Most of the time it seems, we often fall into the trap of caring for others and forgetting to secure our own futures…or expecting someone else do it for us. From meeting deadlines of our jobs. Being there for the family, and striving to be the best, father, mother, or husband. However, you Don’t have to gamble your future this way. You can build upon that same skill you use at work and at home to become financial independent and live the live you want.
You Don’t have to take thought off the fact that, you are the only person you can truly count on to make your ideal life a reality. When you take responsibility for your life path an amazing thing happen; you see so many opportunities and choices that you Don’t see before, when you then combined this new outlook with actions you can go places you only dream of. And the number one action, you can take today toward your financial future is to set aside at least ten percent of your paycheck for your future. Every paycheck.
Pay yourself first:
This philosophy of paying yourself first came from George Carson’s book, “the richest man in Babylon.” Which was written nearly a century ago. And it’s message still holds true today, despite how the world has changed. In fact. Nasdag named it the number one proven way to save money.
Who do you pay first? If you’re like most Americans, you’re probably paying everyone else first. And then patently wait the next paycheck. -your rent/ mortgage, groceries, utilities, car payment, insurance, etc. But if you want to get above average, and get your dream realizes, you’ve to pay yourself first and all those bills last.
When paying yourself last, you are actually a financial trader but the worst of it, is because you are trading your time for money, and it can only make you feel like hamster on a wheel, running and running but never able to make any progress toward your financial goals.
People who choose to pay themselves first allocate money to the asset column of their balance sheet. before they’ve to pay there monthly expenses. Essentially you set aside a specific amount, right off the boot, and then live off what leftover. And that’s how wealth grows.
When you begin paying yourself first, it will feel totally backward, because you’ve been doing the wrong for decades. Each month set 10% percent of your income, toward opportunities not another flagship car. Rather for a cashflow investment.
Get out of bad debt.
Why debt have been a great leverage the rich and smart has being able to use it for there advantage. And at same time it has being crippling to the order majority.
For our current economy to keep growing it needs smart borrowers. People. who can borrow money and get richer, not people who borrow money to get poorer. Once again, 90/10/ rule of money applies-10 percent of the borrowers in the world use debt to get richer- why 90 percent use debt to get poorer.
Debt is a powerful tool and also the worst device, depends on your financial education. What did I mean by using debt to your advantage? Before you can know how to use debt to your advantage you still have to understand, that there are good and bad debt. To make it plain and simple. Debt use for buying liability (Bad debt). Debt use for buying asset (Good debt). good debts makes you richer why bad debt why bad debts make you poorer. Example of bad debts. Are cars, vacations, clothes and even emergency funds and even emergency funds for this simply don’t have cash to cover.
Today. An estimated 30% to 40% of women earn as much as or more than the man in there life. And that can create unique tensions within the relationship. When traditional roles are upended it can cause conflict in the home front. And today’s gender roles become more fluid, expectations began to shift as well.
A woman can subconsciously lose respect for a man who earnless, or to elevate a husbands ego she might denote herself within the family, and fall back into a traditional role. Making herself responsible for the primary childrearing duties as well as all of the cleaning and cooking.
Despite her workload outside of the house. A woman could also relinquish to her husband control of the family’s finances to artificially create the impression that the man is in charge of the money. She may grow increasingly angry when she’s been working all days and comes home to a stay at home husband who is laughing and playing with the kids.
This a mental game all around. If you think about this in simply the purest form, it’s irrelevant who earned the most. Money is money and doesn’t care if its earned by a man, woman or child, if a wife has the skill set necessary to earn big dollar, great that leads to a higher standard of living that benefits the family overall.
Both men and women struggle emotionally when the woman brings home the biggest paycheck logically, it should mean nothing emotionally….. Well, that’s altogether different. Here are ways to deal with it.
1. Each couple must appreciate each other.
Women has to appreciate there husband, because it will help them enjoy there work. Even if it doesn’t pay him as much as you make. For men, appreciate the fact that your wife has the intelligence and the drive to succeed in her career at a high level. And that she enjoys are job, her happiness should lead to your happiness. Appreciate as well the fact that she is helping you and the family live a higher standard. You can’t recent someone for striving for a better life and earning a bigger paycheck as a result.
And you can’t recent someone for earning less because just has you make. Your career is fulfil too, is his. And your life is better for it. The worst relationship are those whose partners are unhappy with their lives and their careers. And they take on the frustrations to those around them. If he’s a stay at home dad, appreciate the fact that he’s stepping out if the traditional male role to be a caregiver to your children, managing duties and chores and obligations that you would otherwise be on for or have to pay for.
Many women’s still have embedded. deep in their psyche, despite societal acceptance of the idea that the wife can be the chief breadwinner, the notion that a man is going to be the provider, a prince who will build them a castle. But it’s flawed, if you a woman setout to build a real careal, you’re rewriting the script. That’s not bad.
It’s just that in doing so you may one day find that you’ve progressed father up the ladder than your husband. Through no fault of his own. Be grateful for your success and the life you’re able to help provide for your family. If you found yourself feeling resentful that his career doesn’t match yours, stop and think about it for a moment. different careers ebb and flow and peak along different cycles. Neither of you are in control of that. So don’t hold against him.
2. Each couples must share the duties.
Equal partners must share the tasks that must be done, both financial and domestic. Marriage isn’t a competition it’s union of equals. Ignore that and you might as well not be married. Because the relationship is doomed to fail. Neither husband or wives will tolerate for long a feeling of sharp inequality. A high earner wife should not feel she must denote herself to rise the ego of her husband. And a husband who earned well should not claim imminent domain over the family’s pocket book. Men are just as capable of clearing the toilets and taking the children to school as women. Women have as much right to spend the money they earn as men spend theirs.
3. Couples must disregard what others think and……reconsider what they think.
Men are hardwired to believe that if they’re not the provider, then they’re a failure. as a make if you, the man are feeling emasculated, reexamine hour point of view. Reconsider your life if your wife quit her job and took one paying less than what she earned or is capable of earning, how will your lifestyle change? Will you have to move to a smaller house? Replace your car with something smaller or older? What will come of the vacation you can’t afford? Will you be able to save and invest for the future to the degree you are able to now? Might you have to take your kids out of private school is stop saving for their college costs? What will you have to give up to afford the standard of living.
While you’re at it, recalibrate what it means to you personally to be successful. Is success only about money, or are you happy in your ability to pursue a career you enjoy walking up to every morning. Even if the salary isn’t commensurate with your wife, do you enjoy the freedom of being at home with your children more than most fathers even care? There are benefits you may not be focusing on because you’re too consumed with the frustrations.
4. Couples has to used right words.
Survey’s indicate that wives who earn all or the bulk of their family’s income frequently worries about the consequences of losing their job. What will become of the mortgage payment and car note? Talk to your husband about those constant worries. Explain that you already feel like you have the weight of the family on your shoulders. For better or worse. And that you should like help about those constant worries. Explain that you already feel like you have the weight of the family on your shoulders for better or worse. And that you would like help around the house to relieve at least some of the stress you feel-not because you make more or he make less, but because you’re a couple and couples help another to make life easier.
Investing in real estate is one of the best methods for making money and accumulating wealth. It is a fairly easy business to get into, and you can start with no to very little money.
And over the years, I’ve found that real estate provides many advantages over stock market. You can make returns of more than 10% on cash you invest from rental income. Your investment provides monthly cash flow, and residual properties typically go up in value, providing capital appreciation.
With real estate you have more control over the underlying asset. That means there are many opportunities to minimize your risk through continues education.
1. Real estate investing provides cashflow which can be a hedge against inflation.
After all, I don’t think there is any other big world in investing than cash flow. When it comes to real estate investing cash flow is the king. But still there are many who buy for capital gains, hoping and praying that the price of there property may go up.
