Adam Ginsberg’s Guide to Paying off Debt

Finding ourselves in a downward spiraling debt trap is usually an indication that we have allowed things to get out of control. And, emerging from this hole and back to normalcy is usually a long, tough and arduous journey.

There are obvious tell-tale signs, some described here by Claes Bell, that have “falling into debt trap” written all over them, and if you can see them, you can save yourself a lot of pain by fixing your over looming financial troubles before they come raining down on you in torrents.

Adam Ginsberg, the leading eBayentrepreneurship and wealth building coach and mentor, has some suggestions on how you can emerge from over bearing debt and take control of your life.

Wake up and smell the coffee

The first step is to accept your financial situation. If you identify yourself with any or similar situations as mentioned in Claes’s article, then it’s time to stop what you are doing, sit down and have a long hard look at your finances. No one’s been able to reclaim their lives from a financial downfall by looking the other way. You’ve got to acknowledge that you have a problem, and then find your way out of it.

Have a Plan   

Compare reclaiming your life from financial disaster to a road trip. Before you embark on your journey to financial recovery, you need to sit down and chart your route on a road map, just as you would before a road trip. The only difference could be that you may prefer the shortest possible route rather than the scenic, longer one. Make your plan as detailed as possible. Your financial plan should have all your debts listed down and your priority to pay them back. Some people prefer to pay back debt with highest interest rates first, while some others prefer paying off ones with the least outstanding amounts. Adam Baker of Man vs Debt has an interesting view of his own.  Adam Ginsberg suggests choosing the method that you feel will give you the most satisfaction.

Live Frugal

If you find yourself in a downward spiral financially, then you need to take desperate measures to save every penny that you can. Cut down on expenses that you can live without. You may have to sacrifice on some of the things that you love, like going to the movies or eating out, but remember you are doing it so you can enjoy them more later, without having to thinks of outstanding debts while indulging yourself. Find cheaper alternatives to things that you cannot do absolutely without.

Supplement you Income

Find ways to increase your income. More money means paying off debt faster. Take up a part-time job or have a yard sale. Think about ways that you can rake in some additional cash. You can also check out Adam Ginsberg’s eBay programs to make money online.

Remember, it all starts with your determination to take the bull by its horns. Once you make up your mind, there’s nothing in the world that can stop you from erasing the last penny of your debt in the time frame that you decide.

You can also explore Adam Ginsberg’s secrets of an auction millionaire to make money online through his eBay programs.

Adam Ginsberg’s Tips on Choosing The Right Life Insurance

Life Insurance is a simple and, at the same time, a complicated topic of personal finance. Simple because it serves a very simple purpose—to provide for your family and loved ones after you’re gone or even for yourself in case of loss of income etc. And, complicated because we can almost never figure out how to predict how much we’d need in the future to keep us protected from these anticipated losses.

Adam Ginsberg, one of America’s leading internet entrepreneurship and wealth building coaches sheds some light on the various kinds of life insurance and how to choose the right one.

Various kinds of life insurance

Life insurance can be split into two broad categories, i.e., term insurance and whole life insurance.

Term insurance basically guarantees a specific sum of money to be paid to the family of the insured person in the event of his or her death, or in some cases permanent disability as well. Term insurance policies are taken out for a specific period and a specific amount. If the insured person outlives the period of the policy, then the policy expires. In short, term policies are pure insurance in the event of a tragedy, and nothing more.

Whole life insurance, on the other hand covers the insured person throughout his or her life span. These policies include a variable cash value that builds over time along with guaranteed death benefits. However, the premiums for these policies tend to be higher since a portion of the premium goes into making investments on your behalf for that cash value component.

Choosing the right insurance

Now this is the tricky part. There are as many points-of-view on how to choose the right insurance as there are people you know. However, each individual’s requirements are as unique as the individual themselves and only you can decide which insurance policies will suit you best. There many of your life’s factors to consider while making this decision and Adam Ginsberg suggests a basic approach to analyzing various factors before making a decision.

Factor #1 – Your Age

 Age is perhaps the most crucial factor while deciding on your insurance policies. For instance, if you are young and single or older with grown up, independent children then you may not need pure life insurance at all. However, if you are married and have children with other liabilities like mortgage or auto loans, then you should have at least one term insurance policy.

Factor # 2 – Policy Period

If you have children, then the term period for a life insurance policy should be long enough to cover your children’s college-going age. For instance, if you have children aged 10 and 5, then you should take an insurance plan for a period of 15 years, which will cover your younger child till his or her college years.

Factor # 3 – Insured Amount

This again is a very crucial factor that tends to confuse people while choosing an insurance plan. According to Adam Ginsberg, the ideal insured amount should be the one that covers all your liabilities, like your mortgages and auto loans, and a few times your annual income to help your family tide over in the event of your death, and get back on their feet again.

These are the three basic factors that influence your decision while considering taking out a term insurance on your life and should be analyzed meticulously to help you get the right decision.

Keep a look out for more articles on insurance advice from Adam Ginsberg on this website. And, for any feedback that you may have on our articles, please feel free to write to us.  

Adam Ginsberg’s Investment Options to Beat Inflation

If you are young and have a stable career, then you should look at starting to save for your retirement (if you haven’t started already). Remember, the sooner you start, the bigger your retirement fund will be. Heck! You may even be able to retire much earlier too. Imagine playing golf or relaxing by your beach house on a weekday by the time you are 45, or even 50. No more Monday blues or rush hour traffic. Sounds great, doesn’t it? It is possible, provided you start building up your retirement fund early, and build it right.

