financial management http://www.wisebread.com/taxonomy/term/13826/all en-US 6 Personal Finance Tips for Extroverts http://www.wisebread.com/6-personal-finance-tips-for-extroverts <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-personal-finance-tips-for-extroverts" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/happy-businesswoman-partner-Dollarphotoclub_66012862.jpg" alt="happy businesswoman" title="happy businesswoman" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Like every personality type, extroverts have their own special style of personal finance management. In many ways, you go-getters have a great advantage when it comes to executing your saving, spending, and investment goals. But extroverts can also be too quick to act, sometimes leading themselves into a booby trap in financial regret. (See also: <a href="http://www.wisebread.com/8-personal-finance-tips-for-introverts?ref=seealso">8 Personal Finance Tips for Introverts</a>)</p> <p>Read on for our roundup of the extrovert's natural strengths to savor and weaknesses to cautiously avoid when it comes to money matters. You never know, it just might pay off in the future.</p> <h2>Maximize Your Strengths</h2> <p>If you're an extrovert, use the things you're already good at to improve your financial fortune. Just don't let someone more cautious scare you out of them!</p> <h3>1. Negotiate Prices Like the Master Smooth-Talker You Are</h3> <p>Extroverts know how to navigate conflict with a certain finesse that makes it seem there's no conflict at all. And that's a priceless skill when it comes to negotiating everything from your car payment to your salary. It's not that extroverts are good at lying, it's just that they have a way of figuring out the best case scenario for themselves and then painting it like a win-win for both parties.</p> <p>So whenever possible, you should negotiate in person. Your charm and charisma are best employed in face-to-face showdowns. Just don't forget to be gracious as you talk your way into getting what you want.</p> <h3>2. Get Aggressive</h3> <p>Extroverts aren't afraid to pull the trigger when they get the feeling that it's right. When applied to the stock market, credit card rewards programs, and investment properties, that astute sense of intuition can be a major bonus. Many <a href="http://www.learnvest.com/2013/07/why-introverts-make-better-investors-123/">introverts missed out on low stock prices</a> at the end of the recession for this very reason. They weren't sure that the market had really bottomed out, so they weren't sure whether they should buy.</p> <p>But while it pays &mdash; literally &mdash; to have a good handle on your intuition, you also mustn't get cocky. The same cause of crash-and-burn among world-class poker players applies to extroverts, too.</p> <h2>3. Take Risks</h2> <p>Extroverts are more comfortable taking risks because they're more comfortable engaging with the ever-changing world around them. As compared to introverts, they simply have more experience throwing themselves into uncertain situations and coming out alright on the other side. Every <a href="http://www.psychologytoday.com/blog/here-there-and-everywhere/201406/do-extroverts-really-take-more-risks-0">habitual risk-taker</a> develops some sense of resiliency.</p> <h2>4. Brand Yourself</h2> <p>Extroverts know there's no shame in using well-designed business cards and social media platforms as a means of attracting positive attention to their work accomplishments. In fact, they know it's one of the best ways to line up future job prospects before they may decide they even want them.</p> <h2>Work Your Weaknesses</h2> <p>While using your strengths will take you far, learning to overcome your weaknesses can make for an even better bill of financial health.</p> <h3>5. Play the Long Game</h3> <p>As an extrovert, you're likely not so good at delaying gratification. This means you sometimes fail to grasp that wealth generally generates slowly. Often you pass up on opportunities to win small gains because you're not imagining how big they can stack up over time.</p> <p>So teach yourself that the road to riches will have its ups and downs &mdash; maybe even a few colossal ones &mdash; but there are still many ways make gains on your losses. And always be sure to have a sizable financial safety net, should one of those colossal downs trip you up so badly that you're unable to recover right away.