Kicking Assets

A young person's guide to personal finance

Author: mcollin1

Setting Healthy Financial Goals

by Marcus

As a young person, managing your finances can be difficult. Having to pay monthly bills, file your taxes, and apply for loans can make managing your money very stressful. However, one way to stay on top of your finances and be prepared for the future is by setting healthy and realistic financial goals.


Why Set Financial Goals?

You may be wondering… Is it really necessary to set financial goals? For many young people the future seems distant so setting long term financial goals is oftentimes overlooked. It is hard enough to juggle everything that is presently going on in your life so worrying about the future seems pointless. I can assure you it is not.

In my experience, setting healthy financial goals is an essential step towards reaching long-term financial stability. Setting healthy financial goals can put you on a path towards success. When you set goals for the future it influences the way you act in the present. This means that if your goal is to buy a house in the future, your spending in the present will be affected by this goal. While financial goals may seem centered around the future they can actually help you manage your money in the present.

How to Reach Your Financial Goals... 1 Day at a Time - Due

Tips For Setting Smart Financial Goals

When setting financial goals there are a few things that you should take into consideration. Below are some tips and strategies to setting smart financial goals.

Financial goals should be realistic and achievable. Goals are something you work towards and hopefully overtime something you achieve. If you find yourself struggling to reach the financial goals you have set then maybe you should rethink your goals. I like to start my goal setting small and work up to reaching bigger goals. I find that doing this helps me stay confident and motivated. Setting a goal that is unattainable or just impossible can actually cause you more stress and have a negative effect on your finances rather than a positive one.

Poll: Are you confident about meeting your financial goals? | Loop ...

When making financial goals you should figure out what is most important to you and why. Having a reason and motivation for setting a goal ensures that your goal is practical and right for you. Separate your financial goals into a list of most important to least important. For example, achieving your goal of paying off your student loans may be more significant than achieving your goal of saving money for a summer vacation. Know which goals have priority over others so that you can make healthy financial decisions.

Hold yourself accountable when setting financial goals. Find someone you trust that is willing to help you reach your goals and lean on them for advice or when you find yourself lacking motivation. Sharing your goals with someone you trust will help you be accountable for your actions. If you are supposed to be saving money for a new car but have been spending an exorbitant amount of money buying new clothes having someone remind you of your goals can make all the difference.


Setting Your Long-Term Personal Financial Goals & Priorities ...


How to Earn Supplemental Income

How to Earn Supplemental Income

by Marcus

What is Income

There is nothing better than seeing your bank account balance increase.  However, while we all love making money, it isn’t always easy to do. With car payments, student loans, and more, sometimes young people like myself must find ways to earn a little extra cash. Over the years, I have found that the best approach to making more money is by finding ways to earn supplemental income. However, before you begin looking for ways to increase your income it is important to understand what income is and how it is most commonly referred to.

  • Income is commonly defined as money that is earned or received on a regular basis oftentimes through work.
  • Gross Income refers to the sum of all the wages, salaries, profits, interest payments, rents, and other forms of earnings before any taxes or deductions have been applied.
  • Net Income is the gross income after taxes and deductions have been applied.
  • Supplemental Income is any money that is earned in addition to your regular income. For example, money you make from side hustles or hobbies.

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My Supplemental Income

There are always plenty of great ideas and opportunities when it comes to earning extra cash.  When looking for ways to earn supplemental income it can be helpful to consider what hidden talents, hobbies, or skills you have. Being able to earn supplemental income by turning your hobby or talent into a money-making endeavor is not just smart but also fun.  For example, I love soccer and I have played for my entire life. In order to earn supplemental income, I recently took my experience, skills, and passion for soccer and started teaching kids how to play the game. I not only get to do something I love but I get to earn some extra cash doing it. I have found this strategy to be not only the most effective way to earn money but also very rewarding.

Supplemental Income: What It Is & How It Impacts Taxes - The ...

Three Unique Ways to Earn Supplemental Income

Finding ways to make supplemental income using your passions, hobbies, and talents isn’t the only way to make extra money. When looking for ways to make money outside of your usual job there are a number of unusual and unique opportunities that many of us have never considered.

Donating plasma is a unique way to earn a little extra cash. You can donate plasma fairly often and receive compensation for it. While this can’t really be considered a job, it does still help you earn extra money.  To find a plasma donation center near you got to

Here are the best paying plasma donation centers near you...

Paid clinical studies are another unique way to earn supplemental income. There are many universities and companies primarily in the health industry that pay money to people who are willing to participate in their studies. Acting as a clinical studies participant can help you earn supplemental income to pay for any unexpected expenses. To find out how to be a part of a paid clinical study go to

Make Money With Clinical Research Studies

Paid focus groups are yet another way in which to earn supplemental income. Many marketing and advertising firms pay people to take part in their focus groups. Whether it be trying a new product or discussing your in-store experience, focus groups do it all. Focus groups provide a unique opportunity for participants to make money while having an honest discussion about the subject at hand. If you are looking for supplemental income and interested in being a part of a paid focus group go to

#Income #Finance #Tips

These research firms pay you to participate in their local and online focus group and taste testing studies




Talking About Sales Tax

Have you ever wondered why the price of your date night always costs more than you were expecting?  Why do the prices on the menu not add up to the total on the receipt? How come your new suit or dress always costs more at the register than it does on the price tag? These are all important questions that can be answered with just two words… Sales Tax.

