Turn Wasted Time into Money

by Miranda Marquit · 0 comments

It’s common to wish that you had more money. However, few of us actually do something about it.

When it comes to a frugal lifestyle, the default mode is to figure out where you can cut back. Unfortunately, there is only so much you can cut from your budget. If you want to be more effective in getting more money over time, you need to earn more.

But how can you earn more money? The good news is that you can turn wasted time into money by earning extra income.

Have You Been Wasting Time?

Chances are that you waste several hours each week. I’m not talking about quality time spent with your kids, or an hour spent unwinding from the rigors of the day. I’m talking about the time you spend watching TV or surfing the Internet or looking at Facebook or Pinterest.

According to the latest Time Use Survey from the Bureau of Labor Statistics, the average American over the age of 15 spends almost three hours each day watching TV. On top of that, the average American spends about 26 minutes using the computer for leisure every day.

Chances are that you have more than 20 hours a week just being wasted, bringing you no profit. While there is no need to be productive all the time, and while you certainly don’t want to be working all the time, there is no reason not to take some of your wasted time and turn it into money.

Keep a time diary for a week or two, just to get an idea of how you have been spending your time. Identify times when you are unproductive. At some point, you move from unwinding and re-focusing to wasting your time just to be entertained (and perhaps you aren’t even really all that entertained). Once you identify those time wasters, you can begin turning that wasted time into money.

Ways to Use Your Time More Profitably

After you figure out that you do have time to make extra income or improve yourself in a way that results in more money, it’s time to decide what you can do to use your time profitably. Here are a few ideas:

  • Start a side business: If you have an idea of something you can sell, whether it’s a product or a service, you can start a side business to earn extra money. Work on your side business in your spare time, turning the time you waste into time you are earning money.
  • Learn about investing: You don’t have to be involved with a side gig to earn extra money with your wasted time. Take that time you are spending on entertainment, and instead turn it to more profitable educational pursuits. Learn about investing, and how to put your money to work for you. Then, research income investments that can help you earn more money over time.
  • Improve your education or skills: You can also use your wasted time to improve your skills and education. If you need a certification to get a raise, use your wasted time for classes and study. You can receive a raise and/or promotion if you take your time and use it to improve yourself.

You don’t have to use your time only for TV and Internet. Take an hour so of down time each day, then spend quality time with your family, and then turn the rest of the time to profitable actions that can result in a better financial situation.

Biblical Principles of Money Management: Giving

by Jessica Sommerfield · 1 comment

The Bible’s ancient store of wisdom for your personal finances encompasses many topics such as budgeting, saving, debt management, attitudes toward money, and good stewardship of your finances and resources. Another aspect of money management the Bible addresses is giving.

Unfortunately, giving is not a budgeted ‘expense’ in many households. But it should be. While saving 10% off the top of your income is referred to as ‘paying yourself first,’ regular giving is a way of sharing your abundance with those who aren’t as fortunate as well as achieving specific altruistic goals. And, although you shouldn’t be giving merely for the personal benefits, most contributions to non-profit and charitable organizations are tax-deductible if you itemize.

Here are some passages from the Bible that deal with the topic of giving:

There is one who scatters and yet increases all the more, and there is one who withholds what is justly due, and yet it results only in want. The generous man will be prosperous, and he who waters will himself be watered.  — Proverbs 11:24-25

He who gives to the poor will never want, but he who shuts his eyes will have many curses. — Proverbs 28:27

He who is generous will be blessed, for he gives some of his food to the poor. — Proverbs 22:9

And he would answer and say to them, “the man who has two tunics is to share with him who has none; and he who has food is to do likewise.” — Luke 3:11

In everything I showed you that by working hard in this manner, you must help the weak and remember the words of the Lord Jesus, that he himself said, “It is more blessed to give than to receive.” — Acts  20:35

Sowing & Reaping
According to these passages, the principle in place is that if you give to those in need, your own needs will be taken care of. This is not simply a principle of faith, but extremely practical. When you budget giving as well as give spontaneously you are setting in motion a chain reaction of giving that often results in receiving. Simply put, if you help a friend in need, a friend will help you in your time of need. If you are stingy with your finances and refuse to give to anyone, others won’t be motivated to give to you in return. In other words, you ‘reap what you sow.’ If you ‘sow’ generosity, you will reap generosity.

