades start at $9.99 and go down with volume.

TradeKing: TradeKing is one of the biggest discount brokerage houses that offer a Roth IRA account. There are no fees to open the account or no annual custodian fees. TradeKing also offers $150 as reimbursement for transfer charges when you transfer your assets to TradeKing from another brokerage firm. Stock trades are prices at $4.95 and is among the lowest in the industry for retail customers.

Vanguard: Vanguard is the default option when it comes to mutual fund providers and they also have a very good offering for Roth IRAs. If you know that you will primarily be dealing in mutual funds then Vanguard may be the place to go. Vanguard has some of the lowest expense ratio funds in the industry and pass on all profits to their consumers. Accounts at vanguard are free of charge if you meet some minimum balance requirements and opt for online statements.

Fidelity: Fidelity offer a competitive Roth IRA account among mutual fund companies. You need a minimum of $2,500 to get started with a free account or you must invest $200 per month (or else you may be charged a maintenance fee). You can trade free of commission in funds offered by Fidelity but you will have to pay a commission if you want to invest in funds operated by third party. One main drawback with Fidelity is the minimum $10,000 requirement to invest in index funds, however over time you can accumulate money in your Roth IRA account and then invest in Index funds, if you so desire.

What about the big bank? In my search I found that most of the big banks are charging either a high fee for trading, have minimum balance requirements and an unhappy customer base for Roth IRA accounts, so none of them made it to the top four we selected.

Do you already have a Roth IRA account at another place? It is never too late to switch to a better provider. In your experience, which Roth IRA provider has been the best for you?

The post Top Roth IRA providers for 2013 appeared first on The Money Mail.

Robert @ Entrepreneurship Life writes The Benefits of a PO Box for Small Businesses – I have several small businesses that I operate outside of my day job. For each of those, including a flash mob company and blogging business, I use a PO Box for my address instead of my home address. I think that is an important protection and I encourage all business owners that don’t have a physical office to do the same.

Tony @ We Only Do This Once writes How to Deal with Detractors – We have all had them as we set and go after our goals, no matter where we are or what our goals may be: naysayers, detractors, people who poke fun or get angry or tell us we can’t do it. I have been a detractor (not proud to write that) in the past, so I can say first hand that it comes from a place of low self esteem…and misery certainly loves company.

Jacob @ AllPersonalFinance writes Is it Good to Consolidate Credit Card Debt? – Millions of people are finding themselves with a significant amount of credit card debt. You have numerous credit cards, and the balances keep increasing. Getting into debt is easy; however, getting out of debt is very difficult.

Dividend Growth Investor @ Dividend Growth Investor writes Five Things to Look For in a Real Estate Investment Trust – There are five factors I analyze at a REIT, before putting my money to work in the sector. I used three REIT’s I own in this exercise in order to illustrate my strategy in action.

Bryan @ Gajizmo.com writes High Paying Jobs For Women – Gender inequality is still an issue in America, but there are still certain careers that minimize the compensation gap and offer men and women relatively the same advancement. Healthcare continues to dominate the list of best paying industries for women, but what other jobs offer the highest pay?

Steven @ MyDividendStocks writes Investing In The Companies That Pay Dividends – A Guide For The Beginners – For all those who are investing for earning income, have numerous options outside bonds and the most traditional are the high-dividend stocks. With the increasing debt obligations within the nation, there are too many people who are looking forward to their investing skills so that they have enough money to make ends meet.

Judy @ TLIQ123 writes No Medical Exam Life Insurance – If you aren’t in the best shape, smoke, drink or maintain a lifestyle that some may consider dangerous, it is going to be difficult for you to purchase traditional life insurance to protect your family. In these situations, individuals usually apply for no medical exam life insurance to avoid a physical exam by a doctor during the application process. Learn more about how anyone can get life insurance.

Brent @ PersonalFinance-Tips writes Top 10 Ways to Improve your Returns on Savings – Due to inflation and depreciation banks are dropping their interest rates. If a customer did not call the tax credit phone number and be informed, then the rates can be dropped without the knowledge of the customer. Saving money in banks will not have a big impact on the capital deposited, because of the low interest rates provided by the banks.

Will @ Card Guys Blog writes Which are the best credit card offers for YOUR profile? – It seems like every personal finance blog has at least one “best credit cards” post. And some have several. But one size doesn’t fit all. The real question is what credit card is best for different types of spenders?

