advice http://www.wisebread.com/taxonomy/term/277/all en-US How to Pick Your First Stocks and Funds http://www.wisebread.com/how-to-pick-your-first-stocks-and-funds <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-to-pick-your-first-stocks-and-funds" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/cartons_of_financial_investment_products.jpg" alt="Cartons of financial investment products" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>You know you need to start investing, but you&rsquo;re not sure where to begin. There are a million different investments, so how can anyone determine which to start with?</p> <p>There is no real wrong way to begin investing, but it helps to start in a familiar place and educate yourself about some of the most common stocks and mutual funds. Follow this advice, and you&rsquo;ll be well on your way to building a great investment portfolio.</p> <h2>Pick something you know</h2> <p>When just getting started, it helps to have some familiarity with the company you are investing in. So go with a company whose products or services you use every day. Maybe it&rsquo;s Starbucks, or Walmart. Perhaps it&rsquo;s Coca-Cola or Pepsi. Do you have an iPhone? Investing in Apple might make sense for you. By starting out with something you know, you&rsquo;ll have a greater interest in tracking the stock&rsquo;s movements and paying attention to the company&rsquo;s operations.</p> <p>It&rsquo;s also fun to know that when you buy something from the company, you may be indirectly boosting the stock price. Moreover, if you invest in something well known, it&rsquo;s likely to be an established company with some track record of success. (See also: <a href="http://www.wisebread.com/how-to-buy-your-first-stocks-or-funds?ref=seealso" target="_blank">How to Buy Your First Stocks or Funds</a>)</p> <h2>Listen to your grandfather</h2> <p>You may tune out when your granddad starts espousing the virtues of shopping at Sears. But there are many companies that were huge 40 years ago that are still big today. Think Coca-Cola, General Motors, General Electric, IBM, or McDonald&rsquo;s. These are still &ldquo;blue chip&rdquo; stocks that have shown consistent, solid shareholder returns over time.</p> <p>In many cases, these companies don&rsquo;t even do what they originally did when your grandfather was your age. But that&rsquo;s OK. If your granddad has invested in a stock for decades and is living comfortably in retirement, it&rsquo;s probably a solid stock. Following your grandfather&rsquo;s advice is a great way to familiarize yourself with &ldquo;large cap&rdquo; stocks that include some of the world&rsquo;s biggest companies. (See also: <a href="http://www.wisebread.com/9-ways-to-tell-if-a-stock-is-worth-buying?ref=seealso" target="_blank">9 Ways to Tell If a Stock is Worth Buying</a>)</p> <h2>Go after growth</h2> <p>The entire point of investing is to see your money grow, right? So it&rsquo;s a good idea to familiarize yourself with growth stocks. These are stocks that represent companies poised to see strong earnings growth over time, and are often in fast-growing industries, such as technology. Growth stocks will often have earnings and cash flow that are higher than the average company, and will often have some sort of competitive advantage that gives it an edge in the marketplace.</p> <p>Famous tech companies including Apple, Netflix, and Alphabet are well-known growth investments. Smaller companies can offer great growth stocks as well, because their size allows for rapid increases in share value. Keep in mind, however, that growth stocks can often carry higher risk than other investments. (See also: <a href="http://www.wisebread.com/what-are-growth-stocks?ref=seealso" target="_blank">What Are Growth Stocks?</a>)</p> <h2>Find a good dividend stock</h2> <p>When learning to invest, it&rsquo;s important to know that stocks cannot only grow in value, but provide you with some income along the way. Many stocks will pay out a portion of their income to shareholders in what is known as a <em>dividend</em>. Getting your first dividend payment can be very exciting. This is real money that a company gives you each quarter simply for being a shareholder. And many companies will shell out dividends at a rate much higher than interest from the bank.</p> <p>When researching the best dividend-producing companies, look up how much the company will pay quarterly for each share of stock. That amount relative to the company&rsquo;s stock price is known as the <em>dividend yield</em>. A good dividend yield, coupled with solid financials and some growth in share price, can make for a great company to invest in.</p> <p>To find good dividend stocks, research the list of &ldquo;dividend aristocrats.&rdquo; These are companies that have managed to increase their dividend payments for 25 years or more. They include Procter &amp; Gamble, Exxon-Mobil, and AT&amp;T.