Then what is cashflow, or in other word positive income. For instance if you purchase a company stock that pays a dividends, then as long as you own the stock, it will generate cash flow. In real estate, let’s say you purchase a house and instead of selling it you decide to rent it out. Every month. You collect the rent and pay the expensed, including the mortgage. If you bought it at a good price and manage the property well, you will receive a profit (cash flow).
And what’s nice about rental income is that your cash flow keeps pace with inflation. The market price for rental properties automatically rises as the cost of living increases.
2. Real estate investors can leverage to build wealth.
When leveraging a property, you borrow funds from lender to be able to purchase an investment property instead of having to cover the entire purchase price with your money. Being able to leverage your investing is one of the many reasons real estate investing is so attractive.
E.g you put 30% down on a $100,000 property. You are controlling an income producing asset worth more than three times your cash investment. You are earning rent from a $100,000 property when all you invested was $30,000.
It is advisable for real estate investors to use leverage when financing a property. So you don’t have to put in all your own capital into buying the property. It can help you buy a property that costs more than the amount of money or to spread out your cash among multiple properties. And building there portfolio.
When the rate of return on the investment, is greater than the interest on the bank leverage and other monthly necessary expense like insurance. The investor received a positive cash flow.
3. Control of investment.
I’ve been hearing folks saying investing is risky. Yes! What you don’t have any control over can be risky. But Sophisticated real estate investors have control over there investments, because they know what they are doing.
Every physical real estate investment you make puts you in charge. As CEO, you are able to make improvements, cut costs (refinance your mortgage). Raise rents, find better tenants, and market accordingly. Of course you are still at the mercy of the economic cycle. But overall you have much more leeway in making wealth optimizing decisions.
4. Inflation hedge.
Stocks don’t have a built in inflation adjustment. And stock prices can and often do swing widely, diluting the value of your shares instantly.
Inflation average 3% annually. Home priced typically adjust up with inflation. This is because housing is essentially consumer goods. And inflation cause the price of consumer goods to rise. A significant drop in the market such as what we’ve seen in the past can reduce your principle so much that it could take you years to recoup your initial investment.
5. More taxes advantage.
While there are others, depreciation is an accounting method that allows you to deduct the value of an asset over it’s useful life.
Example. Imagine if a farmer bought a tractor for their business. The tractor is only going to last for a certain number of years. Until the farmer needs to purchase another tractor. So IRS allows the farmer to deduct a Percent of the cost of the tractor from their taxes each as a business expense.
But what’s great about real estate is that you are depreciating an asset that does not lose value. In fact, property values tend to go up overtime. That means you get a tax credit on the cost of an asset that may be going up in value.
Because of this. You get to take a tax deduction to offset the income the property is producing for you. Helping to save money over time.
What is real estate importance to the economy.
90% of millionaire’s credit real estate as a major contributor of their networth. If it’s a major contributor of their networth. It will be a major factor to your net worth also and help you join that millionaire status club.
Real estate is a vital aspect of our economy terms of job creation and can create substantial wealth as well for investors. And also many other sub-market that benefits greatly when people buy and sell real estate. Such as construction industry and all the companies who create things people buy for their home such as furniture, appliances and random items.
Being transparent and honest with your employees, help them feel valued and respected.
As an employer, saying “thankyou” is a single but it effective way to show your appreciation.
When employees has a casual stress free time at work. They’re going to be more productive in general. As a business owner it’s your job to establish procedures that will jeep your employee happy and motivated, because happy employees are more creative and productive, and less likely to quit. While more money can help put a smile on your employees faces, it is not the only way to keep them cheerful.
1. Always say thank you.
Saying thank you, it’s the preferred way worker’s want to received positive feedback, according to a survey of 1,500 workers conducted by Rewardgateway. An employee engagement platform, intact. 75% of u.s employees surveyed agreed that motivation and company morale will improve if managers simply thank workers, in realtime for a work well done.
Gary Beasley, co-founder and CEO of Roofstock put it this way. “These kudos cost nothing but provide Important public recognition for a job well done, effectively compensating people in form of social currency.
In my experience employees rarely become unhappy for solely over money. When they do become disenchanted, it is usually because they don’t like their boss. Aren’t engaged or feel like they have stopped learning. Having a positive culture and workplace environment helps a lot.
Frequent communication on company happening individual and department direction. And a big picture company direction make all difference in employee happiness.
Kurt lewin talking about world ward 11 with Japan, stated; in such a situation no special effort is required to keep morale high. The very combination of a definitive objective, the belief in final success, and the realistic facing great difficulties is high morale. The individual who makes extreme efforts and accepts great risks for worthwhile goals doesn’t feel like he is making a sacrifice, instead he merely feels like he is acting naturally.
OK, so most companies are not fighting a war, yet in todays workplace there are many dire scenarios of which the employees are unaware simply because the lenders have not shared the real pain they are in.
Employees plays a role in the company’s performance. It is important that they know there role. This gives them a sense of purpose. It answers the question, “why does it matters.” Some people always take great pride in their work. They know it reflects on them. Some people only push themselves when others are relying on them to their part. Sharing the picture helps to get the most out of this people. Getting the small thing right leads to bigger success.
3. Offer more vacation time:
Reward your highest performer with incremental vacations days. These employees are your superstar, so you can be confident they will get their work done as well as enjoy a few extra days of well-deserved time off with family and friends.
Clinical psychologist Deborah muchem shared with ABC news that not only are vacations good now but if don’t take them. You’ll lose the ability to relax “she said” without time and opportunity to do this. The neurons connection that produce feelings of calm and peacefulness become weaker, making it actually more difficult to shift into less-streessed modes,” muchem said. “What neuro-science is showing is that we requires downtime in order for our bodies to go through the process of restoration. It is only when we are safe from external stresses that our bodies can relax enough to activate restoration.
Apart from health benefits on the employees side. Having each employee out of the office for a week (or more) without the ability to handle emails or log into their computer means that another employee has to handle it. That allows management to find out about performance problems and other issues before they grow too large.
All this are positive benefits to you and your company. It’s your job to ensure that your team take the time off. If you see an employee that is working more than they should, sit down and encouraged that he’s working more than should. Try to encourage them to take a vacation.
It’s Important. When you give your employees a break in your company and your employee will reap the benefits.
4. Priorities work life balance:
A good work-life balance, said Chris chancery, career expert and CEO of amplio recruiting, has numerous positive effects, including lower risk and burnout and a greater sense of well-being. This not only benefits employees but employers too.
Employers who are committed to providing environments that support work-life balance for their for their employees, can save on costs. Experience fewer cases of absenteeism, and enjoy a more loyal and productive workforce. Employer that offers optional telecommuting or flexible work schedules can help employees have a better work-life balance.
To engage the workforce and remain competitive, it’s no longer sufficient to focus sorely on benefits. Top employer create a environment where employees feel connected to the organization. And have a positive work experience. That’s part of a rich, fulfilling life.
5. Encourage communication in common areas:
Businesses should take steps to create spaces where employees can easily communicate and share ideas. Casual conversations in the break room can become collaborative conversations. Make it inviting and effective with nice furniture, tables, and snacks and beverages if possible.
Because good communication is an integral element. To win when with employees.
As we all know, that the opposite of risk is control. What you don’t have full control over turns to be risky. And you can’t have control over something without knowledge.
Imagine somebody that haven’t when to a flight school, or enroll for any flight training. Get into the pilot sit of your plane or the plane you are onboard to fry the plane. What will your action be? Get out right! Why? Because of some perceived risk! But what if he went to a flight school? He minimize risk of clashed.
That’s same with real estate investors, or an entrepreneur. A investment or a business can be risky if you don’t know what you are doing. But when a investor, began to take the right seminars, take the right course, right coach, and read the right book and articles he minimize is risk.
Knowledge give control
Why investing without knowledge.
