Latest news with #moneyexpert
Yahoo
26-05-2025
- Business
- Yahoo
How To Build Generational Wealth Without a Big Salary, According To Jaspreet Singh
Many people believe that buying a home is the best way to build generational wealth, especially if you have a limited income — but money expert Jaspreet Singh says that this isn't the case. Find Out: Read Next: 'When most people think of generational wealth, they're thinking, 'I own this home that's worth $600,000 with a $500,000 mortgage. I'm going to work to pay down my mortgage to 0, that way then I can pass down this house to my kids,'' Singh said in a recent YouTube video. 'But that's not what real generational wealth looks like.' Singh believes that real generational wealth provides income while you are living and then provides that income to future generations. Not only does a home not generate income, but it actually continues to cost money for whoever inherits it — even if you've paid off the mortgage. 'There's no mortgage payment, which is great, but you still have to pay property taxes, you still have to pay your property insurance, and you still have to pay for the upkeep,' Singh said. Even if your heirs sell the home, it isn't generating income. 'You could just sell the home and you can pocket this $1 million [and] put it into your bank account, but now the problem is this $1 million isn't paying you anything,' Singh said. 'It's just sitting there. And now if you live off of $100,000 a year, well, this money is going to be completely gone in 10 years.' Instead of buying a home, Singh said there are three other assets you should focus on buying to create true generational wealth. There are a few types of stock investments Singh recommends for building generational wealth, the first of which is domestic dividend-paying funds. These are typically low-risk investments that pay dividends just for being an investor. For those willing to take on more risk, Singh said to consider investing in a real estate investment trust (REIT). If you want to get 'even more sophisticated,' Singh said to look into international ETFs. 'There's higher risk, but also higher growth potential,' Singh said. The way to turn these investments into generational wealth is to invest consistently over time and to keep reinvesting your profits, Singh explained. 'The reason why so many people fail with this type of dividend investing is because they look at something that's paying out a 3 or 4% dividend yield and they say, 'Well, I'd have to invest millions of dollars to make a solid stream of income, so it doesn't really make sense for me to go out and invest in these dividends because I'm never going to actually have that type of money.' 'But that's not the way that you succeed with dividend investments,' Singh said. 'No. 1, you want to see asset appreciation, which is the growth in the value of your investments. No. 2, you want to see dividend appreciation, which means you want to be investing in a good company that's also increasing how much money they're paying you. And then you also want to be reinvesting the dividends that you get.' By consistently investing in these funds with every paycheck and reinvesting your profits, your wealth will grow over time. 'This is how you can win in this strategy, even if you don't make a ton of money, because now you're following what I call 'CPA' — you're being consistent, passive and you have an automatic investing strategy. … Even if you're starting with just $100 a month, you can still see those gains, but you have to stay consistent.' Learn More: Singh acknowledges that investing in real estate does take some upfront cash, so it might not be feasible for everyone. 'I do not recommend you get into real estate unless you have some actual cash to go out and invest,' he said. However, even if you don't have enough saved now, that's something you can work toward. 'The reality is, you get what you prioritize, and some people will prioritize investing in real estate and you're going to find a way to do it,' Singh said. Once you have enough cash saved up, Singh said to buy a rental property — not a home for you to live in. 'When I go out and invest in real estate, my goal is to get a 7% cash return on my money,' Singh said. 'That means for every $1,000 I invest, I want to see $70 of cash flow every year entering my bank account after expenses.' Singh said to focus on rental income rather than appreciation when choosing a property, because rental income is predictable while the change in the value of your property is not. 'The advantage of real estate investing is not just the cash flow — you also get the benefits of owning a hard asset,' he said. 'There's this real value that you can control.' In addition, owning property entitles you to valuable tax breaks. The third way to create generational wealth is to start a business. 'Now this one is the most difficult, the most risky, but also has the most potential upside,' Singh said. The way to build a successful business is to create a business that can run when you step away. 'If, hypothetically, your business makes $500,000 a year and after all expenses you have $250,000 of profit, well now you hypothetically could hire a new CEO [to replace you] at a $150,000 a year salary,' Singh said. 'That means the business is still making $100,000 in profits. This profit goes to the owner of the business, and if you are the owner of the business, well, now you can have a different CEO run the company, you can go move to the beach and still make this $100,000 a year.' Singh acknowledges that starting a business is not for everyone. 'It is hard building a business, but for some people, you will love it; for others, you're going to hate it,' he said. 'If you hate it, don't worry about this — focus on the stocks and real estate.' More From GOBankingRates 8 Common Mistakes Retirees Make With Their Social Security Checks Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck This article originally appeared on How To Build Generational Wealth Without a Big Salary, According To Jaspreet Singh Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mail
