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3 Essential Tips For Survival During The Recession

Whether you are struggling to make ends meet or just trying to save a bit of extra cash, these tips are useful. Find ways to cut back and get help on making the tough decisions. Get your recession advice here!

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Whether you are struggling to make ends meet or just trying to save a bit of extra cash, these tips are useful. Find ways to cut back and get help on making the tough decisions. Get your recession advice here!

MoneyTalks News recommends…

Downsizing: different strokes for different folks

If you’re single and currently renting an apartment, downsize to renting a room, getting a roommate, or even a studio. This may also work if you’re a couple with no children.

If you have young children, you may want to have the children share a room in a two-bedroom apartment or have them share a space in a one-bedroom apartment.

And, before you write and tell me that your kids need space to run and play, don’t. We’re discussing the need to stay above the recession tide and your kids having a space to run and play in the house isn’t a priority at this stage in the game. This especially applies if you have very young children. They do not need their own bedroom. This isn’t about keeping up appearances to your children or family. This is about saving money and being able to literally keep food on the table. Of course, this is often a very uncomfortable reality for many but the sooner you embrace it the sooner you will move past it and understand that this is only temporary.

What should I cut from my budget?

This will largely depend on your streams of income. How much, how often, etc…

  • Eating out: You should under no circumstances be eating out if you’ve lost your job and have no income. Eating is a necessity. Eating out is a luxury. When preparing meals at home, try Aldi as a great alternative to high-priced supermarket brands. Food budget basics include:
  • Water
  • Lemons/limes (for flavored water or lemonade)
  • Rice
  • Canned food: soups, beans, peas, veggies
  • Pasta: ramen noodles, regular pasta
  • Bread
  • Chicken
  • Ground turkey (very versatile)
  • No red meat, too expensive
  • Hair salon: Do I really need to explain this? Get a hair dryer and your favorite shampoo/conditioner and make it work! YouTube gurus offer up a lot of advice around how to style your hair sans salon visit.
  • Cell phone: This is tricky. My advice here is if you have a laptop and regular access to WiFi (local library, Panera Bread, McDonald’s) then you don’t need a cell phone. With the advent of Google Voice and Skype, you can easily make phone calls to prospective employers using one of those services. If you have to have a cell phone then Safe Link may be an option as this is available to those who are already on food stamps or Medicaid.
  • Car: Give this up if you live in a fairly “metro-friendly” area. If you have access to buses and subways then this is a no-brainer. Expenses like gas, insurance, repairs, and/or a car loan are things you don’t absolutely need right now. If you can, sell it and relieve yourself of the monthly expense. Opt for a bike share or using a service like ZipCar when necessary.
  • Health care: If you need to go to the doctor and can’t afford health insurance, a federally funded health center is a great option. This is often missed when discussing alternatives to health insurance. These clinics allow you to pay what you can afford, based on your income. Health centers provide:
    1. Checkups when you’re well
    2. Treatment when you’re sick
    3. Complete care when you’re pregnant
    4. Immunizations and checkups for your children
    5. Dental care and prescription drugs for your family
    6. Mental health and substance abuse care if you need it

Should I pay creditors?

If you can afford to do so, yes, pay the minimums to save your credit. Call your creditors and explain your situation and they may be able to work out a plan with you. If you can get on a program that makes your payments if you lose your job, do it. But ask your creditor if this is available before you tell them you can’t pay. Get on that plan, usually a little more than $1 per month, which they add to your balance.

Of course, if you have to choose between eating/shelter and paying a bank, the choice is obvious. The bank will be fine until you get back on your feet.

Get more information at MoneyTalks News!

— Wealth Building Daily

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Trump Says He Will Make A “Major Statement” When He Returns To The US

After a 12-day tour through five Asian countries where he discussed the threat posed by North Korea and how America might shrink its massive trade deficits, President Donald Trump is heading back to the US Tuesday. And in true Trump fashion, the president hinted that he would be making a “major announcement” upon his return to the states – but offered no clues about what the topic of said “announcement” might be.

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After a 12-day tour through five Asian countries where he discussed the threat posed by North Korea and how America might shrink its massive trade deficits, President Donald Trump is heading back to the US Tuesday. And in true Trump fashion, the president hinted that he would be making a “major announcement” upon his return to the states – but offered no clues about what the topic of said “announcement” might be.

Here’s the tweet, sent around 1 a.m. Eastern Time:

Of course, there’s a lot happening in Washington right now, and Trump’s hinted-at announcement could be in reference to one of any number of issues. Will he deliver an update on the administration’s position regarding tax reform as two bills that differ in dramatic fashion wend through Congress? Perhaps some type of security announcement? Or the revelation that the US has finally entered into talks with North Korea after Trump adopted a notably softer tone toward his favorite Asian antagonist over the weekend?

There’s also the possibility that he could deliver an official statement about Alabama Senate candidate Roy Moore, who Trump previously said should “do the right thing” and step aside if allegations about him having inappropriate sexual contact with a 14-year-old girl turn out to be true?

Shortly before his teaser tweet about the upcoming announcement, the president hinted that he had made some major breakthroughs on behalf of the US’s trading relationship in the region, claiming that the US’s regional partners now understand that trade deficits “most come down”?