</p> <h2>Invest in &ldquo;The Market&rdquo;</h2> <p>If you&rsquo;re confused about what stocks or funds to purchase, why not invest in everything? Or at least a small piece of everything. There are many mutual funds and exchange-traded funds that are designed to mirror the performance of the broader stock market or major indexes like the S&amp;P 500. You won&rsquo;t necessarily &ldquo;beat the market&rdquo; with these investments, but you&rsquo;ll see your investments move with the overall stock market, and get exposure to a wide range of companies in various industries.</p> <p>These investments are often available with very low fees, as well. Good examples of these kinds of investments include the iShares Core S&amp;P Total U.S. Stock Market ETF [NYSE: ITOT], Vanguard Total Market ETC [NYSE: VTI], or T. Rowe Price Equity Index 500 Fund [NYSE: PREIX].</p> <h2>Look for value</h2> <p>One of the most basic pieces of investment advice you&rsquo;ll receive is to &ldquo;buy low and sell high.&rdquo; At its core, this means it&rsquo;s smart to find investments that are undervalued and have a strong potential to grow and make you a profit over time. These &ldquo;value&rdquo; stocks aren&rsquo;t always easy to find, but they have driven the portfolios of some of the world&rsquo;s most successful investors, including Warren Buffett.</p> <p>There are several key things to look for when searching for value stocks. First, it&rsquo;s important to understand why a stock may have a low price. Often, it&rsquo;s because the company is not doing well financially. But sometimes, a stock price can fall for reasons that have nothing to do with company performance, in which case it may be poised to rebound.</p> <p>A company&rsquo;s price-to-earnings (P/E) ratio is another thing to consider. You can determine this ratio by dividing a stock's earnings by its stock price. A low P/E ratio compared to other stocks may indicate it&rsquo;s undervalued. (See also: <a href="http://www.wisebread.com/make-smarter-investments-by-mastering-this-simple-ratio?ref=seealso" target="_blank">Make Smarter Investments by Mastering This Simple Ratio</a>)</p> <p>If you are unsure of what value stocks to buy, consider mutual funds that zero in on value stocks. Popular options include the Vanguard U.S. Value Fund [NYSE: VUVLX] and the T. Rowe Price Value Fund [NYSE: TRVLX].</p> <h2>Understand competitive advantage</h2> <p>There are some companies that are just kicking butt. Their edge over their competitors is as vast as the Pacific Ocean, and they are practically synonymous with the industries they are in. Some investors refer to this as a &ldquo;moat.&rdquo; A company with a wide &ldquo;moat&rdquo; is often viewed as having a large enough competitive advantage to withstand any operating hiccup or economic downturn.</p> <p>Think Amazon in the e-commerce sector, or Facebook in the area of social media. Alphabet, the parent company of Google, also leaves most of its competitors in the dust, and Walmart dominates the traditional retail sector.</p> <p>If you&rsquo;re looking to buy one of your first stocks, consider any company that seems to be just crushing the competition. You may not be able to get shares on the cheap, but you&rsquo;ll be getting ownership in a company poised to make you money over time.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fhow-to-pick-your-first-stocks-and-funds&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FHow%2520to%2520Pick%2520Your%2520First%2520Stocks%2520and%2520Funds.jpg&amp;description=How%20to%20Pick%20Your%20First%20Stocks%20and%20Funds"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/How%20to%20Pick%20Your%20First%20Stocks%20and%20Funds.jpg" alt="How to Pick Your First Stocks and Funds" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tim-lemke">Tim Lemke</a> of <a href="http://www.wisebread.com/how-to-pick-your-first-stocks-and-funds">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-4"> <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/the-3-rules-every-mediocre-investor-must-know">The 3 Rules Every Mediocre Investor Must Know</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/11-investing-tips-you-wish-you-could-tell-your-younger-self">11 Investing Tips You Wish You Could Tell Your Younger Self</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/dont-be-fooled-by-an-investments-rate-of-return">Don&#039;t Be Fooled by an Investment&#039;s Rate of Return</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/the-9-best-performing-mutual-funds-of-the-2000s">The 9 Best Performing Mutual Funds of the 2000s</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/what-are-income-stocks">What Are Income Stocks?