MMD @ My Money Design writes Reader Debate – Would You Borrow Money to Invest in Stocks? – If real estate investors use other people’s cash to finance their investments, would it be wise for stock investors to borrow money to invest in stocks?

Arnel Ariate @ Money Soldiers writes 3 of the Best Budgeting Tips for Contractors – These are things that you need to do in order to stretch your cash in any job. Budgeting is an essential part of any financial plan and preparing a budget is essential to your contracting business.

Jon Haver @ Pay My Student Loans writes Federal Direct Consolidation Loans Review – Loan consolidation can greatly simplify the costs for graduates and undergraduates by reducing multiple loan payments to one monthly payment with only one interest rate. The time period for repayment is extended, but because of an increased interest rate, the student can end up paying a lot more than each of the loans separately.

Kevin @ 20smoney.com writes Five Tips for Paying Student Loans – Start repaying your student loans after your graduate. The longer you hold your loan, the more student loan interest you can accrue. These tips will help you repay your college loan. Use a student loan repayment calculator to figure out a payment structure.

Kevin @ Passiveincometoretire writes How much do you Need to Retire – The exact answer to the question of how much money one needs to retire is different for every individual, because it depends on their respective means and requirements. However, there definitely are some general rules and facts that can help you understand more about your requirements, and about your means.

John S @ Frugal Rules writes Discover it Card Review – A Good Option to Have in Your Wallet – There are many credit cards out there to choose from. The key is to find one that’ll meet your needs and be a good addition to your wallet. The Discover it card is one that might fit the bill.

John @ Fearless Men writes Be In the Know About Credit Cards Before They Own You – According to Forbes (March, 2012) the average credit card debt for indebted households was $14,517, and for all households was $6,772. That is a daunting statistic to have to face, and it’s a reality that many people live with every day. If you have a credit card it’s important that you take careful steps to avoid any of the pitfalls that can trap you in debt and keep you there almost indefinitely.

John @ All Things Finance writes Maximize Your Federal Tax Withholding Allowance And Keep Your Own Money – In 2013, over 50% of all Americans will receive a tax refund. The majority of those receiving a tax refund claim that they will use it to pay off debt. Somehow, we have associated a refund with something positive, while owing taxes is perceived as something you should avoid at all costs. This misconception is entirely wrong and I’ll explain why.

Marie at FamilyMoneyValues @ Family Money Values writes When is the cost of a conference worth the money? – Here are my criteria for making the cost of a conference or seminar pay off. If you are going to FinCon13, here are some takeaways for you!

KD @ LIR123 writes Variable Universal Life Insurance Pros and Cons – Variable universal life insurance can be a great way to buy insurance coverage with an option to invest for retirement. Variable life protection gives a policyholder more freedom to choose what types of investments to direct their premiums into, but does come with potential disadvantages. If you are considering a life insurance policy, consider researching all types of coverage.

Mr.CBB @ Canadian Budget Binder writes Life, Money and Retirement-Skype Doesn’t Reach Heaven – Sometimes we need to ask ourselves why we work so hard for all the money we make and whether we are spending our time wisely. Pouring your life into one basket risks leaving behind potential memories that you might not be able to go back and get. Take time to evaluate your life, your priorities and your future.

The post The Money Mail Carnival – 20th Edition appeared first on The Money Mail.

For instance, A has a credit score of 700 and B has a credit score of 600 then All else equal, A will likely have to pay lesser interest when going for a loan as compared to B who will likely have to pay a higher interest rate. So it is necessary to have good credit score to avail best interest rate. Here are some ways to improve your credit score.

1. Every month pay off your bills on time: Missing a payment has a negative impact on your credit sore and can stay on your report for a long time. If you have a low credit score, it is possible that you may have missed some payments in the past. As far as possible automate your bill payments to avoid a chance of missing your payments in the future. If you cannot automate a payment, set reminders or fix a date to pay your bills.

2. Don’t use all the credit available to you: An important factor in calculating your credit score is your credit utilization ratio (the ratio of how much credit you are using to the credit available to you). Secondly you can enhance your credit score by not using much of your balance in comparison to the amount that is available for you. If your credit utilization rate rises more than 50 percent your scores will suffer or it can be said that both credit utilization rate and credit score is inversely proportional to each other. So use lower balance of your credit limit.

