How to Expand Your PayCheck without Stealing

Most people have different ways of making money from selling snow cones and frozen cups in the summer to selling drugs on the street corner in the early morning or late night. But, only one of these devices is legal. Furthermore, only one of these can offer a sense of personal satisfaction while the other provides endless pain and destruction to life and limb. Which one would you choose? I for one would choose the first because I like snow cones and frozen cups. But, more importantly, I like putting smiles on people’s faces, not fake facades built on glassy eyed stares or sick psychotic backward glances. These are the symptoms of an induced drugged or inebriated state of consciousness. I prefer business transactions that don’t go above and beyond a person state of normal consciousness. This brings me to this article. Instead doing something illegal, people should consider these tips for expanding their paychecks. It would keep them happy, safe, and free of incarceration.

Difficulty: Moderately Challenging

Instructions

Things You'll Need:

• The initiative and the drive to check the internet and your Office of Human Resources.

1. STEP ONE: ACQUIRE A SAVINGS ACCOUNT
   
   This method is used by the majority of us who work. Most of us go to the bank just about every pay and add a few pennies to a few dollars to that account that we opened, in most cases, to receive benefits, gifts, and incentives from the bank. Banks used to give out toasters and toaster ovens to customers who open certain types of accounts. Such incentives exist today with reward points, frequent flyer miles, and benefits at the gas pumps. With the price of oil going up all the time, consumers truly need this one. To perform this action, simply go to your nearest location bank branch. If it the one that is mentioned on your company check, then this is the best choose. Familiarity and convenience works well with business transactions, especially if you decide down the line you would like to apply for a loan to repair your house or buy a new. After filling out the proper paperwork, put in the minimum requirement for the account. For new time account holders, I recommend finding the cheapest account minimum that you can find. This will allow you to keep the account open and to continue to manage your money, so long as the account balance does not fall below the minimum. Bank of America, for instance has a minimum account balance on their Money Market Account of $25.

2. STEP TWO: ACQUIRE LIQUID ASSETS THROUGH MUTUAL FUNDS
   
   This method is also used today, but it was not as popular as it is now. Today, most of us think of mutual funds in the same breath as a “nest egg.” The fact is mutual funds provide the user with additional money to use for anything from buying a car to buying a house to buying period. Many governments use certain types of mutual funds called bonds to build land projects and to build or provide services. The newly developed hotel near Oriole Stadium at Camden Yards was built using bond money (check the web for recent building projects near Camden Yards for more information). Anyway, many employers provide ways that you can acquire these funds. Coppin State University and TIAA-CREF is a perfect example. When you go to their Human Resources Office, you will receive a form that will allow you to allocate certain amount of funds to put in the mutual funds. You can put in as low as $25 and as high as $1,000 (check www.tiaa-cref.org for more information). While filling out the form you stipulate either through electronic deposit or through check when you will put in the funds. It is easy and direct. Also, to keep you from taking it out and spending it frivolously, a minimum of $250 per transaction is required. This is a sure fire way to keep uncontrollable spending demons in control.

3. STEP THREE: RETIREMENT PLANS
   
   Ever since before the outbreak of YSK, people have devised time and money in retirement and pension plans. These plans are simple and easy to acquire. You can acquire them through your job. Most full time positions with benefits offer a pension plan, such as a 401 (k). Other such plans include 403 (a) and (b), and 457 (b). These retirement plans allow you to take portion of your pay check and put aside for retirement. For some, if they put forth enough per pay they could build up a sizable nest egg. Putting in $75 per pay twice a month for thirty years can net some employees over $200,000 buy the time they retire. But, of course this depends upon whether these employees stay employed solidly for thirty straight years. Either way, a pension plan is a good idea because you can build of a nest egg to grow old on, get a tax deductible on the pension, and a tax benefit. Therefore, acquiring a pension plan is a good idea.

4. STEP FOUR: PAYDAY LOANS
   
   This method is useful only if you can afford to pay back the extraordinarily high payback fee for the loan. Most payday loan companies charge $25 on every $100 that you borrow. Therefore, if you borrow $500, then you owe the company $625 the next time you get paid. Here are some advantages to the payday loan. It is quick and convenient, which means it can be acquired in a matter of days. It can also be a lifesaver when you are in a budget crunch and have to wait two weeks until you get paid again. The disadvantage of the payday loan is the inordinate high payback price. If you cannot afford to pay $25 or more on every $100 that you borrow, do not use payday loans. Also, only use payday loans on the days following a your pay period, not in between the pay period. Also, only use it when you are paying bills of ordinary status and importance. Major expenses should not be a prerequisite of payday loans.

Tips & Warnings

• Go to the web and check out ways to expand your pay check. Visit your Office of Human Resources to see what they offer.
• Do not get payday loans if you cannot afford them.