HomeCategoryPersonal Finance Archives - Spenderrific

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Forex trading vs. stock trading, which of these trading options is best for you? Every day, thousands of people think about trading in the financial markets. After deciding to trade, they must make another decision about what financial instrument to trade. That’s where the debate starts.  Since the trading skills are transferable, some traders trade both stock and currency. As a beginner, you should understand the differences before making a choice. What is forex? Forex (Foreign...

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Do you want to retire abroad? Retiring abroad is an exciting prospect for many. In movies, characters talk about how they look forward to days when they can sip coconut water while lounging under shades in foreign islands. Without thoughts of returning to work. People retire abroad for various reasons. Some people do it to live closer to their relations who live abroad. Other retirees relocate abroad to enjoy cheaper healthcare in their old age....

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Would your family know that you intended not to stay on life-support indefinitely if you went to a permanent coma today? What if you just had a fatal accident and are unable to communicate. Would anybody know your wishes at end-of-life care? You may become unable to speak and share your desires. However, there is a legal way to take these desires into effect in such critical conditions. And it is a living will. What...

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Growth vs value investing, what is your investment style? For example, do you see yourself as a growth investor or a value investor? Many successful individual investors often stick to a single investment style. But, if you want, you may use both within your portfolio.  Committing to a single style helps you become consistent. With time, you will develop expertise with your chosen investment style. Using both may also help you diversify your portfolio. The...

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“If you fail to plan, you plan to fail!” – Benjamin Franklin   You have probably heard this endless times. Well, it is solid advice. A secure financial future requires good planning, especially when it involves your retirement life. In the past, social security and pension were just enough to enjoy retirement. Not anymore! Today, to enjoy financial security in retirement, you need regular cash flows. That means you need to fund your post-work life...

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Ever wondered how you can increase your income streams by earning royalty income? Income from royalties is money you make when you allow the use of your property. It could be copyrighted works, patents, franchises, natural resources, and so much more.  For instance, each time you stream music on your phone, the musician who performed the song receives royalties. In addition, the music streaming service you use pays the musician a fixed amount from your...

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In finance, an index is a statistical measure or indicator. Similarly, an index fund is a fund that builds its investment portfolios around a financial market index. Thus, the index fund mimics the composition of the financial market index it tracks.  For instance, if stock A makes up 2% of the Nairobi Stock Exchange (NSE), any fund that tracks the NSE will mimic that composition and ensure that stock A makes up 2% of its...

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Moving in together is exciting! You finally get the chance to spend more time with your partner. Do more exciting things and generally playhouse. While most couples go into this moving in together business as a way to save on expenses, not many take the time to have a “money talk” conversation. True, money matters in relationships differ. However, there are basic financial rules every couple must consider when moving it together. Nothing kills the...

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In the past decade, advancements in the technology world have brought us many things. Among them is online banking, one thing we are all grateful for; it saves us time and energy we would otherwise waste queuing at the banking halls. With online banking, you can transfer money to other bank accounts, pay bills, and mobile accounts. You can even open an account online, with some local banks here in Kenya like SCB, KCB, and...

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Somewhere down the line, we find ourselves with no source of income. You might get a pay cut, or you are entirely out of a job. It is a sad situation to get yourself in, but the first step is not to pity and beat yourself up about it. The next step is learning how to budget after a pay cut or job loss. How to Budget After a Pay Cut or Job Loss Create...