3. File dispute of inaccuracies on credit report: It is known that many credit reports consist of errors and these errors can take a toll on your score. Thus, it is imperative to keep a check on your credit rating so if any inaccuracy occurs you need to dispute against the error. You can obtain a copy of your credit report for free using the Annual Credit Report website.

4. In short time period avoid applying for numerous loans: Every time you apply for a new loan your credit history is being checked. If you apply for many loans within a short time period, it may be a sign of financial distress. There is a built in protection for lenders to indicate them of such patterns. The more times your credit history is looked up is a short time frame, the lower your credit score will be. So avoid applying for many loans in a short period of time.

5. Don’t close your old credit card accounts: Whenever you close any credit account it means you are lowering the amount of credit available to you which in turn increases your credit utilization ratio and negatively impacts your credit rating. So rather than closing your accounts you need to use them for small expenses to keep them active which will in turn increase your credit score.

These are some of the ways to improve your credit score. Share your experience of improving your credit score if you have managed to increase your score. What steps did you take, what worked and what did not?

The post How to Improve Your Credit Score? appeared first on The Money Mail.

Once again, submissions with only one line descriptions are not included and purely commercial interests are also excluded. Some submissions did not make it due to editorial reasons.

Lance @ Money Life and More writes Moving Soon? How and Where to Get Free Boxes to Save Money – In addition to learning how to move I’ve also learned how to save money while moving. One of the biggest costs can be packing materials (moving boxes, wrapping paper, bubble wrap, etc.) and I’m going to share with you how I managed to get these items for free!

Robert @ My Multiple Incomes writes Guest Posting in a Changing Online World – This is pretty one-sided. You get massive traffic. You get your name and brand in front of other bloggers. And now, Google has a warning for spammy guest posting. As a result, many top blogs have started discontinuing accepting guest posts: Problogger, Kikolani, and the list goes on. So, is guest posting still the way to go? And how do you get out there?

Buck Inspire @ Buck Inspire writes Stop Your Services Mr. Telephone Man! – When moving to a new home, you of course need to setup utilities in your new place. But do you always remember to shut everything off in the old? Don’t pay for services you won’t be using anymore!

MMD @ My Money Design writes Wealth Creation Strategies That Are Within Your Reach – With the information age and all the resources that come with it, there are more wealth creation strategies and opportunities available to us than ever.

Gary @ Gajizmo writes How To Save Money – Saving money isn’t easy. There is really only so much you can cut from your budget, but knowing how to save money and finding creative ways to meet your financial goals can make all the difference between a fully-funded retirement and living on social security. Here are in-depth methods of reviewing your spending and finding savings.

Kevin @ Passiveincometoretire writes 4% Retirement Rule, Pros and Cons – The 4% retirement rule refers to a particular strategy that is used by retirees when they want to use their savings. The rule says that the best strategy when using your retirement savings is to withdraw about 4% of the savings every year, adjusting the sum for inflation every year.

Brent @ PersonalFinance-Tips writes What to do after Bankruptcy – Bankruptcy is one of the most significant events in life, comparable with marriage or divorce in its impact. However, unlike those two events bankruptcy is almost always a sign of bad times.

CT @ Cashtastrophe writes The Definition of a Recessionista – Many people have found themselves making financial cuts that they never would have considered before. Frugality is IN! There’s a term being thrown around these days, and that’s recessionista.

Steven @ MyDividendStocks writes Why would a Company not pay Stock Dividends – Dividends are an important part of the equation when you want to assess a company as an investment. Dividends that are paid out at regular intervals are a sure sign of the good health of a company. Therefore, companies pay out dividend not just to share their profits with their shareholders, but also to signal that their finances are in good health.

Lazy Man @ Lazy Man and Money writes Now We Can’t Trust the FTC to Protect Consumers? – CNBC has a very good 20 minute investigation on the whole “Is HerbaLife a Pyramid Scheme” question. What I found most interesting is the interview with the David Vladeck who was until recently the Director of the Bureau of Consumer Protection of the FTC.

Bank Free Credit @ Bank Free Credit writes What’s a Good Credit Score – when most people ask themselves, what is a good credit score? They are unsure, as it depends on what the credit score is needed for. Whether it be a house, a car loan, or just to qualify for a basic credit card.

Jacob @ AllPersonalFinance writes Should I invest in the Forex – The word forex is made up using two words: Foreign exchange. Forex trading refers to any trading in which one buys or sells one international currency against another. Every day, more than $4 trillion worth of forex trading is done all over the world, which should tell us that this is a huge market.

