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5 Ways To Get Your Finances Into A Better Position

January 26th, 2022 Posted in Investment, Money Tips
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Everyone wants to make sure that their finances are in the strongest possible position at all times, but ensuring this is obviously much easier said than done. If you are keen for this to happen for you as soon as possible, however, there are some things that you might want to focus on in particular to make sure it is the case. In this post, we are going to look at a few of the major things to focus on if you want to get your finances into a better position. You’ll find the following are all really vital and important things to look into and work on.

5 Ways To Get Your Finances Into A Better Position - woman reading image
Photo by Yan Krukov from Pexels

Overhaul Your Habits

A lot of the trouble that most of us experience financially stems from having poor habits, so if you want to improve your financial life you should take a look at what habits you are currently adopting and what you can do to overcome them or improve upon them. For instance, you might find that you tend to overspend because you are liable to sudden bouts of luxury-shopping, in which case that might be a habit that you want to try and reel in as best as you can. By overhauling your habits and replacing them with better ones, your finances could be in a much better place in no time.

Get What You Are Owed

If you are hoping to get your finances into a better position, and you are owed any money at all, then this too is something that you should look into to ensure that you are in the best position possible. If you are owed money from anyone or any institution, getting that is vital – but that is not to say it’s always straightforward, easy or simple. How to go about it will depend on the nature of the debt. You might need to utilize a service like https://pcpclaims.com/ to get compensation you feel you deserve, or it might be that you have a private debt to call in. In any case, make sure you are getting what you are owed as soon as possible.

Choose The Right Bank Accounts

Most people are struggling with a financial difficulty without even being aware of it: namely, they don’t have the right bank accounts to their name. If you have a bank account that you are not sure about the benefits of, you might want to consider switching it out for one that is more overtly beneficial for you. Some are definitely better than others in general, and you will find that there are many that are not suitable for your specific personal situation for some reason or another. It is therefore vital that you are looking into the details of your bank account as closely as possible, and switching to a better account wherever possible. This is going to help you to keep your finances in a much better position on the whole, so it is really worth focusing on as soon as possible.

5 Ways To Get Your Finances Into A Better Position - trading screens laptop and phone
Photo by Yan Krukov from Pexels

Keep Your Business In Order

If you run a business, you need to make sure that you are focused on keeping that in order, too. Even if it is a LLC and you feel it shouldn’t affect your personal finances too much, the truth is that it is always going to have some effect – even if just in terms of how much you can expect to earn from the company in question in terms of salary and so on. So as long as you have your business’ finances in good order, you can expect your personal finances to be in a better position and condition as well. This is a really vital and essential thing to focus on, so make sure you don’t overlook it by any means.

Invest

Finally, if you are not currently investing in anything much, you might want to consider whether it’s time to do so. Investing is one of those things that can really radically improve your finances. Of course, no investment is without risk, but if you can manage the risk appropriately and make sensible decisions, there is no reason why you can’t hope to come out on top. You might not make a lot of money very quickly, but you should be able to make more than you might have thought possible, and probably faster than many people believe. This is a great way to ensure that your finances are in a much better position in no time, so give it a go.

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Why You Need a Financial Plan

January 25th, 2022 Posted in financial education, Investment
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I recently interviewed CEO of Blue Sky Financial Planning, Gary Neild on the Fearless Finance podcast around the topic of why you need a financial plan. If you would like to listen here is a link

This quote from Alice in Wonderland came to mind:

“Would you tell me, please, which way I ought to go from here?”

“That depends a good deal on where you want to get to,” said the Cat.

“I don’t much care where—” said Alice.

“Then it doesn’t matter which way you go,” said the Cat.

The starting point with a sound financial plan is understanding two things. Where you are now and where you would like to go. Or in financial terms the current state of your income, expenditure, assets and liabilities together with a clear understanding of your goals and expectations for the future.

Why You Need a Financial Plan - calculator and money image
Photo by Karolina Grabowska from Pexels

In our conversation, Gary pointed out that many of his clients arrive with one issue in mind, only to discover their financial priorities are something completely different.

The many benefits of working with a reputable financial planner seem clear and obvious to me as someone having been around the industry for many years. Yet for others there seems to be an element of resistance around paying for advice, feeling a sense of shame or embarrassment at their lack of knowledge or perhaps a belief that they can do better on their own.

