4 Steps Toward Making Good Financial Decisions

December 10, 2020

Making good financial decisions sits at the base of every financial success. However, making good financial decisions can be far more difficult. There are steps you can take to make good financial decisions. And these steps are simple to understand, but not necessarily easy to implement. Read below these 4 Steps Toward Good Financial Decisions.

Be deliberate: We have all taken on certain responsibilities and accepted certain obligations. Allowing those responsibilities and obligations into our lives deliberately can help make good decisions. We understand that a certain decision will impact an obligation, and can use that as a part of our decision-making process. But we also take on some obligations and responsibilities without deliberately doing so. You might decide to live somewhere because that’s where your family has always lived. Or you may think you have to fund your child’s college education without determining if this is something truly important to you. These responsibilities and obligations that have not been chosen deliberately can harm your ability to make good decisions.
Create structure for making decisions: Give yourself tools that will help you make good financial decisions. This could come in the form of a checklist that you review before you spend a large amount of money. The classic example is freezing your credit card in ice to give yourself more time to fully consider a decision. Use cash for expenses. Once the cash is gone, you’ve built structure that allows you not to spend more.
Be silly (sometimes): Not every good financial decision needs to be a wise financial choice. Money is meant to support your life. If your life calls for a bit of fun, use some of your money that way. It is important to be silly. It is also important to be deliberate about this. Know what you can afford to be silly with. Make the decision consciously and with control. Going to the circus and buying some concessions on a whim can be silly and still a good decision. Buying an expensive car on a whim because you think it’ll be silly and fun is not a good financial decision.
Be clear: Don’t confuse outcomes and decisions. A good financial decision does not mean you will have a good outcome. Great decisions can end up poorly. And poor decisions can turn out well. The outcome does not determine whether the decision was good or not.

Live these steps and you’ll make good financial decisions. Not every time, but more often than not.

Source: PlannerSearch

5 Common Investing Mistakes and How to Avoid Them

obbuuz

December 8, 2020

Successful investing isn’t always about how much money you make. It’s also about how much you keep. Keeping losses to a minimum allows your assets the potential to grow over time through compounding.

See below some common mistakes that investors (beginners and veterans) sometimes make and how you can avoid them.

1. Investing Without Research

Some people are able to make a living simply just by investing and selling stocks because they’ve done their due diligence in research.

Every move they make, whether it be buying or selling stocks, is done after they’ve read up on the latest stock trends. They’re keeping an eye on the fluctuation of their stocks while also watching out for stocks they might want to invest in.

There are several ways you can always conduct your research. Stay abreast with the news, research companies you want to invest in, have a mentor take you under his/her wing, and so on.

2. Not Diversifying Your Portfolio Enough

The problem with putting all of your money into one investment is that it can lead to absolute disaster if that single investment fails. If all of your money is in shares of one company and that company fails, you’ve lost all of your money. It’s wise to spread that risk around, at least a little.

Put your money into more than one investment — ideally, spread across many investments. This means that if one of them collapses, you don’t lose all of your life savings. You may even consider diversifying even further and invest in things like real estate, bonds and cash.

3. Thinking short term

Investing for the short-term simply may not give your investments time to potentially grow. This is particularly necessary if your goal is long-term, such as funding your retirement or college education for your kids.

If you’re looking for a way to get an immediate payout, then investing in stocks isn’t for you. A disciplined investor has goals for investing that they plan out far in advance, and achieve over the long haul.

You have to be committed to the grind. And sometimes, the best way to make a profitable return on your stocks is to simply wait it out.

4. Investing With Too Much Emotion

Too many people make investments in stocks by leaning on their emotions. They only invest in companies with which they already have a relationship. If you perform enough research, you can lean on your gut to make decisions. These are well-informed decisions that you can back up with facts. Decisions that you make on emotion can’t often be rationalized.

Figure out a diversified investment plan and stick to it, no matter what’s happening. There will be moments when certain investments rise in value rapidly, and other times where investments drop in value rapidly. Don’t respond to them immediately. Stick to your plan.

5. Using Money You Cannot Afford to Risk

When you invest with money that you can afford to risk, you will make much more relaxed trading decisions. In fact, you will have much more success with your trades, which will not be driven by negative emotions or fear.

You would be blown away if you could see how different your trading style becomes when you are using money which you cannot afford to risk. Your emotions get heightened, your stress level goes through the roof, and you make buy and sell decisions which you otherwise would have never made.

Therefore, you should never put yourself into the high-pressure situation where you are putting money on the line which you need for other reasons.