Little House @ Little House in the Valley writes Bad Choices Can Be Costly – Many of my poor choices occurred when I was young and I had time to repair them. That’s not the case for an old friend. He knowingly made one terrible choice many years ago and has been paying for it ever since.

Teacher Man @ My University Money writes Why Do Professors Have Such Long Booklists? – One key trick that I learned while going to university (and also one we pointed out in our book), is to go to the first few classes before you plunked down hundreds of dollars of textbooks for a course.

John S @ Frugal Rules writes Is it Time to Get Out of the Stock Market? – There has been a lot of talk lately about the stock market with its “historic” highs and what investors should do. This is a great time to remember to stick to your investment plan and not give in to fear.

Nick @ A Young Pro writes Finding Your Passion – Back when I was applying for every job I could see I was also taking every interview that I could. I learned a lot from those interviews, and one of the first lessons that I learned was to show passion. Potential employees that are passionate stand out from the crowd. If you are energetic, enthusiastic, and can talk intelligently about certain topics, employers will notice that you are in it for more than just the job.

Jon Rhodes @ HypnoBusters writes Napoleon Hill – The Secrets of How To Think Rich – This article shows you the works of the great Napoleon Hill. He personally observed many geniuses and highly successful people, such as Thomas Edision and Henry Ford over more than 20 years. Hill boiled down his findings to show anyone how to think like these highly successful people.

Grayson @ Debt Roundup writes Who Do American’s Look To As A Financial Mentor? – As the US economy and the economies of the world sputter along, who can we look to as a financial mentor? Spending and consumption is out of control and we need help.

Mr.CBB @ Canadian Budget Binder writes Let Your Coupons Expire and Save Money – In order to save money we need to stick to a plan and not spend more than we intended to do. There’s no shame in letting a coupon expire in order to stick to your grocery budget.

FMF @ Free Money Finance writes Confusion with Precious Metal Pricing – I noticed there are a TON of commercials for gold and silver investing. After a while I started keeping track of the advertisements, wondering what the difference would be from one company to the next. Service? Shipping? Something else? I thought that pricing would be the same. Boy, was I mistaken. I decided to do an experiment.

Deacon @ Well Kept Wallet writes 3 Unique Ways to Save Money – Do you like saving money? Who doesn’t, right? There is no reason to pay more for something if you don’t have to. There are so many ways that you can save money whether it is coupons, discounts, promo codes, you name it. Here are three unique ways that I have found to save money.

Jacob @ My Personal Finance Journey @ My Personal Finance Journey writes Working From Home – Is it a Money Saver or Money Loser? – Whether you’re thinking of starting your own business or asking your current boss if you can telecommute, there are plenty of things to weigh when considering working from home. This post illustrates ways you may not have considered that working from home can both save you and cost you in the budget department:

The post The Money Mail Carnival – Away from home edition appeared first on The Money Mail.

Or when you got prequalification for a car without the company even bothering to ask how much you earn. Or when you get a different interest rate on a loan compared to your friend. Well the answer is simple – these companies check your credit score before making the all-important decision about lending you money.

A credit score by definition is a number calculated using the information present in your credit report based on a mathematical formula. This information is compared to the information of millions of other people in the country and a score is generated that is used at many places to judge the credit worthiness of an individual.

Why is the credit score important?

Your credit score is important because your financial health is estimated based on it. A high credit score signals to the lender that your credit history is good where as a low score indicates that your credit history may be of concern.

• When you apply for a loan or any forms of credit, the lending organizations check your credit score and the higher it is, the more likely it is that your loan or credit will get approved.
• You will also have to pay a lower interest rate on loans or credit if you have a high credit score.
• If one person has a credit score of 520 and another person has a credit score of 720, the difference between the interest rates that both will get can be as much as 4.36 percentage points, as per the web site of Fair Isaac Corp (the company that provides the FICO score). This means that if you are opting for a 30 year mortgage of $100,000, the difference in the interest charges that both these people pay will be $110,325. The monthly payment itself will be different by about $ 307, which is a large amount.
• If you have a credit card and want an increase in your credit limit or want to request a lower APR, your credit card company will check your credit score to decide whether or not to increase you line of credit and whether to increase your rate of interest or decrease it.
• Employers look at your credit history and credit score before hiring you and it is necessary to have a good credit score if you want to land a good job.
• A land lord will also look at your credit score before renting out his or her property to you and if you want to live in a comfortable house, it will be necessary to have a good credit score.