My point is that it is never the investment or asset class, either(business, real estate, paper asset, or commodity) that is important. Success or failure, bankruptcy or foreclosure, depends on how smart you are.
The average investor doesn’t know the difference between investing for cash flow and investing for capital gains. Most investors invest for capital gains, hoping and praying the price of their stock or ho!e goes up. As long as you have more cash flowing in than flowing out. Your investment is a good investment. So when a investor know what doing and do it the right way. Real estate can provide great returns through rentals income, tax advantage and capital appreciation. Gained from buying the market value.
Investing In real estate is for everyone, every age, though it takes time to learn and competently or confidently invest. It takes perseverance and effort to find awesome deals, because the only way a investor can minimize risk, is through knowledge.
Reasons many real estate investors fail.
1. Not enough education:
I’ve get to know enough of our forks telling me how they were able to financed the down payment of their first property with there credit card. They were more happy they’ve win, by becoming a landlord. But such financing is wrong. Much especially with such high interest credit card can quickly accrued.
So see? Such people jump into the market without first understanding what they were doing. And the end of such action is disaster. They just decide that real estate can be the right path on there journey to financial freedom. Or whatever but never use the right financing.
Being busy and being effective are two different things all together and this has being the case with a lot of real estate investors. They Believe that because they are buying properties they are going to succeed.
Am not saying that you mustn’t make any mistake. You will make mistakes. There will be frustration, wasted time and money. Every successful real estate investor has gone through that. But what’s makes them successful is that they have persevered through it and found the solutions that work. That is why, it is important having someone who has already being in the business. And experience with different aspect of real estate holding. Your hand in the beginning and coaching you overcome such challenge.
2. Not enough time:
Real estate is usually started as a side business, while keeping another job. However, many investors fail to treat it as a business.
Even though you will be investing in real-estate as a side hustle. You need to devote some good time on running the deal and educating your self. And because of this they left some room for error in property management. Many don’t have good if any screening exercise for tenants. In the name of no time. Or aren’t strict on rent collections. Or slack on any other number of huge list of things a property manager is responsible for.
But fortunately, time management skills are easy to learn. if you struggle with time management, keep a log of how you spend your time for one week (with a pen or by using time-tracking app like Timedoctor.
3. Inability to take consistent action in a long period time.
Are you prepared to get into this game for the long haul? Or are you ready for the ups and downs that will come with your rental properties?
“What? You mean rental property investing is not a get rich- quick activity? Yes that’s what I mean.
Although incredible wealth has been built by those who own rental properties. However, the wealth has never been built overnight. Instead generating wealth through real estate means taking consistent Acton over a long period of time.
Ask Donald trump how easy it is for him to earn a million dollars and what do you think he would tell you? Pretty obvious, right? He’d tell you it’s the easiest thing in the world.
You’d probably agree with me if I said that the average person believes it is extremely difficult to earn over $100,000 a year. But if you were to ask any number of million-dollar business’s owner’s how easy it would be for them to make up to six figure, I guaranteed you they’ll tell you it’s easy. It may be hard work but they have absolute certainty. These business owners have no question whatsoever in the fact that they’ll be successful. They have total faith.
Most of us have gone to school for 12 to 20 years of our life to learn math, history, science, geography, and grammar. But never taught the most important subject of all “money” all the real life principles and skills that takes to be free financially and successful are never taught in school. Then average people come out protesting that money can’t buy you happiness! Yes; but neither being broke does. Even if money can’t buy you happiness it can buy you a nice meal and a dream car. Which I’m not sure being broke can.
All the money making and successful skill you will need to live above average, are learned the hard way. Through trial and error. Through failing relationships, through failing in business, through depression and desperation. I think our school system only teaches us how to earn money. Not how to make money.
Believe you are good.
The reason successful people are good is not because they’re just good. But because they believe they’re good. They have faith they’re going to be successful. The belief and faith creates the mind set that it is truly easy for them to be a success.
Here’s where my life started taking a radical shift toward success. When I started intensely studying successful people. I realized that there was something different about how success was hard to come by. They would talk about hard work, but there mind set wasn’t that it was hard. Their mindset was that it was certain. Everything about them projected faith. Belief, and certainty. Everything about them projected faith in there abilities.
Through this post. I’m going to be showing you how to achieve the success you desire, without the heartache and without years and years of struggle. You see, what I’ve discovered is that success in life doesn’t have to be hard at all, the reality is, success is simple but only if you know the fomular.
And the one key factor that all successful people have is nothing more than belief. Belief in themselves, belief that they can achieve there dream, belief that they have everything they need right now. To get started toward the lifestyle they desire.
The major difference between successful people and the average person, is that successful people believe in themselves, their abilities and their faith so strongly that they know without a doubt that they’ll achieve their goals. It’s this mindset that will single you out for success.
Any dis-empowering belief is a lie.
I’m here to tell you that whatever limiting belief you’ve created for yourself are absolutely total crap, and are nothing more than a story you’ve made up about yourself. What I want you to realize is that you are in control of creating. Whatever empowering or dis-empowering identity you’ve made up.
Let take more a sincere look at the word belief. Look at the middle three letters of the word “beliefs” and you’ll see L.I.E—–lie. What I suggest you accept is that any dis-empowering belief you have about yourself is nothing more than a lie. It might be an opinion, but never a fact.
I’m not saying you have to change your positive beliefs or certainly any positive religious belief. What I’m saying is that you have the power to keep the beliefs that empower you and make you a better person, and you have the ability to change the belief. That hold you back and limit the amount of success and personal fulfilment you experience.
Let’s start talking about how you can change the beliefs that keep you poor and, instead, adopt the “millionaire mindset” that will transform your life and make you wealthy. But before will go that further. First you need to know the three ways you create a belief.
What you think and say about yourself (your internal programming.)
What other people have said about you (your outside programming)
Your experience.
What will tell ourselves shape our beliefs.
Every word, action, and thought enter into your subconscious mind and produces result. If you put something negative in, you will always get negative result. When you tell yourself “I can’t afford it” you found out that you can’t.
If you put something positive in “like how can I afford that, your mind will began to look for opportunities that will produce a positive result.
2. What people say shapes our beliefs.
The second way we shape our beliefs is by listening to what others say about us. Let look at the story of this giant genius Thomas Edison.
One day Thomas Edison come home and gave a paper to his mother. He told her, “my teacher give this paper to me and told me to only give it to my mother.”
His mother eye were tearful as she read the letter out loud to her child; your son is a genius this school is too small for him, and doesn’t have enough good teachers for training him. Please teach him yourself.
After many, many years. After Edison mother died and he was now one of the greatest inventors of the century, one day he was looking through old family things. Suddenly he saw a folded paper in the corner of a drawer in a desk. He took it and opened it up. On the paper was written “your son is addled (mentally I’ll) we won’t let him come to school any more.
Edison cried for hours and then he wrote in his diary. ” Thomas Alva Edison was an addled child that, by a hero mother, become genius of the century.
3. Our experience shape our belief.
Tom Watson, the founder of IBM, once said that if you want to greatly increase your chance of success. Double your rate of failure, when you ask most multimillionaire what their secret to success is. Many will tell you that they’ve learn what not to do through failing multiple times.
I’ve heard lots of people talk about celebrating successes, and I agree. No matter how small your successes are, you should celebrate them. The distinction which will separate you from the masses, is that I also want you to start celebrating your failure more specifically, you should celebrate your failures as successes.
Rather than whine, complain, and get depressed when things go wrong, get exited and use those as learning and character building exercises.
You are perfectly fit, healthy, and sexy.
Start right now, start declaring wealth, start declaring health, start declaring happiness, start declaring everything you want In life. And you will start to build an identity that I’ll allows you to become what you want to become.
The most difficult thing in the world for people to change is there identity, because it’s who they believe they are. There is an important law of human nature called consistency, that states we have a natural urge and tendency to remain consistent with who will think we are.