</p> <h3>6. Do Your Homework</h3> <p>It's tempting to jump into investing with your own strategy, or with one you haven't really researched yet. So many people think they can beat the market, yet so few actually do. As an extrovert, you have gusto to go with your gut. But what you're sometimes lacking are the listening skills to hear what has worked for others before you, what has worked and what hasn't, and to craft your own investing strategy around the successful strategies of others.</p> <p>So remember: there's no harm in getting a second opinion from someone in-the-know.</p> <p><em>Are you an extrovert? Has it helped you manage your finances?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/brittany-lyte">Brittany Lyte</a> of <a href="http://www.wisebread.com/6-personal-finance-tips-for-extroverts">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/making-personal-finance-fun-while-fighting-for-financial-freedom">Making Personal Finance Fun while Fighting for Financial Freedom</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-types-of-friends-who-are-costing-you-money">10 Types of Friends Who Are Costing You Money</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-amazing-life-lessons-from-scrooge-mcduck">4 Amazing Life Lessons from Scrooge McDuck</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/9-reasons-alone-time-is-good-for-your-soul">9 Reasons Alone Time Is Good For Your Soul</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/does-your-money-management-reflect-who-truly-you-are">Does Your Money Management Reflect Who You Truly Are?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Personal Development extrovert financial management introvert personality Fri, 12 Dec 2014 14:00:05 +0000 Brittany Lyte 1267666 at http://www.wisebread.com Best Money Tips: Use Human Nature to Help Your Finances http://www.wisebread.com/best-money-tips-use-human-nature-to-help-your-finances <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-use-human-nature-to-help-your-finances" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/girl-thinking-list-177392970-small.jpg" alt="girl thinking list" title="girl thinking list" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found some great articles on using human nature to help your finances, ways to save on apartment utilities, and how to find your passion.</p> <h2>Top 5 Articles</h2> <p><a href="http://www.nerdwallet.com/blog/finance/advisorvoices/human-nature-finances-hinder/">Use Human Nature to Help Your Finances, Not Hinder Them</a> &mdash; Humans tend to want to follow through on their commitments. If you have a goal, just write it down along with the steps you intend to take, and you'll be more inclined to take action. [NerdWallet]</p> <p><a href="http://savingmoneytoday.net/4-ways-to-save-on-apartment-utilities/">4 Ways to Save on Apartment Utilities</a> &mdash; If you're OK with slower Internet speeds, sharing WiFi with your nearby neighbors can save you a bundle. [Saving Money Today]</p> <p><a href="http://www.moneycrush.com/find-your-passion-right-in-front-of-you/">Find Your Passion (It's Probably Right in Front of You)</a> &mdash; Remember that your passion doesn't need to be an income opportunity or even something especially exciting. You just need to truly believe in it and enjoy doing it so much that it doesn't matter if you don't make money from it. [Money Crush]</p> <p><a href="http://www.popsugar.com/smart-living/Savings-Jar-Tips-21412506">A Simple Way to Save: The $5 Savings Jar</a> &mdash; Got a $5 bill? Don't spend it! Take it home, put it in a jar, and watch your savings grow. [PopSugar Smart Living]</p> <p><a href="http://gradmoneymatters.com/money-making-ideas/five-blogging-mistakes-that-may-be-ruining-your-blogging-career.html">Five Blogging Mistakes That May Be Ruining Your Blogging Career</a> &mdash; Make sure the spam plugin you use for your comments isn't too complicated. Readers who have to jump through hoops to engage in your blog will get frustrated and leave. [Grad Money Matters]</p> <h2>Other Essential Reading</h2> <p><a href="http://christianpf.com/college-student-financial-tasks/">5 Things Every College Student Should Know How to Do</a> &mdash; Even if you don't have much to invest as a poor college student, you still need to learn the basics of investing so you can start as soon as you're able to. [Christian PF]</p> <p><a href="http://money.cnn.com/gallery/pf/college/2014/11/16/most-expensive-colleges/index.html">10 Most Expensive Colleges</a> &mdash; The total annual cost of New York University, including room and board, is $62,930. [CNN Money]</p> <p><a href="http://www.thepennyhoarder.com/ultimate-guide-working-professional-santa-claus">The Ultimate Guide to Working as a Professional Santa Claus</a> &mdash; You can make your start as a professional Santa