21-05-2025
- Business
- Daily Mail
Martin Lewis issues urgent warning to Brits to make change to their energy bills today to save money
Martin Lewis has warned Brits they should 'fix energy bills today' to save money as there 'could be some global economic changes' to come. The money-saving expert, 53, was speaking on his live money show on ITV on Tuesday evening when he received a question from the audience about the energy price cap. During the episode, Martin revealed that the current price cap is going to come down in July and we will be hearing the announcement on Friday. Despite prices coming down, the financial guru urged the audience to fix their energy bill rate instead of staying on a variable rate. Martin revealed energy prices went up by 10 percent in October, which equates to around £1,700 annually. It rose by a further one percent in January and another 6.4 percent in April, which equates to around £1,800 annually. However the price cap is apparently due to drop in July by six to eight percent, bringing prices back down to where they were in October last year. This means households will be charged £129 less for a typical annual bill from July, according to energy consultants Cornwall Insight. Despite energy prices coming down, Martin revealed the cheapest fixed rate is 18 percent below the current energy price. He warned that people across the UK should secure their energy rates now by switching to a more favourable deal and fixing their rate for the year. He said: 'You might want to sit on the variable but you can save 18 percent instantly by going to a comparison site, your usage and region will depend how much it is, so make sure you are finding the right one for you. 'If these predictions are right, fixing right now will save you massively compared to what is predicted to come, there could be some global economic change which would mean things could change massively.' He claimed that people tend to wait until prices comes down to fix but explained fixes are based on future predicted prices. He added: 'If you fix right now you will be saving 18 percent tody and you will very likely be undercutting whatever the price cap will be for the next year. Short answer, fix.' The price cap limits the cost per unit of energy and is revised every three months by the energy regulator Ofgem. Price falls are not a certainty, however, weather patterns, gas storage rules, the war in Ukraine, and tariffs could all change pricing. It comes after Martin warned Brits about the financial precautions to take before going abroad this summer. He was speaking on the summer special of his live money show on ITV, which was filmed at Aerospace Bristol. Martin revealed his top tricks for cutting the cost and hassle of summer getaways this year, including the 'things to do now to help when you go'. The financial guru revealed the best practices to adopt when it comes to paying for items abroad. When getting out physical cash before going away, Martin advised to go on a UK travel cash comparison website to find out which of the bureaus will give you the best rate. However, he urged viewers to never get cash out at the airport - as this is where you'll get the worst deal. 'Never get it at the airport,' Martin emphasised. And as for getting cash out while actually on holiday, he said only to visit an overseas bureau de change if you know there's a good rate. Martin also addressed the age old debate of whether to pay in pounds or the local currency when paying via card machine while on holiday. After asking the audience for a show of hands, he confirmed that you should always select the local currency option as you 'get hideous rates abroad'. He said: 'If you pay, and you pay in pounds, it's the card machine or the ATM that's doing the conversion and their rates are pants!' Even though card machines will try to get you to pay in pounds, Martin said: 'The reason they're trying to force you and be so aggressive is because it makes them more money, it doesn't save you money.' As well as financial considerations, Martin emphasised the importance of checking your passport is in date before travelling. He also said 1.8 million EHIC cards are due to expire this year and those looking for a new one will now need a GHIC. These cards will give the holder access to health services abroad at the same price as a local. However, he said that these should be used in addition to travel insurance, and not as a replacement. GHIC cards can be obtained for free - though fraudulent websites will often try to flog 'fast-track' deals. Martin said: 'You can renew for free. You must never pay for your EHIC or GHIC card.' Often, finding the best deals for for holidays, especially as a family, will take a bit of effort. The MoneySavingExpert founder said cancelling (if free or cheap) and then rebooking may sometimes mean you can end up with a better-value deal. In addition, knowing your flight compensation rights before you go may help you win back hundreds of pounds if a payout is needed. Delays and cancellations that are the fault of the airline could see you getting money back into your pocket.