What is a credit score and different categories of scoring:

• Many different models of scoring are used by lending organizations to take the decision of approving your loan application or rejecting it.
• The FICO scoring model is the most popular among lenders to calculate your credit score.
• The scale of the FICO score ranges from 300 to 850 and most people fall between the range of 600 and 800.
• According to the data obtained from a California company which developed the credit score for the first time and also developed the FICO score for Fair
  Isaac Corp, if you have a scoring of 720 or more on the FICO scoring model, the chances are that you will get the best interest rates on mortgage.
• The three different credit Bureaus in the United States each use their own scoring system. Equifax uses the BEACON score, TransUnion uses the EMPIRICA score, and Experian uses the Fair Isaac/Experian Risk Model.
• The credit scores calculated by these three bureaus can be different because they use different formulas to calculate the score. The difference can also be present because of varying data in credit reports submitted to these different bureaus.
• This situation could change because all the three credit bureaus got together to develop a uniform scoring method called VantageScore. If this scoring model becomes the standard model used by all the three bureaus then the credit scores provided by all three of them will be the same for the same individual. 

How is your credit score calculated?

Since different reporting companies use different methods, let us take a look at how the FICO score is calculated:

The credit score is calculated with the help of many parts of the information that are present in a credit report.

• This information data is divided into five groups viz. – Payment history, Amounts owed, Length of credit History, New credit, and Types of credit used
• The weightage given to these five groups in computing the FICO score is as follows:
  • 35% is given to Payment history
  • 30% is given to Amounts owed
  • 15% to Length of credit history
  • 10% to New credit
  • 10% to Types of credit used
• These percentages are based on how important each category is for the general population and especially the lenders in evaluating credit worthiness.
• The credit score takes into consideration both negative as well as positive information in a credit report. Late payments of loan installments and utility bills will lower your credit score, but if you have a good track record which says that you make payments on time it will enhance your credit score.
• The importance of the five categories for different people is different. For instance, if you are a person who has not applied for or used credit for a long time the implications of these 5 categories will be different than a person who uses credit often and has done so in the recent past.
• The importance of each individual factor in the calculation of your credit score also depends on the other information present in your credit report.
• For some individuals one particular factor may have a different impact compared to another person who has a different type of credit history.
• Your credit score will also change according to the changes in your credit report and so will the importance of every different factor while calculating your credit score.
• Hence we cannot really determine how important one factor is in the calculation of your credit score without having a look at the entire credit report as a whole.
• The levels of importance given to the different factors as mentioned earlier are meant for the general population. However, different weight may be given to these factors for different people according to their different credit profiles.

Although lenders tend to look at additional factors like your monthly or annual income while deciding whether to give you the loan or not, it cannot be denied that your credit score plays the most important part in the taking of this decision. This is the reason that you should make an extra effort to maintain a high credit score.

The post What is credit score and how is credit score calculated? appeared first on The Money Mail.

Kurt Fischer @ Money Counselor writes Paper Social Security Checks Over – Effective March 01 paper Social Security checks ended. You must sign up for direct deposit or a debit card account to get your benefits. And 2013 brings many other changes at the Social Security Administration!

Arnel Ariate @ Money Soldiers writes Plan for Your Future: Retire Comfortably with Proper Financial Planning – When it comes to planning for your retirement, the earlier you get started the better. The longer your investments are able to earn returns, the more money you will have when you eventually retire. Having said that, it is also never too late to start saving and investing.

Kevin @ Passiveincometoretire writes Dividend Stocks and Passive Income – Investing in Dividend Stocks can be a great method to create a truly passive income. Dividend stocks are equities that pay out an amount per year per share you own. An example would be Microsoft (MSFT) they are paying out $0.23 for each share you own. This equates to a 3.31% dividend yield.

Bryan @ Gajizmo writes What Is Considered A Good Credit Score? – If you are like most Americans, chances are, you need to think about your credit score. A bad credit score, or even one that isn’t excellent, can cost you thousands in additional interest payments if you plan on buying a business, home, or car. This article discusses the different scores, how your credit score is calculated, and the factors that can affect your report.

Mike @ Personal Finance Journey writes 10 simple things you should ask before Forex Trading – The easiest and most obvious questions you should ask before jumping into forex trading.

