All of us have at least one dream that happens to be a life goal as well. Do you know any magic tricks to achieve that? Honestly, there is none. But there’s definitely something that can help you pave a path to accomplish that.
And one such criterion is to create a financial plan. Your financial plan can act as a guide through your life, helping you be in control of your expenses, investments, and income. For example, strategic financial planning will help you send your child to college. Contrary to this, if you don’t keep in mind your current and future goals, things might get quite dreadful.
If you are still not convinced, here are a multitude of reasons that will help you understand why financial planning is vital.
Increases The Overall Savings
It might be possible for some people to be able to save money without any financial planning, but for most of us, it is the most efficient way of increasing our savings. Once you create a detailed financial plan, it tells you exactly how much you spend and how much you earn every month. If you control your expenses consciously in order to save and know exactly where your money is going, it will be easier to save every single month, thereby enabling you to increase your savings in the long run.
Improves Your Investment Strategies
If you have a proper overall financial plan, it will consider your objectives, risk tolerance, and personal circumstances for investment. According to the experts at Invest4life.com.au, financial planners can help give you the knowledge of making the best decisions possible in terms of investment.
Investment strategies can be quite risky, and it is helpful to take the advice of a financial planner who can expertly guide you. Investment in the right places can help you achieve your long-term financial goals.
Helps You Save For Emergencies
How often have you run out of money when an emergency comes up? Maybe you need money for medical bills or even for fixing your laptop or car. When such unexpected situations hit, you always wish that you had saved for such days. A good financial planner always keeps an emergency fund on hand, which should ideally be equal to six months of your salary. It can help you pay for various expenses and even help you out if you have recently lost your job.
Builds Better assets
Financial planning doesn’t only require cold hard cash. You can even have a nice “cushion” that is in the form of assets. It is important to determine the real value of an asset before buying it. There can be many liabilities that you need to take care of before it becomes an actual asset. Once you have understood your finances completely, this is a relatively easier thing to do. Remember to build assets that do not become a burden in the future, rather something valuable.
Financial planning is quite important if you want to maintain a good living standard and look out for your future and long-term goals. Go ahead and get the help of a financial advisor now.
According to a Federal Reserve study, most Americans earn money through multiple sources. These usually include W-2 earnings, unemployment benefits, investment dividends, retirement benefits, and more.
With multiple sources of income, it is no wonder that many taxpayers make mistakes when filing taxes. The most common one is filing taxes for the wrong income.
Essentially, you’d wish to know what income sources to include when filing taxes. Relax! We’ve got your back.
In this article, we’ll be giving you a ballpark idea about what does taxable income mean, along with the filing procedure, and some other information. So, keep reading, if these are the questions that come to your mind when thinking of income tax.
What is Taxable Income?
Did you know that not all of your income is taxable? Yes, a portion of your income is not included when calculating taxes, usually known as tax deductions.
This brings us to the question at hand- taxable income is the portion of your income that comes under tax laws, and is included when filing income tax.
To better understand this, you need to understand how income is defined and how taxes are calculated.
IRS Calculates Income Tax
IRS defines any debits into an account as income. In other words, regardless of where you receive money from in your account, it will be considered as income as per IRS. It also includes income in the form of assets, property, or services.
A lot many people often mistake their earned wages, compensations, and other sources of regular earning to be included in income tax. Well, truly speaking, this is not at all the right approach.
This is not only true for earned wages and compensations but a lot of other income sources too.
Typically, IRS would collect taxes if your income falls under any of the following types:
Canceled or Forgiven Debt
Dividends on Investment
Real Estate Gains
Copyright and Patent Royalties
Other Support Benefits
Virtual Currency Gains
Apart from these, if you win any assets or money from gambling or lottery, it must also be included in your income tax report.
How to File Your Income Tax?
By now, I would have a ballpark idea about what income you should include when filing for taxes. However, you’d still need to understand the filing procedure. Perhaps, we can offer you a rough outline for the same too.
Calculating your taxes is a never-ending process. Year-round, you need to keep an eye on what money is coming into your account, where it is coming from, and what should be included in income tax returns.
