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Tips To Be More Financially Successful In Life

April 30th, 2020 Posted in Money Tips
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Money isn’t the be-all and end-all in life, but it can sure make our lives a little easier. Being financially successful can be different for everyone. Some might see themselves as being a millionaire as being successful, while others might just like to live comfortably and feel financially stable. Everyone has the ability to be financially successful in life with some finding it easy enough while others might find it more difficult. Here are some handy tips to be more financially successful in life.

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Know How Much You’re Worth

Firstly, when it comes to the finances, everything you do in life where you provide a service should be compensated. It’s important to know what your worth is and how much you’re worth when it comes to any job that you have. There are lots of jobs and opportunities out there in order to earn money, but not everything is going to be offering you the money that you deserve and need. That’s why its good to get an understanding and to know how much you’re worth. It can help when searching for jobs or those opportunities where you are rewarded financially. As time goes on, depending on your growth in terms of skills, experience, and education, this can increase your financial worth. It’s good to always keep an eye on this so that you’re never selling yourself short. There will always be those out there who will look to make a cheaper deal, and you should always be getting what you deserve and nothing less.

Learn To Negotiate For Salaries

Negotiation is something that some of us are good at, and some of us are rubbish at or don’t even bother. The art of negotiating can be used throughout your life and can be helpful in a variety of ways. Whether that’s cutting a deal with a car dealership for your new car or finding a cheaper price for something you’re trying to buy at a car boot sale. There are plenty of opportunities, and the same can be said for your salary. Salaries are something that can be negotiated, but not everyone does it because they feel like the salary is something that’s been advertised and therefore locked in. However, once you’ve got the point where they want you for the job, this can be a good place to start negotiating. 

It’s worth taking a look online with platforms like LinkedIn. They have handy tools that can help you find the average salaries for different jobs, and you might find that you’re on the lower end or possibly not even getting near enough. The more money you do get, the more financially successful you become in being able to negotiate with pay rises and promotions.

Get Educated

It’s important to learn because learning is powerful, and it can also make you financially successful too. The influence that it can bring can help elevate your current role that you’re in, or it can open doors to opportunities that you hadn’t considered before. So when you’re going through life, you should always be on the lookout for the chance to become more educated than you were before. Each day is a chance to learn something new and the career you’re in now, might not be something you end up doing further down the line. What about going back to full-time education or doing an online course? There are plenty out there, and places like the University of Nevada Reno are offering courses online that make it possible for anyone to do. If you’re thinking about getting further education, make sure to weigh up the options about what this can provide for you both in terms of your happiness and fulfillment but also financially. These courses cost money, so you want to ensure you’re doing it for the right reasons.

Stick To A Budget

It’s not easy to stick to a budget, and some people won’t be financially successful because they end up struggling to manage their money properly. Being able to manage your money is a lot easier than you think, and sometimes, it just takes a little bit of control. We all have our income, whether it comes in irregularly or on a monthly basis. What we can do with that is lay it out on a spreadsheet like Excel and document all your expenditures. Being able to see where your money goes and how much you will have left of it can help you understand where you might be going wrong. You always want to have money left over by your next paycheck so that you can put this away in savings or towards a pension plan you might have. Everything you save can end up providing you with a much better quality of life because you’ll spend less time worrying about going into debt or having no money left. Being able to struggle a little less can be beneficial.

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Invest & Diversify A Portfolio

Investing is one thing that’s worth considering, and with the online world being what it is, investment is not just for those who already have plenty of money. You have p2p lending, stocks, and bonds to consider as well as investing in property both physically and through stock form. By investing, you increase the opportunity to have more financial success, but it also gives you a chance to take risks in life, which is healthy to a certain degree. Diversifying your investment portfolio is also recommended in order to help make the most out of your money. If you’re not diversifying it, it’s like putting all your eggs into one basket.

Have A Savings Plan

Savings are good to have because they can help you in your time of need. When you don’t have savings, it causes problems and can put you at risk. What happens if your car needs replacing or your boiler breaks down, and you have no disposable income apart from your wages? For peace of mind and security, it’s a good idea to have a savings plan in place. This can help you learn to save and to show yourself that it is possible to save money from what you get from each pay packet. Open up a savings account and make it one that you don’t necessarily have a lot of access to so that you’re not tempted to dip into it.

You could also automate your savings by setting up a standing order to the account, and therefore, you’ll consider it to be like any other bill payment that you make.