If you’ve been on all kinds of diets, but nothings worked. my suggestion is to look at the root cause as to why you’re overweight. I can promise you that it’s not that the “diet” didn’t work. Losing weight is actually an incredibly simple formula; when you consume more calories than you burn you gain weight. What keep you overweight more than anything else, is your mental process, and identity about being overweight.
What you want to concentrate on is changing your vision, and belief about yourself. Every time you start to think or say to yourself that you’re fat. Flip it and say, “I’m perfectly fit, healthy, and sexy. When you see yourself fit and sexy you began to ask questions how can you arrive there.
According to adobe 2020 digital trends report, the majority of companies stated that their key focus this year was on customer experience. CX was ranked higher than content marketing, video marketing and even social media marketing. It’s really no surprise, considering that focusing on customer experience can vastly increase a company bottom line.
In an interview with CNN’s Jeff bezos gave the recipe for creating a successful global company, saying, “if there’s one thing Amazon.com is about, it’s an obsessive attention to the customer experience end-to-end”
Amozon is known for delivering unmatched customer experience and making it’s clients happy. The number one online retailer. Has been innovating in the industry for more than 20 years using advanced technology to create the ultimate shopping experience from highly tailored recommendations to effective delivery strategies.
According to Adam hasaik, for example, founder of Access jet group, one of the easiest was to Improve customer experience is to give client options and comfort. “There’s nothing restrictive about what we offer to our client. He explains on the companies website. ” therefore. We secure there business repeatedly, we give traveling clients, maximum convenience and comfort. They can hail a charter flight, choose the jet size, and select among add-ons such as sleeping quarters and cabin hosts.
Access jet puts the client in drivers seat, which increase customer satisfaction and reduces complaints. The results are increased loyalty and positive reviews. Better yet satisfied customers becomes advocates of a brand. Such as they make recommendations and spread the word about accompany quality service.
What really is customer experience.
We have heard a lot about how companies has used this power tool to get there business flourished, then what really is customer experience. According to Forbes, it explains customer experience as the perception the customer has of your brand. And customer experience are one thing, if the customer perceived it as something else. That is what the actual customer experience is. You may think you have high quality products and a strong customer experience, but if a customer get a broken experience that’s not fixed, their perception of your company as lower quality then becomes the reality.
Customer experience (CX) is everything to a small business. Just take a moment to look at these stats.
Companies that made experience a priority were three times more likely than their peers to have significantly exceeded business goals in 2019.
Forty two percent of consumers worldwide will pay more for a friendly welcoming experience. In the U.S, 65 percent of customers believe a positive Experience with a brand is more important than good advertising.
CX drives more than two thirds of customer loyalty, outperforming brand and priced combined.
Customer experience is an integral part of customer relationship management (CRM), and the reason why it’s important is because a customer who has a positive experience with a business is more likely to become a repeat and loyal customer.
The happier you are with a brand the longer you will stay with them. And so if you treat your customers poorly and ignore their customer service emails. Then you are more likely to leave. This is why companies that deliver a superior customer service and experience outperform their competition.
Consider what would happen if a company hired employees for its stores and call centers that were apathetic about the service and didn’t really want to be there, they would lead customers to perceive that the brand is lazy and doesn’t care about their business on the other hand. A company that hires passionate people and trains then to love the product will shine.
Better customer experience start with employee.
Will have all seen how vital customers is crucial- but don’t forget that it all start with employees.
Companies spend millions to improve employees experience and engagement. They are struggling to see any consistent return from their investment. How bad is it? A Gallup study found that %7 of employees worldwide are not engaged.
In fact, a 5 percent increase in employee engagements has been shown to lead to a 3 percent jump in revenue. And companies with happy employees also see $1 percent higher customer satisfaction. Knowing that its no surprise employee satisfaction is a priority for many?
So many companies struggle with employee engagement because creating an employee-centric culture requires more just a competent HR department. It depends on more than compensation and even office perks and vacation time. There’s a highly emotional component to fully engaging employees. It requires an investment in each individuals personal and professional development alongside investment in business has a whole.
Your cubicles are busting at the seems, and your new assistant had to set up shop in the kitchen. Sounds like you’ve outgrown your initial office location. Or maybe you run a restaurant or retail store, and you have more customers in and out than you fit inside your space.
While it’s true that not every reason is good to go into debt for your business, that doesn’t mean that good reasons don’t exit. If your Business is ready to take a reap. But you don’t have the working capital to do so.
Lack of funding is one of the primary reasons why small businesses fail. If you have bad credit, you can still qualify for financing-you just need to know what your options are and how to prepare the application.
Lenders, use your credit score as a metric for measuring risk. The lower your score is, the riskier you and your business appear.
Traditional lenders (banks and credit Unions) generally look for a minimum credit score of 650, with any requiring a higher score. Before approving your application. This isn’t hard and fast rule, but it at least provides a benchmark excluding all other factors.
For business that has operating for more than a year; your personal credit score will be the only thing considered. And for better or worse, your personal credit score is typically tied to your business. Even after you established a business credit profile. This means that both credit scores will be considered In a loan application if you’ve been in business for more than a year, with specific lenders weighing one profile more heavily than another.
How to improve your credit score for future loans.
In a mantra and Navy survey, 72 percent of small business owner respondents said they don’t know where to find it. And as said before, that your business credit score, on the other hand, represents the strength of your business of your business as a candidate for a loan, it’s based on your company’s financial history and is calculated by looking at your payment history with vectors.
Getting this information is the first step to improve your business credit score. You can obtain your score for a fee from the business credit reporting agencies, dun&Bradstreet, Equifax, and experian. Your score can vary depending on the agency;
Luckily, acquiring amd paying off a loan or alternative funding, even if it’s not best option available, will play into improving your credit. But to really improves your chances. You may want to implement the following ideas.
Make payment early on time: start paying bills on time, while this advise sounds like a no-brainer, it’s not uncommon to get busy with your day-to-day responsibilities and let bookkeeping task fall through the cracks. Lenders are interested on your reliably, you pay bills and use it as a predictor of how likely you are to make further payments whenever possible and bring any outstanding balances up to current as soon as possible.
Avoid opening multiple lines of credit: one of the easiest way to improve your credit is minimizing the number of new credit limes. Or loans you take out within a short period of time. Applying for credit requires a hard inquiry on your credit report. This can be detrimental if it happens too often and will stay on your history for up to 2 years.
Report any wrong information: start by closely reviewing the reports, looking for inaccurate information if you see anything on yours that’s wrong. Such as an unpaid debt that you did pay. Call the credit reporting agency and dispute it. The lender then has 30 days to verify the information in your file or will be removed. This is a critical first step for improving your score.
Separate business and personal expense: as mentioned before, your personal and business credit history will be looked into when applying for a business loan. But as your business becomes more established. Your business credit history will carry more weight. If you have bad personal credit, it will benefits your separate and establish a clean credit history under your company name.
There are three type of loan you can get with bad credit score.
Equipment-based financing: if you’re in a line of business that requires certain equipment to operate, upgrading or purchasing new equipment is pretty necessary step. If you’re wondering how to get a small business loan with bad credit, the good news is that you can use the equipment to secure financing as well. Using the equipment itself as collateral is the reason a lot business owners with bad credit can secure the financing without being a risk in the eyes of the lender. The lender can immediately pull the equipment that they are providing for you. Whether you’re leading or purchasing it. Once you default on payments you may need to put in a little down payment with some lenders if you have bad credit.
Microloan: a micro loan is similar to traditional bank loan, but they often come from alternative lenders like credit Unions. A microloan tends to be easier to get for those with subpar credit because the loan amounts, as the name indicates, are small, typically fifty thousand dollars or less. Because of this, the credit requirements for these loans are also lower. If this amounts of funding suits your needs, this is a great option, the SBA has a micro loan program!, and there are several alternative lending option available such as Kiva and Accion.