by finding a local Santa with too much work and offering to take the extra gigs he doesn't want while giving a percentage of your earnings. [Penny Hoarder]</p> <p><a href="http://wealthyturtle.com/attract-renters-home/">How to Attract Renters to a Home</a> &mdash; Renters tend to prefer move-in ready homes, so make sure your property looks bright and modern. [Wealthy Turtle]</p> <p><a href="http://parentingsquad.com/the-great-american-smokeout-and-10-tips-on-quitting">The Great American Smokeout and 10 Tips on Quitting</a> &mdash; Smoking cigarettes harms your health and others', but if you try to quit cold turkey, you'll probably fail. Take it slowly, and seek out medical and moral support. [Parenting Squad]</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/amy-lu">Amy Lu</a> of <a href="http://www.wisebread.com/best-money-tips-use-human-nature-to-help-your-finances">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-personal-finance-tips-for-extroverts">6 Personal Finance Tips for Extroverts</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/best-of-personal-finance-41-financial-calculators-for-major-life-decisions">Best Money Tip: 41 Financial Calculators for Major Life Decisions</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-money-lessons-i-learned-from-watching-wheel-of-fortune">5 Money Lessons I Learned From Watching Wheel of Fortune</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-easy-ways-to-build-an-emergency-fund-from-0">7 Easy Ways to Build an Emergency Fund From $0</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-industries-that-could-benefit-from-climate-change">8 Industries That Could Benefit From Climate Change</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance best money tips financial management Thu, 20 Nov 2014 20:00:08 +0000 Amy Lu 1257852 at http://www.wisebread.com 5 Money Lessons I Learned From Watching Wheel of Fortune http://www.wisebread.com/5-money-lessons-i-learned-from-watching-wheel-of-fortune <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-money-lessons-i-learned-from-watching-wheel-of-fortune" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/wheel-147673877.jpg" alt="wheel" title="wheel" class="imagecache imagecache-250w" width="250" height="167" /></a> </div> </div> </div> <p>&quot;<a href="http://www.wheeloffortune.com/">Wheel of Fortune</a>&quot; is one of America's longest-running game shows, giving away more than $200 million in cash and prizes since its premier in 1975. But behind all that wheel spinning, hand-wringing, and gown-gazing, the show has something more to offer astute viewers. If the game is financial security and the wheel is just a series of chances make or lose money, then watching Wheel of Fortune can teach us a few fundamental financial lessons.</p> <h2>1. Pay Attention</h2> <p>In every game there seems to be at least one &quot;Wheel of Fortune&quot; player who isn't quite paying attention. I can't blame them. Under those lights, in front of that crowd, and in that hothouse of pressure, I'd be lucky just to stay vertical. Players repeat letters that have already been called, solve puzzles partially, and give other players an advantage, or mispronounce words so badly that their answer can't be accepted. These are cringe-worthy moments that make me wonder about the level of self-flagellation that happens once the cameras are off.</p> <p>Not paying attention to our personal finances is just as risky. Being on financial autopilot costs money. We don't adjust our savings rate as our income increases; we put off revising our withholding tax and continue to think that big refund check at the end of the year is actually a good thing. Or we don't get around to canceling that unused gym membership and end up tithing $65.00 a month to a very unworthy cause.</p> <p>When it comes to solving our own financial puzzles, not paying attention is a luxury most of us can't afford.</p> <h2>2. Think Creatively</h2> <p>If there's one skill that serves contestants well on &quot;Wheel of Fortune,&quot; it's creative thinking. Solving those puzzles effectively means not letting your mind get too attached to a single potential outcome. For example, the partial clue, &quot;<em>h_ _ _es</em>&quot; could turn out to be <em>horses</em>, <em>houses</em>, or <em>hoaxes</em>. Finding the right solution means cycling through options quickly and creatively and trying to see how different possibilities might fit together.