personal finance

What Are Your Needs, Wants, and Desires?

Everyone needs three things: food, shelter, and clothing. It’s the basics for survival. What are yours?

 

 

Needs

And it’s the basics that need to be addressed first. In fact, I would put that in my “always” column for living. Just what are they—understanding that they will vary from person to person.

 

Wants and desires are simply degrees of needs. Take time to ponder your actual needs. Some people need a special diet so their needs may look quite different from yours. Some jobs require a uniform while others have a dress code. If you have children, a whole new set of needs come into play.

 

Wants

Where you live will depend on what you can afford. As a college freshman I lived in a dorm. The next three years I lived off-campus in a private home with seven other girls.

After graduations, I wanted space from the noise and chaos that so many under one roof can create. When I moved to New York City I wanted an apartment I didn’t have to share with anyone. It was what I needed … and desired at the same time. I kept looking until I found the perfect small apartment for me on the Upper East Side. It was time … but it was now what I desired … and needed.

 

 

Desires

After eight years in New York City, an opportunity arose in Denver, Colorado. I took a job with MicroMash, the first company that introduced study for the CPA exams on disc in addition to the traditional print book which would require to move. I have lived on both coasts—New York City, New York to Lemon Grove, California. It was time to settle in the central part of the country.

 

My family had lived in Colorado when I was in high school and loved the state. This would be the third time I lived in Colorado so I was determined to stay. No more moving—that was my desire and decided to buy a house.

 

The Federal Government had de-commissioned Lowry Air Force Base and sold the land to developers. My oldest brother had worked in construction so I got him to look over a similar development by the same developer. He checked it out and said the developer did good work. It was all I need to hear 25 years ago. I had done my research and I saw my dream house. I bought one of the first houses built in Lowry. I desired it. I’m still here.

 

Decision making takes some planning. It’s usually seeded with the “wants” and “desires” that evolve over time. For you, take the time to identify your basic needs, then your wants, and finally your desires and then you can move forward.

Patricia Lane Williams is a retired CPA and has worked with thousands of men and women sounding the warnings. She is the author of the Amazon bestseller, Money: Get It. Save It. Grow It … Before Debt Steals It.

Her website is www.PatWilliamsAuthor.com.

Giving Money Away


 

Money is good for a variety of reasons. The first two are to spend and save. The third thing money is good for is giving it away. You may be thinking that you don’t have any extra money to give away. Often, giving away is not in the form of hard cash. Consider what you do have that a worthwhile group may need; your skills and time.

Just throwing money at a problem doesn’t always solve a problem. One way to solve a problem is by donating your skills and time.

Do you have a car? Over 90 percent of the population has at least one. How about volunteering to drive someone to their doctor’s appointments or physical therapy? When election times surface, there is the opportunity to drive some to the polls to vote in person, or even to a ballot drop box.

You will be surprised at how many groups and organizations need willing workers.

Over the years I have:

  • ·         Volunteered at hospitals

  • ·         Answered the telephone for my local public broadcasting station

  • ·         Picked up trash on Earth Day with Students from a local elementary school

Here’s a list of organizations that can always use volunteers:

  • Animal shelters

  • Assisted living facilities

  • Childcare centers

  • Food pantries

  • Hospice

  • Hospitals

  • Local parks and recreational areas

  • Religious organizations

Here’s some other suggestions.

In some areas people are volunteering read to children in day care centers and in assisted living communities. Some get into the characters of their books. One woman dresses up like Mother Goose and tells stories to children.

Habitat for Humanity needs people with carpentry skills or who like to paint.

Think of organizations like food pantries that need can goods and other non-perishables—plus they need onsite folks to fill bags and boxes for those who are in the drive-in lines.

Do you have a lot of books gathering dust on your shelves? Donate them to your local library, a school, woman’s shelter—especially in the self-help and how-to genres. Many local libraries have book sales once a year. Don’t forget to scout around in your own neighborhoods. Free Libraries have popped up on front yards—take a book … leave a book. Why not yours?

Watch for our next blog where I’ll  illustrate how to judge whether or not an organization is meeting its goals. So important to understand how much of donated funds actually land in a recipient’s hands.

Patricia Lane Williams, CPA has worked with thousands of men and women sounding the warnings. She is the author of the Amazon bestseller, Money: Get It. Save It. Grow It … Before Debt Steals It. It’s her first book in the Four Corners Prosperity series. Her website is www.PatWilliamsAuthor.com.

Got Kids? Do They Have the Gimmes?

 Got Kids? Do They Have the Gimmes?

The media, through advertising, blitzes kids with every kind of conceivable toy and doo-dad.

How Much Cash Do You Need?

How Much Cash Do You Need?

 


 

In my blogs I’ve talked about charge accounts, checking accounts and savings accounts but one of the things I haven’t talked about is actual cash. Cash is good and it’s wise to know just home much you should have quickly accessible to you.

 

The answer to the question, ‘’How much cash should I keep on hand? ‘’ is  ‘It depends on such things as personal circumstances, income, and goals.’ 

 

One recommendation is to have an emergency fund covering three to six months of living expenses. Some sources suggest retirees having enough cash to cover one to two years of living expense. 

General Guidelines …

  • Emergency Fund: A good starting point is to save at least $1,000 for emergencies and then work toward a fund that can cover three to six months of expenses. 

  • Long-Term Financial Goals: For individuals saving for retirement, it's recommended to have a cash reserve of one to two years of living expenses. 

  • Individual Circumstances: Single-income families may need to save more, as a job loss could significantly impact household income. 

  • Age and Income …

By age 30, it's recommended to have saved the equivalent of your annual salary. 


By age 40, aim for three times your income.


By age 50, 6 times your income.