Business credit card: if you can secure a credit card in your company name and make purchases and on time payments. You can get financing and start building good business credit at same time. Of courde, the credit limit, interest rate, and terms of payment will vary, and each bank or credit Union will have eligibility requirement. So this option will not work for everyone.
If you dreams of starting a business, it’s easy to quickly become discouraged. The upfront costs, time to launch, and legion of details make it seem as if your business will never become established, let alone successful.
Have you felt this way before? Have you gotten your hopes up only to have them crushed.
There is a growing trend among entrepreneurs to dispense with the traditional forms of launching a business. Its called dropshipping, and it has make me rethink what I once thought was impossible.
Starting a drop shipping business is a great first step into entrepreneurship. You’ll best able to sell products to consumers, set your own prices. And market your own brand. You don’t even need to pay for inventory until it’s sold to an actual customer. If you’re willing to out in the work you can build a successful brand.
Dropshipping place all power into the hands of the entrepreneur. It provides a rapid and accessible way to any entrepreneur. To generate an income and fulfil their dreams of establishing a wildly successful business.
Drop shipping is also an extremely flexible career path. So you can do as a side hustle or grow into a full-time job. It’s completely possible to make a living from drop shipping alone, and there are countless entrepreneurs who have proven that.
Why drop shipping don’t make you a millionaire overnight, it can provide a stream of revenue that can grow. With the right strategies, you might even be able to say goodbye to your day job and make drop shipping your main hustle.
And if you are still on the fence about starting your online business, maybe it will help to know that ecommerce sales amounted to nearly 3.5 trillion dollar worldwide in 2019. So if global stat on ecommerce are any indication. Starting an online business is an increasingly lucrative option to invest in
So, what is drop shipping business?
There are three key players in dropshipping business model: the supplier, retailer and the customer.
If you want to sell products online, you don’t want to handle them, dropshipping is best for you. It is a business model which you can use to run your store without ever holding inventory. Once you’ve made a sale your products from their warehouse, straight to your customers doorstep. You’ll never need to worry about storing, packaging, or shipping your products.
In my opinion, dropshipping is one of the best Way’s to start a business today. It’s incredibly easy to start. And you can begin with just a computer and a little bit of Money.
Stay-at-home parents, college students, offices workers and even retirees can take advantage of dropshipping. It doesn’t matter how old you are. Where you live. Or what experience you have.
It can be the most profitable business model of all, as you are not responsible for the costs of shipping and manufacturing. Because of the profits can quickly be reaped once you have found the right supplier.
Just with a click of mouse at google, you will see tremendous good advise with enough reasons why you need to cut your credit card. And began living below your means. And never try anything like debt for life.
Yes, will know that debt is not good if use wrongly. But at same time debt can be your greatest leverage. In building wealth. And also most of the time will focus all our energies, on how to cut expense and live below our means. When those precious time could has been spend learning how to build passive income for life.
Debt can be your greatest weapon in wealth building. If only you know how to use it. It was mine, and so can it be yours. But if your dream is to retire poor and then try to depend on the government and your children to take care of you, when weakness come. Then will can’t be your best friend.
But what if you are drowning in bad debt? Like credit card loan debt? You are not alone this post can help you out. American households with credit card carry on average balance of $14,564! Yes, it’s true but this can’t be your story anymore.
Our below strategies can help you on the process of eradicating your credit card debt so you can began building wealth.
1.Don’t use credit card has a revolving debt instrument:
It is entirely possible to use credit card regularly and stay out of debt forever.
How? By only charging what you afford to pay when the bills arrives. Use credit cards as a payment tool, not as a revolving debt instrument.
To make this method work you’ve got to track charges and cash flow.
2. Target one debt at a time:
Do you carry a balance on more than one card? If so, make sure you always pay at least the minimum on each. Then focus on paying down the total balance on one card at a time. You can choose which card you target in one of two ways.
Check the interest rate section of your statements to see which credit card charges the highest interest rate, and concentrate on paying that debt off first.
Paying off the card with the smaller balance first. Then take the money you were paying for that debt and use it to pay down the smallest balance.
3. Focus on why:
Address the reasons that you want to knock out your credit card debt.
The primary reason to pay off your credit card debt is so you can began building wealth.
4. Prioritise your debts:
If you have debt on more than one credit card, you’ll need to work out which one to pay off first.
And you should focus on the most expensive credit card first.
If, for example, you owe $1,000 on a card charging 19% interest and another $1,000, On one charging 34% interest. you need to concentrate on the one charging 34% first and pay off as much as you can.
Once the debt is cleared from that card, you can then look to pay off the credit card charging 19%.
Make sure you continue payment on each card. Otherwise missed payments will lead to extra fees and could damage your credit score. Making it more difficult to get credit in the future.
We you actually spend more with a credit card?
Credit card users can avoid overspending by keeping a monthly budget. And tracking their spending diligently-just like people who don’t use cards.
Though several studies do support the motion that comsumers paying with credit cards typically spend more than those using cash. E.g a dun & Bradstreet study that concluded that users spend more on average than those who carry only cash. The study said this is the case because it’s more psychologically painful to hand over cash than it is to swipe a card. Whether credits or debit.
There’s anecdotal evidence that appears to point in this direction, too. For instance, in 2004, when many fast food restaurants were just starting to take credit cards. Then-wendys CEO john schuessler reported that the average transaction for credit and purchases was $7, compared with $5 for cash purchases, a 40% increase.
Unless you pay back a credit card purchase immediately, you won’t feel the pain of the bill basically a month.
And also according to a report from the American bank, the average value of a cash transaction was $22, compared with $122 for non-cash transactions- 409% jump.
But despite the potential to entice overspending, credit cards still come with a long list of checkmarks in the “pros” column, in fact. If you can stick to a budget and get pay your cards bill in full and on time each month, you should probably use a credit card for most purchases. Responsible credit card spending I’d a Good thing. If you treat it like “real” cash and swipe only what you know you can pay back in full and on time, you can reap my benefits.
Know your limits:
Use your card until you’ve spend a self imposed limits, say $500, and then put your card away in a drawer until the beginning of the next month.
You see if you are disciplined enough, you can use a credit card as compliment to your budget. This strategy usually involved creating a written budget, and using your credit card for purchases until you work through your predetermined spending limits. This can help you stay on budget and on top of your bills while allowing you to maintain a larger credit limits that might be useful in an emergency.
why it’s not healthy to lend money to friends.I have loan money from friends and family member and lend money to friends and family member and both has not been a good preposition.
In today’s economy, it’s easy to understand how someone can find themselves in a dark place financially. On the one hand, you want to help out a loved one who’s in need. On the other hand, you’ve heard the stories about loans gone wrong. With friendships rained and families torn apart, also you might need yourself, says Irene s. Levine PhD. Phychologist, author and producer of theFriendship. even if you’re sure the asked will pay back, it’s hard to know if you should proceed.
Remember the advice polonus gives his son. Larlerties, in Shakespeare’s “Hamlet,” “neither a borrower not a lender be, for loan off loses both himself and friends,”
21 percent reported having there relationship damaged.
20 percent said their credit score was damaged as a direct result.
18 percent reported losing money in the process.
This data clearly shows that we should not be lending money to family and friends and about half time something goes wrong,” said Ted Rossman, industry analyst at bankrate, “while it is worse when a relationship gets hurt, as it does all too often.” In fact, loans between family members or friends can results in an entirely unexpected set of problems, consider the following reasons not to lend money to friends and family, and some tips to help you with damage control if you do agree to loan money.
1. It is financial, not an emotional decision.
Request to help a family member or close friend who’s in blind need can really tug at your heartstrings and make you do something you wouldn’t normally do.