</p> <p>The same is true of winning the financial game. Successful savers need to constantly source new avenues of income, savings, and investing. Getting locked into one path to the exclusion of all others limits potential and return. (See also: <a href="http://www.wisebread.com/just-saving-isnt-enough-how-cash-flow-allocation-helps-you-retire?ref=seealso">How Cash Flow Allocation Helps You Retire</a>)</p> <h2>3. Seize the Moment</h2> <p>Smart players also seize rare moments, and it's exciting to see solid strategy pay off. For readers unfamiliar with the game, contestants are presented with one Prize Puzzle each show. In addition to the regular cash payout, the winner of Prize Puzzle gets a deluxe vacation package. I can't tell you how many times I've seen players keep spinning that wheel even when it's obvious they've worked out the correct answer. All too often, these relentless players land on a &quot;bankrupt&quot; wedge and their competition swoops in to collect the trip to Nassau or Hawaii.</p> <p>In our financial lives, the same thing can happen. We keep spinning that figurative wheel well past our moment to lock in a better mortgage rate, transfer our credit card balances to zero-interest introductory rate, or shake hands and finalize a smokin' bargain on a used car. I'm not advocating thoughtless action, but there are moments when calculated-but-quick action wins the day.</p> <h2>4. Don't Get Greedy</h2> <p>Sure, every game show is a gamble &mdash; that's the whole idea. But it's curious to watch players keep spinning the wheel when there's only one or two (quite obvious) letters remaining before the entire answer is spelled out before them. The motivation is obvious: collect more money. The risk is just is clear: get stung by that looming bankrupt wedge. Call me overly-cautious, but with a comfortable lead and an answer in my head, that spinning wheel would come to a screeching halt. Vanna might even have time for a quick coffee break.</p> <p>Same with my financial life, taking unnecessary risk just to feed the idea of &quot;more&quot; seems counterproductive. I know it sometimes takes big risks to establish a big lead, but the potential pitfalls can be profound.</p> <h2>5. Stay in the Game</h2> <p>Even when it appears to make no financial sense at all, savvy &quot;Wheel&quot; contestants buy vowels. Buying vowels keeps them in the game, keeps their mind churning for a solution, and keeps their competitors at bay (at least momentarily).</p> <p>The financial rule behind this approach is simple: Sometimes you have to spend money to make money. Stretching tight budgets, sacrificing certain wants and needs, and forgoing a few of today's comforts can all help fund investments in our tomorrows &mdash; and that's an essential piece of any sound money management plan. Saving and investing keeps us in the game even when it's hard to see the big picture.</p> <h2>Bonus Round</h2> <p>At the risk of stretching this analogy too far, let's wrap things up by talking about the bonus round. On &quot;Wheel of Fortune,&quot; the bonus round is the winning player's last chance to walk away with an even bigger payout. The player is given 10 seconds to solve a single puzzle; the minimum cash prize is $30,000, but it can go as high as $1 million for lucky players who've managed to score the requisite million-dollar wedge. (See also: <a href="http://www.wisebread.com/its-10-pm-do-you-know-where-your-net-worth-is?ref=seealso">Do You Know Where Your Net Worth Is?</a>)</p> <p>I call this part of the show the &quot;financial independence&quot; segment, closely mirroring retirement. Players who've managed to make it this far have done several things right and now simply have to up their game slightly to sail through to the end. Of course, a little luck doesn't hurt either. I guess life really does mirror art&hellip;or game shows (or both).</p> <p><em>Are you a Wheel Watcher? If you could characterize your savings strategy by a game show, what show would it be?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/kentin-waits">Kentin Waits</a> of <a href="http://www.wisebread.com/5-money-lessons-i-learned-from-watching-wheel-of-fortune">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/flashback-friday-38-money-lessons-we-can-learn-from-celebrities">Flashback Friday: 38 Money Lessons We Can Learn From Celebrities</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-use-the-holidays-to-teach-kids-about-money">How to Use the Holidays to Teach Kids About Money</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-ways-to-tidy-up-your-finances-before-the-holidays">10 Ways to Tidy Up Your Finances Before the Holidays</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-money-lessons-i-learned-working-as-a-corn-detasseler">6 Money Lessons I Learned Working as a Corn Detasseler</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/is-living-on-one-income-a-status-symbol">Is living on one income a status symbol?