Create A Side Hustle

A side hustle is something that you some people have that is an addition to what they do as a full-time career. For some people, the work life of a full-time job isn’t enough, and they may have other personal passions and dreams that could make them money in theory. Whether that’s running a YouTube channel or becoming a weekend handyman. There are lots of ways that you can create a side hustle nowadays, and if you have the drive to do so, you might as well give it your best shot. You never know, you could become financially successful off it and end up quitting your current job because of it.

Being more financially successful in life is what you make it to be. Whether it’s owning several properties or just being comfortable each month, it’s up to you what you want that to be. Use these tips to help you get there.

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Don’t Discount Your Hobbies – They Could Make You Rich

February 20th, 2020 Posted in income, Money Tips
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Everyone has hobbies. But did you know that you can use yours to make money? 

It turns out that a lot of the things that you do for fun can be a great way of generating cash, often as a byproduct. You get to enjoy yourself indulging in your favorite activities while at the same time, boosting your regular income.

So which hobbies can wind up making you money? 

Writing

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Writing is difficult. Being able to write well is a skill – and one that few possess. For that reason, it’s highly valuable. If you’re ready to write engagingly and entertainingly, people will want to consume more of your content.

A lot of people who write for fun also sell their services to others over the internet. You could transform your passion for writing into work, creating compelling content and articles for firms in your target area. Many firms are willing to pay double or even triple the regular writing rate for people who churn out quality content. 

Gaming

If you went back ten years and told somebody that gaming was a way to make money, they’d laugh at you. But thanks to games like Dota 2, Team Fortress and playing European Roulette in HD, that’s all changed. Now you really can make money from gaming – so long as you’re good at it. 

Making money from gaming all comes back to e-sports. Gaming audiences all over the world are prepared to pay to watch the best gamers in the world compete against each other for victory across a variety of video games. This money generation is then feeding into the prize money that players can win. You don’t have to be the best in the world – just good enough to give other gamers a run for their money. 

Traveling

People usually view traveling as a giant money pit – somewhere you throw your dollars, never to see them again. But thanks to the internet, that too is changing. Those who have a strong sense of wanderlust can generate money from their passion as influencers and bloggers. 

Travel companies are desperate for people who blog about their experiences at their resorts. They want them to post videos, pictures, and blogs that effectively pay for themselves. And they can pay you for the privilege. So if you’re continually jetting off all over the world and have a camera, consider transforming it into a money-making scheme. 

Cooking

Finally, cooking is yet another hobby that can help you make money. Here again, you’re tapping into the large influencer market, using your culinary skills to inspire your audience. If you build a large enough following on social media, you can attract the attention of advertisers, keen to flog their products. Sometimes it’ll be a specific brand of food, and other times, it might be something like a toaster or a blender. Whatever it is, you can wind up with some pretty decent advertising deals that allow you to enjoy your hobby and make a profit from it at the same time. 

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Fun, Flexible Ways to Earn Some Extra Cash

January 31st, 2020 Posted in Money Tips
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Looking for fun, relatively easy ways to make a bit of extra cash? Here are three ways that it can be done, depending on your situation and interests. 

Start a side hustle

This day and age, where it’s perfectly possible to make money from your own home in a flexible way, everyone should have a side hustle. It’s a way to take something you’re good at (a skill such as writing or design) or a hobby you enjoy (such as baking or crafting) and monetise it. Since you’re the boss, side hustles are flexible and can be worked around your regular nine to five job, and as you’re doing something you enjoy it can be fun and rewarding. Having a second stream of income is incredibly useful, you could use the money you earn to pay off debt, to save up or just to live more comfortably. If you ever lose your main job and source of income, you have this as a backup plan so you can earn at least some money to keep you going until you’re back on your feet. Some people start side hustles that are so successful they can turn it into their full time job, and earn more money from it than they ever thought possible. But even if you’re just earning a few hundred a month, it’s always going to be a bonus.

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Invest

If you’re in a position where you already have some money behind you, don’t just let it sit in a bank account. If you invest wisely you can turn your chunk of cash into a lot more and grow it steadily over a number of years. Since investing tends to mean a pretty passive way of earning income there’s little hassle to you but it’s rewarding to see your money being put to work. From stocks and shares to online currencies, there are lots of different options. If you’re new to investing, it’s worth hiring a broker who can make the best decisions on your behalf. 

Gamble (with caution!)