When you give, you won’t necessarily always receive a financial return. The return might be a favor, a smile, a hug, or even the simply satisfaction of knowing you did something kind for someone  who may never know you.

Creative Giving
Planning giving into your budget, whether you donate regularly to your church or a favorite non-profit organization, is an important step in incorporating giving into your lifestyle. But there are numerous ways to give beyond what your paycheck allows. Consider the following:

  1. Donate your time.  Although it’s important to give money to charities, it’s also important to give yourself. Many charitable organizations are desperate for volunteers who will put in time merely for the love of the cause or desire to help reach a goal. You usually don’t have to be skilled or experienced, just willing. There are jobs for just about anyone, whether you enjoy working with people or prefer to stay behind the scenes.
  2. Donate your talent. Many doctors and nurses participate in programs in which they visit poorly funded clinics in third-world countries and give freely of their professional skills to those who would otherwise be unable to afford it. You might not be a doctor, but you probably have some skill that a charitable organization could use — the ability to organize, bake, make crafts,sew, build, repair, advertise, etc.

Beyond Guilt and Into Fulfillment
If you’ve struggled with feeling guilty for not giving or being a reluctant giver, don’t be too hard on yourself. It’s hard to part with money you’ve worked hard to earn, especially if you don’t have the money to spare. The key to moving beyond guilt and into fulfillment in giving is to find a cause you can identify with — something that excites you. Each of us have particular causes that are closer to our hearts than others, and the best kind of giving is that which is motivated by a willing and cheerful heart. So get creative and find your niche, but don’t fail to give.

Don’t Let Your Grilling Budget Go Up in Flames!

by Gina Blitstein · 0 comments

While some folks are fortunate enough to enjoy their grill year-round, the rest of us are – finally – officially declaring it grilling season! Everyone seems to have a favorite food to barbecue: To a meat-eater, there’s nothing more enticing than a Porterhouse steak or a slab of ribs hot off the grill – but is it affordable to indulge in such pricey cuts of meat every time you fire up the coals?

Affordable grilling doesn’t mean restricting your choices to hamburgers and hotdogs. There are plenty of ways to grill a variety of tasty and affordable foods. Sometimes it’s the meat or poultry choice – and sometimes it’s the preparation, cooking and handling – that makes for inexpensive yet delicious fare from the grill.

Meat or poultry choice

Beef
These are less tender cuts but with some alternate preparation, they’re tasty and satisfying:

  • Sirloin tip steak (aka Tri-tip) – Cook to medium-rare, with or without marinating. Rest for five minutes post-grill, then slice thick against the grain.
  • Top round steak – Cube, marinate and skewer for beef kabobs.
  • Skirt steak – Marinate and cook these long steaks quickly over high heat to medium doneness. Cut into smaller serving pieces or slice thinly across the grain for fajitas.

Chicken
Boneless, skinless breasts are a necessity for countless dishes in the kitchen but don’t take to grilling as well as skin-on chicken. Because it’s so lean, breast meat easily dries out when grilled. Even it you don’t eat it, chicken skin helps the meat retain moisture while grilling. The bonus is, leg quarters (thigh and drumstick together) or each piece separately are the cheapest chicken parts. Even bone-in breasts are cheaper than boneless and fare much better when grilled.

Pork
Pork, like skinless chicken, can easily become dry when grilled. Unlike beef that can be eaten rare if desired, chicken and pork must be thoroughly cooked. This can easily lead to a dry result, especially in the case of pork chops, where the surface area exposed to heat is so great. These two options, which are best cooked “low and slow” are also considerably cheaper per pound than chops.

  • Pork shoulder roast – This is a large pork roast which benefits from being cooked covered at a low temperature for several hours. It lends itself nicely to smoking, due to the long cooking time. A well-cooked pork shoulder roast shreds apart for spectacular pulled pork sandwiches.
  • Country style ribs – These very economical and super-meaty ribs combine everything you love about ribs with a higher meat-to-bone ratio. They’re best started covered over low heat but can be finished off on a hotter grill to develop an inviting barbecued crust.