Finally, take the time to consider whether you’d like to go on this journey by yourself or seek the help of a brokerage firm. If you choose the latter, make sure to find the perfect fit for your needs.

10 Tips to Save Money When Your Paycheck Is Already Stretched Thin

obbuuz

December 7, 2020

There ain’t no magic money-saving trick that will send your bank account balance soaring, but there are plenty of small ways you can scale back. And the little things do add up.

Read on if you’re ready to start saving even when your paycheck is already stretched thin .

1. Time your purchases like a pro.

You may not be able to time a car repair or vet bill, but with discretionary purchases, knowing when to get the best deals can mean big savings. Need a TV? Wait until January, when last year’s models are discounted to make room for the new ones. Looking for new furniture? Retailers often clear out their stock around Independence Day, making July prime time for scoring cheap furniture.

2. Master the art of getting stuff for free.

Becoming a hermit isn’t the only way to save money. There are plenty of ways to get free stuff or have fun on the cheap. Some of our favorite ideas:

Use Facebook and Nextdoor. Before you shell out for things like furniture or baby gear, check out buy nothing groups on platforms like Facebook and Nextdoor to see if one of your neighbors is looking to get rid of something similar.

Score free food by downloading an app. Plenty of restaurant chains offer freebies or BOGO deals for downloading their apps. You can always delete them after you take advantage if you don’t want temptation at your fingertips.

Check out your local library for free entertainment. Your library card isn’t just a pass to check out books made from dead trees. Plenty of free library apps allow you to access ebooks, movies, music and more without paying a cent.

Swap goods or services with someone else. Learning how to barter can help you get what you need without spending money.

3. Cancel automated purchases for non-necessities.

Curbing mindless spending isn’t just about cutting out late-night Amazon purchases and impulse grocery buys. You probably have monthly subscriptions and memberships that are draining your bank account each month for things you rarely, if ever, use.

One of the best ways to save money is to look carefully at gym memberships, streaming services, subscription boxes and anything else that you automatically pay for each month. If you haven’t used it in the past month, it probably belongs on the chopping block. Also be on the lookout for any free trials you forgot to cancel.

Pro Tip

Avoid storing your credit and debit card information on websites you frequently shop on. You’ll make it harder for yourself to spend mindlessly.

4. Repair what’s broken instead of buying a new one.

Just because something’s broken doesn’t mean it’s destroyed. By learning some basic DIY techniques, you can make your lightly damaged goods like new again without shelling out for repairs. For instance, learning a few basic sewing stitches will help you repair your clothing for you and your family, even if you don’t have a sewing machine. There are plenty of ways to learn home repair skills for free online.

But for major repairs, know when to call a pro. It’s worth the cost when you’re repairing a big-ticket item or doing anything that could jeopardize your safety.

5. Do a no-spend challenge

It sounds so easy: To save money, just don’t spend it. But doing a no-spend challenge, where you commit to not spending any money over a certain period — be it a month, a week or even a single day — can help you reign in your spending.

Or you could try a modified version. Do a pantry challenge, where you avoid the grocery store and use the ingredients you have on hand to feed your family. Or build a capsule wardrobe, where you select a certain number of clothing items and make those your only wardrobe for the time frame of your choosing.

6. Cancel the insurance you don’t need.

Insurance can seem like a money-sucker, because hopefully, you don’t need to use it very often. Having sufficient homeowner insurance or renters insurance, car insurance and medical insurance is one of the best ways to prevent an emergency from destroying your finances.

That said, some types of insurance are a waste of money. For example, you probably don’t need collision insurance or comprehensive insurance on a car that’s paid off if it’s older and one fender-bender away from scrapyard heaven. You may not want to shell out for accident insurance or critical illness insurance either, because the circumstances they’ll cover you for are so limited. Even life insurance may not be worth the cost if you’re single with no dependents.

7. Find ways to earn extra money.

There’s no way around this one: Even when you have a bare bones budget, sometimes saving money just isn’t possible. One reason is that your fixed costs, like your rent or mortgage, medical insurance and car payments are often your biggest expenses — and those are the hardest to lower.

If you’ve cut everything you can and still can’t save, it’s time to find ways to make extra money. Switching to a higher-paying job isn’t always realistic, but you can still take on a side hustle, find a work-from-home job you can do part time or make extra cash selling stuff online.

8. Get free or low-cost financial help

If you’re struggling to stick to your budget or keep your spending in check, it’s OK to ask for help. You don’t need to spend big bucks to work with a financial pro. Unlike financial planners and advisers, who often cater to people with a higher net worth, a financial counselor is trained to help regular people manage their money from day to day. Many offer their services at little to no cost through a bank, school or nonprofit, or they practice on their own and use a sliding scale based on your income.