This really should be taken with caution. Gambling can be seen as a fun way to acquire money, but should never be done as a way to earn money or try and win back what you’ve already lost. When gambling, set aside some money to spend on a set basis and when it’s gone, accept that it’s gone. You should never use money that’s set aside for bills or anything else, and see it as something that’s just a bit of fun and that you very well may lose. However, if you have some spare cash and aren’t worried about losing it, gambling can sometimes go in your favour and you can get some nice wins- and have fun in the process. Use a company that offers free bets to get you started, that way you have more chances of winning without exceeding your budget.

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Grow your Funds with these Tips

January 21st, 2020 Posted in Money Tips
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Money makes the world go round, or so we are told. Unfortunately, not having enough money can certainly be an uncomfortable place to be. It puts a strain on your life and relationships. Everything becomes about money, it is all you can think about. This is a sad fact of the world we live in. A lot of what we do depends on money, where we go, shop, who we are friends with. It really does seep into almost every facet of life. However, there are ways you can make the money you have work better for you. It’s not all doom and gloom. Okay so here are some tips to help you grow your money and have a better future:

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Acceptance

The first thing you need to do above everything else is accept where you are in life at the moment. You cannot go about living a champagne lifestyle on ginger beer money. It is unsustainable. The truth of the matter is, it does not actually matter what you earn, it matters what you do with it. If you earn $15000 a year and save $100 a month, you are better off than the person who earns $100,000 a year but spends $120,000, meaning they have a considerable debt. When the next financial crisis happens, who is going to be better off? However, the only way to save is to live within your means. So, be honest with yourself, what can you buy? What should you buy? Who cares where you got that coat from anyway? If friends are judging you because you haven’t got branded clothes, are they really your friends? Make changes to how you shop with the intention of saving something every month.

Stocks and shares

Before you look to make any sort of investment, you need to do a bit of research. Perhaps, have a conversation with a financial expert, or a few experts to gain as much knowledge as possible. Read as much as you can online, learn as much information as you can before you look to put your savings into any sort of investment. Even the most sturdy stocks are not without risk. The whole reason people make money on the stock exchange is because it is marred with risk. However, there are ways to mitigate the risk and research is one. You also need to choose what type of investment you want to make. Long term or short term. High-risk, or low risk. Think about dividends and what sort of returns you can get in that aspect. Maybe you are inspired to invest based on ethics. Whatever you end up doing, remember that you need to diversify. Never put all your money into one type of stock.

Spread-betting

If you have not heard of financial spread-betting, you may be missing out. This is a form of investment which is done using the stock market. However, you do not buy stocks. What you do is place a bet on the likelihood of a particular share price rising or falling. Instead of a straight-up bet, it is more informed as you are using your knowledge of the stock market to mitigate the risk involved. There is a lot of money to be made in this sort of thing, just as there is potential in making money by searching for the latest casino offers. 

Start a side hustle

Another way to maximise the money you have is to start a business on the side, while keeping that full-time regular job. Think about what you would like to do and maybe it could be a little money earner. There are so many avenues you could go down. If you are one for bargain hunting, perhaps you could open up something on eBay or Amazon and start doing it semi-professionally. What is stopping you? If you have a passion and know a lot about something, you could make money selling your knowledge. Perhaps you could write blogs on the side, or turn your make-up skills into a vocation. When you start thinking down the entrepreneurial road, the world opens up, and there are many opportunities. The added bonus with doing something like this is the feel-good sense you get from it. You have created something on your own for yourself, and no one will ever be able to take that away from you. And if this side hustle kicks off, you may end up doing what you love full time and being your own boss. Life is what you make of it, and sometimes it is through struggle that we achieve. 

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Retire Early, Retire Right

June 16th, 2017 Posted in Money Tips
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You should always be thinking about your retirement. As crazy as it might sound, you really should be thinking about retirement in your early twenties. Not because you’ll be planning to stop working in the next few years but rather due to the fact that you’ll be there sooner than you think. So, you have to be prepared. You need to make sure that you have enough cash in your account to survive comfortably without the income that you might have been relying on. To do this, you need to consider ways that you can build up your capital, avoid debts that will eat your savings and live smart financially.

Recently, there was an advert for pension saving schemes. It showed two people’s lives in retirement on the saving plan they were currently on. One the one side someone was saving a lot and having a wonderful time after retirement. On the other, they were saving the bare minimum, and the projection for their retirement certainly wasn’t as rosy as they’d probably hoped. So perhaps this is the best place to start when thinking about your retirement.