Daily Mail
20-05-2025
- Business
- Daily Mail
Martin Lewis reveals his top tricks for Brits travelling abroad this summer - including where NEVER to get your cash out
has warned Brits about the financial precautions to take before going abroad this summer. The money-saving expert, 53, was speaking on the summer special of his live money show on ITV this evening, which was filmed at Aerospace Bristol. During the episode, Martin revealed his top tricks for cutting the cost and hassle of summer getaways this year, including the 'things to do now to help when you go'. After receiving a question from the audience, the financial guru revealed the best practices to adopt when it comes to paying for items abroad. When getting out physical cash before going away, Martin advised to go on a UK travel cash comparison website to find out which of the bureaus will give you the best rate. However, he urged viewers to never get cash out at the airport - as this is where you'll get the worst deal. 'Never get it at the airport,' Martin emphasised. And as for getting cash out while actually on holiday, he said only to visit an overseas bureau de change if you know there's a good rate. Martin also addressed the age old debate of whether to pay in pounds or the local currency when paying via card machine while on holiday. After asking the audience for a show of hands, he confirmed that you should always select the local currency option as you 'get hideous rates abroad'. He said: 'If you pay, and you pay in pounds, it's the card machine or the ATM that's doing the conversion and their rates are pants!' Even though card machines will try to get you to pay in pounds, Martin said: 'The reason they're trying to force you and be so aggressive is because it makes them more money, it doesn't save you money.' As well as financial considerations, Martin emphasised the importance of checking your passport is in date before travelling. He also said 1.8 million EHIC cards are due to expire this year and those looking for a new one will now need a GHIC. These cards will give the holder access to health services abroad at the same price as a local. However, he said that these should be used in addition to travel insurance, and not as a replacement. GHIC cards can be obtained for free - though fraudulent websites will often try to flog 'fast-track' deals. Martin said: 'You can renew for free. You must never pay for your EHIC or GHIC card.' Often, finding the best deals for for holidays, especially as a family, will take a bit of effort. The MoneySavingExpert founder said cancelling (if free or cheap) and then rebooking may sometimes mean you can end up with a better-value deal. In addition, knowing your flight compensation rights before you go may help you win back hundreds of pounds if a payout is needed. Delays and cancellations that are the fault of the airline could see you getting money back into your pocket. Last week, Martin shared a little known tip that could protect tourists' health this summer - and in years to come. Speaking on his Martin Lewis Podcast, the financial whizz asked how many of us know if the sunscreen bottles we have in the back of our cupboards are still in date. POAs often appear as a tiny jar with a figure indicating the months the product will last Sun cream products applied to the skin are designed to protect us from the sun's harmful ultraviolet (UV) rays, both UVA and UVB - but they have a shelf life. With a bottle in hand, the broadcaster told his audience there's a very easy way of working out whether you should pack the sun protection you have in your case, or throw it in the bin. During the podcast, he said: 'Just a quick tip on sunscreen. When you get your sunscreen, turn the bottle around because on the back you'll see a POA number.' POA stands for 'period after opening' and is usually 12 or 24 months, he explained. It's also often found on makeup products too, and usually appears as 9M, 12M, 18M or 24M. Lewis said that a simple label could help prevent sunburn, or worse, a future skin cancer diagnosis. He said: '[When you open the bottle] Put a little note of the date, write that onto the sunscreen and you'll know if you try to use it in a year's time whether it's still valid or not.'