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Investment advice dividends growth stocks mutual funds new investor returns stock market value stocks Tue, 19 Dec 2017 09:00:07 +0000 Tim Lemke 2073021 at http://www.wisebread.com 7 Things Your Boss Wishes You'd Tell Them http://www.wisebread.com/7-things-your-boss-wishes-youd-tell-them <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/7-things-your-boss-wishes-youd-tell-them" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/business_people_at_the_cafe_restaurant.jpg" alt="Business People at the Cafe Restaurant" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Most of us have a boss of some kind. And a lot of people think that bosses only want to hear good news all of the time, but that's not the case.</p> <p>Positive information is nice, but negatives are just as important. If issues are preventing you, your coworkers, or your company from doing a job well, it makes life harder on everyone &mdash; including your boss. As long as you are bringing solutions with the problems, your boss will thank you for pointing out areas that need improvement. So, speak up on the following things, and do yourself and the boss a favor.</p> <h2>1. You want to be challenged more often</h2> <p>Most of us don't want to coast through our careers without learning, growing, and climbing the ladder. To do that, we need to face new challenges, step outside of our comfort zones, and take on tasks that will sometimes throw us into the deep end. While it's a scary prospect at times, it's essential for genuine advancement.</p> <p>However, your boss may not realize that you are not being challenged enough throughout the week. He or she may think you have just enough on your plate to cope; bosses are not mind readers, and may not realize you are lacking the trials and tests needed to gain experience. Tell the boss what you want to be doing. Ask if you can take on projects that are beyond what is expected of you. If you put in an honest effort, a promotion may even follow. (See also: <a href="http://www.wisebread.com/8-career-moves-that-prove-youre-finally-a-grown-up?ref=seealso" target="_blank">8 Career Moves That Prove You're Finally a Grown-Up</a>)</p> <h2>2. Any major issues you have with other employees</h2> <p>The boss needs to know this ASAP, because small problems can become big problems, and those big problems can lead to lawsuits and dismissals. You only have to look at the issues plaguing Hollywood right now to know that keeping things hidden could hurt you in the long term. So, whether it's unwanted attention, inappropriate comments, discrimination, or bullying, tell your boss as soon as you notice the problem. Furthermore, document the issues when they happen, as this gives your boss solid evidence that can help with human resources and dealing with an employee that is making your life difficult.</p> <h2>3. The current state of employee morale</h2> <p>In many companies, bosses aren't privy to the day-to-day events and processes that their employees are going through. If your boss is in and out of meetings all day, traveling weekly, and working on large projects, it will be hard for them to know what the morale situation is like. Maybe it's great. Maybe it's awful and people are ready to quit. Either way, if you can give the boss a regular temperature reading on morale, you will be doing everyone a favor. And even if morale is great, there's nothing wrong with asking for team building events to keep it there.</p> <h2>4. Your daily frustrations</h2> <p>Your relationship with your boss is in some ways like a relationship with a romantic partner. Little things here and there can get on your nerves, and you bottle up your feelings. These small frustrations can eat away at you day after day, and become overwhelming. So, find the time to bring them up in a weekly status report or one-on-one. Don't whine. Don't complain. And don't do it without having possible solutions up your sleeve. The boss will be thankful that you addressed it sooner rather than later.</p> <h2>5. How they are doing</h2> <p>One of the biggest reasons people leave a job is their relationship with the boss, and in some instances this could have been repaired long before it became an issue. So, find ways to tell the boss what they're doing right, and what they could be doing better.</p> <p>Suggest things the other employees are asking for. Maybe they would like more transparency, and weekly updates on the status of the company. Perhaps they want a simple night out every month, together as a team, to help with morale. Let the boss know.</p> <p>Of course, judge each case by its merits, and never insult. If your boss is known to be sensitive, you should throw a lot of great compliments out before hitting them with a problem.