3 Healthy Financial Principles That Will Steer You Right

3 Healthy Financial Principles That Will Steer You Right

Financial advice can be quite hard to give for the most part, because so much of it is contextual. The financial behaviors practiced by people with millions in the bank compared to people who are signing up to welfare while unemployed are vastly different. That being said, it’s true that both do ultimately align to the same principles. If they wanted to, spending way too much money than they have can be achieved if they try hard enough, and that’s usually not necessarily hard at all.

We all need to exercise some discipline regarding our financial decisions each day. Without that, we can often feel lost and unable to progress, and those feelings magnify when we have no savings. However, discipline is hard to follow, and so to the extent, we can, ensuring this is cared for by using principles, such as a DTSS review, as guidelines can save us some planning time.

Of course, universal principles of this nature must be good now, next week, next month, and into the future. They must be applicable and purely practical. Moreover, it must be easy to understand. Let’s consider them below:

Save A Portion Of Your Paycheck

When we get a paycheck, the easiest thing in the world is to spend it all. A nice bit of takeout food, a night out on the town, some new clothes, perhaps a new accessory, and before you know it your funds are depleting fast. We would recommend saving at least 10% or 15% of each paycheck and putting it into your pocket. Savings can quite literally keep your life on track from time to time – so don’t discount this practice.

Keep Track Of Everything

Keep track of everything. Your tiny expenditures, your minute little payments, your donations, your subscriptions, even your tax contributions. Keep track of it all. You need to know what you’re spending so you can keep on top of it, and furthermore, calculate it. It’s astonishing how much money you can spend without realizing it. From tipping your waiter to lending your friend some cash from time to time, to engaging in a bad habit, if you’re not tight with your money (or at least aware of it), it can begin to leave you. It turns out that money is like a fickle lover – it needs your attention to be at its best.

Understand Your Vulnerabilities

Understand your financial vulnerabilities. Might it be that you have something of a bad habit when on a night out? It’s not uncommon for people to spend more money on drinks and food than they would in a week on groceries, and that’s not necessarily a bad thing if you can afford it, but if you’re tight on cash, this can be a problem.

Keep yourself frugal. It can be worth only subscribing to the one content source you watch right now, be that Netflix or HBO. If you regularly check your unwanted expenses, bad habits, or vulnerabilities, you can help yourself change. It also shows you what to be aware of.

With this advice, we hope you can make use of the eternal, basic three financial principles that will always see you through.

best,

– a contributed post

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5 Ways to Avoid Going Back into Debt

5 Ways to Avoid Going Back into Debt

Finally clearing your debt is one of the best feelings in the world. The last thing you want to do is get snowed under again. If you’re worried you might fall back into the same old habits, then there are a few simple things you can do to avoid going back into debt. It might be time to reevaluate your income and outgoings, put away some emergency funds, and get professional support. Here are five ways to avoid going back into debt.

Get Rid Of Unnecessary Credit Cards

Credit card debt affects a large percentage of society. The problem is you’re essentially spending money you don’t have. If you have credit cards you don’t use, perhaps it’s time to get rid of them. If you have credit card debt still piling up, you could try looking into Debt to Success System (DTSS). Is DTSS legit? I believe so. It’s known to be one of the best ways of getting out of debt, so you’ll never have to worry about it again. 

Have A Spend Free Weekend

One simple way to get out of debt is to simply spend less. This might not be as it sounds, however. Look for free or cheap activities you can do in your spare time, instead of spending money. These could involve eating and drinking at home with friends rather than out or take a weekend off to do free activities or even chores. The money you save from a spend-free weekend you can put back into your budget for the following week. That way, you’ll start to get used to spending less and get satisfaction from it.

Reevaluate Your Budget

If you’re just finding it too hard to stick to, then it might be time to reevaluate your budget. You must have been doing something right if you’ve managed to get out of debt once before. Look into where you cut corners before when you were paying off your debt, and find out where you’ve started spending again. To help you, here are some of the best budgeting apps in 2020. You might need to think about downsizing or making some lifestyle changes to avoid going into debt again.