What is Sales Tax?

Sales tax is commonly referred to as a tax put on goods or services by a governing body in order to fund various public expenditures.  Sales tax is commonly attached to tangible personal property such as common retail items like furniture, beauty products, paper goods, and much more.  The amount of sales tax you pay for a particular item depends on where you are located. For example, in Austin, Texas sales tax is 8.25% however, in Miami, Florida sales tax is 7%.  To find out what your state and local government sales tax is go to the Tax Foundation website.

It is important to note that not all states have sales tax. Alaska, Delaware, Montana, New Hampshire, and Oregon are the only five states in the U.S. that do not have a sales tax.


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How to Calculate Sales Tax

To calculate sales tax use this formula: Total item price x 1 + sales tax rate = total sales tax

For example, let’s say you are buying an item priced at $10.00 and the sales tax rate is 7%.                                                                                          The $10 total item price x 1.07 = $10.70

As you can imagine, the final cost of your bill can increase dramatically if you are buying a large quantity of items. That is why it is always very important to make sure that the money you have not only covers what is on the price tag but what is on the receipt after sales tax has been included. One of the most embarrassing things you can do as a consumer is forget to take into consideration the additional cost of sales tax. If this happens you may not have enough money to afford everything in your shopping cart or on your  restaurant bill. That is why taking sales tax into consideration is extremely important for anybody wanting to make smart financial decisions and ultimately be a savvy consumer.

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What are Tax Holidays?

A tax holiday is a temporary time period in which tax is either dramatically reduced or eliminated. Oftentimes tax holidays are the best times to shop or clothing or school supplies because sales tax is no longer added to the total cost of these products. Tax holidays are usually put in place by state or local governments to give consumers and businesses a temporary tax relief.  For example, the state of Texas has implemented a tax free holiday. In 2020 this tax free time period is between August 7th through 9th. During this holiday most clothing, footwear, school supplies and backpacks (sold for less than $100) are tax free. To find out if your state or local government offers a tax free holiday go to the Sales Tax Institute.




Finance Basics; Assets & Equity

Finance Basics; Assets & Equity

Written by Marcus

Image result for tangible assset

For many young adults, the thought of managing their finances is intimidating. As a college student myself, I understand how stressful finances can be. Managing student loan debt, car payments, utility bills, rent and so much more causes many of us to feel overwhelmed.  Over the years, I have learned that finances don’t have to be stressful. In fact, being able to manage your finances with confidence is actually quite empowering.  Before you can take control of your finances and become confident in your money management, there are a few basic things that you should know.

What is an Asset?

An asset can have a multitude of meanings depending on the circumstance or context in which the term is being used. However, for the purposes of your personal financial accounting, an asset is any resource, tangible or intangible,  which is owned or controlled by you that can produce positive economic value.

Identifying Assets?

Assets can be classified into two separate categories, tangible and intangible. Tangible assets are physical and often easy to evaluate. Common tangible assets that a young person may have include vehicles, currency, furniture etc. Intangible assets rarely posses physical qualities and can be harder to evaluate. Common intangible assets that a young person may include patents, permits, brand names, domain names, licences, etc.

To identify whether an asset you have is tangible or intangible you can visit

What is Equity?

The word equity is most commonly found in the field of finance.  In terms of finance, equity is ownership of assets that may have debts or other liabilities attached to them. To calculate equity, you simply subtract your liabilities from the overall value of an asset. For example, your car is an asset and if the value of your car is $20,000 but, you owe $5,000 on the auto loan you used to purchase the car, you have 15,000 in equity.

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Positive Equity Vs. Negative Equity

Equity can be separated into two different types. There is positive equity and negative equity. Positive equity is when you have an asset that is worth more than the liabilities or amount you owe, (owning a $20,000 car, but only owing $5,000 on the loan). Negative equity is when your asset is worth less than the amount you owe (owning a $20,000 car, but owing $25,000 on the loan). Negative equity is commonly referred to as being “underwater” or “upside down”.  If you are smart with your finances, investments, and money management then you can avoid accumulating negative equity.

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Why do Finances Matter?

As young people, managing your finances isn’t always the most fun or entertaining thing to do, but it is important.  As we transition out of our childhood homes and begin gaining financial independence, it is imperative that we understand how finances work so that we do not get taken advantage of and avoid making bad investments. Young people like myself are in an exciting stage of their lives. The financial decisions we make at this point in time can have significant impacts on our future, so being smart with your finances is crucial.

#Finance #Money #Assets #Equity


Edited by Garrett

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