Organize Your Money: How to Build Residual Income 2009

Organize Your Money!

Organization is the key to a balanced life! Organization saves you time, energy, frustration, and confusion. To be organized means to be efficient in the way separate elements are arranged into a consistent structure. In other words, everything has its place, find the place, and when you're done put it back. In all my years of counseling people in the area of personal finances, one of the biggest issues that cause money woes is the lack of organization.

When you are not organized life feels chaotic, excruciating, and out of control. You can actually feel your sanity slipping away. But like everything else in life -- you need to admit that you have organization issues, and that you want to change. Next, you need to make a commitment to get organized, and get your life in order. Then come up with a plan. If you're too overwhelmed to get started, have a friend or a professional help you get organized. Your life and financial future depends on it.

Organize your time -- Use a calendar, palm pilot, or organizer to manage your time. Think of your time as money. When you waste your time you are throwing away money, so plan and schedule your time.

Organize your files -- Start a paper filing system. Get manila folders to organize statements, bills, letters, and other important papers. If it's important it should have a place to go.

Track your money -- Know exactly how much money comes in and out of your household each month and year. Whether it's regular salaries, bonuses, part-time, or business income keep track. What are you spending your hard-earned money on? Track all your outgoing expenses for 30 days by keeping receipts and writing down expenses. Put the receipts in an envelope and label it by the month. Categorize your receipts and add each category up to get a total. This will give you a good idea how you use your money each month.

Pay your bills on time -- Keep all your bills in one place, separate bills by due dates, come up with 2-3 days of the month to write out and mail bills, and pay bills 4-5 days before due date.

Automate your savings/investments -- Organize your time and money by having a certain amount taken out each month, and put the amount in certain savings/investment accounts. This accomplishes three things: a) eliminates time on your part, b) you don't have to see, feel, or touch the money, and c) you are being consistent in saving.

File your taxes -- If your files are organized it will make it easier when tax time comes around to get your numbers together. You won't have to be scatter-brained trying to find old tax forms, pay-stubs, or documents. Every document will have a place.

Organizing your life will help grow your money. Organizing cuts down on duplicating inventory, supplies, clothes, products, food, information, and time! Do you want more money? Start getting organized!

Sunday, December 28, 2008

How to Build Residual Income 2009

We all want to retire in style and comfort. After all, who would not want to just rest after working for many years. Unfortunately, the amount of work that you do in your lifetime is not a guarantee of just how comfortable you will be when you retire. That is why a lot of people are trying to look for ways to build residual income so that it can trickle in even when they are no longer working anymore.

The residual income that you build refers to the money that comes in even when you are not doing any work for it. This often comes from interests earned from the investments that you have made through the years. These investments will earn interests that will serve as your income for years to come.

Putting your money in long term investment products such as bonds and mutual funds are the best and easiest way to build your residual income for your retirement. Just make sure that you choose products that give income on the long term as these can support your through your retirement. Other investment products that you can purchase are insurance and retirement funds. These are products that you can pay for in small amounts when you are young and enjoy when you are already retired. These are residual income that you can rely on for many years especially when the product you purchased covers your whole lifetime.

Another way to build residual income is to join multi-level marketing which you can earn from even after the sales have been made. To those who are not familiar with the term, multi-level marketing or what is often called network marketing is a business structure that makes use of people as main distributors of the product. Similar to direct selling, multi-level marketing goes directly to consumers but instead of just selling, agents and representatives of mlms are also encouraged to look for people who can also sell the products. These new recruits will then form part of her team that would sell the products. Commissions are often based on the total sales of the whole group and also the position of the agent in the structure. The more people you have under you, the higher the commissions that you will have.

Another way to build a strong residual income is to utilize your personal website for income. Believe it or not, you can earn a lot from a simple website. But of course, you need a lot of information for it to maintain a constant number of hits and a steady flow of traffic. IF you have a website that is already getting thousands of hits in a day, take advantage of the traffic and start putting Google Adsense. Every time any of the people visiting your site clicks on the ads, you will earn a certain point that you can convert into cash.

Another source of residual income that you can build over the years can be found in affiliate programs. Affiliate programs help sell products over the internet. You will partner with companies who are actually selling the product. They will use your site as a portal to advertise their products. Often, the products that you can feature in your site are those that are related to your site's content or targeted at your site's readers.

-Terez Dunn

Organize Your Money