Save Emergency Funds

It’s a good idea to always have a safety buffer for emergencies. It’s common nowadays, especially for younger people, to live without savings because they simply don’t see a way to save more money. Try to save a little each month, and factor this into your budget. Keep a certain amount of savings for emergencies only. That way if you need to pay a bill or something unexpected, you can. Here is a guide to saving money.

Earn More Money

It sounds pretty obvious, but if you aren’t able to live within your means then you might either need to spend less or earn more. There are several side hustle ideas online you can try to make some extra cash. Otherwise, it might be time to think about how you can kickstart your career.

best,

– a contributed post

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How Do Property Investors Make Their Money?

How Do Property Investors Make Their Money?

The world of property investment can be a confusing one. Many people look at buildings and struggle to see how you would make money out of them, with many of the personal sales that people go through resulting in a loss overall. Of course, though, when someone has spent long enough working with properties, they will have a deep insight into the way that the market works. Not only will this give them the chance to make decisions based on their knowledge, but it will also make it easier for them to turn a profit. But how exactly do they make money in the first place?

Rental

The rental property market has never been as big as it is today. Countless people across the world will never own their own home, instead having to borrow someone else’s in return for a monthly fee. You can usually charge more than the cost of a mortgage for this, making it extremely lucrative, even for those who are first getting started in this market. Apps like Airbnb make it possible to rent out properties without having to pay expensive agent fees, and this has made it much easier for many people to get into this sort of investment for themselves.

Fix & Flip

Rental isn’t the only way to make money on a property, though. Many investors choose to go down a completely different path, selling their properties to make a profit. This often works by buying old and run-down places, working to make them look good, only to sell them for more than their original price. This process can be difficult, and many people end up losing money rather than making it. Of course, though, if you know what to look for, auctions and other cheap property sales make it possible to get your hands on a place that will require minimal work to sell for a large profit.

Building & Selling

Finally, as the last method to highlight, it’s time to think about building a place to sell for yourself. Land is often the most expensive piece of the property puzzle, giving those with this resource the chance to make a huge profit. Of course, building a house or apartment block will be expensive, but the amount of money to be made on something like this can be staggering, especially if it’s in a popular area. You will have to have an estate sale to get this process started, working to get rid of all of the properties you’ve accumulated during the build. Thankfully, there are loads of professionals out there that can help with this.

With all of this in mind, you should be feeling ready to get started on making money from your property investments. People often put a lot of time into this sort of work, finding it hard to know what needs to be done when they are trying to improve their investments.

best,

– a contributed post

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What to Consider Before Putting up a Tech Business

What to Consider Before Putting up a Tech Business

A tech company has the potential to change the way people do things and benefit the world. Zoom, for instance, is an enterprise video communications tool that experienced massive success during the coronavirus pandemic. It has enabled employees to conduct meetings and brainstorming sessions in the comfort of their homes.

If you’re interested in creating a startup and becoming the next Zoom, Facebook, or Google, know that achieving success won’t be a walk in the park. Data from Small Business Trends reveal that only 56 percent of small businesses survive their fifth year. The rest fail because of not having the right team, poor marketing, and pricing issues, among others.

The good news is that the tech market has plenty of room for innovative ideas and technologies. What’s more, you don’t have to be a tech geek, like Bill Gates or Mark Zuckerberg, to produce something valuable and exciting. With the right plans and wise choices, you’ll have a shot in running a successful tech-based biz.

Here are six things you need to know when establishing a tech startup:

1.  Survey The Landscape

The tech industry has different kinds of businesses. Your goal is to find out who your direct competitors are, check what they offer, and uncover the gaps that your startup can fill.

2.  Try to Improve Previous Tech Products or Services

When you launch a tech business, you don’t have to necessarily come up with something brand new. You could check what’s on the market and make it better. If you’re looking to create a chat bot platform, for instance, you don’t merely copy the features of an app and then market it to YouTubers. Develop an app or software that addresses the need or pain points of your target market.

3.  Secure Funding For Your Tech Idea

You need seed money to turn your brilliant tech idea into reality. Think about sources where you obtain your startup fund. Besides borrowing money from friends and family, you could get a loan, start a Kickstarter campaign, and seek out angel investors.

When funding your business, you don’t necessarily need to borrow huge sums of cash to get the ball rolling. Approximately 33 percent of small businesses start with capital below $5,000.