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Frugal Living financial management money lessons wheel of fortune Mon, 12 May 2014 08:12:24 +0000 Kentin Waits 1138516 at http://www.wisebread.com Money Resolutions: 6 Ways to Take Control in 2013 http://www.wisebread.com/money-resolutions-6-ways-to-take-control-in-2013 <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/money-resolutions-6-ways-to-take-control-in-2013" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/8266321242_c8550950a4_z.jpg" alt="money" title="money" class="imagecache imagecache-250w" width="250" height="167" /></a> </div> </div> </div> <p>As the economy shows signs of life again and even the cynics concede that we might be on the road to a modest but sustained recovery, there&rsquo;s no better time to take a critical look at our savings strategies and investments. So with 2013 just around the corner, let&rsquo;s resolve look behind the curtain and start the New Year more motivated to save and more empowered by the knowledge of how we&rsquo;re doing financially. Here are six ways to take control of your cash in 2013. (See also: <a href="http://www.wisebread.com/25-small-new-year-s-resolutions-you-can-start-today">25 Small New Year's Resolutions You&nbsp;Can Start Today</a>)</p> <h2>1. Know Where Your Money Goes</h2> <p>Understanding where your money goes is the first step in taking control and taming unhealthy spending habits. Resolve to <a href="http://www.wisebread.com/the-i-knew-it-benefit-of-expense-tracking">track your spending</a> dollar by dollar for 30 days to discover the patterns that undermine saving success. You&rsquo;ll be surprised how little things add up to big bills when viewed monthly.</p> <h2>2. Choose a Savings Category</h2> <p>Sometimes it&rsquo;s easier to begin saving (or saving more aggressively) if we take it one category at a time. Start by reviewing parts of your budget like entertainment expenses, cell phone plans, or insurance coverage to see where there are opportunities to cut, consolidate, or get better rates. Review only one category every month and by the end of 12, those incremental changes will add up to significant savings.</p> <h2>3. Set Goals</h2> <p>We&rsquo;d all like to save more money, but without knowing what success looks like, it&rsquo;s hard to get motivated. Decide what your concrete goals are and how much you&rsquo;ll have to save monthly and yearly to reach them. Draw a line in the sand. Do you want to save $5,000 more a year starting in 2013? Supplement your 401(k) with a Roth IRA and contribute 3% of your earnings? Get specific, and don&rsquo;t be afraid to modify your plans as your goals change or earnings increase.</p> <h2>4. Simplify, Simplify, Simplify</h2> <p>Often, simplicity is the biggest financial gift we can give ourselves. Review how your assets are distributed. Do you have so many accounts that you can&rsquo;t effectively keep track of your assets and their performance? Do you have old 401(k) balances from previous employers that could be consolidated or rolled over to a qualifying IRA? Remember, sometimes less really is more.</p> <p>Simplify what you choose to invest in, too.</p> <ul> <li>Do you own intricate investment products that you don&rsquo;t understand?</li> <li>Invest in companies whose business models you can&rsquo;t comprehend?</li> </ul> <p>Complex accounting and complicated investments breed avoidance, and that puts you in a position of powerlessness. Resolve to take a critical look at where your money is parked and explore your options to consolidate, streamline, and simplify.</p> <h2>5. Don&rsquo;t Rely on a 401(k)</h2> <p>401(k) plans were never meant to be the sole savings vehicle for retirement. At best, a 401(k) is an important leg of a three-legged retirement stool that's also supported by Social Security and personal savings. Review and assess your retirement strategy with special focus on after-tax money and investments that won&rsquo;t be taxed upon withdrawal (assuming you meet the proper qualifying factors). As some economists are predicting inevitable tax increases across the board over the next several years, consider <a href="http://www.wisebread.com/7-surprising-facts-about-roth-iras">Roth IRAs</a> as a hedge against potentially higher tax burdens in retirement.