If you need expert to be repaid and you get stiffed, that sense of betrayal can create a lot of anger. “It can ruin relationship,” said Bruce mcclary, vice president of the national foundation for credit counseling. “People often lend money on good faith and they don’t put things in writing. They don’t sit down and talk about arrangement and what’s expected. Failing to set expectations and write it down always leads to regret.”
When he was a front line credit counselor, mcclary saw people dip into their retirement savings or borrow money themselves in order to lend to a family member in need. “That just shows you how powerful the emotional element is and how it can make otherwise rational people do some crazy thing with their money,” mcclary said. “I’ve seen a lot of bad decisions that aren’t backed up carefully consideration. By putting the terms of the loans in writing, this becomes a financial transaction, eliminating the possibility that the borrower might consider this a gift. Just remember, there aren’t many consequences for.
Not going to hurt the borrower’s credit score, like defaulting on a bank loan would do, and chances are you’re not going to sue then. Personal finance advisors contacted by NBC news better has this advice: if you don’t feel comfortable lending that person money, don’t do it. If you agree to do it, consider it to be a gift that won’t be repaid. So, Don’t lend more than you can afford to lose.
2. Loans aren’t priority.
Wiith an open-ended loan, the borrower may not realize that there is a loan. With deadline, repaying the loan becomes the borrowers last priority. The borrower won’t face any repercussion for not paying the loan, like late payments, higher interest fees, or negative impact on a credit score. Without the threat of penalties, the borrower has no motivation to take the loan seriously or to put any urgent around by repaying it. Tuck with your friend or family member and let him or her know that repaying this loan needs to become a priority. Set a deadline for repayment to avoid any misunderstanding.
3. You enable instead of helping your friend or family me.
When you lend money to friends or family members, you give easy way out of their financial problems, instead of helping them work through their issues. For example, your cousin may ask for some money to pay off her credit card bill, but she needs help learning how to make a budget. In that situation refuse to loan, but offer to help your cousin create a budget or o look for alternative forms of income. Put your friends or family member in a position that improves their financial situation as well as their understanding of money management in order to trully help them. Help them sign up for personal capital so they can set up and follow a budget, this will help them in the future.
4. Lend just what you can afford to loses to your friend or family member.
Your friend or family member may check all the boxes for being trustworthy, financially stable and reliable, not “things can happen that prevent them from paying you back as originally planned,” says Byron Ellis, a certified financial planner and managing director at Ellis and Ellis, a division of United capital financial advisers in the woodland Texas. If your loanee does get in a bind, a best friend or family member is going to be relegated to the end of the paycheck line.”Behind the mortgage company, the credit cards, the auto loans, etc,” say Ellis, now, imagine your stress level and the tension number that would rise between you both, if you actually needed that money- and she couldn’t repay you. Bottom line: be prepared for the worst by giving only an amount that, if never returned, wouldn’t jeopardize your own savings goals bill-paying ability or other relationship.
Of course you and I can’t change everyone of the 7+ billion people on the planet, but there is one person will can change ourselves.
During my years of studying and teaching financial education I found out that one sentence stand out in this field. Which is “getting more out of little” that is what make the rich what they are, and the middle class. The rich as being able to leverage peoples time, money, and skill. To get what they want. And for the poor and Middle class, “getting little out of more” they become leverage to the rich, by sacrificing there time, family, and health working for the rich just for a paycheck.
And in order to get more out of little you need to invest in yourself. Will all know what a asset is? You can buy financial asset like housed, apartment, stock, or a business, and all can turn valuable when purchase wisely.
They are all valuable asset because when managed wisely they can turn out tremendous cashflow. Which can help you afford your desire lifestyle. So it’s important to take time on developing our gifts and talents.
I wound like to share some incredible ways we can invest in ourselves, so will can began getting more out of little. But the truth and fund of it is that they don’t all requires money.
So how did I start maximizing my greatest asset?
1. Start investing in yourself confidence:
It is confidence in our bodies, minds, and spirits that allows us to keep looking for new adventures.
Oprah Winfrey.
People who knows there value have something to say and others will listen. You can invest in yourself by developing and understanding of the value that you possess and offer others to learn to have the courage to speak your truth. The more you love yourself and own the value that you offer. The more confidence you will become in sharing it with others.
2. Invest in your body by exercising regularly:
Did you know that the number one effect of exercising regularly is happiness? Exercises releases endorphins, which are hormones that trigger a positive feeling in the body. Even if you haven’t seen the inside of a gym for years. You can start small by going a walk every day, or doing some house cleaning or gardening. Anything you can do to increase your heart rate everyday is a huge investment in your life.
3. Invest in your communication skill:
Communication is an important part of investing im yourself. If you cannot share your ideas with others, they may not get you where you want. We don’t live on an island interactions with others is important for any success.
4. Invest in knowledge, much especially financial knowledge:
Financial knowledge can be your greatest leverage in this information age. During industrial age professional knowledge was power but doing this information age. Financial education is the power. That why all round you, can see children haven’t even get done with high school and are making millions. Some may not even need a job again for the rest of there life.
Things have change, our traditional ways of doing things have being replace by a more faster and accurate dynamic means. And worst of it is that our school system is still holding only those industrial knowledge. Go to school get a good job, pay off debt, invest for the long term and diversify doesn’t work again.
5. Learn to focus:
Focus on the outcome not the obstacle, focus is a simple word, and because of that simplicity it is often abused, not respected. It’s misunderstood. What most people miss is that focus is power. People who can focus have the ability to further all their abilities and focus on the task or goal at hand. Focus is essential to success and successful people are people who can focus.
We all know people who lack direction in life, they lack focus, will all know people who quiet when the goings get tough. They allow little setbacks. Such as running out of money, to stop them. Most people actually never start, allowing their fear of failure to stop them from taking even the first step.
We all know people who say they are going on a diet. But quit as soon as the chocolate cake is cut. The same goes for exercise. They exercise for a week, then quit and go drinking to relieved the pain in their muscles.
And we all know people who want to be rich, but let excuses such as “don’t have any money” stop them. And would love to quit a job they hate. Yet let the excuse, “I have bills to pay,” keep them suffering eight hours a day. Health, wealth, and happiness are reflection of a person’s ability to focus their personal powers to achieve what they want in life.
We all focus on different things. That is what make us different. Many people fail to do well as entrepreneurs simply because their life’s primary focus is on security and safety.
6. Courage triumph over fears:
I learned that courage was not the absence of fear, but the triumph over it. The brave man is not he who does not feel afraid but he who conquers that fear.
Nelson Mandela
Today, there are millions of people who dream of quoting their job and becoming entrepreneurs. They want to run their own business and become financial free. This is a great dream, but for most people this is only a dream and never a reality.
You can overcome some of the most common fears that almost everyone experiences at some point. First, you have to recognized what scares you and why you feel that way. Often we over think the perceived dangers in our world and make them feel larger and more terrifying than they actually are.
Fear of failure:
Let’s get this out of the way right now, failure in business does not mean you are a failure as a person.
Will all knows that in school mistakes are bad. The student who makes the fewest mistake are name smart
The medium family of retirement age has $12,000 in savings, that is s terrifying figure for country where social security, the state pension, pays out roughly, $2,500 a month, and pensions for both public and private employees are unfunded; writes THE ECONOMIST.
It might has been true when life expectancies were lower and people weren’t living as healthy lifestyles as they are now. That because you have mortgages paid off. Travel less. Buy less and live a less active lifestyle, you’ll spend less when you’re retire.
According to an article on MarketWatch, “living to 100? That will be $3.5m; the average money spend by the age 50 is $1.5million, and the average spend between 50 to 81- the average life expectancy is $1.4 million. Plan on living to 100? That will cost and additional $630.000 for a total of $2.3million in the last half of your life. That’s nearly a million more than the first 50 years, life isn’t less expensive in retirement even if you are trying to be a bit frugal, it’s more expensive.