</p> <h2>6. What you like, and don't like, about the job</h2> <p>Start with what makes you happy and excited to come to work every day (and if you can't think of anything, you should probably start looking for a new job immediately). Are there certain projects that really get you going? Are there challenges you enjoy taking on? Make a list of all the reasons you enjoy coming to work, and let your boss know about them. He or she will not only appreciate it, but may throw more of those things at you when the opportunity arises.</p> <p>Similarly, make a list of the things that stop a good job from becoming a great job. Are there tasks that are boring? Are there systems in place that make your life hell? Tell the boss while offering solutions, and it will give them a chance to fix the issues. (See also: <a href="http://www.wisebread.com/13-great-reasons-to-quit-your-job?ref=seealso" target="_blank">13 Great Reasons to Quit Your Job</a>)</p> <h2>7. How you could be an even better employee</h2> <p>Nothing stirs a boss quite like an employee who is driven to do better, be better, and go further. Self-improvement is an admirable quality, and if you see ways in which you could grow and become a greater asset to the company, talk to your boss about it. Is there a conference coming up that would be invaluable to you? Ask if you can attend. Are there skills you would like to learn? Research workshops and online training.</p> <p>In many cases, bosses are happy to pay for some, or even all, of the cost of these events, as they are a direct benefit to the company. What's more, many businesses actually put aside money for employee training, so you would be making your boss look good by taking advantage of this benefit. (See also: <a href="http://www.wisebread.com/7-certifications-that-add-big-to-your-salary?Ref=seealso" target="_blank">7 Certifications That Add Big $$ to Your Salary</a>)</p> <p>Remember, at the end of the day, if you make your boss look good, you will prosper. So talk to him or her about any of these topics in a cordial way, and work together to resolve any problems. You will do your career a world of good.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2F7-things-your-boss-wishes-youd-tell-them&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2F7%2520Things%2520Your%2520Boss%2520Wishes%2520Youd%2520Tell%2520Them.jpg&amp;description=7%20Things%20Your%20Boss%20Wishes%20Youd%20Tell%20Them"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/7%20Things%20Your%20Boss%20Wishes%20Youd%20Tell%20Them.jpg" alt="7 Things Your Boss Wishes You'd Tell Them" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/paul-michael">Paul Michael</a> of <a href="http://www.wisebread.com/7-things-your-boss-wishes-youd-tell-them">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-4"> <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/is-this-job-worth-it">Is This Job Worth It?</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-free-ways-to-impress-your-boss">10 Free Ways to Impress Your Boss</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-ways-you-might-be-sabotaging-your-job">5 Ways You Might Be Sabotaging Your Job</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/5-jobs-that-pay-over-50k-and-dont-require-a-bachelors-degree">5 Jobs That Pay Over $50K and Don&#039;t Require a Bachelor&#039;s Degree</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-ugly-truth-of-workplace-success-popularity-still-matters">The Ugly Truth of Workplace Success: Popularity Still Matters</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career Building advice boss company politics coworkers honesty job growth managers morale Wed, 13 Dec 2017 10:00:06 +0000 Paul Michael 2069778 at http://www.wisebread.com 10 Fundamentals of Naming a Small Business http://www.wisebread.com/10-fundamentals-of-naming-a-small-business <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/10-fundamentals-of-naming-a-small-business" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/female_business_owner_holding_tablet_computer.jpg" alt="Female business owner holding tablet computer" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>What's in a name? When it comes to a small business, quite a lot, actually. While it may seem like a fun side project, the name you choose for your business could have a long-lasting impact on the success (or failure) of your startup. However, if you follow these guidelines, you should come up with something that makes a great first impression for your new business venture.</p> <h2>1. Do not name it after yourself</h2> <p>The biggest mistake people make when choosing a business name is to go straight for the ego option: &quot;Well, it's my business, I should use my name.&quot; You see it with law firms, handymen, auto garages, and so on. While it may be nice to see your name on a big sign and a business card, it doesn't tell anyone anything about what you do or provide. Therefore, you have to add a second line to spell it out: &quot;The Smith Brothers: Plumbing and Heating Experts.&quot; That's not catchy.