Taxes on different income categories are calculated differently. It is better to work with an accounting attorney to get a better idea about it.
Besides, calculating your taxable income, you also need to calculate the deductions to be made. As already mentioned, not all income is taxable.
Usually, retirement income, student loans, charities, and freelance expenses are not included in tax calculations.
When filing income tax, including the right income and deducting only what’s necessary can save you from IRS troubles, in the long run. That being said, since tax laws are quite complex, it is better to work with a tax attorney you can rely on.
“Because I could not stop for Death – He kindly stopped for me –The Carriage held but just Ourselves –And Immortality.
– (Because I could not stop for death by Emily Dickinson)
According to these lines, death is not something that can be delayed or ignored; it will come to you, embrace you, and will accompany you until you find immortality. Basically, death is inevitable, and that’s the ultimate truth of life. Everyone has to bear it one day or the other.
And there’s nothing “morbid” talking about it. Most people might fear death because of the burden of responsibilities they carry on their shoulders. Now that you are retired, and about to enter the late senior years, there’s one last chore that you need to do.
Yes, you guessed it right. We are talking about streamlining the legal affairs so that your family members and friends don’t have to worry about it after you are gone. That’s the least you can do to ensure that everything related to the estate you owned will work just the way YOU wanted it. Also, after you are gone, the last thing the family and friends would want is to look after the legal formalities.
But, if you have no idea about what to start with, then stop worrying about it. This article contains everything you need to keep the legal affairs in check after the demise.
Prepare a Will
Imagine this, you just passed away, and your children and everyone you know are fighting about who will get what from the estate. Wouldn’t that be heartbreaking? So, in order to avoid all the conflict, fights, and manipulation, we’ve got a go-to solution that everyone should know about. And that is to draft or prepare the Will.
It is the best way to ensure that everything is done according to your choice. It is a legal document that contains some crucial pointers about how you wish to manage the wealth after the demise. You can put in things like who’ll inherit the property, or who will get what from the estate, or who will have a power of attorney, and who needs to be kept out of the decisions.
Preparing a Will is considered of utmost importance. In fact, according to renowned lawyers, a Will can help in reducing the payable amount of Inheritance Tax on the property, money, and assets you leave behind. It also becomes significant if you have children or someone who depends on you financially. Or it can also be beneficial if you want to donate or leave something to people who do not belong to the immediate family.
Basically, it gives you the power to decide what will happen to the wealth after passing away. Plus, it will also ensure that all the legal proceedings are taking place smoothly and no one has to suffer the legal tensions.
Consider establishing a living trust
For those who don’t know about what a living trust is, let us clear that up for you.
Suppose you want someone to manage your assets and estate. So, what can you do to legalize that responsibility?
Well, the answer is pretty simple. A document needs to be created in which all the details are mentioned such as, who will be the one to manage the assets. That designated person is known as the trustee. A living trust is prepared to allow for the easy transfer of the estate or assets. It is also an agreement in which it is clearly mentioned that a trustee holds possession of your estate and is legally designated to distribute it the way you or the trustee sees fit.
According to the state law, “When a settlor passes away, his/her assets flow to the beneficiaries as outlined in the trust. Unlike a will, a living trust becomes incapacitated after the death of the settlor. This means that during the lifetime of the settlor, trust doesn’t have to clear the courts to reach the intended beneficiaries.”
Thus, it is just like putting your trust in someone else who will be in charge of the estate and all the assets.
Make a “When I die file.”
Life is full of uncertainties, and after reaching a certain age, the stakes are a bit higher. So, it would be best if you kept everything organized to ease the confusion that will follow after the demise. For this, the lawyers suggest their clients keep a file that contains all the necessary documents, passwords, and codes. You can also put in some letters for the family members and friends.
Here’s a checklist of things that should be incorporated into the file.
Marriage/divorce and birth certificates
Your Will and living trust
Passwords of your phone, social media accounts, and safe
Bank account details
Letters to loved ones (if you want)
Now, you might be thinking that you know about the basic things to put in the “When I die file,” but what is Ethical Will? Well, it is a type of letter to the younger generation where you instruct them to follow your legacy or family values. Actually, this practice dates back to the time when according to the Old Testament, Jacob orally delivered the first one to his sons around 3500 years ago. So, in a nutshell, it is good if you delivered yours to the generation that comes after so that the family legacies or values carry on after you are gone.