Evan @ My Journey to Millions writes Introducing Mini Options Contracts – While traditional options contracts have a multiplier of 100 shares, the new Mini Options Contracts will only have a multiplier of 10 shares. This allows for someone to buy a contract on a higher priced stock that they never would have been able to purchase or a person could purchase additional contracts with a lower amount of shares being owned.

MMD @ My Money Design writes Finally a Safe Savings Rate for Your Retirement Formula – We’ve all seen articles that say to save 10%, but how do we know that percentage is really the right number to plug into our personal retirement formula?

Roger Wohlner @ The Chicago Financial Planner writes Investment Diversification – A Look at the Basics – Investment Diversification is one of the basic tools of building a sound investment portfolio. Diversification is the fancy name for the advice your mother might have given you: Don’t put all of your eggs in one basket. This is the basic tenant behind asset allocation, a key diversification tool.

Jester @ The Ultimate Juggle writes To Save Big For Retirement Or Not – Read why I’m starting to really question my current decision to max out retirement savings. Perhaps there is a more balance approach!

Crystal @ Budgeting in the Fun Stuff writes Our Current Retirement Preparations – Ever since we started attacking the rent house mortgage, we put our early retirement on auto-pilot. Now we have to take another look at our retirement planning.

Hank @ Money Q&A writes How Behavioral Finance Biases Can Cost You Money – Many of you may not have heard of the term behavioral finance biases, but it is hard to find a point where our minds do not get in the way of our money. It happens all the time.

Investor Junkie @ Investor Junkie writes Self-Employed? Save for Retirement with a Defined Benefit Plan – Even with some of the costs associated with a defined benefit plan, it can be a great choice for the self-employed businessperson who wants to dramatically ramp up retirement account contributions.

Tushar @ Start Investing Money writes How Often Do You Review Your Investment Plans? – This Post was Originally published at How Often Do You Review Your Investment Plans? on Start Investing MoneyWe all know how important it is to invest in our futures. For some this may mean investing in new skills so we can earn more money. For others it may mean searching for stocks and bonds that seem likely to bring in the best returns.

FMF @ Free Money Finance writes Biggest Challenges to Retirement, Part 1 – The book, READY FOR PRETIREMENT: 3 Secrets for Safe Money and a Fabulous Future, has a very nice chapter on the biggest challenges of retirement, and what to do about them. I will be running this excerpt as a series over the next couple of weeks. Today is part 1.

Glen Craig @ Free From Broke writes What Are Required Minimum Distributions (RMDs) and How Do They Affect Your Retirement? – Required Minimum Distributions (RMD) affect how you take your money out of retirement accounts when you require. See how they affect you.

The post Carnival of Retirement 62nd Edition appeared first on The Money Mail.

You may have skills and the required knowledge to start off on your own as an entrepreneur but are unsure of taking a step without capital. A loan from the bank may not be a feasible idea at the initial stages of any business. While you are toying with ideas for a start up, it is worth going through a range of available options. Take a look at the following ideas for a home business you can start without any significant capital commitments.

Your qualifications can help: Try out writing as a career if you have the necessary writing skills or some interesting perspectives to share. You can write for magazines or advertisements or try your hand at content writing or other online forums –e-magazines. Seeing your articles in print can give you a high without moving out from your house. You can provide graphic designing with providing visuals and images for ads and develop websites and maintain them.  Develop apps for mobiles if you are technically inclined.  You can offer help to organizations in creating their brand on a social media site.

Teach others: You can teach your skills to others from the comfort of your home with minimal capital. You can take art, guitar lessons or vocals to children or adults if you have the knowledge and the aptitude to teach. Tutor at home or start a tuition service by providing tutors for different skills. You can diversify to tutoring online and teach students miles away. If you possess skills in crafts, knitting or sewing you can train people on these or if you are good at using computers you can teach other people, how to use it.

Handy services:  You can provide a whole host of services by tapping the need in your area. You can provide a home for pets when owners are away or look after the elderly by taking care of them. You can think of doing odd jobs for people who do not have time to buy their weekly groceries or take care of children of working mothers. You can offer your services on craigslist or site likes Task Rabbit. Offer landscaping and gardening services for people with gardens.

Trade the stuff you make: You may be good with your hands and can use your spare time to produce items for sale. Sites like Etsy let you create a small store for homemade craft items that you can sell online. You can take orders for handmade woollens or make products that can be sold later. If you are good at carpentry, why not make shelves and boards and other attractive articles needed in the house and sell them in your local area. Go for a home jewellery business and use your creative ideas to churn out designs. You could help people put together digital albums of their memories. There is no end to creative ideas! You can also sell your old stuff online.

