money management Archives

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. 🙂

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.

Poor Mindset vs Rich Mindset – How to Grow the Right Money Mindset

January 23, 2021January 12, 2021 by Hannie Mommers

As you are aging you will have thoughts about your finances. Hopefully these are only positive thoughts, because there is a relationship between a negative attitude and being poor. Yet, positive or negative, it’s good to have a grip on your finances.

This article has 2 perspectives. On the one hand to be actually poor or rich, in terms of money. And on the other hand to be rich or poor in your view of wealth. In other words poor mindset vs rich mindset.

We all have a different view on what wealth is. For some people it means having a lot of money, for others being content and happy is more important.