</p> <h2>6. Watch Commissions and Expenses</h2> <p>Broker commissions and <a href="http://www.wisebread.com/boost-your-retirement-savings-avoid-401k-fees">management fees</a> are charges that often go unnoticed by new or novice investors. These fees can vary widely. Review your quarterly statements and pay special attention to the charges incurred in all your investments to better understand the value you&rsquo;re getting for your money.</p> <ul> <li>Does the performance of a particular fund warrant the charge?</li> <li>Would you be just as well-off in an index fund with a lower management fee?</li> </ul> <p>Though anytime is the right time to turn over a new financial leaf, the New Year plots it nicely on our calendars and in our psyches. Let 2013 be the year that you reject the idea that saving and managing your money has to be complicated, time-consuming, and painful. With a little planning and old-fashioned discipline, the end of 2013 can look even brighter than the end of 2012. Good luck.</p> <p><em>What are your financial goals for the new year? What resolutions have you made to take better control of your finances in 2013?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/kentin-waits">Kentin Waits</a> of <a href="http://www.wisebread.com/money-resolutions-6-ways-to-take-control-in-2013">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-save-26000-in-5-years-or-less">How to Save $26,000 in 5 Years or Less</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-one-woman-retired-at-60-and-traveled-the-world">How One Woman Retired at 60 and Traveled the World</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/intimidated-by-retirement-investing-get-professional-help">Intimidated by Retirement Investing? Get Professional Help!</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-make-the-most-of-your-401K">How to Make the Most of Your 401K</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-false-allure-of-compound-interest">The False Allure of Compound Interest</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Budgeting Investment Retirement financial management investing new year money resolutions retirement saving savings Wed, 26 Dec 2012 11:36:32 +0000 Kentin Waits 959824 at http://www.wisebread.com How To Grow Your Business Without Going Broke http://www.wisebread.com/small-business/how-to-grow-your-business-without-going-broke <div class="field field-type-link field-field-url"> <div class="field-label">Link:&nbsp;</div> <div class="field-items"> <div class="field-item odd"> <a href="http://www.openforum.com/idea-hub/topics/money/article/how-to-grow-your-business-without-going-broke" target="_blank">http://www.openforum.com/idea-hub/topics/money/article/how-to-grow-your-business...</a> </div> </div> </div> <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/small-business/how-to-grow-your-business-without-going-broke" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_000003381132Small.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="166" /></a> </div> </div> </div> <p>The most common cause of business failure is &ldquo;failure to launch&rdquo; &hellip; a business that just never gains traction and doesn&rsquo;t work out. The second most common is success.</p> <p>Yes&hellip; success!</p> <p>Growth EATS cash. You must constantly re-invest in the business to support the growth in sales. This takes a good business plan, a well thought out cash flow projection, and a comprehensive financing plan.</p> <p>It also takes something that I see far too infrequently: fiscal discipline. It&rsquo;s natural and normal, when a business starts to finally grow, to want to let up on the purse strings a little. Up until this point, most entrepreneurs are very, very careful with their cash. But once the money starts flowing a little faster, it&rsquo;s easy to start spending it faster, too. However, it&rsquo;s not time to do that yet.</p> <p>This is the time to <i>double up</i> on your financial management and fiscal discipline &mdash; you&rsquo;re going to need every penny for the next part of your journey.</p> <p>In the growth years of your business, the game is all about cash flow and profitability. Here are a few tips on managing both.</p> <h4>Cash Flow:</h4> <ul> <li>Keep your bank accounts at an institution that likes to lend to businesses like yours, and cultivate a relationship with the commercial banker. A locally owned community bank is a great place to get started. Many businesses have been saved by a line of credit to fund inventory or receivables. If you already have a banker who knows you, your chances of getting that money are a lot better.<br /> &nbsp;</li> <li>If you don&rsquo;t have a background in finance and accounting, hire someone who does, or make certain that you have an excellent consultant.