9. Talk about your struggles and your successes.

One of the best ways to save money is to tell other people that you’re trying to save money. Doing so can help you prepare your friends and family for when they hear you say no to joining them when they suggest expensive plans.

But that’s not the only advantage. It’s easy to feel like you’re the only one who’s struggling to save money, especially when you scroll through Instagram. But you’re far from alone. Find other people who are trying to save money, either within your social circle or by connecting with a like-minded online community. You can swap tips for saving money and find encouragement when times are rough.

10. Find cheap ways to treat yourself.

Any successful savings plan has a little built-in flexibility so you can treat yourself from time to time. Rather than downing drinks at happy hour, buy yourself a good but cheap bottle of wine to enjoy at home. Have a DIY spa day using simple ingredients you probably have on hand. If you’ve been stuck at home for too long, you can refresh your home’s look without spending a dime.

Culled From ThePennyHoarder

4 Tricks To Grow Your B2B Client Work In An Unstable Economy

obbuuz

December 4, 2020

An unstable economy gives shivers to those who have their business established in the vicinity. The point to ponder is that no one knows the future, but we all have to face the present with different mindsets. B2B client is somehow impacted if you are handling a business in an unstable economy. However, there is nothing impossible if you know the tricks to achieve the goals.

Ready to learn the new tricks? Here we go!

1. Revise your marketing strategy

In a world full of traditional marketing techniques, be the one who brings a change in the industry. This means you don’t have to interact with your prospects like before. Make a U-turn and bring a significant change in your marketing strategy.

Now you have to emphasize more on online marketing than traditional approaches. Learn new ways to market your B2B company in the global industry.

Rethink the market

There was a time when your market was ready to pay you for your immense contribution in settling the economy. Since the situation is different, the same market would not face you for bad conditions.

In such a case, do not hesitate to look for another market that can pay you for your contributions. You can definitely look for other markets in your niche that can probably give you more effective results than before.

For instance, if you used to supply to the hotel industry, you can always welcome buyers in the food and beverage market. The global B2B marketplace facilitates such suppliers in a variety of ways so that their business won’t shatter and they keep earning.

2. Focus on low-budget products

Since the economy is not in the state to invest in high-end products, your success is in launching low-budget products. Indeed, any economy with an uncertain situation can still invest in low-budget products because these are still in their reach.

Do not limit your business. If you want to welcome a new B2B client every other day, you have to come up with some new product ideas. The low-budget products will not only cater to your clients’ needs but you also save a lot of money. You won’t have to buy high-end supplies to furnish the requirements.

If you are still not clear, take inspiration from leading manufacturers and suppliers on the China B2B platform. It will expand your ideas and help you in deciding the market to target.

3. Work on your online presence

The world is moving towards digital technology. Don’t stop your feet from stepping into new avenues. You have this chance to grow your B2B client work without facing any barriers.

Having an online presence is really important to survive in the fierce competition. Perhaps, the problem is the unstable economy; but this gives the ultimate solution to generate significant revenues. Explore different social media platforms and choose the one where you find your target audience. Not only this but try out other digital channels that will give your business a sudden boost.

4. Get feedback instantly

Gone are the days when word of mouth technique was enough to approach the business. It used to save a lot of time because no one has to exaggerate their reviews to influence the customers.

Businesses flourish through positive reviews because it makes a huge difference. According to research, more than 80% of customers approach a brand or company by hearing or reading an exceptional review from other customers. This clearly shows that feedback or reviews are vital to influencing customer’s decisions.

So, the unstable economy is just a matter of concern; but, you have got another way to prosper even in the toughest situation. Once you serve a B2B client, ask them for a review. With this little effort, you will notice a huge difference in business growth.

Moreover, positive and negative feedbacks are a part of the business. Hence, take negative reviews as suggestions to improve and positive reviews as further encouragement.

Source: Exporthub

Five Secrets of Fortune and Fulfillment; Quick Lessons From the Prosperous Peasant

obbuuz

December 3, 2020

The Prosperous Peasant: Five Secrets of Fortune & Fulfillment is from the Samurai’s Temple School. The master is HIdeyoshi, a samurai and one of Japan’s great leaders. At his temple school in Nagahama, Hideyoshi teaches the secret of his success to all who care to hear. The book contains the story of the true adventures of a peasant who rose from poverty to ultimate prosperity during Japan’s golden age of the samurai.

Here are the 5 principles that The Prosperous Peasant hopes to convey.

