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Unexpected Ways The Library Can Save You Money

Unexpected Ways The Library Can Save You Money
    The Library of Congress

    When I say “library” most of you are going to picture books. Getting books from the library is the most inexpensive way to read books. But there are unexpected ways that libraries can save you money:

    Preview Music

    I love buying music. Unforatunately I have often bought CDs only to find out that I didn’t like the album, or only liked one song.  This means the music languishes in the library, unplayed. Even previewing snippets online doesn’t entirely get rid of this problem, since so many songs change after the first thirty seconds.

    At the library I can borrow CDs and give them a full listen before deciding to buy them. This saves me from spending money on things I will listen to once.

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    This also allows me to try genres outside of my usual listening fare. I have listened to world music, opera, old-time blues and something that I could only classify as Scandinavian Tolkein death metal.

    Read Magazines

    I like magazines. They are great information sources and provide lots of light reading. My reading tastes vary and I love everything from archaeology to cooking to crafting to software development to political commentary. While I like magazines, I have neither the time to read everything, nor the interest to read every issue.

    There are two general ways to get magazines: buy them at the newsstand or subscribe. Buying at the newsstand allows you to pick the issues you want to read, but costs many times more than a subscription. Subscriptions are less expensive, but if you don’t get to reading the magazines, it is wasted money. They also pile up around the house, waiting for a time when you “can get to them”. In my case, this can mean six months of back issues, depending on how busy I am.

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    Most libraries still carry a wide variety of magazines and even have back issues. You can read as much as you wish, when you want to,  for free. This method has the added bonus of not having to dispose of the magazines once they are read. They are shared with others who wish to read them.

    Note: If your local library doesn’t carry a favorite, ask them to. They subscribe based on popularity.

    Activities and Lectures

    Most public libraries have large meeting rooms where they hold activities and lectures. These are usually free or low-cost, and cover a wide variety of interests. My local library had presentations on henna, fishing and quilting one week this month.

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    Some community groups will also meet at libraries, and provide public outreach informational programs in exchange for the meeting space. Our local astronomy club gave a demonstration of telescopes at the library one Saturday afternoon, allowing children to examine telescopes, and then see a presentation on constellations inside.

    Movies

    There are many ways to see movies at a price lower than the movie theater. I used to love renting movies, but I could never manage to get them back the next day. Getting movies from the library gets around this, and movies from the library are generally free. They might not have hundreds of copies of the recent release, but if you are willing to wait a week, you can get them. Plus, with multi–week check out, you don’t have to worry about getting them back the next day!

    A Bonus Tip To Making The Library Work Harder For You

    Almost all libraries these days have their catalog and reservation system online. This means that you can place a hold on an item anytime, from any computer and the item will be pulled and waiting for you to pick up. How great is it to browse the library catalogs at midnight? Items can be reserved even before they arrive at the library, making it possible to get new books and movies the moment they are released.

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    Libraries often have inter-library loan programs as well, so if your local library doesn’t have an item, they can probably arrange to have it borrowed from another library.

    Even though I read mostly e-books these days I am spending more time at my library. I read magazines, investigate new music and pick out movies. Do you have anything you use your library for that saves you money? Share below.

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    Published on June 12, 2018

    How Much Money Do I Need to Retire? Find Your Answer Here

    How Much Money Do I Need to Retire? Find Your Answer Here

    It is never too early nor is it ever too late to start planning for retirement. It ultimately depends on your way of life, where are you living, and whether you need to let go of anything. A successful retirement strategy is to have enough pay to cover your expenses with a little cash going into a savings account for sudden financial needs.

    With regards to retirement, we all have an alternate vision in mind. In fact, some think about traveling throughout the world, while some think of a peaceful life with their grandchildren. Whether we get ready for it or not, we will one day turn to retirement age and so, we should be prepared for it. I’m going to tell you how in this article.

    Benefits of early ventures for retirement

    The way this works is you figure out where you need to live, the amount it will cost you to live there (rent/food/transportation), and the various expenses you will need to account for, like travel/insurance/medical bills and taxes. Many people are struggling to put aside money for their future savings and some haven’t started yet. Think you can put off thinking about retirement? The reality is that you need to start thinking about it right now, and putting aside some money from today.