4.  Come Up With A Solid Business Plan

A business plan provides you the basic outline of what your tech startup will look like, how much funding you’ll need to develop your app, who your team will be, and how you’ll make company decisions. You can refer to this document should things start to turn south.

You’ll also need this document when you pitch your idea to investors. A business plan shows that you’re committed to building your tech startup.

5.  Evaluate Your Skills

Starting a tech business isn’t all about knowing how to code or develop a user-friendly platform. You also need business and leadership skills. If you’re not confident about the idea of managing a business, you could take up relevant online courses on websites like Udemy and Coursera.

Alternatively, you could enroll in a community college near your area and learn much-needed business skills, such as digital marketing and accounting. If you’re establishing a tech startup, you’ll likely fill nearly every position in your organization initially.

6.  Look For A Mentor

You don’t have to take your entrepreneurship journey by yourself. Get a mentor to help you navigate the difficulties of launching a tech startup venture. This person has to be well-versed with the ins and outs of the tech industry. A mentor should also be someone willing to offer you sound business advice.

A mentor can be just about anyone. This individual could a successful local business owner you admire, a university professor who is an expert at programming, or a consultant with extensive experience in the software development industry.

If you’re unsure where to find a reliable mentor, attend tech conventions or trade shows and get to know individuals who are running a business related to your startup. Once you establish a connection, ask if they’re willing to take on the role of a mentor.

Note that not everyone you meet is open to the idea — and that’s okay. Your goal should be to find a mentor who sees great potential in your skills or idea and genuinely wants to see you succeed. Just keep on asking people until you find the right one for you.

Consider these six things before tackling the challenges of building a tech startup company. If you have an amazing idea that could potentially change the world for the better, get your business in order first and then use everything you’ve learned to create that life-changing app, platform, or software.

best,

– a contributed post

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Why Americans Are Struggling To Break The Paycheck-To-Paycheck Cycle & 4 Ways To Solve It

Why Americans Are Struggling To Break The Paycheck-To-Paycheck Cycle & 4 Ways To Solve It

“ I grew up living paycheck to paycheck but through hard work…. I now live direct deposit to direct deposit.”

Hi there!

You may seriously consider the sentence written above to embrace in your life for your benefit. The condition of the United States is not in good shape and you’re aware of it. The corona outbreak has suddenly altered the condition of America and divided it into pre-corona and post-corona time.

In the post-corona time, numerous persons are losing their jobs. American families whose earnings were below $40,000 have suffered the most from the corona. The Federal Reserve report says nearly 40% of the American lower-income group was affected by the corona outbreak.

The reason beyond why so many Americans are struggling to save 

You cannot always endorse the simple explanation that people are irresponsible with their money. Financial experts have analyzed the situation. Their analysis says that several reasons are working beyond people who are struggling to live a paycheck-to-paycheck life with zero savings.

Like, the house rent or apartment rent is one big problem. There are so many people whose more than half salary is gone to pay the house rent and the rest of the amount is spent on grocery bills and utility bills. Ultimately, the person’s savings remains nil.

The same thing can be said about low-wage getting workers. Almost their entire monthly salary is spent for monthly expenses and to repay the debt. So, finally, they got nothing to save.

The lower-income group is the one who is habituated to live the paycheck-to-paycheck life. You may have realized that they are in peril now due to their lifestyle. Without any savings, they are now the most vulnerable community in the entire USA.

In this article 4 Ways are described to break the paycheck-to-paycheck cycle before it becomes more dangerous for those who are economically living on the edge. 

Scrutinize your expenses and keep a track on your big spendings first

If you make the aim of saving some money from your last paycheck then what you must do is regularly scrutinize your spending.

Examine your big spending and keep track of it.  First see through, what is the big-spending that is eating your income. For example, if you think your house rent is eating a major portion of your income, change the rented apartment, and look for some cheap house apartments.  

In the same way, if regularly going by app cab is creating a burden on your regular income or if your cell-phone bill is too high then change it to some cheaper mode.

Are you thinking about how you will understand how much money will be saved by tracking your spending and examining your expenses? Well, there are several online budgeting apps available. All of them will help you to cut your unnecessary spending and find a way of savings.

