Author / Kevin

Money Management

3 Ways To Get Over Your Financial Demons

Magnera Human Skull 2 

We all have them.  Those little things that we love to buy that totally blow our budgets.  Some people love buying shoes and clothes.  For others, the latest technological gadgets are their downfall.  Whatever your financial demon, overcoming it and learning to control is essential for financial freedom. 

Have you ever looked at your monthly credit card statement only to be amazed that you spent thousands on particular item?  This is a good way to know that you have a problem. 

Often, when people recognize they have these financial demons, they decide to eliminate them cold turkey.  Not a good idea.  You buy these things because they matter to you.  Cutting them out of your life entirely will only lead to frustration and possibly the eventual abandonment of your financial goals. 

Of course, you can’t just spend all of your money on these pleasures like you have been doing.  The trick is to find a balance between buying every item that you want and buying nothing. 

Finding a balance can be tricky at first.  Spending money can almost become an addiction.  Having the latest and greatest things can make you feel better about yourself.  A new purchase can make a bad day seem a little less miserable.  To successfully break your habit of overspending, you need to establish a plan. 

Learn how to overcome these demons using these three simple tips. 

You Better Recognize

The best way to overcome your spending demons is to first recognize them. A little bit of this recognition probably occurs each month as you look at your bank statements.  Did I really spend that much money?  It can also come through contemplation.  Think about where you spend your money and more importantly why.  Figure out a reasonable budget for these favorite things. 

Cash Out

A great way to start controlling your spending demons is to start carrying cash.  You don’t need to use cash for all of your purchases, just for the ones where you tend to overspend.  Each check, take out your decided budget from the bank and then use this money to buy whatever it is that you can’t resist.  Everyone’s purchases will be different.  If you have the cash, don’t feel bad about your purchases.  When the money is gone, wait to buy the item you are wanting until the next check. 

Walk It Out

If you see something you feel you really need to have, walk around the store for 15-20 min. Eventually that feeling will wear off and you will have a clear head to make the decision on if you need it or not.  If you do need it and don’t have the money available right then, the item will still be there next week. 

Financial freedom isn’t about never getting to have the things you love.  It’s all about controlling yourself so that you can have these things more often and without guilt.  These three tips will get you started and along the way, you may find some ideas of your own. 

Do you have any great ways to overcome these financial demons? 

photo credit: L.C.Nøttaasen 

 

Employment

How to Land a Job in Finance Fresh Out of College

The financial industry is notoriously difficult to break into. Being a recent graduate with no real work experience makes it even more difficult. However, it is not impossible. Prepare yourself now so you can land a great job in finance shortly after graduation.

Start Preparing Yourself Now

Preparation is key to developing yourself into an attractive candidate. The following steps will prepare you to find your ideal job in finance once you have graduated.

  • Have a Vision for Your Career. Take time to figure out exactly what you want for yourself. Consider if the financial industry is right for you. If you decide it is, specify which role in this industry you would like. Do you want to be an equity trader, a financial analyst or an account manager? Creating a vision will help you take consistent steps towards realizing it. It will also help you decide which degrees to pursue. You may find that your bachelor’s degree will help you get started but that you will eventually need to earn a master of science in management onlineto advance.

  • Embrace the Right Major for You. Deciding on the right major will be one part of your vision, but its importance must be emphasized. You must be positive that your chosen degree will help you advance your professional goals. Kristi Hedges, a reporter for Forbes, suggests that you fully embrace your major once it’s been declared. Be passionate and enthusiastic about your degree. Hedges suggests that a passionate student will become a passionate candidate when interviewing for jobs — an incredibly attractive quality.

  • Never Stop Networking.According to Forbes, the most valuable skill a student can develop is the ability to network. Forbes suggests that you should request meetings with every relevant professional you meet. During these meetings, you should explain your career vision to them. Ask who they would suggest you meet with to accomplish your vision, and reach out to the people they provide. Follow up and let them know how the new contacts have helped you. This practice will help you establish a solid, professional network. Forbes also states that most people get jobs through connections.