Preparation/cooking/handling

Marinating
The major difference between these meats and pricier cuts is oftentimes natural tenderness. A marinade can enhance both tenderness and flavor of meat. An acidic element, such as vinegar, wine or citrus juice will help break down the proteins in the meat, enhancing tenderness. Marinate beef or pork up to 24 hours but marinate chicken no longer than two hours or the acid will begin to chemically “cook” the meat, making it tough.

Handling
Piercing meat when grilling allows juices to escape; turn grilled meats with tongs or a spatula to keep juices inside.

Resting
Meats require a period after grilling to allow their juices to settle within the muscle. Rest meats 5 – 10 minutes before slicing to ensure juices have redistributed.

Slicing
Especially with beef, slicing against the grain (opposite to the direction of the visible muscle fibers) will increase tenderness.

These tips will help you expand your grilling repertoire and stretch your budget!

How do you grill and stick to a budget?

How Do You Define Success in Your Life?

by Miranda Marquit · 0 comments

Often, in our society, we define success in terms of material positions and monetary wealth. We often think about success in terms of whether or not someone is rich in terms of net worth.

However, is being rich in money and things actually success?

It doesn’t have to be.

Ways to Measure Success

One of the tenets of a frugal lifestyle is that you don’t need a lot of things to make you successful. A frugal lifestyle also insists that you don’t have to spend a lot of money (or have a lot of money) to have success.

Other ways to measure success include:

  • Health: Are you relatively healthy? Do you take care of yourself? If you have your health, a good quality of life is more likely. Money doesn’t help you much if you are too sick to do anything with it.
  • Family: Do you have loved ones around you? This can often be a sign of success far beyond money. With family in good health, and offering you the chance for good social interactions, money isn’t as important.
  • Friends: If you have a winning personality and good friends to rely on, that often means that you have good success in your life. You can’t replace those social interactions with money.
  • Contentment: Are you happy with your life? If so, there is no reason to try to amass things just to impress other people. Contentment is often a sign of peace and success — even if it doesn’t come with a high net worth.

Think about your situation and your life. In many cases, a good life isn’t dependent on building up vast stores of wealth. Instead, true success is more likely in good health, good friends and family, and a feeling of peace and contentment with the choices you’ve made.

Financial Freedom and Success

Of course, most people don’t consider themselves to have financial success if they are in debt, or if they can’t make ends meet. There is a financial element to defining success in your life. But it doesn’t have to be about keeping score in terms of raw numbers and what you have in your bank account.

In many cases, financial success is defined more as freedom. If you are able to cover your needs without going into debt, and if you have the ability to enjoy some of your wants — even if you have to plan ahead and save up to do so — that is often considered financial success.

Bottom Line

Piling up possessions and growing a bank account to just to have more may not bring you happiness. While there are some who define success in terms of the status bestowed by money and things, you don’t have to make that your own definition. If that status is important to you, go ahead and pursue it. But if it isn’t important to you, don’t feel bad if you don’t rack up a huge bank account. Instead, think about what matters most to you, and build a life that looks like your own version of success.

Biblical Principles of Money Management: Debt

by Jessica Sommerfield · 0 comments

Debt is not a modern concept. Long before the establishment of banking systems and credit scores, lending and borrowing transactions have been occurring, whether the currency be money, goods, or services. While the Bible isn’t a money management how-to textbook and doesn’t reveal a 5-step program for getting out of debt, it does contain wisdom on topics of responsible money management, including the dangers and consequences of debt.

Here are several Scriptures that deal with the concept of debt and how they apply to our personal finances:

If a man borrows anything from his neighbor, and it is injured or dies while its owner is not with it, he shall make full restitution. — Exodus 22:14

The wicked borrows and does not pay back, but the righteous is gracious and gives. — Psalm 37:21

The rich rules over the poor, and the borrower becomes the lender’s slave.  — Proverbs 22:7

Do not be a man who strikes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you. — Proverbs 22:26-27

It is better that you should not vow than that you should vow and not pay. –Ecclesiastes 5:5

Owe nothing to anyone except to love one another. — Romans 13:8a

Borrowing: Be A Person of Your Word
Borrowing something should always be taken very seriously, whether you sign an official loan document or simply accept money from a  friend when you’re having financial problems. When you sign a loan document or credit card agreement, you are promising to restore everything you borrow (plus any interest you may owe for the service). Defaulting on loans and other debts shows very poor stewardship, planning, and responsibility. It not only reflects poorly on your credit score, but also your ability to be trusted and depended upon to follow through with other promises and obligations. Granted, there are situations when defaulting on a loan is necessary due to circumstances beyond your control, but in any case, debt is not something that should be taken on lightly. Resolve not to be someone who ‘borrows and does not pay back.