News.com.au
16-05-2025
- Business
- News.com.au
Nine quick ways to make an extra $20,000 per year
Many of us know how to tighten our belts. The problem with that? There's only so far those belts will tighten. But what if, once you've finished looking at ways to reduce your expenses, you also considered ways to find more cash? As a money expert, I can help with that. Here are nine things you can do that take 15 minutes or less to either set up or do that will find you more cash. 1. Use a cashback app Apps like Shop back or Cashrewards here you receive cash back simply for shopping online or in store. I use both of these apps and play them off like needy lovers against one another. Now, the trick here, is not to subscribe to their emails and be tempted to shop when a large cashback is available. Instead, I add them to my browser and an alert pops up when I'm already shopping. Will that mean that they understand my browsing habits? Yes. Do I give a s**t? No, because it means that I'm more likely to do it. And so far I have saved, with thousands of dollars in my Shop Back or Cash Rewards accounts. So why on earth? Like, why wouldn't I do that? Let's be honest, we're all giving away data. We're all giving away our sharing history. I figure at least this way, we're getting paid for it. So this is the simplest tack. It will take 15 minutes maximum if you are a technology laggard to set it up. Once it's set up, it will take you less than one second to click on it while you are already shopping online. Make upwards of $1000. 2. Rent out your stuff Most of us think about selling things when we're thinking about finding more cash. But what if you don't want to part with your stuff or maybe you have things you don't realise you could rent out instead? There are so many sites available and honest, what you can rent is only limited by your imagination. Examples of things you can rent out include your caravan, motor home, driveway, swimming pool, spare room, power tools, clothes, panels on your car and so much more. Make upwards of $1500. 3. Complete surveys online Completing surveys online might not bring in the same amount of cash, but every little bit can help. And where I love surveys, if you are sitting at the doctor's office or if your kids have got sport and you are sitting in the car, you could be sitting there doing surveys rather than doom scrolling and actually make 20, 30, 40, 50 bucks while you're sitting there. A better use of your time than sitting there doom-scrolling on Insta. So the sites that you can go to do surveys include Octopus, Stable Research, Chat For Cash, Farin, Askable, Purple Patch, Realtime Research, and so much more. Make up to $50 each time you do it. 4. Email your mortgage broker and ask for a better rate This is the biggest bang for your buck on this list. Yes, we appreciate that some of the two and froing might be a little bit longer than 15 minutes, but to actually get the ball rolling it will take you five minutes and has the potential to save you thousands of dollars every year. Saving upwards of $3500 every year. 5. Use technology to save money on food If you want to see where a lot of waste happens in your household, go back and add up your good bills for six months. Not to mention that according to data, the average Australian household throws out food waste that equals about $50 a week. Ways to save that include Supercook where you can put in what you have in your pantry and it will tell you ways to use it. When it comes to grocery shopping, Frugl, Wiselist and Half Price will all help youfind the cheapest deals rather than paying a loyalty tax. Save upwards of $2600 per year. 6. Pet sit or pet walk The 15 minutes is going to be the sign up process because if you're already walking of a morning or an evening, you may as well be paid for that by walking someone's pet. Or, if you're at home working, you could be paid to have someone's pet stay with you. I have a friend who has young kids and don't want the commitment or expense of a pet and this is a beautiful way to introduce one to the household and the money pays for the daughter's ballet lessons. Make up to $15,000 per year. 7. Ask for a payrise This is such a simple tip, but also it's also one that is not necessarily easy to do. Now, what you don't want to do, is say to your boss that your rent is going up so you want a pay rise. Or you've been there for twelve months and you want a pay rise. That's a you problem not a them problem. Instead, the most successful way to ask for a payrise is to put a case study together for why you deserve a pay rise. What do you contribute to the business? How have you gone over and above the job that you're in? What are others in similar roles being paid? What is the benchmark for your role? Pocket upwards of an extra $2000 per year. 8. Look for cash This one seems really random, but look for cash. Whether that's physical cash under your car seats at the bottom of your bag or cash that you don't realise that you are owed. That might mean heading to the Tax Office website or there are different websites where you can find forgotten shares, forgotten bank accounts, forgotten super. This is money that is yours that you didn't realise. It's just about recovering it. Find from $10 to thousands of dollars. 9. Negotiate your bills Cause I think there's one thing where so many of us, for the ease and convenience of it, we'll just have things on direct debit. And you don't necessarily pay attention cause you go, oh yeah, it's taken care of. You go, I've got the bill. Don't worry about it. It's automatically going to get paid, but making sure that you are negotiating your bills and your utilities and all those things because it is going to be saving you money. Basically generating your money if you've got more money sitting left in your bank account that hasn't gone to bills and it's going to be earning your interest as well. Save $100's of dollars each year. One final tip – open a separate bank account and put that 'found' money in it. Don't let that work just go in lifestyle creep or spending. Open a bank account and be intentional about what you're going to put that extra money towards. Maybe that's a buffer account, a credit card debt, savings or investing.