Despite that you may spend on travel, or by them you may pay off your mortgage if possible, and all your children has being out of college. Is still won’t make your retirement anyhow cheap, you will still have medical bills to stuff.
According to Lifetime medicals spending of retirees report. The economists determined that people incur an average of $122,000 in medical cost between the time they’re 70 and when they die-mostly paid out-of-pocket, except for low income people lowered Medicaid.
Some people over 70 face substantially higher costs, however the study found that. 50% will be hit with out of pocket medical bills of more than $300,000; 1% will see their total more than $600.000. So the truth of it is that you may end up spending more when you retire.
And the worst of it for most Americans is that they don’t have enough to retire. Even with those cheap lives they plan to live at there golden. They can’t afford. I am not against the idea of been active till seventy or seventy five, but will it be because of money, or you just want to.
Those average folks will tell you they are talking actions in contributing to there retirement. An I will be much happy, only discovering that it is a unfair 401(k). Hoping that they will have enough money to retire on. Many workers in america simply allow their employer to deduct their money and put it into 401(k) retirement plan. Possibly the worst way to invest for retirement. Through it may go by different name in different country. In Canada they are known has RRSPs, in Australia they are called super anuation plans. In Japan they are called 401(k)s.
Reason why 401(k) can’t be the right investment recipe.
There is no insurance, If there is a stock market crash. When I drive my car I have a insurance, when I buy my rentals property I have a insurance. But a 401(k) which my life depends mostly on doesn’t have any insurance.
Income from a 401(k) is withdrawn at ordinary earned income taxed rates: why are those financial “experts” masquerading as investors. Advising you to invest in a 401(k) plan because they get paid. Not by how much money they make for you. But by how much money you turn over to them in the long run. The longer your money is packed with them the more they get paid.
I am not saying 401(k) plans are bad. But I will never have one, because, it’s too risky and too tax-efficient. Too expensive and not fair to the investor.
Don’t let laziness conned you.
Our sir Issac Newton’s other universal laws, the law of conversation of energy states “a body at rest, stays at rest. And a body in motion stays in motion. In other word a person often found it easier doing the same thing because a body at motion stays at motion doing the same thing. And a person find it difficult to change because it’s often difficult to find something new started.
But don’t be deceived retiring rich goes beyond good intention. You need actions. It means doing something different, studying something different, and starting something from scratch. You need to get a new ball rolling, making a few mistakes and becoming smart at something.
Because a body at motion will alway s stays at motion. Even in the wrong direction. You need a force within to change the direction of your mind. From being a consumer to a producer. Going in the wrong direction hopping that someday thing will change is just being deceived. All around there are conned people who are heading to the wrong direction. Conned people are all around. They can be:
Voters who vote for politicians who promise to look out, for voters best interest.
Desperate people who fall for pitches like, “buy my book and became a millionaire overnight or ” take this pills and lose 10 pounds without exercising.
Imvestors who believe their financial planners advise to invest for long term in stocks, bonds, and mutual funds.
Life is like a grindstone, whether it grinds you down or polishes you, it depends on what you are made of”…..
Anonymous
No right answer.
To me life is about change. To be if you are not changing today, you may have been in great peril. Because the world is changing faster than ever before. The people who are in most trouble are people climbing to old answers and old report cards.
Most of the time I am ask what should I invest in? What should your advice be that I should do? I hesitate and diplomatically back off my answers. Is because right answers work only in game shows and our traditional schools.
With the internet expanding it’s reach the gap between the have and the have not will only increase. Today all around you will always found kids not out of high schools making millions on the web. They don’t have a job and they may not even need one.
Things are changing, there are new answers every where. has made void some of our traditional answers. Now should be a time to choose wisely, whether to stick with our traditional retirement plans. And later when the body and strength is no more there be disappointed or go after financial education and be in charge of your life.
In the united state health care costs have by every measure, outpaced inflactions and other budget items. For example; the average employee contribution to company-provided health insurance has increase more than 143 percent since 2000 during that same period. Food cost are also soaring.
What you need to retire rich.
According to a consumer finances survey, which the federal reserve conducts in 2016. Above was the average amount of debt for each age group.
So you can see that, with the cost of living soaring up Every day and the high amount of debt among the working class of American citizen. A lot of folks really don’t have much of a financial cushion by the time they get to the end.
Due to the shift of paying for the retirement plan from the employer (define benefit plan) to the employee (define contribution plan). One that’s to be funded by the employer, the financial future of many has been in a big problem.
And not only that, for many retirees. There end of live comes with major medical costs that can wipe out there entire savings to begin with. In discussing is related issue with a friend of mine not long ago. He told me about a friends father who got a severe lives threatening accident, and a daughter being diagnosed with leukemia. He went on saying this accident wipe out the little savings this man has accumulated. And is now looking for charities to assist him. This is at is seventy one.
This alone can be a big reason you need to be educated money wise. Last fall, a Harris poll conducted for wells Fargo found that a third of respondents between ages 25 and 75- with a household median income of $63,000-weren’t contributing anything to there 401(k) IRA or other retirement savings account.
Taxes and our traditional retirement plan.
Not only that high student loan debt and consumer debt are not letting people contributing to there 401(k). People fail to understand that 401(k) is the most taxes. Government is legally stealing money from people through a 401(k) retirement plan. Because taxes bracket rarely keep pace with real inflation, so you could found yourself in much higher tax bracket just from inflation. And also in most countries there are significant penalties to talking money out of your retirement account before you you retire.
Average people don’t know that there are legal way to keep and make more money, in other to have a save and secure retirement. The government taxes employees and self-employed people most. And they are the people to get less financial security because they hang on to financial security.
has my beloved teacher Robert kiyosaki always said. “The more security you find the less freedom you get”
okay. Let’s assume you are eighty-five years old and your retirement plan is depleted you can’t return to your former employee and he give you any attention. This alone means you need to be more smart and savvy when it comes to your future and money. Even though you are working now and earning those large paycheck, once you will be weak to work for money.
Even though at retirement you may have payoff your mortgage you don’t have any child to sponsored in college. But don’t forget that medical bills will always skyrocket. Just one life threatening sickness can wipe out the entire or have of of your saving.
The industrial age is far gone. Define benefit is now things of the past. Your employer and the government is no more in charge of your retirement, you are in charge. And when you put all your trust in a 401(k) that does not have any insurance, what if the market crashes like it does some years ago.
None investors.
Passive investors
Active investors
None investors
They ate the types that get depleted even at there first year of retirement, they don’t have any asset at all, they expect that some one (such as their parents, their kids, a spouse, a company, or the government) will take care of them when their working days are over.
Passive investors
This group still have money for at least ten or seven years, but they suffer the most if a threatening medical issue come up, and also pay the highest in taxes. They turn their money over to some organization like a mutual fund to manage it. The passive investors who tend to believe the financial planners mantra. Of “work hard, save money, get out of debt, invest for the long term, diversify.”
Active investors
This is were financial security is. They create a legacy wealth and transfer to generation between them. They are not employees, if they may be “they also have side hustle working for them” they pay the least in taxes because the government give them taxes incentives. This people tend to manage their own portfolio and assets- as well as handpicking their advisor, who are not brockets or sales people. To be a successful active requires a higher financial IQ. More real world entrepreneur business esperiense and a very smart advisory team.
Active investors have full control of there finance and retirement
A good investor has control over there business, and non investors takes the highest risk with lower return, this is because they pick investment which doesn’t welcome control at all like stocks, savings bond and mutual funds. All dangerous pick since investor’s lacks control..
Like Warren buffet says he’s a better investor because he’s is a business man who has control over the six levers of business, which are income, expenses asset value, liabilities financial education, insurance.