Don’t Be A Slave to Your Debt
In our modern world, we are seldom thrown into prison or forced into slavery because we can’t pay a debt, but this practice was not uncommon in ancient times. While we may not be literal slaves to debt, we can be, figurative slaves. When you owe the bank or even just a friend, in a way you owe a part of yourself — your job, your paycheck, your resources.  Getting too bogged down with debt might require you to work extra hours at work just to pay your bills,keep you from saving money, have you so stressed that your health is affected, or have other negative controlling affects on your life.

Security for Debt: Leans and Home Equity Loans?
Proverbs 22 warns about putting up security for debts. Immediately this makes me think of car loans, which usually include leans. If you don’t pay, the bank can take your car. Although having your car repossessed is certainly not cheery, having your house taken away would be much worse. There are sound reasons and  circumstances for taking out home equity loans, but you should always exercise caution when anything requires you to ‘put up security for debts.’

The Best Kind of Debt is No Debt
In our culture, especially, some forms of debt are nearly inevitable and not necessarily all bad. But there is definitely danger in acquiring too much debt and living well beyond your means. Don’t be pressured into a certain level of wealth or kind of lifestyle you can’t actually afford. Living on the edge may be adventurous, but when it comes to your finances, it can cost you literally everything.

This being said, the best kind of debt is no debt. There is incredible freedom and peace of mind in being debt-free, knowing you owe no thing to no one. Find  a good debt consolidation and elimination plan that works for you, and set goals to be debt free. You will never want to go back.

You Have What it Takes: Frugal Homemade Foods from Your Pantry

by Gina Blitstein · 0 comments

I’m a firm believer that a well-stocked kitchen is more than the sum of its individual components. A complete pantry contains the building blocks for the creation of a myriad of additional delights. The frugal among us know that oftentimes, grocery items are simple and quick to create at home from basics you already have on hand. In fact, these homemade equivalents are usually superior in quality and flavor to their pricier, pre-made equivalents, not to mention considerably cheaper. The best part is that you can create it just the way you like it, with your preferred ingredients, with the intensity of flavor and amount of fat or sugar that you desire. Some of my frugal favorites are:

Hot Chocolate/Chocolate Syrup Mix

1 c baking cocoa
2 c granulated sugar
3/4 t salt

Stir ingredients together and store tightly covered.

Hot chocolate – Add ¼ cup mix and 1 cup milk to a saucepan for each serving. Heat over medium heat, stirring until mix is dissolved completely and milk is steaming. Add ¼ teaspoon vanilla to each serving after pouring into cups.

Chocolate syrup – For each ½ cup of syrup desired, blend ½ cup of water and 1 cup mix in a saucepan. Bring to a simmer over medium heat and cook until smooth. Cool.

Seasoning Blends

Many seasoning blends are primarily salt. By making your own, you can not only cut back on salt content but adjust the flavor  to your personal preference. Buy your staple spices in bulk, at a warehouse store or wholesaler where you can get large quantities of those spices you commonly use inexpensively. Then, use your culinary instincts along with the Internet to guide you in creating your own spice blends. Your own blend may take some tweaking to perfect, so start with modest amounts of everything, adding more of particular flavors as desired. Add salt to your blends sparingly or leave it out and add it to foods separately.

Common spices/herbs to buy and their popular uses:

  • Granulated garlic (Italian, Greek, Oriental cuisines, seasoned salt, meat/poultry/seafood seasoning)
  • Granulated onion (Cajun and Mexican cuisines, barbecue/grill seasoning, meat/poultry/seafood seasoning)
  • Dried parsley (Italian, Greek cuisines, chicken/seafood seasoning)
  • Dried oregano (Italian, Greek, Mexican, Cajun cuisines)
  • Dried thyme (Italian, Cajun cuisine, poultry seasoning)
  • Paprika (Cajun cuisine, barbecue seasoning, seasoned salt)

Salad Dressings

The above spice blends can also be used to flavor homemade salad dressings (which can also double as tasty marinades). A basic salad dressing consists of two parts oil to one part vinegar. Seasoning blends (with sugar and salt to taste) can give a simple homemade salad dressing a distinctive flavor.