The final words
Keeping the legal affairs streamlined is beneficial for your family and friends and keeps you at ease that everything is managed the way you wanted. The idea is to make things easier on everybody because when you are gone, they’ve already lost enough, and it’s the least you can do to ease their pain.
And after you step into the afterword, the only thing that will matter is the love your family members bear for, and by streamlining your legal affairs, you showed them yours.
There are plenty of things you can do to build your financial health on a long-term basis, and indeed, this isn’t something that you should ignore — if you have a long-term strategy, then in the future, you’ll be able to reap the rewards of your efforts.
However, it’s not as if all things related to boosting your finances have to take years. There are things you can do right now that’ll put you on the right path, and the good news is that these things won’t necessarily require much effort!
In this blog, we’ll run through a number of things you can do that will boost your finances without having to exert all that much effort.
It’s always nice to see the savings account moving in the right direction. The problem is that sometimes it takes a conscious effort to transfer money from your primary account to your savings.
Why not simplify the process by setting up a direct transfer? Each month, a set sum, decided by you, will move into your savings. You won’t even notice it since it won’t have been in your account in the first place (if you set the transfer up for the day that you’re paid).
Switch to a Lower/Higher Rate
Interest rates can have a significant impact on your financial health. While it’s good to have a credit card (to build your credit score), if you’re not paying off the balance each month and have overly high interest on your cards, then you’re just giving money away.
Why not look at transferring the balance to a card that offers a more favorable rate. You can usually get an attractive introductory rate that’ll slash the costs.
For your credit cards, you’ll want to have the lowest rate possible. For your savings and other investments, you’ll want to have a higher rate, so look at switching that too. Both of these processes can take all of thirty minutes.
We tend to just assume that whatever price we’re paying for the services we need is just the price we have to pay. But it’s unlikely that you’re locked into any deal for a long period of time. For things like your insurance and cell phone plans, it’s worthwhile shopping around to see if there’s a cheaper option out there.
The good thing about these kinds of things is that prices are always coming down. If it’s been years since you last switched supplier, then there will almost certainly be a cheaper option out there.
Even if you don’t want to switch companies (for whatever reason), you can think about talking with your existing supplier to see if you’re on the best rate — they’ll likely be happy to cut your bill if it means that you’ll stay with them.
Review the Mortgage
There are some things that have a bigger impact on our finances than others. Your mortgage, if you have one, will be your most significant expense. But are you on the best deal? These days, it’s easy enough to remortgage your property. You might not save money, exactly, but you’ll change your financial landscape, which might put more money in your back pocket.
That’s if you’re a homeowner, but you’ll have options if you rent, too. The coronavirus pandemic has led to a significant fall in rental prices, especially in those places that may have been in a bubble. Your landlord might be happy to lower your rent by 15%, just by asking.
Put Your Assets to Work
Many people are asset-rich, cash-poor. For example, if you own a home, or a car, or have investments. While you won’t want to give up any of these things, it’s worthwhile looking to see if there’s a way to put your assets to work.
And here’s a big hint: there nearly always is! For your house, you can look at renting out a room; if you like to be around people and don’t mind sharing your space, then having a tenant can be an excellent way to bring in some much-needed cash. For your car, you can either rent it out, or offer carpool rides to places you were traveling to anyway. And if you’ve invested in cryptocurrencies, then you can use a site like HodlRate.com to find an account that’ll pay you interest on your holdings.
All of these options don’t detract from your assets; they simply make sure that you’re getting as much worth from them as possible.
Ask for a Raise
We tend to think that our salaries are set in stone, but that’s not the case, and they’re not forces of nature, either — they’re set by the employer. If you’ve been in your role for a while and know that you’re performing well, then why not look at asking for a raise?
The secret among employers is that most are happy to give their employees raises; it’s just that they don’t tend to go around the office offering them out. They know that it’s much cheaper to give a member of staff a bump in their salary than it is to find a replacement. Just by asking, you might find that you’re getting much more in your pay packet each month.