As one sage said, we are “laying up treasure were moth and rust corrupt,” that’s how depending solely on money economy to meet your needs actually is! It’s all together a risky business. If we think that money equals wealth or security or success you will be at the mercy of those economic and monetary forces.
Think about a economy which job is hard to find. Manufacturing, tech, and even service jobs have migrated to lower wage countries and even advanced degrees no longer assure a secure position.
Credit-card debt of the average U.S consumer is over $3,000 and of the average household over $8.000! That’s not even counting the over $5.000 of mortgage and auto debt. More Americans now declared bankruptcy than graduate from college. We have spent every penny and taken advantage of debt limits on multiple cards and during the market and housing bubbles, used home equity loans and subprime mortgages to keep creditors at bay.
Advertising bombarding us from every side. The billboards has gone digital with flashing light and eye catching movement. Plummet ads are now on the seats of shopping carts, on floors of supermarkets and pouring into our email inbox. Why we are each bearing the responsibility of keeping our wallet zipped, temptations to overspend is every where and since we don’t have enough energy to resist the temptation will get cast up spending with our credit cards. Forgetting that it’s not our money, it’s borrowed and must be paid back.
Cooperations are now shifting from “defined benefit” (guarantees monthly payments based on salary and years of service paid by the cooperation for the rest of your life) to “defined contribution” (an amount of your money you can put into your retirement account) risk are transferred from the cooperation to the worker.
According to the US bureau of labor statistics, only 21 percent of workers in the private sector has define benefit pension. As a result there are grave concern, about the ability of seniors to financially afford the prolonged lifespan afforded us by the medicare.
Greatest money change
Over the years things have gone out of order. And the average American is not aware about. Not knowing that since Nixon took our currency off the gold standard in 1971. There has been no gold or collateral you can convert your Money into. It is “flat currency” -flat has in faith. It is heldup just by the faith we all have in it been worst something.
Because of this depending sorely on a money economy to meet your needs is a actually risky business.
The government will take care of you
You have to understand that most of the government financial policy towards you. Are not favourable at all, and there are also bad financial advice on the air. Some of it aren’t nearly has beneficial. The lowest kind assures people that the government will take care of them, This is what people counting on social security and medicare has been lead to believe. The problem is that the US government is the biggest debtor in the world and those solely depending on it will be trap.
Those who will succeed in the future will be entrepreneurs who understand how quickly business and money are changing, and who have the ability and flexibility to quickly change and adapt.”
Robert kiyosaki
For you to have a secure financial future, you need to be in charge of your financial life. Don’t trust any government or any expert work it out for you.
The only answer. Entrepreneurship
It’s true that will where all programmed to be employer. “Go to school, get a good job, so that you can find a secure job” but how can this be true when all the high paying jobs have migrated oversea. And when you are the one to contribute to your retirement. What if the market crashed has it happened In 2007 and you lost all your savings. What will it turn out to be?
It’s true that there’s a difference between the mentality of a serial employee versus a serial entrepreneur. And you don’t have to quite your job to be one. All you need is to began thinking like and entrepreneur.
Success and lasting financial security can’t come through your traditional 9-5. But rather it’s attributed to your abilities, hardworking and a entrepreneurial spirit. Not from traditional education and luck or social connections and cutting corner.
Those time when you see the word as scarce wasteland with no hope are far gone. You need a brand new perception of the world. Began seeing opportunities all around you.
Entrepreneurs have tax incentive
Very few people know that the largest taxes people pay are called “consumption” taxes. That means that the people that consumes the most pay the highest taxes on the flip side, then the entrepreneurs stimulate the economy by creating things to consume. Our taxes laws then reward producers with tax incentive and tax breaks. This a great reason to know that government want you to be a entrepreneur(producer) not just a consumer.
Differences between an entrepreneur and a employee mindset.
Employee
Values, security and guarantee steady paycheck.
Dreadfully fear of making mistakes.
Higher paycheck and job promotions.
Entrepreneur
Getting paid for solving problems.
A willingness to make mistakes and learn from them.
Knowing that result is what counts no matter how much or how little it takes.
A driven by purposes, passion and mission.
Being a employee cost you more than being a entrepreneur, not to mention that a employee income is generally lowered and there taxes is higher. And that same time entrepreneur are rewarded by the government for with higher taxes break and incentives. Why? Because producers stimulate the economy by giving option to the employee.
And why doesn’t everyone become entrepreneurs? I strongly believe that the difference between the rich entrepreneur and the poor employee is mindset. But the goodness is those mindset can
When you’re dealing with credit cards, there are several different things that you need to know, it’s important that you understand all the advantages and disadvantages that you should be aware of when you’re handling your finances. Your finance are one of the most important areas of your life, and it’s important that you are getting the most out of it.
Most of us know of financial expects that’s been telling us to get out our scissors and cut off our credit card. While this might sound splendid, hold on. Let’s look at this before you take the next action.
We all know that credits has been a part of American lives. Even when there was no plastic credit card. I wss told of my mother about when stores uses offers that was called. “Buy now, pay latter” plans. That with that plan she could buy a new sofa. Sign a payment agreement and take the sofa home that day. That mean she put a little money down to hold the sofa, and every payday she pay a little toward the purchase of the new sofa.
You can see that even before debt was turn to a plastic card people were still leaving on debt.
Is credit cards good or bad.
Credit card like a coin, one person may come up and said a coin as two side(head and tail) which is some how true but it also have an edge. So let’s stay on the edge of the coin and justify it.
With a credit card, it’s easy to fall into the trap of spending more than you have. No matter what’s in the bank. One swipe will get you whatever you want. But those purchases have to be repaid with interest. Credit card like all your finance we rise or fall base on how you manage your money. Budgeting and self control are key to reaping the benefits of credit cards without the negative consequence.
Meaning that the problem is not with credit card but money mastery. When you have the self control and will power to stand, you won’t be hefty in this temptation.
Credit card debt isn’t used to buy appreciating assets. It’s may be used for depreciating purchase- like home furnishings, clothing items or gadgets- or consumables, such as food and gasoline. There’s nothing wrong with the purchases of this items . but paying interest on them is unnecessary and can rise their true price significantly.
A good rule of thumb is to avoid going into debt purchasing things that won’t go up in value should you cut up your credit cards? No, just pay more on them than you can afford to pay in full each month. Before any interest accrued. Credit card are a great tool when used correctly, but credit card is cripplingly expensive so don’t carry from one month to the next.
Credit card may not be right for you now.
Credit cards aren’t inherently bad, but if you think you’ll be able to use then responsibly, they’re probably not right for you right now. What did I said? I said, if your credit card will use you. You better hold on. How will you know your credit card will use you? If you’re worried that you’ll overspend and you currently have credit card debt, your primary goal should be establishing good financial habits and paying down outstanding balance.
Only open new credit card If it will help you work toward these goals. Rather than add to your problems. Even if you’re miles, remember that the rewards you earn pale in comparison to the interest you’ll be charged if you don’t pay your balance in full.
Signs credit card isn’t right for you.
You’re only making the minimum monthly payment: perhaps more importantly, making only the minimum payment may be a signal that you’re spending outside of your means. Don’t forget, a credit card is essentially a small loan, if you find that you’re not able to put a dent in credit card balance, or that the balance is slowly growing overtime, you may be spending more than you are earning, if this so, it may be time to cut your easy access to credit.
You already have high debt level: credit card are a financial tool; one that can be used against you. It’s up to you to make an active decision about which of these will apply In your case. Only open up a credit card if you are certain that you are able to use one responsibly, and that it will not end up adding to an already-overwheming load of consumer debt.
You’re missing payment: a missing payment fee is a stinging slap on the waist and may be another indication that you’re not ready for a credit card. Managing a credit card or multiple credit cards. Take diligence. If you’re not ready to take on the responsibility of credit card management, you should consider doing without one. There is no shame from taking a break from credit card. As you are working over all financial management.
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Lets hustle 