Let’s take these one at a time. Firstly financial planning is a heavily regulated industry. The negativity around mis-selling or bad advice from the wild west years has long dissipated. Financial planners need to be qualified and keep their knowledge up to date. If you needed help from a lawyer, accountant or architect would you not expect to pay a fee?

Point two fear of embarrassment. How did it become a norm that we are all expected to be financial literate? Chances are that money skills were not taught as part of your school or university curricula. How then do we learn to manage our money? The occasional article in the Sunday papers or a YouTube video? If you approach a conversation with a financial planner with curiosity and the recognition that they are likely to help you save or generate substantially more money than you could do with out them, then hopefully that conversation becomes a little easier.

P.s they don’t care about your levels of financial education, you don’t have to take a test to work with them.

Number three, you feel that you can make it on your own. There are undoubtedly many success stories of people who successfully learned to invest, whether in the markets, property or currencies, but equally those we don’t hear about who came unstuck. Financial planning is not confined to making a few quid speculating, but rather a long term approach which considers all your life goals and aspirations.

Whether for estate planning, ethically reducing your tax burden or growing wealth for the future a good financial planner can help, regardless of your current levels of knowledge, experience or bank balance.

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5 Unusual Ways to Invest Your Money You Need to Know

November 6th, 2021 Posted in Investment, Money Tips
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If you’ve got some money spare each month, or you’ve come into some from a windfall, you might be wondering what to do with that extra cash. Yes, you could simply spend it or go on some lavish holidays. But, it always makes sense to invest spare money and make it grow. With that in mind, you probably know about the typical investment ideas for money like property, buying shares in a business, or putting it all in a long-term savings account. But, did you know many unusual investment ideas work just as well? Check out these examples:

5 Unusual Ways to Invest Your Money You Need to Know - unusual investment ideas money growing image
Image by Nattanan Kanchanaprat from Pixabay

1. Peer-To-Peer Lending

There’s no denying that the financial landscape is changing every day, and fewer people are using mainstream banking services each day. One such example is lending; more people are seeking alternative lending sources like peer-to-peer lending.

You could invest some of your money into peer-to-peer lending and help partly fund many loans to minimise your risk. It’s an excellent way of growing your money for minimal effort, and you get to help people with their daily lives in all kinds of exciting ways.

2. Buy Old Photographs

Many people have hobbies like stamp collecting. Some collect stamps that are rare and of a particular vintage because their value increases over time. Most people know that fact, but did you know the same also applies to old photographs?

You could invest some or all of your spare cash into buying vintage photographs and keeping hold of them until their value soars. At that point, you can consider selling them to a person or business that offers the best price for them.

3. Buy Shares in Songs

Musicians usually receive royalties on their works whenever someone buys their music or broadcasts it in a public setting. However, some artists decide to sell the rights to their songs for a cash lump sum.

You may not know it, but it’s possible to buy shares in such songs and receive part of the royalties to them each year. Many investment groups often purchase the rights to music, and those groups get made up of many individual investors like you.

4. Buy Some Wine

You’re probably used to drinking wine, either on special occasions or socially with loved ones and friends. Wine is undeniably a popular alcoholic beverage enjoyed by millions of people globally each year.

Have you considered taking things a step further by investing in some fine wine? As you may know, some wines are very expensive, and ones of a particular vintage can even fetch tens of thousands of pounds.

Consider buying some vintage wine and keep it locked away in a safe and secure cellar. You can then sell them when they reach a specific value.

5. Cryptocurrency

Lastly, if you’re looking for an unusual but medium to high-risk investment idea, how about cryptocurrency? You could invest in existing cryptocurrencies like Bitcoin, or you could be an early adopter of new ones like Pi.

Just remember to do plenty of market research before selecting a particular cryptocurrency for your investment.

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4 Savvy Ways To Invest Your Leftover Cash

March 3rd, 2021 Posted in Investment, Money Tips
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One of the best ways to build wealth is to reinvest your leftover cash. So, if you find that you regularly have a rather sizeable sum left in your account when your next pay cheque lands, then you ought to start doing something with it and investing your money in profitable, sensible ways.

4 Savvy Ways To Invest Your Leftover Cash - piggy bank image
Image by 3D Animation Production Company from Pixabay

1. Investing In Classic Shirts

The market for classic sports shirts and vintage kits has boomed recently, with millennials and Gen Z desperate to don the names of their heroes and idols from the 80s, 90s and early 2000s on their backs. Sites like Classic Football Shirts charge high prices for rare or vintage football kits, so if you have a little extra cash lying around why not see if you can find some popular jerseys for cheap either online on sites like eBay or in your local charity shops. Alternatively, you might decide to look to the future rather than make a quick buck and purchase a couple of popular sports shirts from today that could grow in value in the future.  

