A way to track your spending

February 26, 2019 // by Jesse Crypto Backer // , , // No comments

Are you looking for an easy way to track your spending habits? Don't know where your money is going? Need to budget your money? This is the app for you!

Download Mint, take 15 minutes to add your accounts and set budgets.

I use this app daily. I have fun categorizing transactions and looking where my next budget cut is. When that cash flow number is green and positive, boy, that's a great feeling!

I'm not affiliated in any way, this is just a great finance app. It's no doubt a must have!







It's always a good idea to step back and get a good look at the bigger picture. After a month or two, you'll see those small day-to-day expenses add up real fast!
My top spending category is still fast food!


We need to break the cycle of paycheck-to-paycheck

February 25, 2019 // by Jesse Crypto Backer // , , // No comments

I'm Guilty of doing it..


You have a mere $25 in your account, 1/4 tank of gas in your vehicle. Your cell phone bill and credit card payment were due 3 days ago..

Yet, you got to McDonald's to get lunch and spend $10.

Did you know that eating out everyday for lunch at just $10 a day, will turn into $300 in a typical month! Yes, that's easy math.. but, where did you stop before work? Convenience store, maybe?

You need to take some of that paycheck and put it away.

One more time..

You need to take some of that paycheck and put it away.

Start with $20, then $50... $80... $100. Just remember debts come first. Save now, play later. Maybe you should try Acorns to put away your "spare change." Then just simply forget about it!

Did you know that 40% of adult Americans can't afford a $400 emergency? (Source: Forbes) That really opened my eyes up. I was one of them and I needed to do something about it! I hope you do as well!


Liabilities vs. Assets

February 24, 2019 // by Jesse Crypto Backer // , , // No comments

What you think might be an asset to you, could actually be a liability.

Let's start by defining those two terms:

Asset -
  • property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
Liability -
  • a thing for which someone is responsible, especially a debt or financial obligation.

"In its simplest form, your balance sheet can be divided into two categories: assets and liabilities. Assets are the items your company owns that can provide future economic benefit. Liabilities are what you owe other parties. In short, assets put money in your pocket, and liabilities take money out!"



That new car itself may be an asset, but the loan against it is a liability. To top it off, that car may lose value over time, especially in the form of repairs. This is called depreciation. So is that really an asset? Yes, it is. It may still be worth of something of value to you or someone.

Even cold hard cash is subjected to this. Think about it - $5 dollars doesn't have the purchasing power that it did even 10 years ago. This is due to inflation.

This is where investments come into the picture.

Investment -
  • the action or process of investing money for profit or material result.


If you're not doing something with your money, the entities you owe probably will.


Our struggle with debt

February 22, 2019 // by Jesse Crypto Backer // , , // No comments

I was never taught how to manage money.

I was taught to balance a check book, but not balance my spending and saving. I was reassure getting a loan and purchasing was new (to me) car was the right thing to do. I was never taught to put most of it away. 12 years later, I finally realized: If I can't pay for it in cash, I probably don't need it that badly.

I hope to change this shortfall with my kids. I hope everyone that reads this blog starts to have a similar mindset. Yes, there is good debt to have - like a mortgage or insurance. But that brand new car can wait. Unless you're buying cheap to fix up and flip, automobiles are losing you money. That is with maintenance, fuel and depreciation alone. What happens when it need a major repair? I hope you've been saving! ðŸ™‚

 I've been there, showing up in the new truck or car. Feeling good for a few days. But that feeling doesn't last the 3 to 5 years loan!
"In 10 years, the $34,000 car will be worth less than $10,000 due to a ~70% depreciation schedule. The investor of the $30,000, however, could have investments worth 5 to 6 times more!"


You need a plan. You need to stick to that plan.

I believe debt should come first. Pay off that credit card and then the next! But always put a little away into at least a savings account. It's hard to make money with interest when higher interest is in play.

Of course,  there are better alternatives to a traditional bank's savings accounts, (ex ALLY @ 2.15 APY). I'd still recommend putting money into an investment strategy. Acorns has gained $2.64 (2.80% on $94.34 initial investment, $96.98 total) in just a month. It would've taken an APY of 2.15% a year to increase to 102.17 with just a $100 deposit.


Let's face it, nice and band new things are great and advertisements have us all chasing that dream. I see too many young people blowing their paycheck to feel good about themselves for a short period of time.

I'm here to tell you: Slightly used is OK. Money management is awesome and you don't have to go out every weekend. Hopefully opening your portfolio in 15 years and thinking "wow, that was worth it."

An update on investments

February 21, 2019 // by Jesse Crypto Backer // No comments


 My last 3 options contracts have netted a loss. Down near where I was at the beginning of January. I currently own 9 shares of MJ and 1 of DXLG.
Acorns is doing great! A mere $80-$85 invest has gained around $2 overall. I still have the portfolio on Aggressive. I can't wait to put my tax refund into this!

$5,000 would've been around $105 those two weeks!

Just Remember when you join, you get $5 by my referral!

Online store startup

February 21, 2019 // by Jesse Crypto Backer // No comments


What do you look for in an online store? Cheapest prices? Easy to navigate? Second to none customer service and returns policy? Personally I look for the cheapest prices, but I will go else where if the check out system isn't up to par. Example is if they don't accept PayPal I probably won't shop there. 

Regardless, I'm in the testing phase using Shopify as my platform. It took a few days after work to find everything needed to customize my store.