Master Baking Mix

This is a versatile substitute for packaged baking mix. Besides pancakes, waffles and biscuits, it can be used to make shortbread, dumplings or to coat fried chicken.

8 c all-purpose flour
2 c nonfat dry milk
⅓ c baking powder
¼ c sugar
1 T salt
2 c shortening

Mix all ingredients thoroughly until it resembles coarse crumbs. Store tightly covered and use within 6 weeks.

Biscuits – Stir ½ cup milk into 2 cup mix. Pour batter out onto floured surface. Roll out to ¾” thickness. Cut into biscuits. Bake 10 minutes at 400.

Pancakes – Stir 1 ½ cup milk and 1 egg with 3 cups mix. Pour batter into 4” circles onto lightly oiled hot griddle. Turn when bubbly on top.

You can avoid the need to buy a multitude of pricey, pre-packaged items by keeping your pantry loaded with the basics Live a bountiful yet frugal life in the kitchen by learning to create what you don’t have from what you do.

What can you mix up from what’s already in your kitchen?

Biblical Principles of Money Management: Contentment

by Jessica Sommerfield · 0 comments

The Bible contains a wealth of financial wisdom dating back several centuries B.C. While the context of the world economy has changed through the ages, the basic principles of responsible money management haven’t. One of the common financial themes throughout the Bible is that of frugality and contentment. Here are a few passages on the topic of contentment we can draw modern-day applications from.

Whoever loves money never has money enough; whoever loves wealth is never satisfied with his income. This too is meaningless. – Ecclesiastes 5:10

Some soldiers were questioning him, saying, “And what about us, what shall we do?” And he said to them, “Do not take money from anyone by force, or accuse anyone falsely, and be content with your wages.” – Luke 3:14

I am not saying this because I am in need, for I have learned to be content whatever the circumstances. I know what it is to be in need, and I know what it is to have plenty. I have learned the secret of being content in any and every situation, whether well fed or hungry, whether living in plenty or in want. – Philippians 4:11-12

For we brought nothing into the world, and we can take nothing out of it. But if we have food and clothing, we will be content with that. People who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge men into ruin and destruction. For the love of money is a root of all kinds of evil. – I Timothy 6:7-10

Keep your life free from the love of money, and be content with what you have. – Hebrews 13:5

There is no doubt that contentment is strongly encouraged in the Bible. You need go no further than television commercials, Internet ads, and retail circulars to find the opposite. Our Western culture is extremely consumed with obtaining wealth and possessions. As consumers, we are constantly bombarded with things that promise to make our lives easier and happier, or at the very least, look young and stylish. It can be tempting to get caught up in consumerism and forget that there are more important things to do with money than spend it, and there are more important pursuits in life than acquiring wealth and possessions. Here are a few suggestions of ways to increase your contentment and ultimately find greater happiness.

Don’t stop comparing yourself to others – just compare your life to that of people in third-world countries.

No matter your income, you are in a top percentage of wealth by world standards. The Unites States ranked 7th out of 181 nations in 2012 based on gross domestic product. Just 700 miles south of Miami is the small island nation of Haiti, the poorest country in the Western Hemisphere, where 80% of the population lives on less than $2 a day. Think about that the next time you wish you made more money. To get a realistic picture of what poverty really looks like, consider watching a documentary or, better yet, visit a poor country on a humanitarian trip.

Find contentment by enjoying activities that don’t revolve around money.

Looking at third-world countries can help you get a realistic perspective of how wealthy you really are but makes it no less difficult to live in a culture that pressures you to live up to the standard displayed. A good way to stay balanced is to get involved in activities that don’t require currency – enjoying nature, physical activity, gardening, pets, and inexpensive hobbies.

Focus on your non-monetary blessings in life.

Contentment involves more than just our financial situation, which won’t always be ideal. When finances are tight it’s easy to feel depressed or hopeless. If your finances take a turn for the worse, focus on other blessings such as your health, your family, and your friends. Find the things that make you laugh and smile most often, and keep them close, because after all “we brought nothing into the world, and we can take nothing out of it. But if we have food and clothing, we (should) be content with that.”