We can often fall into acquiring many expenses just through the course of living. Once we reach adulthood, we get our first monthly expense, and then in the course of several years, we find that we have, well, many, many expenses.
Some of them are necessary, of course, but not all of them are. If they’re no longer serving you, then why keep them around? Simply reviewing your costs and either eliminating them or finding ways to reduce them can make a small but noticeable difference to your financial landscape.
The Money Pit
We all have some spending habits that we know we don’t really need. For example, if you’re continually eating at restaurants/ordering takeout food, then you might be spending a significant portion of your weekly earnings on something that you just don’t need.
Or perhaps you’re buying too many clothes, records, whatever — the result is the same. If you can identify the luxuries that are really eating into your finances and find ways to reduce them, then in a few weeks or more, you’ll find that your bank balance looks much better.
If you want to really give your bank balance a boost on a short-term basis, then you could consider taking a spending break. This requires greater effort than the other tips on this list, but it also has a bigger impact. It works like this: you simply stop spending on everything but essential purchases.
We can spend a lot of money on coffee, alcohol, lunch, and things like that. While there’s nothing wrong with that, it can be worthwhile stopping for a week or two. You could feasibly raise a couple of hundred dollars this way. The key to succeeding is to remember that it’s only a short-term thing — those small pleasures that you enjoy will be back in your life sooner rather than later.
Sell Unused Goods
Finally, why not dig through the drawers and see if there’s anything you could sell? If you’re a homeowner, then you’ll probably have hundreds of dollars’ worth of goods just sitting there at your property. If you’re not using them, then sell them to someone who does want them. Depending on how much stuff you have, this could equal effectively the same as a months’ worth of pay.
The covid-19 pandemic has hit unemployed individuals the hardest as with no savings, they have not been able to prepare for the crisis. Yet, many professionals have found themselves unemployed or on furlough during the pandemic, making it hard to face increasing expenses.
Approximately 50% of the western population now carries credit card debts, which have increased as a result of the pandemic. What is more worrying is that in every country, the response to financial management has been the same. In North America, up to 40% of adults can’t afford to pay more than the minimum balance on their credit cards. In Europe, the figures are similar. There’s been a sudden spike in debts during the pandemic. But even if you’ve been careful with your credit card bills, facing payments you can’t make is an all-too-common situation. What happens when you can’t pay for the things you need?
Can someone else pay for me?
Facing unexpected bills is no walk in the park. Yet, there is help available if you ask. It’s not uncommon for young adults to reach out to their parents to manage their financial situation. Someone who is just starting their professional career may face a lot of expenses as they establish their independence. More often than not, the bank of mom and dad needs to kick in to save the day!
There are other situations where you can ask someone else to pay on your behalf, such as with bail bonds where you rely on a licensed bail bondsman to handle your bail fees. The debt isn’t canceled though; you’ll get to pay in due time.
Do eligibility criteria have the same weight?
When you face necessary expenses, such as linked to the purchase of a house or a car, the easiest approach to keep your finances under control is to apply for a loan. Yet, it’s easier to say than to do. Loan applications have unique criteria defined by money-lenders, which can make it hard to obtain the money you need. For instance, a lot of banks have high age limits, which could exclude younger borrowers. How can you secure a loan when you don’t meet all the criteria? This shouldn’t stop you from applying. Some criteria can be overlooked if others are met. Banks tend to reject young borrowers, not based on age but based on annual income and repayment potential. If you can prove that you have a solid income, you can document your payment history as part of the application. Some banks and money-lenders can also have less restrictive criteria! Take the time to find the best options.
Do I need to pay so much?
Not everyone is comfortable negotiating a good deal. Yet, if you understand how to negotiate a discount, you could be able to buy what you need without breaking the bank. It is reasonable to expect up to 30% price reduction on services or items. But, you can’t expect to cut the cost by half without good reasons!
How do you pay when you can’t afford it? There is more than one answer to the questions. More often than not, there are ways to get around financial obstacles and secure what you need. Yet just like with credit card debts, it’s unwise to get the things you need/want if you know you fail to plan future payments!