When selecting an idea for a small business, pick the one which has the potential to grow big someday and view it as such. For example, if you start by teaching guitar, don’t consider it to be a part-time gig. See how you can form a service where people can buy lessons from you, then you can hire other tutors to work under your brand name. Looking at the bigger picture can be all the difference between something that ends a small gig, and something that grows to become your dream venture.

The post Some side business ideas that do not require start-up capital appeared first on The Money Mail.

Some very good reads for this weekend. There were many more articles included for consideration but were omitted as they did not fit the categories or for other editorial reasons. If your article is included  please link to The Money Mail at http://themoneymail.com/  (or to this page).

TRAVEL

Jessica Moorhouse @ Mo’ Money Mo’ Houses writes Thailand Trip Days 11, 12, & 13 – Sunburns and Muay Thai – At the mid-way point of my trip to Thailand, I finally get a sunburn. It certainly wasn’t fun, but seeing some real Muay Thai on the island of Ko Lanta sure was!

HEALTH

Penny Thots @ Penny Thots writes Foods That Lift Your Mood – Most of us have days when we feel sluggish or ‘down’ and if you’re regularly experiencing these, it’s time to look at your diet. As well as being part of a healthy diet, there are certain foods which can make a big difference to your mood. Next time you’re feeling down, try reaching for some of these foods and test it out for yourself!

David Leonhardt @ Self-Help Happiness Blog writes The frugal shopper’s guide to protein – I set out to put together a short study of the various sources of protein readily available and their cost, as much for my own use as for blogging here. The goal is to find out how I can get a complete serving of protein for under a dollar. Beware – there is a scream in this post.

Miss T. @ Prairie Eco Thrifter writes 7 Simple Ways to Go Green in 2013 – Start with these 7 simple ways to go green in 2013, and stick with them, and you will not only find yourself living more sustainably, but you will also feel energized to tackle some of the bigger behavioral changes next year:

Mr.CBB @ Canadian Budget Binder writes How Smoking Affected The Cost Of Our Life Insurance Premium – I can only hope that those that do smoke make the decision to quit for their own personal reasons like we did. They may also save money not only from not buying cigarettes but see the cost of their own life insurance policy go down.

Jules Wilson @ Fat Guy,Skinny Wallet writes Another Month Of Weight Loss In 2013 – How Did I Do? – I set out this year to be healthier, and not just lighter. I want to get stronger, faster, and eat ‘cleaner’! So how did I do with my 2nd month in 2013?

Kim @ Eyes on the Dollar writes A Week in the Life of an Optometrist – This post highlights a week’s worth of interesting patient stores that an average optometrist might come into contact with on a regular basis. It is meant to provide the reader with a tongue in cheek narrative that anyone who works with the public will appreciate.

ENTERTAINMENT

David Leonhardt @ A Ghost Writers Blog writes hat makes a good book? – One of the questions we get frequently goes something like this: “Do you think I have a good enough story? Do you think it’s a best seller?” This gives us a moment to consider what makes a successful book, so I would like to share my thoughts on this with you.

David Bar @ Bar Whiz Blog writes The Boozer’s Bucket List – Wackiest Places To Have A Drink Before You Die – There are so many amazing bars and clubs around the world to have a drink in before you kick the bucket, it can be hard to choose which ones to add to your Boozer’s Bucket List. To make things a little easier, we’ve put together this list of the top six wackiest places to have a drink before you die.

Alice @ Hurricanes, Panties & Dollars writes The Empty Wallet Romantic Evening – You don’t have to rolling in dough to give that special lady in your life a romantic evening to remember. You can do it for cheap with a little bit of effort. 

WEALTH AND RETIREMENT

Dividend Growth Investor @ Dividend Growth Investor writes Dividend Investors Should Focus on Valuation, not just Dividend Yield – The more experience I get as a dividend investor, the more I realize that attractive valuation in terms of a low P/E is very important. Another equally important factor is to focus on companies which have the plan and business model that would allow them to grow earnings per share over time. Only after these characteristics are met, would I even look at the dividend metrics of a stock.

