Tim McMahon, Author at Optio Money

4 Hidden Car Costs

Articles / By Tim McMahon / 4 minutes of reading

Every driver understands that vehicle ownership involves more than initial purchase-related costs. That said, many drivers fail to take into account the costs related to every possible usage, emergency and maintenance scenario. As a result, they sometimes experience horrible debt because of these hidden car costs. Whether you’ve just bought your first vehicle or you’ve owned vehicles for many years, keep the following four hidden costs in mind when setting aside money for your vehicle budget:

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Buying and Selling Ranch Land: A Beginner’s Guide

Real Estate / By Tim McMahon / 3 minutes of reading

Land has long been considered one of the strongest investments you can make. The basic thinking is that there’s no more land being made, so scarcity will always help hold up values. That is true to a point, but sometimes the time horizon involved is so long that there are no guarantees of profit within the number of years you are willing to hold the land. Ranch land is subject to these same market forces, so if you’re considering buying and selling ranch land, you should keep these four tips in mind.

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4 Tips to Cover the Bills When Your Disability Keeps You Home

Money and Banking / By Tim McMahon / 3 minutes of reading

The disabled population—especially those among the blind and visually impaired—exhibit some of the highest rates of unemployment ever recorded. Yet, despite this being the case, these members of society still must meet their financial obligations. Whether your homebound state is a temporary or permanent result of your disability, you can start with these four tips to cover your finances.

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Investments You’ll Thank Yourself for in Twenty Years

Investing / By Tim McMahon / 3 minutes of reading

It may seem difficult to find extra money to save or invest for your future. However, putting away those few extra dollars today can result in the financial security to retire or have more control over your life. Let’s look at some investments that you’ll thank yourself tomorrow for making today.

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Managing Your Money: 5 Personal Finances Tips for Age 30 and Up

Money and Banking / By Tim McMahon / 3 minutes of reading

By the time you reach your 30s, you may have worked for several years, but have never really felt you’ve mastered the art of managing your money. The years after 30 are likely to bring increasing income, but also a number of expenses, such as a home mortgage, raising children and saving for college and retirement. You can develop solid money managing skills by remembering a few simple tricks for your financial health.

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Plan for the Unexpected: 4 Ways to Prepare for a Financial Emergency

Money and Banking / By Tim McMahon / 4 minutes of reading

What would you do right now if you heard that a member of your family has an urgent medical emergency? Suppose the amount needed for the health bill was more than you could offer. You can’t just let them suffer. You need to find a way to help them. To avoid such problems in the future, you need to have a financial emergency plan. Here are 4 strategies that you can use to prepare for the unexpected:

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Side Hustle—4 Unique Ways to Make Some Extra Money

Business / By Tim McMahon / 3 minutes of reading

Money. It makes the world go ‘round. Have you ever wished you could make some extra cash by doing things you actually enjoy? Tell your friends drinks are on you this weekend because you are about to make yourself some spending money. Here are 4 unique ways you can make some extra money and make your own schedule.

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Getting Rid of Excess Items Helps You Save Money

Money and Banking / By Tim McMahon / 3 minutes of reading

Getting rid of things you no longer need can without a doubt save you space. You may not realize, however, that it comes with another perk. That perk is the fact that it can also help you save a significant amount of money, believe it or not. If you want to say goodbye to clutter, you can simultaneously say hello to more cash.

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Medical Equipment Costs: How to Deal with Abrupt Healthcare Expenses

Insurance / By Tim McMahon / 3 minutes of reading

Keeping up with healthcare costs can be tough for anyone. It can be especially difficult for people who have to manage expenses that have popped up seemingly out of nowhere. If you need to pay for rather expensive medical equipment items, however, there are options out there that can benefit you significantly. Medical equipment expenses don’t have to be the end of the world.

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Home Repairs You Should Think about Saving up For

Articles / By Tim McMahon / 5 minutes of reading

Everyone who has read anything about money management has probably heard that you need to have an “emergency fund” to cover unexpected expenses. But we rarely hear about the need to plan for “expected expenses”. Everyone knows that things eventually wear out and will have to be replaced but often we fail to consider how we will pay for them when that happens. Well run businesses call this type of planning a “sinking-fund”. So if they know some piece of machinery has a 20 year life expectancy they they will set aside 1/20th of the cost every year so in year 20 they can buy a new one. You should do the same thing for certain items around your home. Here are a few things you need to create your own “sinking fund” for.

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