Make the Most of Your Internships

Internships are the backbone of breaking into the finance industry. This means that having an internship will not differentiate you from other candidates. According to Investopedia, maximizing these internships is essential to finding a job in finance.

  • Intern Every Summer.If you just graduated high school and are about to start your bachelor’s degree, use the summer to intern. If you do this every summer during your undergraduate degree, you will have five internships once you graduate. You will receive professional advice while you intern, and you will be able to refocus your vision after each internship. You may discover that you will need to earn a masters of public administration online after you receive your bachelor’s degree, for instance.

  • Learn the Terminology. Some interns have a tendency to lack passion for their internships, largely because they are given low-level jobs. However, use these opportunities to learn the terminology of the financial industry. You will be in direct contact with professionals who will gladly teach you the terms you need to know.

  • Diversify Your Experience.Many interns are tempted to repeatedly intern at the same firm. However, this will limit your marketability after graduation. Investopedia suggests that interns seek internships at different types of firms. Intern at a stock-trading firm one summer and a wealth-management firm the next. You will discover which area of the financial industry is the best for you and have a variety of experience to discuss during a job interview.

Hard Work and Dedication Are Requirements

It will take years of effort and preparation to land a great financial job immediately after graduation. You will need to relentlessly network, intern every summer and be passionate about your chosen field in order to be considered an attractive candidate.

About the Author: George Russell is a contributing writer and financial analyst who recently returned to school for his master’s degree. He was fortunate enough to find his ideal job right after graduating with his bachelor’s degree.  

Image Source: http://www.123rf.com/photo_5632061_view-of-busy-stock-traders-office.html

Business

Why you should start your own business

Starting your own business is challenging. It will drain you on both a physical and emotional level as you battle with anxiety, fatigue and doubt. It will present financial obstacles and risks that will determine your future. So, why do so many people take the leap to chase their business dreams and become entrepreneurs?

There are just as many, if not more, positive reasons why people start their own business. Here are just a few that may convince you to do the same:

  • You’ll be able to do something you love

There’s nothing worse than dreading going your day job every day. Starting your own business gives you the opportunity to do something you love and make work your passion. As a result, you’ll have more drive, be more inspired and be more willing to go the extra mile.

  • You can establish a work/life balance

It may take some time, but one of the pros of owning your own business is that it offers flexibility. You may be able to set your own hours, work from your chosen location, hire who you want. Once established, you’ll be able to develop your own schedule that helps you achieve a work/life balance you’ve always desired.

  • You can enjoy tax benefits

Found a good retail space for sale but worried about all the costs? Thankfully, owing your own business comes with some good tax perks. You may be able to write off the cost of your car, phone bills, travel, equipment, and so on. You may even qualify for a government incentive that will help fund the cost of renting or buying a space for your business.

  • You’ll build a strong network

Initially, starting a business on your own can feel isolating but it also gives you an opportunity to build a strong network of like-minded people. You’ll be able to swap stories of the challenges that come with entrepreneurship and even find the right mentor that will help guide you on your journey.  

  • You’ll gain financial independence

One of the biggest reasons people take the leap and work for themselves is financial independence. Whether it’s increasing your wage or growing your savings to buy a house or secure your retirement, establishing your own business can offer that and more.

  • You’ll build something to pass on

Owning your own successful business gives you an opportunity to proudly pass it on to the next generation. One day, your passion may become your child’s passion allowing you to watch on as your business expand beyond your original expectations.

  • You’ll grow

By far one of the best outcomes of starting your own business is the growth you’ll experience as an individual. Your knowledge will expand, you’ll develop new skills and you’ll become more resilient. You’ll never gain this growth working for someone else.

Top tips for starting your own business

Feeling inspired to take the leap of faith? Here are a few tips to get you started:

  • Develop a detailed plan that outlines your mission, goals and deadlines
  • Understand your financial commitment and establish a budget
  • Know the ins and outs of your customer
  • Find your point of difference that sets you apart from similar businesses
  • Get out there and network seeking advice and mentorship
  • Remain determined. Don’t give up when you’re faced with the first road block.
Financial Freedom

How To Make Your Dreams Come True When Paying Down Debt

Dreams come true

So you are on the way to paying down your debt and you’re feeling good because you’re making progress toward your financial freedom. But what else are you doing during this time?

