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This will help to eliminate any mistakes and offer you a birds eye view of everything at once.2. You Want to Automate Some or all Your Payments Please dont say that youre still writing out paper checks and dropping each invoice in the mailbox. While its noble that youre doing your part to keep postal workers engaged, were 18 years into the 21st century and you can literally pay every invoice online now.Theres no need to log into every account you have and type in your routing number either.With personal finance applications you can schedule automatic payments and transfers between all of your chosen accounts.
Late fees are annoying and do nothing but cost you money. Its time that you said goodbye to them once and for many.3. You Need to Streamline Your Budget Perhaps the best feature of personal finance applications is the fact that it allows you track everything going in and outside of your digital wallet.Nearly every brand of personal finance software out there has easy-to-read graphs and charts that allow you monitor every cent you spend or earn, should you choose.
You've Got Specific Goals to Meet Maybe its paying off debt or saving for up something such as a European vacation. No matter your financial goal is, whether long-term or short-term, personal finance software applications are one of the savviest ways to go about reaching those goals.You can perform everything from set spending alarms to notify you when youre over funding to automating what percentage of your pay check goes to things such as retirement investments.
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Many of these programs are totally free to download and will allow you to pay bills, invest, monitor your net worth and credit , and even get a loan using the swipe of a finger.Other programs may only give you limited services and will call for a one-time fee or subscription to unlock all that they offer.
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Explore many different applications and read reviews to find the one thats right for you.In this day and age, managing ones personal finances in a secure manner that permits the user to have a real time visual representation of the money is easier than ever before. With the numerous applications which are available both free and subscription-based theres no reason that every person cant take control of their money and ensure theyre making smart money moves.Featured photo credit: rawpixel via unsplash.com.
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Often considered the gem of financial freedom, passive income is income generated by resources you invested money or effort into in the past that need little to no effort to maintain today.
There are tons of articles out there confusing passive income with residual income. But in the financial world, residual income has an entirely different meaning. Also known as disposable income, residual income isnt actually a type of income, its a calculation that accountants perform to determine what your income is after paying all expenses and debts.
If youre reading this article, then youre probably curious about passive incomeand how to earn it. There are numerous ways to earn passive income, including from:
Stock returns: Dividends you receive paid from any shares you own, which earn you money long after their purchase.
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Investment properties: Rent you get from a property propertyresidential or commercial. Yes, the house needs to be maintained, however, the check it out earnings still stream in every month.
Book sales: Royalties an author receives writing a book. Generally, they get paid a percentage of their retail or net price of each publication soldin perpetuity.
In all of these circumstances, your one-time investment consistently offers you an income while you sit back and collect on it. What could be better than that!