When Technology Meets Retail: Potential Time and Money Saving

by Gina Blitstein · 0 comments

Technology is touching nearly every aspect of life, from what we do with our time to how we do it. At it’s best, technology can streamline, automate, hasten, uncomplicate and hopefully lower the cost of tasks that are part of everyday life – like shopping for ordinary items such as groceries. Here are several examples of technology that may – someday – do just that:

Shopping vexation: Long checkout lines
Technology solution: QThru

This is a mobile app that allows you to self-checkout as you shop using your smartphone. You can even talk on your phone while shopping with QThru. Here’s how it works:

  • Scan in your credit card into the app your smartphone
  • Scan the UPCs of the items you purchase
  • Weigh produce at the scale at the QThru kiosk where you finalize your purchase
  • To checkout, take your purchases to the QThru kiosk at the store, punch in your passcode on your phone, scan the QR code on kiosk and take the receipt it generates
  • Show receipt to store employee who will visually verify the transaction

How it will save you money: You’ll spend no time in that pesky checkout line being tempted by pricy impulse items. Secondly, this innovation will make shopping less time-consuming, which may give you more time at your paying job.

A completely different solution to this same annoyance is QueVision, a system of infrared sensors used by grocery stores that tracks the number of people waiting in line. The data it collects is delivered to management, enabling them to staff adequate checkouts to accommodate need, reducing wait times for customers.

Shopping vexation: Difficult to find particular items
Technology solution: Aisle411

This app is a shopping companion which assists you in navigating a store.
Aisle411 allows you to:

  • Create shopping lists, then map your trip through a store according to the location of the items in that store
  • Search 130,000 recipes and add ingredients to your shopping list, indicating where they are in the store
  • Locate a single item within a particular store

How it will save you money: Research shows that the average shopper spends an extra $10 for every 15 minutes spent in a retail environment. When you can move through the store purposefully, with minimal time to browse and buy items on impulse, the more you’ll save overall.

Sometimes stores themselves implement technology solutions. I can’t tell you how often I’m nowhere near my shopping list when I realize I need to add an item. These apps would definitely help in that regard:

Shopping vexation: Making/managing shopping lists
Technology solutions:

Wegmans stores’ mobile app allows you scan a UPC on an item and automatically add it to your shopping list. Like Aisle411, it features recipes and the ability to add its ingredients directly to your shopping list.

Weis Markets mobile app lets you view their weekly advertisement and create and email a shopping list to someone else. The Android version allows shoppers to add items to their list using their voice.

How it will save you money: Forgotten items mean more trips to the store, which translate into extra gasoline usage, and more time spent in a potentially costly retail situation.

Of course, it takes a considerable amount of time for these types of practical technology to trickle outward and become mainstream. It’s incumbent upon stores to adopt and implement the technology so that it’s available to consumers. So, while these solutions won’t be available tomorrow, it’s nice to know that someday shopping will be made a bit more convenient and cost-effective by technology.

How does technology help you save when you shop?

Income Investing the Easy Way

by Miranda Marquit · 0 comments

One of the ways that you can cultivate another income stream is to build an income portfolio. Your income portfolio, properly built up, can provide you with regular income later on. As long as you realize that income investing takes time (a good portfolio can take 10 years or more to build) and patience, you can create a plan for passive income from investments.

What are Income Investments?

In general, income investments provide you with a revenue stream on top of an principal or capital appreciation. Some common and fairly accessible income investments include:

There are other investments that can be included in an income portfolio, but these are generally easy to understand, and simple to invest in.

Using ETFs to Invest in Stocks and Bonds

When you’re starting out, you can use ETFs to make the most of your buck. Dollar cost averaging is an important part of building up your income portfolio over time. ETFs make it fairly easy to invest. They trade like stocks on the market, have low expense ratios, and many discount brokers offer commission-free ETFs.

It’s possible to gain exposure to stocks and to bonds through ETFs. Bond ETFs can provide you with the opportunity to invest in a variety of different bonds of different maturities, and there are dividend stock ETFs designed with different goals in mind to help you reach your goals.