It can get boring just paying off debt each paycheck. So what do you do to make this time more exciting?

Well, you’re really focused on paying down the debt…so that’s good. What you need to do is adjust the focus so you also see the horizon. What are you going to do once you pay down the debt?

It’s going to be even more boring if you get to a destination and you have nothing to do.

Brain Fart

Write down everything that you want to do when your debt gets paid off. I mean everything, no matter the cost. Imagine there are no limits….because there won’t be.

After you have your dreams written down, prioritize them from what you want to do the most to the least. After the first 10 it probably doesn’t matter the order, so don’t waste your time on it until you get the first 10 actually completed.

Now, here’s what’s going to take up your in-between time and get you even more excited about getting out of debt.

Step-up

Start with number 1 and write out all of the steps it would take for you complete it.

Now get back to reality and see if it’s possible with out going backwards into debt. If all of the steps are physically possible (as in, don’t let your mind tell you it’s not) then move on to #2 on the list.

Google it

If there are steps that aren’t’ possible in reality then go to the best source for information….GOOGLE. That’s your number 1 resource.

Search for solutions to what’s making that step not possible. If it’s Money, then search for cheap/free alternatives to that step. If it’s fear, then search for people/blogs that have done that step and find out how they got over their fear….because everyone has fear.

If for some reason Google fails you then hit up Twitter and ask….people will help. If anything just ask me @FinanciallyPoor

The point is to find out that your dreams can come true and the only person stopping you….is you.

Once you have those top 10 figured out, Do Them. There should be a couple you can do before you even pay off your debt….Do them.

That will help you get through your waiting time and make your dreams come true.

Help other people make their dreams come true by Tweeting and Facebook sharing this post

Are your dreams possible? What steps are stopping you?

 

Business

Why should you know Chinese to trade in China?

Communication is the key whenever people are trading. The parties involved have to understand each other whenever they are striking their deals. Communication barrier is a limit to growing your business in other areas. China is offering various chances for people from other countries and continents to exploit. To trade in china, know their language because of the following reasons.

Navigation

China is a very vast country and that makes it cumbersome for a foreigner to know where to start in building a business. To select the most suitable starting point, you will need assistance in navigating through the country. Knowing the Chinese language will aid you in getting the assistance of the locals to navigate in China. You will be able to communicate what you want exactly.

Local presence

It is apparent that you must learn the Chinese language in order to establish a strong business in their turf. Very few Chinese people have the ability of speaking other universal languages like English and French. Since you require the attention of numerous Chinese to make more sales and better deals, you have no choice but to learn their language. Chinese language is becoming popular too.

Personal interest

To transact well with most Chinese traders, you must learn to develop a personal interest in them. Chinese treasure personal relationships especially in businesses. Commitment to learn their language shows a sign of commitment in cultivating a better personal relationship. Such close relationships will earn you better business partners and financial aid when needed.

Quick establishment

To capture the Chinese market, it is necessary to study them. Your research can only be accurate when you handle it using their language. Your interaction with the locals will make it easy for you to know more about them. The faster you learn Chinese the faster you will have a great business. Thus, it is advisable to enrol in a reputable institute for Chinese tuition. You will find many institutes.

Location

Many international businesses are opting to invest their businesses in China. This is due to the favourable economic conditions and availability of cheap skilled labour. That has resulted in high competition in the major cities. To know of the upcoming towns within China with a promising future, you need the direction of the learned locals. Hence, you must speak their language.

Building staff loyalty

Another problem that numerous companies have in China is retaining their skilled experts. Entrepreneurs know the importance of having highly skilled and knowledgeable experts in their businesses. Retaining the experts depends on the relationship that you have with them. To have a healthy relationship with the experts, it is vital to have a common language.

Getting customers

One common trait that Chinese consumers have is shopping local. Using your international dominance in trying to attract them will culminate in futility. Brand your trade to look local for the Chinese people. Blending in with the locals will enable you to think like a Chinese entrepreneur. Effectual blending is possible when you know their language. This will enhance interaction.