Although consumer loans are easy to get, they still require a set of criteria before they can be given out. Some of these include the creditworthiness of the borrower which includes their income and expenses as well as factors such as age and if they pay tax.
When a consumer loan is to be given, age and income are usually a limiting factor for younger people. The borrower is usually required to have a fixed income. They may also be required to have housing as a form of security. In addition to these, the typical lower limit for a borrower’s annual income is expected to be between 120,000Kr and 200,000Kr. It’s simply the higher your income, the greater your chances of granting you a loan.
An average 20-year-old is not likely to be able to meet these requirements. They are likely still in school or just finishing school and the likelihood of having this amount of income is very low. Fortunately, some banks have an exception to these requirements.
A variety of factors will determine whether you as a 20-year-old will get a loan or not. A borrower must at least be of the legal age limit of 18 years before they can apply. Most Norwegian banks have higher age limits up to 25 years.
What To Do As a 20 Year Old to Get a Loan
Except you can prove that you have a solid income coupled with a good history of payment, you are not likely to get a loan. So what do you do in this situation as someone who is between 18 and 20 years old? Below are a few tips on what to do.
Do Not Be Hasty
When anyone is seeking a loan and especially if you are young, you must not make hasty decisions. Take your time to understand what is required and which banks may be favorable to you. You should know that the fact that a particular bank says the age limit is 23 years does not mean that your application will automatically be rejected.
It will most likely still be given consideration. You may be young and still earn enough to qualify for the loan. In fact, the banks will desire to have you as a customer if this is the case.
Part of not being hasty is to take your time and look for a loan with the lowest rates possible. Even if the first offer you come across seems low, you should not rush. This is because banks offer different interest rates. By doing this, you will be able to compare the various loans and get one that has the lowest interest rates than others.
Submit Lots of Application
In continuation of the point above, when seeking a loan as a 20-year-old, you should apply for as many as possible. Granted that you will be rejected in some quarters but it is not a smart idea to stay with one or a few lenders. There are many others. Whatever kind of loan you desire, it is always good to have different options to choose from. You can do this by applying to as many banks as possible. Doing this increases your chances of getting the cheapest rates.
Use Loan Agents
Applying to as many banks as possible can be time-consuming and tedious but you need to do so. Rather than do so by yourself, you can use a loan agent or broker so that it becomes quite easy. Agents are people or companies that work with different banks and collect offers on your behalf. The only thing you have to do is provide your details and fill out a single application.
There are many benefits to using an agent. For one, they work in tandem with many banks which in some cases may be up to 15 to 20 lenders.
Secondly, their services are free. The Norwegian Financial Contracts Act says that agents cannot request payments from a loan applicant. So how do the agents get paid you may ask? They often receive commissions from the lenders.
Thirdly, when you apply through an agent, you will begin to receive offers in your email within 24 hours. You can compare to see which one will be most favorable for you. Even when you get an offer, it is non-binding. Offers typically last for 30 days.
Fourthly, using an agent helps you save time as well as effort you would have used to apply to each bank. You can also get advice and tips from them if you need help.
Finally, some agents accept applications from people who are 20 years of age so you can find such to help you out with your application.
When applying through agents, avoid using multiple leading ones. The banks they represent will receive more than one application from you. Also bear in mind that after the loan agreement has been signed, agents have nothing to do with it again. You have to relate with the bank directly.
How Banks Determine Your Eligibility for A Loan
Virtually all lenders have minimum requirements before they can grant a loan. As mentioned previously, these include age, income, payment history and nationality.
While most have upper age limits of 23 and above, the age is meant to serve as a guideline and not a rule that is cast in stone. If you are 17 years and below, your application will be rejected immediately. As long as you are 18 years and above, you will still get a look in even if their stated age limit is higher.
The major reason for setting the age limit is because generally young people have low incomes. There is a risk that they may not be able to pay back the installment and the interest. There is also the possibility of receiving payment remarks which will be a negative dent on the individual. If a young person has a good income despite their age and has good payment history, then the age limit requirement can be waived.
The only conditions in which an application will immediately be rejected is if the applicant is
Less than 18 years old.