Here's an quote from user Howie Reith on Quora about Shopfiy:

"Pros:
  • Speed and security – Shopify is integrated with payment providers, and its built-in speed checkout allows customers to pay with minimal load time.
  • Marketing – Shopify allows custom Title tags, meta descriptions on every category page for SEO purpose and also allows you to build customized landing pages for marketing purpose.
  • Design – Shopify offers multiples free themes and numerous custom-built premium themes along with the option to customize and add features for Developers.
  • App Store – Shopify App store has all the features that you need to run an online business. It provides various free and paid Apps and adds flexibility for the brands having an online presence all around the web.
Cons:
  • Pricing – Shopify’s basic plan starts from $29 a month; the average plan is for $79 a month, and advanced Shopify is for $299 a month.
  • Customization Hacking – Shopify uses a different set up to customize their themes rather than using PHP for their templates. It might be a problem for first timers on Shopify.
  • Content Marketing – Shopify’s blogging platform is not as great as WordPress as it provides a basic layout for blogging.
  • Lock-In feature – Lock-in features to delete your online store permanently. Shifting from Shopify to another online store may not be a very smooth journey. "


Now, that being said, some big names on the internet use Shopify as their platform. I just had a look at some stats and a huge number of websites are using it as a sales platform. Some of those are Buzzfeed and Discord.

I'm gonna go for it!

Don't quit your day job.... Just yet.

February 17, 2019 // by Jesse Crypto Backer // No comments


This isn't going to be as easy as clicking a few buttons. Dedication, perseverance and a well thought out plan will pay off in the end. But, no, it probably won't be tomorrow or even next month.

It's the infamous snowball effect. It will start small. It may even start at the foot of a mountain. The bigger the snowball at the top, the bigger the snow ball going down. It requires time - the moment you walk away, it starts rolling backwards.

You can make it. It will get easier. Hopefully, it becomes automatic.

Never stop adding to your investments. Never stop growing your business. Never stop meeting new people. Never stop growing your knowledge. Never stop putting that knowledge to use. 

Your Tax Refund

February 15, 2019 // by Jesse Crypto Backer // , , // No comments



Thinking of getting that new car? Or, maybe that new T.V.?  Yes, new things are great! But, why don't you put that money to work? Did you know putting $5,000 into a saving account with 2.00% APY will make you $101.00 that year? Five years your balance will be about $5,525! Without doing anything but sitting on it!

Another option is actively investing your hard earned cash! You could let Acorns do the investing for you! 
Acorns portfolios are developed with help from Nobel Prize-winning economist, Dr. Harry Markowitz. 
Use Acorns to invest change!

Acorns - How it's transforming my spending

February 13, 2019 // by Jesse Crypto Backer // , , // No comments


I've been using Acorns for two weeks now. I like one thing it's done: Made me realize my spending. Every time I purchased something, I found myself thinking about my Acorns account. It's making me buy in bulk and spend less often. That in turn saves money!


 
And, that's OK. Saving any kind of money is great! Actually thinking about how you're spending money is better!

 Really, it comes down to self control.

Sign up and get $5 today!


Tax season is upon us and don't let your money be dumb money. Put it away and do not think about it. You need to let your money work for you and not the other way around!

Acorns?

February 10, 2019 // by Jesse Crypto Backer // No comments

Couple weeks ago I opened an Acorns account to see how the automatic round ups worked. I thought this was a good idea since I never use cash for purchases. I like the idea, but it does just add up the round ups until it reaches over $5 and then debits the account. I went ahead and started with a $50 deposit and it already has done two sets of round up deposits.

It did automatically shut off the round ups when my account got below a certain threshold balance.

My portfolio is set to Aggressive, meaning mostly stocks have been purchased.

You can also set recurring deposits into the account, say every paycheck to add to the balance.

I think this is a great way for people to save up money when they cannot do it themselves.

This last Friday I chose to accept the debit card they offer. This will help with "Found Money" from the retailers they offer. "Found Money" is like cash back in dollar amount or percent of your purchase.

You can look at it as a savings account with the potential to grow faster then the one at your local bank.

Hard time saving up money? No pocket change from only using a card?
Use Acorns to invest change! - https://acorns.com/invite/UL8LE7


I let my emotions win..

February 04, 2019 // by Jesse Crypto Backer // No comments

It is probably inevitable..

 It probably still happens to even the best..

 It will probably happen to you..

 I let my feelings win. I traded with no logic.
I bought high, and sold low.

 Doing that makes you feel low..
Especially after a great day of gains.

 Please,

 Don't let that stop you. 
Reset, take a day. I had the weekend to think of a new strategy. Knocked down, but not out.

The peak was an $80+ gain last Thursday. Lost $62 dollars in 15 minutes Friday.
Still up overall. Still positive mindset.

Small things really add up!

February 03, 2019 // by Jesse Crypto Backer // No comments


Today I started using the ibotta app on top of my local grocery store's MoreRewards (Coborn's) to get the most out of my necessary spending. I get cash back on food and supplies I was going to buy anyway, plus added up cents off of gasoline for my car! Best thing, I don't need to upload receipts!

First I just downloaded the app for the play store, signed up in under 5 MINUTES!

Please use my referral code  iixwffe  during registration for an easy $5!!

I have a feeling this is going to be big, as many of my friends already use it. The small things really add up and why not INVEST what you're saving?

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