</p> <h2>2. Be smart, but not too clever</h2> <p>It's tempting to have fun with your business name. However, keep in mind that when people see the name of your company for the first time, they do not have the background that you do. They know nothing about your business, how long you've been dreaming of it, and what kind of thought process you went through.</p> <p>For example, imagine someone passionate about great hot dogs opens an eatery called The Top Dog. To that person it's a great name, but they know it's a reference to hot dogs. To someone else, it's more likely something to do with actual dogs; perhaps a dog grooming service, products for pooches, or a place to buy a dog. The business is going to have to work harder to identify itself as a restaurant. If instead they'd chose a name like Hot Dog Heaven, or The Tasty Wiener, there wouldn't be any confusion.</p> <h2>3. Keep your sights set on expansion</h2> <p>Small businesses sometimes become big businesses. When that happens, and the company grows to include new locations, your company name might suddenly become very confusing. For instance, if you base the name on your current location (maybe something like Delaware Dinners), you may have people scratching their heads when you move to a different state, or even a different country.</p> <p>Similarly, think about not just physical expansion, but product line growth. You may start out as a T-shirt company, and call yourself something like Top Shelf Tees. But what happens when you decide to make branded caps, bags, and sneakers? Your original product name limits the expectations of customers, and you may have to rebrand to Top Shelf Apparel. So, think about the future.</p> <h2>4. Cutesy spellings aren't for everyone</h2> <p>The rise of the internet, and the need for a unique dot-com address, has brought about a glut of misspelled words. Carz instead of cars. Kabbage instead of cabbage. Wzrd instead of wizard. All in the name of getting a name that sounds memorable.</p> <p>But consider the additional steps you will have to take to inform your customers of the odd spelling. For example, if you choose to do radio promotions, you'll have to say something like, &quot;Remember, that's carz with a Z.&quot; And when potential customers hear a little buzz, and search for you on the web, will they be searching for the right company? Chances are, they'll use the typical spelling, and it could end up taking them to a major competitor.</p> <h2>5. Completely made-up words make life difficult</h2> <p>There are hundreds of companies out there that have names that either mean nothing, or were based on a real word from any number of languages. You already know some very well, including Verizon, Google (although it was based on Googol), Etsy, Skype, Hulu, Zillow, and eBay.</p> <p>Now, the reason you know these words so well is because the companies are huge, and spent major branding and advertising dollars to get their name to be recognized. Plus, as word of mouth has spread, the familiarity of these names has grown. Let's be honest, have you ever considered what Google means over the many years you have used the service? Because the brand is so dominant, it hasn't really mattered to most people.</p> <p>However, you're the owner of a small business right now, not a major corporation. You have limited funds. Unless you think your company will scale to the size of these giants, you are better off avoiding completely nonsensical words.</p> <h2>6. Make sure your name conjures positive imagery</h2> <p>To this day, it baffles many marketing and branding experts that the company The Athlete's Foot was named something so horrendous. Athlete's foot is described as &quot;a contagious fungal infection that causes itching, blisters, cracking, and scaling, especially between the toes.&quot; And yet for some reason, a boardroom full of people said &quot;Yeah &hellip; we want our footwear store to be associated with that.&quot;</p> <p>Bizarrely, it worked; the store is still going. But you <em>really</em> do not want to take that chance with your own company. If the first thing people conjure up in their heads is negative, you have a tough image mountain to climb. If you are a mobile hairdresser, Curl Up &amp; Dye might sound funny for a second &mdash; but what kind of image are you putting in your customers' heads? Keep it positive, unless it really does fit the bill (like Vinyl Resting Place, a store that sells old vinyl records and has a sense of humor about it).</p> <h2>7. Don't pick a name out of a hat</h2> <p>The hat comes in many forms. It can be a dictionary or thesaurus. It can be a random word generator online. Or, it could in fact be a bunch of words you put into an actual hat. These methods are just not going to work out for you. There has to be a logical reason as to why you went with the name you did.