Not Norwegian or not living in Norway. You may not be Norwegian but you must have lived at least 3 years in the country to qualify.
Does not have a fixed income. This is flexible and can be based on how much you intend to borrow
Has payment remarks. For some banks, you also cannot have debt collection cases that are active.
If you pass this first stage of sorting, then the next critical stage is your credit assessment. At this stage, your age does not matter as much but it still does in a way. It is one of the factors that is used in calculating your credit score. The younger a person is, the lower the score. Thankfully, there are other factors used asides from age. You should ensure that your financial behavior is “good” as this helps you to improve your score as you grow older. You will also have more opportunities to get cheaper interest rates in the future.
The assessment is typically based on information that is publicly available including from banks, debt registers, tax authorities and many more. It is a measure of how much risk is involved in granting you a loan. It impacts your chances as well as the interest rates you get. In other words, it shows the bank how much you can borrow and the conditions that should be attached to that. You can learn more about it here.
Whilst most banks will usually require a high age limit to give out loans, it is not cast in stone. As a 20-year-old, you can still qualify to get one if you have a good income and a great history of payments. It is important to apply to as many banks as possible and do not be in haste while doing. In addition to this, do all you can to ensure that your credit score is high by ensuring to pay back promptly.
You don’t need money to be happy, but having it can certainly help you to improve various aspects of your life, whether that’s your living conditions or how much time you can spend on certain hobbies. However, there are a few ways you can positively change your life on a shoestring budget.
Below, we’ll give you some ideas so you can work on making a positive change without spending a fortune. Take a look:
1. Be Choosy About Who You Spend Time With
It costs nothing to be choosy about who you spend the most time with. You may not be able to cut ties with toxic family members completely, but if you try to spend more time with positive people who support your endeavors, you should notice a huge difference in your life. We become like the people we spend the most time with, so if you spend time with toxic people you’ll struggle to stay positive and achieve what you want to achieve. Make sure you pick who let into your inner circle carefully.
2. Work On Your Mindset
Your mindset is the most important thing for making the changes you want to make. As Henry Ford once said, ‘whether you think you can or you can’t, you’re right.’ A belief that you can achieve anything you set your mind to and the willingness to take inspired action is key. Things like meditation and consistent mindfulness will help with this, so try to become self aware and get into a good routine.
3. Read More
Books can be expensive, but if you have an e-reader you can often find great deals. Ebooks can usually be found for a fraction of the price of physical books, especially if they’ve been out for a while. Then, you have the library where you can take books out for free. You may also be able to arrange book swaps with friends if you have friends who enjoy reading, too. Reading can help you to expand your mind, learning new things, and can even just be an enjoyable pastime.
4. Move House
Is your neighborhood safe? Do you have peace of mind at home? If not, it could be time to move house. Moving house isn’t cheap, but you could consider downsizing to save money in the future if you could do with putting more money away. You’ll need to look into various services, such as hiring movers and companies like Carsrelo.com to get your belongings safely to your new location. Moving to a new home may be beneficial if you’d like your kids to have access to better schools, so consider whether this could benefit them, too.
5. Get Active At Home
You don’t need a gym membership to get fit, nor do you need to spend any money whatsoever, unless you want to buy a few simple pieces of equipment to use at home. You can use YouTube to learn different exercises and routines, and as long as you’re consistent you can improve your fitness. Even walking more than you do now can help to improve your fitness levels, so don’t feel like you need to spend a ton of money to get into shape. Personal trainers, equipment, and gym memberships are entirely optional.
6. Simplify Your Life
Could you potentially simplify your life to make a positive impact on how you live now? Maybe you could have a clear out and sell your items to make money on things that you no longer want. A simple life will give you space in your home and if you get into the right mindset, you won’t feel under pressure to buy things to keep up with friends or people on Instagram. When you let go of the need to have the latest home accessories, gadgets, and clothes, you’ll save so much money and probably feel like a weight has been lifted from your shoulders.
7. Get Creative
How about getting creative? Hobbies are a great way to enjoy life, learn new things, and even meet new people. You never know what a hobby could bring you! See if you can find some cheap arts and crafts supplies or get creative with things you already have at home. Spending more time on your hobbies, whatever they may be, will always make you feel better than focusing on all work and no play.
