“Welcome to the PlanEasy blog! We make personal finance easy.

Thanks for visiting.”

 

– Owen

How Fast Will Your Income Increase In Your 20’s and 30’s?

How Fast Will Your Income Increase In Your 20’s and 30’s?

When it comes to personal finance, one of the most important things is how your income compares with your expenses. Are you living within your means? Or are you living beyond your means? Are you spending less than you earn? Or are you going deeper and deeper into debt?

Living below your means is one of those ‘keystone’ financial habits.

Living below your means lets you save a bit of money each month. It gives you flexibility during emergencies. It provides you with some financial ‘room to breathe’.

Living below your means is important because a healthy saving rate is the only way to reach your financial goals. No amount of ‘financial engineering’ is going to help you unless you can save a small portion of your income each month.

That being said, saving a lot of money while your young can be tough.

Saving money while your young can pay off big time. If you can save money while you’re young, you basically let compounding do most of the work for you.

Unfortunately, when you’re young there are also a lot of demands on your income, and these compete with your ability to save.

Thankfully, as your income grows your capacity to save increases… that is… as long as you can avoid lifestyle inflation. A good rule of thumb is to put half of any salary increase towards your financial goals, and the other half can go towards increasing your lifestyle.

By estimating your future income you can plan to save more in the future and put less strain in your current budget. But what is the right amount to assume for income increases in the future? The answer really depends on your current age.

read more
How To Ask Your Boss For A Raise… And Get IT!

How To Ask Your Boss For A Raise… And Get IT!

Asking for a raise is tough, but asking for a raise can significantly boost your income. Over 50% of the people who ask for a raise receive one, and almost 10% received a raise HIGHER than the one they asked for or expected.

With odds like that can you afford not to ask?!?

While 50% can seem like good odds…. you can do even better. To improve your odds it’s important to negotiate a raise ‘the right way’.

Asking for a raise in the right way requires a little bit of prep-work. This prep-work should take place throughout the year. Doing it all at once and then asking for a raise won’t be much help.

You also need to know when raises typically occur. It’s possible to get a raise outside these review periods but its waaaaay easier to work within them. Typically, there is a review period once or maybe a few times per year.

There are also some things you should absolutly NOT do when asking for a raise. Doing any one of these things will sink your chances immediately.

read more
9 Different Passive Income Streams

9 Different Passive Income Streams

Money is amazing. Just the concept of money itself is incredible.

We all agree to take this worthless piece of paper and assign value to it. Most of us trade a considerable amount of our personal time for these pieces of paper. Then we trade some, or all, of those pieces of paper for stuff and things. Money is just a concept but it’s one we all agree to believe in.

One thing I find amazing about money, is that money can make more money. You put those little guys/girls to work and they start to multiply.

You can put your money to work in different ways. Some ways require you to be an active participate, like starting a business. This is active income. You need to spend money, and time, to make money.

But you can also put your money to work in other ways, ways that are more passive, ways that require little to no work from you.

read more
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Owen Winkelmolen

Financial planner, personal finance geek and founder of PlanEasy.

“Welcome to the PlanEasy blog! We make personal finance easy.

Thanks for visiting.”

 

– Owen

Join our online community!

Community members get (free!) access to our budgeting spreadsheet.

C

How Fast Will Your Income Increase In Your 20’s and 30’s?

How Fast Will Your Income Increase In Your 20’s and 30’s?

When it comes to personal finance, one of the most important things is how your income compares with your expenses. Are you living within your means? Or are you living beyond your means? Are you spending less than you earn? Or are you going deeper and deeper into debt?

Living below your means is one of those ‘keystone’ financial habits.

Living below your means lets you save a bit of money each month. It gives you flexibility during emergencies. It provides you with some financial ‘room to breathe’.

Living below your means is important because a healthy saving rate is the only way to reach your financial goals. No amount of ‘financial engineering’ is going to help you unless you can save a small portion of your income each month.

That being said, saving a lot of money while your young can be tough.

Saving money while your young can pay off big time. If you can save money while you’re young, you basically let compounding do most of the work for you.

Unfortunately, when you’re young there are also a lot of demands on your income, and these compete with your ability to save.

Thankfully, as your income grows your capacity to save increases… that is… as long as you can avoid lifestyle inflation. A good rule of thumb is to put half of any salary increase towards your financial goals, and the other half can go towards increasing your lifestyle.

By estimating your future income you can plan to save more in the future and put less strain in your current budget. But what is the right amount to assume for income increases in the future? The answer really depends on your current age.

read more
How To Ask Your Boss For A Raise… And Get IT!

How To Ask Your Boss For A Raise… And Get IT!

Asking for a raise is tough, but asking for a raise can significantly boost your income. Over 50% of the people who ask for a raise receive one, and almost 10% received a raise HIGHER than the one they asked for or expected.

With odds like that can you afford not to ask?!?

While 50% can seem like good odds…. you can do even better. To improve your odds it’s important to negotiate a raise ‘the right way’.

Asking for a raise in the right way requires a little bit of prep-work. This prep-work should take place throughout the year. Doing it all at once and then asking for a raise won’t be much help.

You also need to know when raises typically occur. It’s possible to get a raise outside these review periods but its waaaaay easier to work within them. Typically, there is a review period once or maybe a few times per year.

There are also some things you should absolutly NOT do when asking for a raise. Doing any one of these things will sink your chances immediately.

read more
9 Different Passive Income Streams

9 Different Passive Income Streams

Money is amazing. Just the concept of money itself is incredible.

We all agree to take this worthless piece of paper and assign value to it. Most of us trade a considerable amount of our personal time for these pieces of paper. Then we trade some, or all, of those pieces of paper for stuff and things. Money is just a concept but it’s one we all agree to believe in.

One thing I find amazing about money, is that money can make more money. You put those little guys/girls to work and they start to multiply.

You can put your money to work in different ways. Some ways require you to be an active participate, like starting a business. This is active income. You need to spend money, and time, to make money.

But you can also put your money to work in other ways, ways that are more passive, ways that require little to no work from you.

read more
Page 1 of 1712345...

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