The president also took the time to thank the staff of the US embassy in the Phillipines for doing such “GREAT WORK” during his visit. Strangely, similar praise for other US embassies in the region was not forthcoming.

He also took a swing at polls that reflect a presidential approval rating below 40%, pointing to a Rassmussen poll that puts his approval rating at a reasonable 46%…

With the House gearing up to pass its version of the tax reform program on either Thursday or Friday, it’s possible Trump could be taking to the bully pulpit to try and whip up votes among intransigent blue-state Republicans. Or the announcement could be on any one of a number of topics. North Korea, trade, tax reform, the upcoming Alabama special election – all are priorities for the White House and the Republican Party right now.

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The Price Swings In Bitcoin Are Making Me Sick To My Stomach

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Well, that de-escalated quickly…

All the hopes and dreams of Bitcoin Cash officianados have been dashed in the last 24 hours. After its mega spike from $600 to over $2400, the forked cryptocurrency has crashed back to around $1000 overnight as traders switch back to the mainstream Bitcoin branch, sending it surging back above $6600 – erasing all the weekend’s “the end is nigh” losses…

As CoinTelegraph reports, cross-exchange data for Bitcoin Cash, which describes itself as “the best money in the world,” shows a swift turnaround in the altcoin’s fortunes through the weekend.

The result of a giant publicity effort from its proponents, BCH saw mass investment as it heads towards a potentially contentious hard fork set for just after 7 p.m. GMT today.

The failure of SegWit2x, coupled with endorsement from the soon-to-be-defunct Bitcoin Classic team meant BCH became the major ‘competitor’ to Bitcoin overnight.

Its rapid rise has ignited the community, with widespread condemnation of lead supporters Roger Ver and Jihan Wu coming in tandem with public praise from Ethereum creator Vitalik Buterin.

As BCH approached its highest-ever point Nov. 11, Buterin delivered his “congratulations” to Ver on Twitter, adding it was a “key reason why he is now so confident in crypto.”

Criticism meanwhile has focused on the ‘corporatized’ nature of BCH in contrast to Bitcoin’s decentralization, while figures involved insist the altcoin is an improvement on Bitcoin.

The project even has a CEO in the form of Finnish Pirate Party founder Rick Falkvinge, who released a statement aimed at harmonizing its structure.

“…As Chief Executive Officer of this disorganization with made-up titles, where every document is as official as people pretend it to be, I further emphasize that we cannot resolve social disputes by voting, for two reasons: first, there is no boundary on the electorate that determines who gets to vote, which creates winning by trickery rather than by argument, and second, we don’t want to vote anyway.”

But that is all over for now…

As Bitcoin soars back above $6600…

Leaving Bitcoin Cash about half the market cap of Ethereum once again…

So what happens next?

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7 Quotes That Sum Up Buffett’s Entire Strategy

Unlike other highly successful value investors, Buffett spends a large amount of time doing interviews. There have also been thousands of articles written about him and possibly hundreds of books.

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Warren Buffett is the world’s greatest and most prominent value investor.  Unlike other highly successful value investors, Buffett spends a large amount of time doing interviews. There have also been thousands of articles written about him and possibly hundreds of books.

Not only is Buffett the world’s most successful investor, he is also the investing world’s biggest celebrity. In some ways, this success has been a doubled-edged sword.

Since Buffett is a larger-than-life celebrity, his interviews stray away from the topic of investing. At the same time, he has produced so many sound bites on the topic of investing, many have lost their true meaning. For instance, almost all investors know Buffett’s first two rules — “Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.” More often than not, however, I have seen this interpreted as “If I don’t sell, I don’t lose money” — clearly not the right viewpoint at all.

So considering all of the above, in this article I have tried to pull together seven quotes I believe best describe Buffett’s investment process and give essential insight into how the average investor should look for value and high-quality investments. These are not one-liners, they are specifically picked to give as much detail as possible.

How to pick the best businesses:

“I like businesses I can understand. We’ll start with that. That narrows it down about 90%. There are all kinds of things I don’t understand, but fortunately, there’s enough I do understand. You got this big, wide world out there. Almost every company is publicly owned. You got all American business, practically, available to you. Now, to start with, it doesn’t make sense to go with things you think you can[‘t] understand. But you can understand some things. I can understand this (picks up can of Coca-Cola (NYSE:KO)). I mean you can understand this. Anybody can understand this. I mean this is a product that basically hasn’t been changed much since 1886, and it’s a simple business. It’s not an easy business. I don’t want a business that’s easy for competitors. I want a business with a moat around it with a very valuable castle in the middle. And then I want the duke who’s in charge of that castle to be honest and hard-working and able. And then I want a big moat around the castle, and that moat can be various things.

The moat in a business like our auto insurance business at GEICO is low cost. I mean people have to buy auto insurance so everybody’s going to have one auto insurance policy per car, basically, or per driver. And I can’t sell them 20, but they have to buy one. What are they going to buy it on? They’re going to buy it based on service and cost. Most people will assume the service is fairly identical among companies, or close enough, so they’re going to do it on cost, so I gotta be the low-cost producer. That’s my moat. To the extent my costs get further lower than the other guy, I’ve thrown a couple of sharks into the moat.”

 



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