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This can help eliminate any errors and offer you a birds eye view of everything at once.2. You Want to Automate Some or All of Your Payments Please dont say that youre still writing out paper checks and dropping each bill in the mailbox. While its noble that youre doing your part to keep postal workers employed, were 18 years into the 21st century and you can literally pay every bill online now.Theres no need to log into every account you have and kind in your routing number either.With personal finance applications you can schedule automatic payments and transfers between all your imported accounts.
Late fees are annoying and do nothing but cost you money. Its time that you said goodbye to them once and for all.3. You Need to Streamline Your Budget Perhaps the best characteristic of personal finance applications is the fact that it allows you monitor everything going in and out of your virtual wallet.Nearly every brand of personal finance software out there has easy-to-read graphs and charts that allow you monitor every cent you spend or earn, in the event you pick.
You Have Specific Aims to Satisfy Maybe its paying off debt or saving for up something such as a European vacation. No matter your financial goal is, whether long-term or short-term, personal finance software applications are one of the savviest ways to go about reaching those goals.You can do everything from set spending alarms to notify you when youre more than budget to automating what percentage of your paycheck goes to things like retirement investments.
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Many of these apps are totally free to download and will allow you to pay bills, invest, monitor your net worth and credit , and even get a loan with all the swipe of a finger.Other apps may only offer you restricted services and will call for a one-time fee or subscription to unlock everything they provide.
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Explore several different applications and read reviews to find the one thats right for you.In this day and age, managing ones personal finances in a safe manner that allows the consumer to have a real-time visual representation of the money is easier than ever before. With the numerous applications that are available both free and subscription-based theres no reason that every person cant take control of their money and ensure theyre making smart money moves.Featured photo credit: rawpixel through unsplash.com.
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Often considered the gem of financial freedom, passive income is income generated by assets you invested money or effort into in the past that require little to no effort to maintain today.
There are company website tons of articles out there confusing passive income with residual income. However, in the financial world, residual income has an entirely different meaning. Also called disposable income, residual income isnt actually a sort of income, its a calculation that accountants perform to determine what your income is after paying all expenses and debts.
If youre reading this guide, then youre likely curious about passive incomeand the way to earn it. There are numerous ways to earn passive income, including from:
Stock returns: Dividends you receive paid from any shares you own, which earn you money long after their purchase.
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Investment properties: Rent you receive from a real estate propertyresidential or business. Yes, the house needs to be maintained, however, the earnings still stream in each month.
Book sales: Royalties an author receives writing a book. Generally, they have paid a percentage of their retail or net cost of each book soldin perpetuity.
In all of these cases, your one-time investment consistently offers you an income at the same time you sit back and collect on it. What could be greater than that!