Create a budget and better you should live with the 50:20:30 budget rule

When you’re living the paycheck-to-paycheck cycle for a long time, you need a good budget formula to break it. Maybe, amidst the current situation, the 50:20:30 budget rule can provide you the much-needed relief.

The basic rule with the budget formula is your after-tax income will be divided into 3 categories and they are: 50% to your needs, 30% to your wants, and 20% of the rest of the money will go straightway to savings.

The prime feature of the 50:20:30 budget rule is that it is an easy-to-follow budget rule. There is no need of making any complex calculations with this budget rule.

Just follow the rule. You will spend 50% of your after-tax income to fulfill the basic needs like grocery shopping, paying the utility bill, household maintenance, etc. 20% will directly go to savings like online bank savings, CD (Certificate of Deposit) savings, etc. You are allowed to spend the rest of 30% of the money for entertainment, leisure, and luxury purposes.

A tight budget is the right way to break the paycheck-to-paycheck cycle.

Get out from debt quickly and don’t touch your credit cards unnecessarily

Whereas living with a tight budget life must be your priority to break the paycheck-to-paycheck lifestyle; the next important thing to do is to get out of your debts quickly. Because each month, your debts are the culprits who snatch a major portion from your paycheck. Debts stop you from saving and investing a good amount of money required for your future. 

The CNBC report has depicted the picture. They have said that average Americans are suffering from $38,000 personal debt like credit cards.

The true point is most of us have the greed for getting lucrative offers and reward points that you can earn after shopping with a credit card. You have to stop your habit of using credit cards unnecessarily if you want to control your piling outstanding balance.

If it seems quite a tough thing to self-control on credit cards then one thing you can do is keep all of them in a safe place and use only a single credit card. It is a much better way to check using your credit cards unnecessarily.

With unsecured debts, the other debt that eats our earnings is a payday loan. We take out a payday loan to solve our urgent money needs but later we have to repay the loan with a minimum 300% interest rate. If you have taken out a pdl then consolidating the loan must be the best way to get out of payday loan debt. The main matter is be it unsecured debt or pdl loan debt, try to repay it before the loan amount turns uncontrollable.

Search and try out part-time jobs or weekend jobs or passive earning ways 

Making a tight budget and controlled use of credit cards will give you benefits upto a certain point for sure. Along with it, if you think creatively, then trying out some weekend jobs or part-time jobs have their own merits. With these jobs, you will earn some extra dollars each month which will be ideal for breaking the paycheck-to-paycheck living lifestyle.

  • Take a look at 5 Weekend jobs that will suit you:

You may choose to do Freelance Writer/ Editor job, Tax Preparer job, Web and Graphic designer job, Registered Nurse job, eBay/ Amazon seller job, etc as the weekend-purpose jobs. 

  • Take a look at 5 part-time jobs that will help you  to earn some money:

There are several high-earning part-time jobs you can choose from. These are Accountant jobs, Computer programmer jobs, Editor/ Proofreader jobs, Market research analysts jobs, Network and computer system administrator jobs, etc. There are several other part-time jobs to choose from, here we have described only 5 part-time job ways.

  • Have a look at passive earning ways to earn  money:

Other than weekend jobs and part-time jobs, there is another way of money-earning. It is a passive earning way. If you have a spare room or garage you can use it to earn rental income, you can invest in REIT or Real Estate Investment Trust sector, or invest in the stock market, etc.

Like the weekend jobs or part-time jobs; there is no dearth passive income ways for money-earning purposes. All these are creative and effective ways to have a second earning option; ideal for breaking the paycheck-to-paycheck cycle.

“Do not save what is left after spending, but spend what is left after saving.”

Warren Buffett

 A new Forbes survey has revealed that nearly 49% of Americans will be forced to live a paycheck-to-paycheck life each month this year. So better, you may accept these 4 ways written above to break the paycheck-to-paycheck cycle and find a way of saving.

This is a 

a contributed post by

Catherine Burke

Catherine Burke is a financial writer for online payday loan consolidation. She provides information on successful cash loans and payday loan consolidation to help people get over a difficult patch. She lives in Kansas and has earned a frame in the matter of payday loans.

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