8. Keep A Journal
Journaling has so many benefits, and there are all kinds of ways you can do this. You could try stream of consciousness journaling, where you just write whatever comes out without censoring yourself. Then, there’s bullet journaling. You don’t need to write beautiful paragraphs of prose for every entry. Stop judging yourself and thinking about the outcome, and instead enjoy the process of journaling and the benefits that can offer you.
9. Utilize YouTube
YouTube is a wonderful resource for people who want to learn new things and expand their minds. You can buy cheap online courses, but Youtube can be a great place to get the basics and figure out if a hobby is something you’d like to stick with long term before investing more money.
10. Know Your Priorities
When you know what your priorities are, you can figure out what’s worth spending money on and what you should probably avoid. If one of your priorities is spending quality time with your family, then you know you can afford to spend a little more money on that. You can’t prioritise everything at once, and your priorities may change depending on the stage you’re at in your life, or even the season.
11. Be Mindful Of How You Speak
When you speak, you can end up speaking things into existence. If you knew how powerful your words were, you’d probably use them far more carefully! Your life can change drastically when you stop complaining, judging others, and being mean to yourself. It can take a while to break a long habit of speaking negatively, especially when most other people still do this unconsciously. Become more conscious of the language you use and why and you’ll have a better chance of changing it.
Did you know that 67% of startups fail within a few years of commencement? Reason? Inadequate management of cash. That is why many entrepreneurs start to get frustrated when their financial statements show negative cash flow.
Collecting finances for your business and managing them are the most challenging tasks that you have to face. Failing at these challenges means endangering the existence of your business.
But, here’s the catch! No one would intentionally fail their company. Right? So, it means that this unintentional mistake is the cause of any loophole in the corporate objectives.
Speaking about corporate objectives, tell us something: According to you, what is the most crucial objective of any organization? If your answer is making profits. Then, our dear reader, sorry to say but you are wrong. Earning profits and leading the market is secondary and tertiary objectives of the organization. The most crucial aim is managing the money available to you.
As Sir Richard Branson has said:
“Never take your eyes off the cash flow because it is the lifeblood of your company.”
So, now the crucial question is how to manage your money to fulfill all the operating expenses and avoid a shortage of monetary resources? To know the answer to this question, keep on scrolling.
What is the first thing that comes to your mind when someone says ‘money’? It is Banks/financial institutions. Right? Banks are made to cater to all the financial needs of every person. So, you can take a bank loan to run your business. There are several types of loans available for companies to select from, such as:
SBA loan (Small Business Administration’s loan)
Fast business loans and many more.
So you can select according to your requirements. However, keep in mind that the financial institution will only provide you the loan if you have the capability to repay it. Moreover, you need to pay regular interest on it as well.
Applying for a bank loan and completing all the formalities can take several days. So, when you are in a hurry, it is not quite helpful. However, if you have a business credit card, you will be able to survive this challenge. It will help you improve your working capital and reduce the burden of current/urgent expenses.
Nonetheless, you can’t just take any credit card. As it has been written here https://www.nav.com/business-credit-cards/, you should conduct proper research before choosing the card. However, you can’t do it all on your own. So you can take the help of experts to make the right decision.
A monetary deficit is not a surprise if your business is just a startup. However, because it is a startup, it becomes more than crucial to get the investments. So, you need to pitch your business ideas to angel investors. Make sure not to use jargon and highlight the key benefits of investing in your business while pitching the idea.
Even the most successful business ideas fail due to the lack of financial resources. You need to apply for bank loans, credit cards, and investors to manage your cash flow well. Once you get the money, ensure to use it properly.
Retiring is a beautiful thing, because it shows that after a lifetime of working hard, making your way and trying new career directions, you have seen fit to put a full stop on that story, and to try another new adventure.
Retirement is, of course, defined by how you’ve planned for it. It’s important to think of this, as looking ahead in the long term and considering just where you might like to be and what eventuality you would like to work towards can help you make the incremental effort focused on achieving those dreams.