    There are a lot of benefits of taking early steps towards retirement. Utilize the power of compounding, low investment for targeted corpus and you can create more corpus investing the same money:

    • If someone saves $100 every month and starts investing for 30 years at 10% return, initially you will see that within 5-10 years, your investments will not multiply. However, after that period, the corpus will increase immensely with the impact of compounding. The investment period expands the extent of profits increments in the corpus.
    • Suppose there are two people, one aged 30, and the other 40. Both need to resign at 60 with the same retirement objectives of $300,000 USD each. Both will put resources into an investment with 10% of the return. Thus, to accomplish their retirement objective, the younger one needs to save $100 USD / month and the older one needs to collect $300 USD / month. Since the older one has started investing ten years later than the younger one, he will pay more than double what the younger one will pay.
    • If someone saves $100 USD every month and starts investing at 30 years old till 60 and gets 10% annual return, his corpus becomes around $170,000. Otherwise, if he starts the same amount spending at 40 years of age with the same 10% return, he will have around $57,000 USD. He can profit by just investing ten years early.

    You can’t invest too much money in retirement during the early stage of your career since you may have different objectives. However, you can increase the investment gradually if you start investing just a small amount.

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    Average retirement age

    For many people who are nearing retirement age or recently resigned, one of their most significant financial regrets is that they did not focus on saving for their golden years. As per the Consumer Reports study, it demonstrates that only 28% of investors with the age of 55 years or older are pleased with the way they have saved for retirement.

    As per the report, The Economic Policy Institute breaks down how much Americans have put away.[1] Since you know that when the majority of people retire, you can subtract your age from that more significant number and check down what number of more years you need to work.

    But many retirees go back to work. Some of them do part time job while others do seek for a second career. Some even come back to full-time work and then retire again in a couple of years. So deciding their retirement age could be tricky.

    Average retirement savings

    To get retirement started, saving is pretty easy, though it can seem complicated. These simple five steps will make you go on retirement now. So, you don’t need to stress over having the same regrets as today’s retirees.

    1. Invest 15% for your retirement

    Your initial step is to save 15% of your income. This will depend on your gross income and does not include any coordinating assets you get through your employer’s retirement plan.

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    It’s sufficient to enable you to achieve your retirement investment funds objectives, but not too much to keep you from enjoying your income today.

    2. Utilize tax-advantaged retirement plan

    Yes, we utilized the T-word; however, don’t daydream! Split your 15% retirement contributing budget between charge conceded retirement plans like your 401(k) or after-tax plans like a Roth IRA.

    3. Invest your money around

    To put it all in one place is the most significant risk that you can take with your retirement money. With mutual funds, however, you can invest in the biggest and most recognizable brands as well as that new organizations you’ve never known about but has a lot of growth potential.

    Opt a growth-stock mutual fund with background marked by solid returns for both your 401(k) and Roth IRA speculations.

    4. Stay with it

    Since mutual fund investing is less risky than investing in single stocks, it is not risk-free. You can see your savings grow in the long term as long as you can leave your money where it is and keep adding to it.

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    5. Work with an investing professional

    It is essential to look for an investment professional, as you must have a lot of queries concerning your retirement plan during 30 or more years of investing,

    Never make due with an investment professional who recommends or patronizes you to turn over all your investment choices to them. Since this is your retirement, nobody will think or care about it more than you do!

    You might analyze or compare your savings against the average retirement savings for your age group to check whether you’re falling behind or getting towards of the curve. On the other hand, it might be conceivable to hang up the work boots and hit the shoreline with fewer savings if you live easily or below your means.

    How to achieve your financial goals?

    An ideal approach to achieve your financial goals is to stay focused on what you need for your future, ignore everything (and everyone) else that may divert you. There’s a significant business culture out there that requires you to stay in debt, live for the occasion and stress over your future later on.

    You need to start planning for your future from now, not when you have more time or money to invest. You can even talk to a financial advisor for any help. Cooperate to set your money goals and make an action plan to reach them. You can retire younger than you thought you could if you create a project and follow up on it.

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    Start planning for your retirement

    A lot has changed in the last 30 years; our previous generation had an career goal and they would join either a large private company or a government organization immediately after school or college. Then they would spend the next 38 years in the same organization and the form of provident fund and gratuity. They would retire with a decent corpus and they would later spend the remaining time with their pension benefits. It’s a bit different now, but with the above information, you’ll be well prepared.

    Whether you can afford to retire now or not, you need not bother with a retirement calculator to get a rough estimate. You should have the capacity to closely approximate your daily spending habits to figure out how much money goes out the door every year.

    Featured photo credit: Pexels via pexels.com

    Reference

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