Things to Consider …

  • Income Stability: If you have a stable income stream, you may need less cash on hand. 

  • Dependents: The more dependents you have, the more cash you'll likely need for an emergency fund. 

  • Debt: If you have high-interest debt, it's crucial to prioritize paying it off, which may require a larger cash reserve. 

  • Investment Goals: Consider how much cash you need to cover expenses while your investments grow.
     

Cold Hard Cash …

Another question to consider is how much actual cold hard cash should you have in your wallet or purse?

 

Again, it depends. It depends on what you are carrying cash for. If you ordered something and it is coming COD, then you will need to have more cash to pay for that package. If you just want to have cash for emergencies probably $100 or $200 would be enough.

An emergency stash is another spot to have several hundred dollars, up to $1,000. If there is a shut down—and electronics and technology are out of whack … it happens … you need moneys available for groceries, gas, you name it. Keep it in tens and twenties—bills that can be easily cashed. Where do you keep it? Good question … it’s your private stash. Where will you remember it … and where will others in your home most likely not think of it as a hiding place for money?

 
No matter what your age is … you want to start building a cash fund along with your other financial goals.

 

MONEY $$$ MONEY $$$ MONEY

You need money. At times, lots of it. And others, just the bare funds to cover the necessities of food, utilities, rent, or a mortgage payment.

You need money to pay for the essentials of living. What are they for you?

To get money, the great majority of people do it by working. If you are self-employed or own a business, it comes from what is “left over” after you pay your expenses for your work. If you work for someone, you get a paycheck.

No matter how you get money, you need a portal to keep it in: a bank, a credit union, savings account—something that has insurance behind each account. Commercial banks are covered by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per account. A credit union account is covered by the National Credit Union Share Insurance Fund (NCUSIF) with $250,000 for each account.

Banks and credit unions have a number of services, including:

•  Checking accounts

•  Saving accounts

•  Certificate of Deposit accounts

•  Credit and Debit cards

•  Auto loans

•  A way to deposit money and pay bills by check or online

•  Auto loans, personal loans, home loans, mortgage refinance, and HELOCs

•  Loans for business, school, and other consumer needs

•  Online bill payment

•  CDs, money orders, and safe deposit boxes

•  Financial coaching

•  Investment services

•  Insurance

•  ATMs

There is a difference between banks and credit unions. Many large banks have a nationwide system where most credit unions are within the region.

Credit unions are financial institutions owned by their members. They are designed to make money; rather to help the community they reside in. Credit unions often offer competitive or higher interest rates on checking and savings accounts.

Banks are profit centers. Some are private and more community oriented; others are publicly owned via stock. Many pay dividends to the shareholders, usually based on the profitability of the bank’s holding company. They can be a challenge to getting to a decision maker.

In making a decision to where you place your money—convenience, location, hours, and services offered should be on your decision list. And of course, what your personal needs are. It’s always a good idea to ask those you trust who they would recommend.

  

Patricia Lane Williams, CPA has worked with thousands of men and women sounding the warnings. She is the author of the Amazon bestseller, Money: Get It. Save It. Grow It … Before Debt Steals It.
Her website is www.PatWilliamsAuthor.com.

 

MONEY $$$ MONEY $$$ MONEY

You need money. At times, lots of it. And others, just the bare funds to cover the necessities of food, utilities, rent, or a mortgage payment.

You need money to pay for the essentials of living. What are they for you?

To get money, the great majority of people do it by working. If you are self-employed or own a business, it comes from what is “left over” after you pay your expenses for your work. If you work for someone, you get a paycheck.

No matter how you get money, you need a portal to keep it in: a bank, a credit union, savings account—something that has insurance behind each account. Commercial banks are covered by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per account. A credit union account is covered by the National Credit Union Share Insurance Fund (NCUSIF) with $250,000 for each account.

Banks and credit unions have a number of services, including:

•  Checking accounts

•  Saving accounts

•  Certificate of Deposit accounts

•  Credit and Debit cards

•  Auto loans

•  A way to deposit money and pay bills by check or online

•  Auto loans, personal loans, home loans, mortgage refinance, and HELOCs

•  Loans for business, school, and other consumer needs

•  Online bill payment

•  CDs, money orders, and safe deposit boxes

•  Financial coaching

•  Investment services

•  Insurance

•  ATMs

There is a difference between banks and credit unions. Many large banks have a nationwide system where most credit unions are within the region.

Credit unions are financial institutions owned by their members. They are designed to make money; rather to help the community they reside in. Credit unions often offer competitive or higher interest rates on checking and savings accounts.

Banks are profit centers. Some are private and more community oriented; others are publicly owned via stock. Many pay dividends to the shareholders, usually based on the profitability of the bank’s holding company. They can be a challenge to getting to a decision maker.

In making a decision to where you place your money—convenience, location, hours, and services offered should be on your decision list. And of course, what your personal needs are. It’s always a good idea to ask those you trust who they would recommend.

  

Patricia Lane Williams, CPA has worked with thousands of men and women sounding the warnings. She is the author of the Amazon bestseller, Money: Get It. Save It. Grow It … Before Debt Steals It.
Her website is www.PatWilliamsAuthor.com.

 

Got Kids? Do They Have the Gimmes?

 Got Kids? Do They Have the Gimmes?

The media, through advertising, blitzes kids with every kind of conceivable toy and doo-dad.

Needs, Wants, and Desires

Needs, Wants, and Desires

You need three things; food, shelter, and clothing. Wants and desires are simply degrees of those three things.

Advertising: The Good, the Bad, and the Ugly

Advertising: The Good, the Bad, and the Ugly

A big hunk of a product’s costs are in marketing with the other big hunk in advertising.