1. Gratitude attracts luck
“Gratitude instills a spirit of sincere and industrious service.”

True luck visits few people in life, but opportunity is a frequent visitor. It is those who learn to act upon opportunity that others believe to be lucky. “Luck” also comes from helping others. When you give your time and resources to help other people achieve their dreams, they’re likely to remember your actions, and to return the favor in the future. This isn’t luck, either, but a form of social capital. The lucky man is not lucky — he seizes opportunity and helps others to achieve their aims.

2. Know your gift
“All men of grateful spirit can achieve success if they work to make the most of their talents.”

Know your strengths and how to use them. If you’re good with people, don’t become trapped in a job where you’re only shuffling paper. The Prosperous Peasant tells the parable of Taro, a boy whose gift is unfailing persistence. Though he has no skill in any particular trade, he’s able to become a master potter by dedicating himself to the craft for ten years.

3. Conceivable means achievable
“We must all begin where beginning is conceivable.”

Napoleon Hill once said, “What the mind of man can conceive and believe, it can achieve. When you set and pursue goals, you’re conceiving and achieving the things you desire. Start by setting realistic goals, goals that are conceivable. Success builds upon success.

4. Effort determines results
“Average effort produces average results, but extraordinary effort produces extraordinary results.”

In most cases, the degree of our success is determined by how much effort we put into something. Success doesn’t happen overnight — you are not going to get rich quickly. However, the strength of will and perseverance can usually help us overcome unexpected obstacles in which we all encounter. Success is a result of extended effort over months, years, or decades. It requires lots of sacrifice and hard work.

5. Collaboration breeds success
“Everything you accomplish owes to the help of someone else”.

From the day we’re born, we draw our strength from others. Our ability to work with family and friends plays a large role in our success. No one person can be a master of everything. In order to achieve our dreams, we must rely upon other people, to draw upon their skills.

Lastly, The final chapter of The Prosperous Peasant briefly describes the virtues of the Bushido Code: which are Justice, Courage, Benevolence, Politeness, Honesty, Honor, Loyalty, and Character. These traits, and Hideyoshi’s five principles of success, form an excellent foundation for a Successful Life.

5 Smart Financial Things to Do Before the End of Year 2020

obbuuz

December 3, 2020

Time flies, and the end of the year will be here before you know it. Now’s the time to make a few smart money moves before 2020 comes to a close.

Here are five strategic steps you should take if you want to start 2021 strong.

1. Spend the Money in Your FSA: Don’t Let it Go to Waste

If you have a Flexible Spending Account through your employer as part of your health insurance plan, remember this key fact: The biggest drawback with an FSA is that you lose whatever money you don’t use up by the end of the year. You can pull money from your FSA to cover the cost of prescriptions, office visit copays, over-the-counter medical supplies, eyeglasses or contact lenses.

2. Start Investing This Year: Spend $1 to Own a Piece of Amazon, Google or Other Companies

The best time to start investing is now, not later. Don’t wait another year! Sure, the stock market can be volatile, but over time the value of your investments will go up.

You can start small, if you want. In fact, you can get started with as little as $1 with an app called Stash, which lets you be a part of something that’s normally exclusive to the richest of the rich — buying pieces of other companies for as little as $1. You can invest in pieces of well-known companies, such as Amazon, Google or Apple, for as little as $1. The best part? When these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends.

3. Contribute to Your HSA: Don’t Miss Out on Tax Deductions

If you don’t have an FSA, maybe you have an HSA, instead. That’s a Health Savings Account, and it’s also used to cover out-of-pocket medical expenses. The goal of an HSA is to help people offset the cost of high-deductible healthcare plans. They help make healthcare affordable for families who struggle under the burden of insurance premiums and deductibles that can run into the thousands of dollars.

An HSA has less of an urgent deadline because, unlike an FSA, whatever money you don’t use up this year rolls over into next year. However, keep in mind that any money you put into your HSA before the end of the year is tax-deductible, which could help lower your 2020 income tax bill.

4. Cancel One of Your Streaming Services

Quarantine has many of us subscribing to multiple streaming services. But you don’t need to carry them all into 2021. If you’re subscribing to Netflix, Amazon Prime, Disney Plus, Hulu and HBO, maybe it’s time to take an inventory of which subscriptions you’re actually using. Maybe it’s time to jettison at least one of them. And if you still have cable, maybe it’s time to finally cut the cord and save yourself some money by going with a few streaming service instead.

5. Contribute to Your IRA

Would you like to retire someday? Sure you would! If you have an individual retirement account (IRA) as part of your retirement savings portfolio, you’ll want to contribute as much as you’re able to it this year.

Culled From Newfinancemagazine

1...353637...56 Page 36 of 56