How much are you saving? Ideally, you want to save around a quarter of your paycheck for your retirement. Unfortunately, for most people, this probably isn’t realistic. Particularly, when you take into account rent, bills, little luxuries and other expenses. You might hear people say that if you can’t afford to save your pension, you’re living past your means. But at what point are you sacrificing your enjoyment now to pay for a great future?

As such, you should really just be saving as much as you can reasonably afford. A few hundred each month isn’t an absurd level, and it’s one that most people should be able to meet. So, if you’re saving around that amount of money, you’ll have a nice pension pot to fall back on when you retire. If you’re struggling to save any money at all, a handy tip is to start thinking of it like another bill or even tax. It has to come out of your account at the end of the month. Of course, saving is a great start, but there is more that you can do to protect the outlook of your retirement and maybe even quit working earlier than most.

Buying Property

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Most people working now will be retired around 65-70 with the retirement age steadily increasing every year. You probably want to retire earlier than that and make sure you can still enjoy those last years in full. That’s why you want to buy property. There is an argument as to whether it’s financially wise to invest in property. And yes, it’s true to say that some people do end up in debt because they buy property and find that they can’t afford it. But that scenario is quite rare. The key thing to remember is that when you buy property, you leave yourself with capital that you can use and fall back on.

You might buy it with a loan but you can steadily pay that off, and if you’re doing this you can probably cut back a little on savings. Essentially, your home is your savings because you’ll be able to use the money you’ve put into it to move to a bigger home and pay the rest of the money on that one off. Then, when you retire, you can sell that and again, free the capital, moving to a smaller home and live comfortably through retirement. Yes, it sounds all too easy, doesn’t it? Well, it’s not, but it’s definitely possible if you commit to this type of plan. You just have to make sure you have some money in your accounts so that you don’t end up in debt when the home needs a repair or two.

Gaining A Second Income

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If you want to be well off when you retire or retire early, you better make sure that you have more than one income. In fact, it’s advisable that you have at least two incomes and ideally three. The good news is that one of these incomes can be completely passive and the other one you can complete in your spare time.

The nonpassive income would be what is essentially a side hustle. It’s something you can do outside of your main job, perhaps at the weekend to earn a little extra cash. The great thing about this is that if you already have a solid plan in place for your finances, that side hustle cash can be spent on things you want. But wait, isn’t that just wasting your money? Actually, no because you probably will be buying these products or services anyway. This way, they won’t affect your overall financial savings.

An example of a side hustle would be tutoring students. You might have experience as a teacher or perhaps an academic. If so, then you’ll be able to offer the support that parents are always looking for to push up their kid’s grades.

Or, you might want to consider working from home, making money online. Fortunate Investor has some great examples of ways to make money on the net. One example would certainly be working as a freelancer writer. With this job, you can provide content to websites and easily earn a lot of money in no time at all.

What about the passive income? Well, that could be any type of investment that doesn’t require a lot of your time. If you’re looking for a great example of this, you should think about flipping properties. To flip a property, you need to invest in a fixer-upper. Spend a few months renovating it on the weekends, using services from pros rather than elbow grease. Once you have done this, you can then sell it on and pocket the profit. Some people easily make double to original value of the home doing this, though it does depend on whether you buy the right property.

Avoid Frivolous Spends

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If you’re going to retire early and retire well, you need to understand the value of money. This means that you should avoid spending money in areas that won’t benefit you in the long run or that will probably turn out to not have been worth it. An example of this would be buying a new car.

According to financial experts, it’s never a smart idea to buy a car brand new because you’re pouring money down the drain by doing this. At best you’ll be wasting a few thousand that you could have saved if you bought the car second hand. At worst, you could be wasting a small fortune because you were desperate to own a dream car that will lose half it’s valued in a few years. There are exceptions to this. You might buy a classic, and if that’s the case, it could even be considered a solid investment. But this possibility is quite rare.

Of course, this is just one silly spend that you want to avoid when you’re working towards a solid retirement. Another would be tech. Tech depreciates almost as rapidly as cars. So, if you want the latest tech, it’s worth just waiting a couple years until it drops in price. Yes, you’ll always be a couple years behind the trends. But you’ll also be saving a lot more money compared with the typical consumer.

As you can see then, it is possible to retire earlier than most and to make sure you have a solid cushion of cash to fall back on. Goodluck!

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