In either case, the result can be a simple portfolio designed to build income. Many income ETFs allow you to reinvest your earnings so that you can buy more shares, effectively boosting your holdings and payouts at a faster rate.

Realize, though, that there is the possibility of loss with ETFs, just as with any investment.

REITs and P2P Loans

These investments are also fairly easy to get started with. REITs pay dividends, and they trade similarly to stocks on the exchange. They offer you exposure to real estate related investments. Only, instead of worrying about rental tenants and trying to come up with the capital to buy a rental property, you can invest in partial shares and receive dividends. If the real estate market crashes, though, you might be trouble.

P2P loans are an increasingly popular way to invest. You loan money to your peers, and make money on the interest. It’s fairly easy to get started with P2P loans, and you can invest as little as $25 to get started. You do need to be careful, though, since there is a default risk with P2P loans. The borrower may not pay you back, and you could lose your principal, as well as your interest.

Watch Out for Risk

While it can be fairly easy to get started with income investments, you still need to be careful. Make sure you understand your risk tolerance, and that you don’t invest money you can’t afford to lose. Take the time to learn about the investments before you put your money into them. If you aren’t sure, it makes sense to consult an investment professional who can help you determine the best course of action for you.

Biblical Principles of Money Management: Avoiding Greed & Materialism

by Jessica Sommerfield · 0 comments

The Bible is mainly a religious text, but also contains a wealth of practical advice and piercing insight into the topic of wise money management. As discussed before, the importance of budgeting and planning one’s money and assets is covered in many portions of the Bible. The concept of good stewardship is beneficial to not only your present finances, but also your future security; effective budgeting and saving can also allow you to provide a solid financial foundation for your children.

Avoiding the pitfalls of poor money management and failing to plan for the future are vital to a healthy relationship with your finances. Excessive spending and obsession with money and obtaining possessions are equally as dangerous, no matter how balanced your budget. You also don’t have to be rich to struggle with materialism. Quite often those who don’t have the means to obtain their material desires are the ones who are most obsessed. Here are some verses from the Bible that deal with the topic of materialism:

But those who want to get rich fall into temptation and a snare and many foolish and harmful desires which plunge men into ruin and destruction. For the love of money is a root of all sorts of evil. – I Timothy 6:9-10

He who loves silver will not be satisfied with silver; nor he who loves abundance, with increase. This also is vanity. – Ecclesiastes 5:10

For what does it profit a man to gain the whole world, and forfeit his soul? – Mark 8:36

hen he said to them, “Watch out! Be on your guard against all kinds of greed; life does not consist in an abundance of possessions.” – Luke 12:15

The Love of Money
Sometimes it seems like our culture is obsessed with money and driven by consumerism, as if life is a game of Monopoly; the whole point is to get to the end of our lives with as much stuff as possible. The Bible says that the love of money is the root of all kinds of evil. At first glance, that seems like an exaggeration, but if you think about it, many types of crime are in some way motivated by the love of money and a desire for riches (robbery, stealing, corporate fraud, get-rich-quick scams, identity theft, etc.). This is not to say that money, in and of itself, is evil; but it can be used for either good or evil. We would be wise to see money and material goods as only tools and not the main focus of life.

Never Satisfied
It’s natural to desire a certain level of financial and material comfort. No one wants to be so poor that all they can think about is where their next meal will come from. On the other hand, many people keep grasping for more well after they are able to enjoy a comfortable lifestyle, thinking that if they just get the next thing on their wish list, they will be happier. But, of course, they never are. True happiness comes from focusing on the important things in life, making the best of what you have, and thereby finding peace and contentment.

Forfeiting Your Soul
Materialism and greed leads to the neglect of the most important things in life. Many people are so busy obtaining things that they lose focus of their personal goals and interests, become over-stressed workaholics, and worst of all, destroy their families. When relationships take a back seat to gaining wealth, families become alienated and dysfunctional. Children whose parents place money and possessions as most important in life are bound to follow in their footsteps. This is why it’s especially important to show your children that money isn’t the priority.

Life is more than Money
One of the greatest blessings and curses of capitalism is the ability to gain personal wealth. Intellectual and physical labor is rewarded with success, but success can lead to materialism. As Luke 12:15 states, we have to be on our guard against greed and materialism, remembering that life is about much more than money could ever buy.

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