Tony @ My Money Design writes How to Reverse Lifestyle Inflation – If you too were spending more money just because your income rapidly increased, you can turn the tide and reverse lifestyle inflation. Here is how:

Jason Hull @ Hull Financial Planning writes The Ultimate Guide to College Education for Your Kids – This compendium of information has nearly everything you’ll need to know when it comes to figuring out whether or not college is a good idea for your kid, and, if so, how to get your kid through without having to sell a kidney. 

HOBBIES

Robert @ Kids Ain’t Cheap writes The Expenses of a Family Pet – Know more about the expenses of having a family pet and why you need to include them in your budget.

John S @ Frugal Rules writes Money Saving Gardening Tips From a Frugal Mama – From saving money on produce and groceries to being able to eat healthier there are many benefits to having your own garden. You don’t necessarily need to have a green thumb to garden either.

Lazy Man @ Lazy Man and Money writes The Cost of My Baseball Addiction - While my baseball addiction seems expensive, breaking down that expense in a per hour basis shows it’s actually quite affordable.

GOOD EATS

Tamar @ DeviledEggs101.com writes How To Make Deviled Eggs – Easter is fast approaching and many American families love their Deviled Eggs. If you are interested in preparing this delicious dish of hors d’oeuvres for your family’s next get-together, take a look at our recipe on how to make deviled eggs.

Karen @ EasyRecipes101.com writes Capri Salad – Looking for healthy, yet easy and delicious meals? Try out this capri salad and be ready for the summer and bathing suit season!

The post Lifestyle Carnival! Not The Money Mail Carnival appeared first on The Money Mail.

“…with the economy downturn, the real estate crash and my divorce – I found myself in the middle of a perfect storm of my own creation.” – Meadow DeVor Click to tweet

Meadow DeVor is a Master Certified Money Coach who has devoted her practice to helping her clients create a healthy relationship with money. She believes that everyone has the power to transform their lives, find their own financial freedom and create a better relationship with money by changing the way we think. She has been a guest on The Oprah Winfrey Show and her articles have been featured in Women’s Day Magazine. She is known for her take-no-prisoners approach to coaching, her radical authenticity, and most of all… for her giggle. She is committed to doing serious work while making it as fun as possible. She’s the author of Money Love – A Guide to Changing the Way You Think About Money, which has rave reviews on amazon. She writes a popular blog, video blog, and podcast about money, love, life and other stuff. You can chat with her on twitter or Facebook.

How and when did you develop interest in personal finance?

In 2009, I found myself newly divorced and over a half million dollars in debt. This was a cumulation of many years of living beyond my means, poor real estate investments, and keeping up with the Joneses. I had always been financially successful – but with the economy downturn, the real estate crash and my divorce – I found myself in the middle of a perfect storm of my own creation. I started writing about my struggle with money and began blogging about my journey out of debt.

When did you start your blog and how much time do you devote to maintain your blog?

I started writing my blog in late 2010. My main career is coaching and teaching. My blog is intended to offer my readers, students and clients new stories and information. So, I only write when I have something new to say. Maybe once or twice a month.

What do you enjoy writing most about and what are some of your most popular posts?

I love writing about the emotional aspects of how we interact with money and with people. My writing isn’t strictly about money. It’s about love, life and spirituality.

Top inspiration post:  A Love Like That

Top Be Your Own Hero post: No One Is Going To Save You.

What tools do you use to manage your money and time?

I use the tool called The Abundance Scale. I teach this to my clients and students. Read more about it here.

What are some of your short-term and long-term personal finance goals?

My short term goals: grow my online community, The Rowides by 5 people per month.

Long-term – to help serve as many people as possible. I am devoted to helping people learn how to eliminate unnecessary suffering in their lives.

What is your favorite personal finance advice?

Love your money.

What are some of your own financial mistakes?

My financial mistakes are outlined in the two debt stories The Not-So-Pretty Story Of Paying Off My Debt  and $571,817.68 Down And $0 To Go – Special Anniversary Celebration

What surprises you most about people’s money habits?

Nothing!

What would your readers be surprised to know about you?

That I live an extraordinarily simple life. I work in my yoga clothes. I never feel deprived. I paid off a half million dollars of debt – and continue to build net worth every year; without deprivation, without suffering.

What is unique about your blog?

My blog is about the emotional aspect of our relationship with money. It’s about how we think about ourselves, how we think about our money. And how our beliefs end up determining our financial reality.

Many readers of this site are also personal finance bloggers. Any advice for them?

Love what you do. Speak from your heart.

The post Getting personal with – Meadow DeVor a Money Coach appeared first on The Money Mail.