<br /> &nbsp;</li> <li>Use a rolling six-month cash flow projection to manage your cash flow and consult it on a daily basis. It&rsquo;s a lot of work and takes constant adjusting, but it&rsquo;s well worth the investment of time. You will see clearly what is happening to your cash. For example, if customers are paying you more slowly than you had anticipated, it will show up right away when you compare your cash to your projections. You will also know well in advance when you will require outside cash, whether from a loan or outside investors. You will be able to show your lender or investor exactly where their money will be used, and how soon you&rsquo;ll be able to pay it back or pay a return on the investment. When you wait until the last minute to go out looking for money to grow your company, it&rsquo;s very difficult to get it.<br /> &nbsp;</li> <li>Take advantage of installment payment plans wherever possible on things like insurance. Why tie up your cash by paying for the entire year in advance? This is a fairly cheap source of cash.</li> </ul> <h4>Profitability:</h4> <ul> <li>It&rsquo;s critical to generate as much profit and cash as possible from internal sources. This means that you must proactively manage the profitability of your company.<br /> &nbsp;</li> <li>Every dollar you save is another dollar you don&rsquo;t need to borrow or raise. This is where fiscal discipline and financial management comes in. <br /> &nbsp;</li> <li>Do your best to keep overheads as low as possible. If your business can&rsquo;t be run out of your house, and is not a retail or location dependent business, choose the least expensive location you can, and continue your frugal &ldquo;startup&rdquo; ways with your office expenses.<br /> &nbsp;</li> <li>Have a budget for overhead, marketing, and other non-product costs, and stick to it. Compare your actual spending to your budget every month and cut back if necessary.<br /> &nbsp;</li> <li>If sales don&rsquo;t grow as fast as you anticipated, cut expenses early. Don&rsquo;t wait!<br /> &nbsp;</li> <li>As you grow, it&rsquo;s nice to keep your expenses variable, so that you can ramp up without having to make big increases in spending. For example, instead of setting up your own warehouse, you could use a fulfillment warehouse, who will bill you by the transaction, to do your shipping and receiving until your volumes are big enough to justify the expense of setting up your own warehouse.<br /> &nbsp;</li> <li>Another way to use this same &ldquo;variable expense&rdquo; concept is by hiring part time people instead of full time. When you need a bit more help, they can work extra hours without going to overtime, and you always have trained help available. This is much more profitable than hiring full time people before you have full time jobs for them.<br /> &nbsp;</li> <li>We may soon start seeing inflation again, and many small business people are not used to this. You&rsquo;ll want to watch your costs closely, and if necessary, raise prices a small amount at a time, rather than having to go back to your customers for a large price increase after your profitability goes down.</li> </ul> <p>All of these steps require reliable financial information on a timely basis. Don&rsquo;t skimp on accounting and financial management &ndash; you need to know where you are, and how you got there, in order to get through this stage of your business journey. Navigate it wisely and frugally, and you&rsquo;ll end up with the business you dreamed of.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/joanne-berg">JoAnne Berg</a> of <a href="http://www.wisebread.com/small-business/how-to-grow-your-business-without-going-broke">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/250-tips-for-small-business-owners">250+ Tips for Small Business Owners</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-grow-your-solo-business-without-hiring-employees">How to Grow Your Solo Business Without Hiring Employees</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-5-best-credit-cards-for-small-businesses">Best Credit Cards for Small Businesses</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-debt-reduction-mistakes-even-smart-people-make">8 Debt Reduction Mistakes Even Smart People Make</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-smart-ways-to-get-a-small-business-loan">10 Smart Ways to Get a Small Business Loan</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Small Business Resource Center business growth cash flow financial management profitability small business Fri, 13 May 2011 20:00:30 +0000 JoAnne Berg 536676 at http://www.wisebread.com