The coins rattling around in your pocket can add up to big savings over time. Want a foolproof way to turn $1 a day into $66,941? It doesn't take a lot of money or time or personal sacrifice. There's no magic, no multilevel marketing and no salesman will call at your door. In fact, it's the simplest and most-proven way to get richer, and if you extend this concept to other parts of your life, you could end up with an enviable retirement nest egg.
To start, all you have to do is take your pocket change at the end of the day and drop it in a jar. If you can do that, and you put away about $1 a day, that's just $7 a week. At the end of the month, you'll have about $30. Since this is money in your pocket, you've already paid taxes on it in the form of withholding from your paycheck. Every month, deposit your savings in a Roth IRA account, where it can grow tax-free and -- more important -- be withdrawn tax-free in the future.
What's a paltry $30 a month going to do for you? Growing tax-free for 30 years, with a 10% annual return, your investment account will be worth $66,941. Not bad for pocket change, but that's just the beginning.
Here are some other ideas for saving a few bucks here and there that can add up to big dollars over time. Trim your expenses to save even more. Lets look at a few monthly activities and expenses to see what trimming them down will equate to in Monthly Savings and Annual Savings:
- Take-out vs. dining out once a month $45 = $540/year
- Manicure less often $15 = $180/year
- Fewer trips to car wash $12 = $144/year
- Video rental vs. movie monthly $11 = $132/year
- Drink Regular coffee instead of cappuccino on weekdays $40 = $480/year
Total $123 per month = $1,476/year.
If you can knock this $123 out of your monthly budget, at 10% it will grow to $278,040 in 30 years. You've made a big contribution to your retirement with just a few small sacrifices. You may not be able to accomplish all of the savings listed above but try putting your own list together. Once you begin to analyze how you can save money we bet that you can come up with one that is even better!
Thursday, October 28, 2010
Friday, October 15, 2010
What is Debt Collector Harassment?
Any consumer who owes money is protected against many of the intimidating and harassing techniques employed by creditors and collection agencies.
Debtors are protected from harassment by the Fair Debt Collection Practices Act (the FDCPA). This is a Federal law that applies throughout the United States. The purpose of the FDCPA is to protect the consumer’s privacy and his or her relationships with third parties such as employers, co-workers or even people living in their neighborhood.
Under the FDCPA a debt collector may not communicate with a debtor at an unusual or inconvenient place or time. This means that a debt collector cannot call a debtor late at night and any call between 9 PM and 8 AM is automatically presumed to be inconvenient.
Your workplace may be an inconvenient place, especially if you have a job that should not be interrupted. If you notify the debt collector in writing that your employer prohibits calls at work, the collector cannot call your workplace again. The Client Services Department of Debt Negotiation Services can provide you with the form required to make such a notification.
A debt collector cannot contact other people about you and tell them that you either owe money or that the collector is trying to collect money from you for a debt.
Many States have laws that enlarge the protection of the FDCPA. For example, Florida law prohibits a debt collector from making threats of force, threatening to contact a debtor’s employer unless the debtor gives specific written permission, disclosing to persons outside of the debtor’s family that the debtor is not credit worthy, using vulgar or abusive language, pretending to be an attorney, refusing to adequately identify himself when asked for identification, and making collect calls to the debtor.
If you believe that a debt collector has harassed you and may have violated the FDCPA or the law of your State, you have the right to complain to the Federal Trade Commission and your State’s Attorney General; as well as to bring a lawsuit for damages. The Client Services Department can provide you with a reference to your State law and the addresses of the Federal Trade Commission and your State Attorney General.
Debtors are protected from harassment by the Fair Debt Collection Practices Act (the FDCPA). This is a Federal law that applies throughout the United States. The purpose of the FDCPA is to protect the consumer’s privacy and his or her relationships with third parties such as employers, co-workers or even people living in their neighborhood.
Under the FDCPA a debt collector may not communicate with a debtor at an unusual or inconvenient place or time. This means that a debt collector cannot call a debtor late at night and any call between 9 PM and 8 AM is automatically presumed to be inconvenient.
Your workplace may be an inconvenient place, especially if you have a job that should not be interrupted. If you notify the debt collector in writing that your employer prohibits calls at work, the collector cannot call your workplace again. The Client Services Department of Debt Negotiation Services can provide you with the form required to make such a notification.
A debt collector cannot contact other people about you and tell them that you either owe money or that the collector is trying to collect money from you for a debt.
Many States have laws that enlarge the protection of the FDCPA. For example, Florida law prohibits a debt collector from making threats of force, threatening to contact a debtor’s employer unless the debtor gives specific written permission, disclosing to persons outside of the debtor’s family that the debtor is not credit worthy, using vulgar or abusive language, pretending to be an attorney, refusing to adequately identify himself when asked for identification, and making collect calls to the debtor.
If you believe that a debt collector has harassed you and may have violated the FDCPA or the law of your State, you have the right to complain to the Federal Trade Commission and your State’s Attorney General; as well as to bring a lawsuit for damages. The Client Services Department can provide you with a reference to your State law and the addresses of the Federal Trade Commission and your State Attorney General.
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