But in the long run, how do we focus on making the absolute best of our retirement? Using the ARQ Wealth Advisors website, as well as their consultants, for instance, can help you recognise how to make the most of your savings and investments to move forward and live with as much financial backing as possible.
But what kind of lifestyle factors should we consider when planning our tirement? What considerations are we likely to enjoy? Let’s consider those questions (and answers) in the following words:
It’s important to accept that retirement is not simply a state of mind, but a state of being, and a daily lifestyle reality. How will you fill your days? It might be that asking yourself this question can help you select a location or a house to retire to.
Perhaps living in Spain, as is your deepest desire, can help you retire in a culture you have adored and taken holidays to regularly for years. Perhaps the living pace suits you better there, with daily siesta and food culture that celebrates the local community and life more than anywhere else.
Understanding what tastes you might have in this direction more easily helps you focus on the future, and that in itself can give you purpose.
It might be that you have roughly ten years until you retire. Perhaps you have some savings tucked away to finally purchase that holiday home abroad, making it your dream place you can visit during the summers and renting during the winter.
Perhaps purchasing a small plot of land in a rural area and slowly building the firmaments of a rural cottage to live in can help you curate your home from the bottom up, helping you live in an environment truly of your own making. Considering proximity from family, your daily lived experience and the costs of this effort can help you curate a plan, making any dream of this nature much more possible and pliable.
A Great Task
It’s very important to stay busy in retirement and to keep active, lest you feel like sitting back and getting bored. Longevity and health in retirement comes from delving into your interests, no matter if that means painting on your patio, taking up a new hobby, or getting involved in charity work that makes the best of your curated professional skills.
Having a great task you can work on (even if that simply means writing the next great American novel) can mean all the difference going forward, as it helps you stay focused and oriented. In that way, you also manage your health carefully.
With this advice, you’re sure to plan for retirement in the best possible sense.
In times like these, going over your employability prospects is important – even if you’re in full time work. Job security is at an all time low due to the pandemic, and so it can’t hurt to make sure your resume is geared and you know what your options could be if you’re let go, or if the firm you work for (or even run) encounters trouble.
This is not supposed to make you fearful of course, it’s simply a contingency we can consider to ensure we have the skills necessary to move forward and potentially find a job or alternative work if we need to. However, employability training is often not only geared towards finding a job, but learning how to advance in one.
As evidenced by the excellent advice offered by Stephen Michael Hourigan, getting ahead means blending a mixture of competent social skills and professional standards that help both you, your business, or your prospects.
But what advice can we give you in this framing? Let’s consider that together:
Your Professional Image
It can help to make sure your professional image is well polished, and that you come across smart, professional, and collected. This might involve making sure your professional wardrobe is well stocked and well ironed, even if that means reviewing what accessories you wear to work or the quality of your shirts. Of course, even in the midst of Covid-19 and the remote working standards it has incentivized, making sure your web camera and microphone are up to speed can help you come across more competently to would-be interviewers or professional contacts. Don’t be afraid to review your professional image from time to time, we all need to update ourselves occasionally.
Updating Your Resume
Your resume is an essential part of how you’ll advance in, attain or seek further work. If you’ve been employed for a while, it might need updating. Ensuring you still have references available can also be important, as asking your professional contacts to vouch for you if you leave may be very helpful in opening doors.
However, there’s also a double outcome here for those who wish to consider their options. By reviewing your CV you may realize that you have every skill and experience level needed to begin your own consultancy. As you can see, curating the brass tacks of your professional experience can come in handy no matter what level of the industry you’re playing in.
Social skills and being able to communicate with people is a vital need for almost any career. Of course, not everyone is born with charm, so this can seem quite exclusionary on the face of it. That said, you don’t have to be George Clooney to ingratiate yourself with people, to show your professional standards, and to wish those in your industry well.
Simply keeping up with past managers, leaving workplaces on good terms, connecting with those you work with, performing acts of goodwill, or simply being yourself can help you network and be seen in certain circles – this all helps with opportunities later on down the line. Who knows? One day, you might be in a position to offer those opportunities yourself.
With these tips, we hope you can curate the three best means becoming and staying employable.