financial iq Archives | No Geraniums

Disadvantages of Having a Credit Card and other Debts

February 9, 2021 by Hannie Mommers

My father received his pay in a semi-transparent pay pouch. Banks were for the “people in high places” and my parents saved by bringing money to the post office, where the dimes and quarters were written by hand in a booklet.

Fortunately, a lot has changed since then. Almost everyone has a bank account, even more than one. Taking care of money matters has become very easy. However, the downside is that it is also easy to go into debt.

This article is about the disadvantages of having a credit card and other debts. After all, most homeowners have a mortgage. A car is easily leased or paid for with consumer credit. A credit card makes buying on installment obvious.

Money Management in Retirement, an Unusual Approach

January 7, 2022February 5, 2021 by Hannie Mommers

Is money management in any way related to your life? Or do you consider it something from the past, when you were younger and had a family to keep? I’ll explain why I consider money management to be of all ages. And why money management in retirement is important.

How old are you when you have come to the end of your life? Some people freak out by this question. Others respond that they have never thought about it. Only a few mention a number.

We all have a notion of what we want from life, haven’t we? We want to grow old and we want to be healthy. And as soon as you put a number on it, you can calculate whether you have enough money to get there.

What is a Passive Income Stream? Have you ever heard of it?

January 7, 2022February 2, 2021 by Hannie Mommers

Some 8 years ago I was attending a business seminar and suddenly I pricked up my ears. What? What was he saying? The topic was Income and a passive income stream was mentioned as one of the possibilities.

Until then, I had never heard of the phrase and for a while, I kept wondering “What is a passive income stream?”

It was a solid business seminar and the question was answered thoroughly that day. Ever since I was intrigued and have tried several possibilities. I love learning new stuff and this was new to me. Although… not completely new, because unaware of the terminology I had been making a couple of passive income streams. 🙂

How to Build an Emergency Fund? Do you Need it as a Pensioner?

January 29, 2021 by Hannie Mommers

How to build an emergency fund and whether you need it as a pensioner is in the end your decision. In this article, you’ll discover what an emergency fund is and how to work out how much you’ll need.

A pension, which is deposited into your bank account every 25th day of the month, provides peace and security. However, it can also make you sloppy in handling your money.

Especially in the ex-pat community here in Spain we regularly meet people who have called it a day. Worked hard all their lives and now no longer feel like worrying about anything anymore.

This often has a negative effect on their attitude towards their weight and health, but certainly also brings a kind of indifference about their finances.

Is Financial Freedom for Seniors an Illusion or a Possibility?

January 15, 2021 by Hannie Mommers

Most websites you bump into when you browse for financial freedom for seniors are from either financial institutions or care organizations. This article focuses on the fundamental you will have to build, if you want to work towards financial freedom.

Financial freedom is defined as having enough income to pay for living expenses for the rest of your life without being employed or dependent on others.

You will achieve that when you retire or receive a large inheritance. But also if you find a way to get paid for your work more than once.

Writers and musicians receive royalties on their book or piece of music. Computer programs and apps are sold. Examples of creating something once and getting paid as often as something is sold.

A Lottery to make Money? How to become Financially Healthy

January 7, 2022January 5, 2021 by Hannie Mommers

This should better not be your strategy to make money: hoping you will win the lottery. You might succeed, but chances are way higher you won’t. My son used to say: “Hope is postponed fear”.

Don’t think I was above it. I too participated in some lotteries in the past. The trickiest one was a lottery in the Netherlands based on your zip code. Can you imagine what that meant? In my memory it was even communicated in their ads, but I have to admit I am not sure of that.

“Think what will happen if your neighbors win the lottery to make money, and you are left out, because you have no ticket!”