We all know that the economy doesn’t look good right now, but the depression isn’t going to last forever. The stock market’s volatility has eroded many a retirement funds, and don’t seem to be recovering any time soon. But, there are other avenues where you can invest to beat the volatility of the stock market or the low returns on cash deposits, not to mention the ever growing inflation. For instance if we take the annual inflation rate at 4% (an average of the last few decades), then a fund of $1 million after 30 years will be roughly equivalent to $300,000 in today’s value. So do the math and figure out how fat your retirement fund should be to live on comfortably after you stop working.

 Adam Ginsberg, a highly successful entrepreneur and wealth-building coach, recommends two key areas to invest in that can boost up your retirement fund beyond the cost of inflation.

1. Gold

That’s right! The good ol’ shiny, yellow metal. Gold prices have beaten the economic downturn, the crashing stock markets, the economic depression, and have risen the most in the past decade. Gold has always been a practical investment for the pragmatic citizen. The rising inflation and the eroding value of paper money have had little effect on the value of this precious metal. Adam Ginsberg strongly recommends including this commodity in your retirement nest egg. Now, you could buy gold in a variety of ways too. The most common is to buy this metal in the physical form of bullion bars or coins. But remember when buying physical gold that while bullion bars are available at prevailing market prices, coins, on the other hand, are priced at perceived collector value. The second option is to invest in Gold ETFs (exchange traded funds), which too are traded at the prevailing market rates. This way you do not have to take physical possession of gold but instead get fund certificates, which are easy to store and faster to liquidate.

2. Real Estate

If “are you kidding me?” is the thought in your mind right now, read on and you’ll know why Adam Ginsberg recommends investing in real estate. Sure, real estate has probably felt the worst brunt of the economic crash in the last few years, which is exactly why it makes such a lucrative investment option. Home prices are probably at their lowest right now and so are mortgage interest rates. So, go ahead and buy yourself a home. Take out a mortgage on it and pay it off. Over years the demand for real estate will grow, because the population will grow and the economy must grow, so the prices will grow. Secondly, once you’ve paid off your mortgage, redirect your mortgage installments to more traditional retirement savings. Third, once you retire you can consider selling off your current home and buy yourself something smaller, which could possibly get you some extra cash to spend in your retirement years.

 While these investment options come highly recommended by Adam Ginsberg, you should do your own research before you decide to put your money into them. And, if you come across some more lucrative areas to put your retirement money into, we’d love to hear about them.

Adam Ginsberg helps people to become financially independent with his resources like eBay auction templates, eBay software and other eBay tools. If you want to know more about his resources you can visit Secrets of an Auction Millionaire, Success with Adam or even Adam’s main website.  You can also listen to some testimonials from his satisfied customers.

Tips by Adam Ginsberg on Building Retirement Fund

Remember how carefree and adventurous we are in the prime of our youth. Remember the exhilaration of landing our first real job (summer jobs in school not counting) and the pride in getting our first paycheck that we end up blowing, in just a day or two, on buying stuff for ourselves, our friends and our family. Remember all the subsequent paychecks that end up the same way and we are broke after just a few days of payday, and live off our friends or family till the next payday arrives. Living for the day sounds like a great motto and there’s no worrying about the future. Soon we are in the middle of our careers, doing well for ourselves and looking up in our lives, planning to settle down, own a nice house, maybe get married and have a kid or two.

That’s when we realize how expensive living can be. That’s the period in our lives where we are only working to make mortgage payments, tuition fees and insurance premiums. Our own dreams and personal goals are put on the back burner till “retirement”. And then it hits us—we won’t have a salary to live on when we retire—and knocks the wind out of our sails. How are we going to live after we retire, we ask ourselves. How will we maintain our lifestyle? How will we travel? How will we do all that we hoped to do and still make the day-to-day expenses and the monthly bills? By planning for it, of course, says Adam Ginsberg, one of America’s well-known coaches and mentors on internetentrepreneurship and wealth building.

Here are Adam Ginsberg’s top tips for building up a big fat retirement fund that will not stop you from doing anything that you want in your golden years.

Top Tip #1

Start Early

That’s right: start saving for your retirement as early as you can. While you may have to cut back on a few parties and extravagant meals, you can put away a lot more when you are young and single than when you settle down and comforts become a priority. Also, when you start saving in your youth, you can put more money in high-risk portfolios that could get you high returns by the time you reach retirement.

Top Tip #2

Diversify your portfolio  

There are many investment options available for you to plan not only your retirement fund, but also all your needs up to retirement. There are saving accounts for emergencies, IRA and Roth IRA accounts to balance your tax savings and retirement savings, 401 (K) accounts, mutual funds for balanced growth of funds, real estate investments to keep up with inflation and so much more. It all starts with what your goals are and the research you put in.

Top Tip #3

Involve your Family

To meet any goals that you may set yourself, it will be equally important to get your spouse’s support in meeting those goals. It’ll be even better if you and your spouse share the same retirement goals, because then you’d both know the sacrifices and hard work it would take to meet those goals. If you have kids, it would be a great idea to involve them in the discussions as well. This will not only teach them the value of money early in their lives, but also the good habits of saving for the future.  And, you never know, they just might surprise you by springing for their college education (or a part of it) themselves when the time comes.

For more tips and tricks on how to build your retirement fund, or if you have any tips of your own that you’d like to share with us, we’d love to hear from you.

Adam Ginsberg is helping people to become financially independent with his resources like eBay templates, eBay software and eBay tools. If you want to know more about his resources you can visit Secrets of an Auction Millionaire, Success with Adam or even Adam’s main website.  You can also see some testimonials of his satisfied customers.