2. Buying Cryptocurrency 

The recent rise of cryptocurrency has seen the price of the like of Bitcoin, and newcomer Dogecoin, skyrocket. Don’t miss out by buying Dogecoin, Bitcoin or another cryptocurrency today, as you could be sitting on an absolute goldmine in years to come. There is plenty of risk attached to this strategy though; there is no guarantee these stocks will rise. That said, if you have the spare cash to invest, then you should be able to take the gamble and hopefully come out better off.

3. Put It Into Your Pension

Fancy retiring early? Then this could be your route to achieving just that. Upping your pension contributions is the ideal, tax-free way to save away your leftover cash and truly begin investing in your future. Your pension pot will only grow bigger with inflation, and the taxman can’t touch it, so this is a surefire, foolproof way to store your money away and seeing it grow with little effort. Result!

4. Get On The Property Ladder

Finally, the most expensive of ways to savvily invest your extra cash is to put it towards a deposit for a house. Getting on the property ladder is tough but investing in real estate is one of the most secure and potentially lucrative investments you can make. There aren’t many quick wins in investing in property unless you get particularly good at buying and flipping homes thanks to quick renovation jobs, so you might have to be a bit more patient to see a return on this investment. Nevertheless, putting your money into property could quite easily earn you a pretty penny, and it is an excellent way to invest your leftover cash. 

Ultimately, there are plenty more ways to invest your money that we haven’t covered. However, these four tips are some of the savviest ways you can use up leftover cash to make a profit. Whether it’s something as cheap as picking up a classic football shirt, or something much pricier like buying a house, investing your money in any way is better than just letting it sit there. 

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Realistic Ways To Build Wealth

February 26th, 2021 Posted in Investment, Money Tips
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Many of us want to be rich but we have rather unrealistic ideas about how to attain that. We might purchase lottery tickets every week in the hope that our numbers might finally come up, or we might use betting sites in the hope that we might win a big cash prize.

Now, there’s nothing to say we won’t become rich using these methods, but the chances are rather slim. Thankfully, there are other, more realistic ways to build wealth, and these include the following. 

Realistic Ways To Build Wealth - money making ideas image

#1: Invest (with a diversified portfolio)

Have you started investing yet? it might be that you haven’t. People are generally put off the idea because they don’t know where to start. They also fear losing money in market downturns, and are worried about receiving bad investment advice. To be honest, we can understand these concerns. However, investing is one way to build wealth, so for those wanting to improve their financial future, it should be considered. 

There are many ways to invest, of course. You could trade in stocks and shares, invest in real estate, or build wealth using a crypto trading website. It doesn’t have to be one type of investment over another, because the general consensus is that you should diversify your investments if you can. This way, you have a greater chance of earning big money, as even if the market takes a downturn for one type of investment, you might still see an upswing in another. 

To get started (if you haven’t already), check this investing guide for beginners. Then look online for more information, as the more knowledgeable you are, the greater your chances of success.

#2: Boost your income with a side-hustle

The more money you can bring home each month, the better, right? You will then have more to put away in a savings account, and you will build your wealth from your extra income and the accumulated interest. So, consider the types of side-hustle that suit you, and do whatever is necessary to get started. 

What kind of side-hustle could you begin? Well, as we have already established, investing could be your side-hustle. You could also start an online business, sell items for a profit on eBay and other eCommerce sites, rent out a room in your home, or do one of a million other things, as there are loads of ideas online. We discussed one passive income business idea here. Do whatever will excite you, as the more happiness you gain from your side-hustle, the more likely you are to stick with it. 

#3: Move into a better-paid career

If you can’t quite make ends meet (or put savings away) because of your current career path, it might be that a move into another career could be right for you. Admittedly, you might have to start on the bottom of the career ladder again, so you might not earn the big bucks right away. And you might have to go back to school too, be that online or offline to pick up a few new qualifications. But the rewards will be worth it because if you do choose a career path that gives you the opportunity to build wealth, you will be putting yourself on firmer financial footing. 

Here are some of the highest-paying jobs in the UK.

Finally

So, buy a lottery card if you want to. And make the occasional bet if you can afford to do so. But to make your dreams of building wealth come true, try more realistic avenues. We have suggested just a few options but continue your research online and around this website to learn more. 

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