</p> <p>What's the background? How does it tie to your business? Does it accurately describe what you do, or at least invoke some part of it? For example, Pinkberry is not an accidental or random name. While it sounds fun and trendy, it also relates directly to the fresh fruit cut daily for its frozen yogurts and ice creams. If the company had simply pulled a word out of thin air, it would not have been as successful.</p> <h2>8. Think alphabetically</h2> <p>There's a reason there are so many AAA Plumbers, and AAAA Lawyers; they were looking to be first in the phone directory. While that is not always the case anymore when it comes to search engines, alphabetical listings are still a way to organize companies. If your company is called something like Zoomfood or Yogalicious, you're going to be stuck at the back of the line.</p> <p>Consider a name that will bump you up without compromising the fun and originality of your name. For example, Foodzoom is just as fun, but vaults you way higher up the list. While it may not be the most important consideration, it's worth thinking about.</p> <h2>9. Combining words can produce great results</h2> <p>One of the easiest ways to come up with a good business name is to combine two (or more) words to create a new word that's both eye-catching and memorable. Start by writing down a list of all the traits of your company. Don't worry about coming up with actual names just yet, this is a brain dump. Your company mission statement will include a lot of these words. When you have that list, start making connections.</p> <p>Which words fit well together? For example, if you're a meal prep company, you may have a list that includes food, easy, preparation, timesaving, meals, dinners, fresh, delicious, organic, diet, delivery, and simple. Now, which of those words can you combine to make something new? It could be as simple as FreshPrep, or EasyMeals. You could also do it another way, like Dinner 'N Delivery, or Meals On Time. These are just quick examples, but it's a great way to brainstorm a name that includes essential aspects of your company.</p> <h2>10. Test out a few names before you commit</h2> <p>When you have a list of business names that you're happy with, it's time to put them to the test. Narrow the list to the top three, and set up a simple survey through a site like Survey Monkey. Ask questions like, &quot;What did the name instantly make you think of?&quot; or, &quot;Does this business sound professional?&quot; You want a good variety of questions and possible answers. Send the survey to people you may already be working with, online forums, a subreddit devoted to your industry, and anyone else that could be of help. However, don't send it to immediate family and friends; they know too much and won't give you an unbiased opinion.</p> <p>One last note: When you have picked the winning name, think about how you will turn that into a memorable and noticeable logo or brand mark. Work with a freelance designer to get some options, and use the same survey system to help you select the best one. This will be your logo for the foreseeable future, although brands change identities often, so it's not as important as the actual business name. Good luck.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2F10-fundamentals-of-naming-a-small-business&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2F10%2520Fundamentals%2520of%2520Naming%2520a%2520Small%2520Business.jpg&amp;description=10%20Fundamentals%20of%20Naming%20a%20Small%20Business"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/10%20Fundamentals%20of%20Naming%20a%20Small%20Business.jpg" alt="10 Fundamentals of Naming a Small Business" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/paul-michael">Paul Michael</a> of <a href="http://www.wisebread.com/10-fundamentals-of-naming-a-small-business">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-5"> <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/think-like-a-startup-to-boost-your-finances">Think Like a Startup to Boost Your Finances</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/5-questions-retirees-should-ask-before-starting-a-small-business">5 Questions Retirees Should Ask Before Starting a Small Business</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/8-new-years-goals-every-freelancer-should-make">8 New Year&#039;s Goals Every Freelancer Should Make</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/4-best-states-to-start-a-new-business-in">4 Best States to Start a New Business In</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/heres-how-your-taxes-will-change-after-you-start-a-small-business">Here&#039;s How Your Taxes Will Change After You Start a Small Business</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entrepreneurship advice naming a business self employment SEO small businesses startups strategies Wed, 06 Dec 2017 09:30:11 +0000 Paul Michael 2066636 at http://www.wisebread.com How to Invest If You're Worried About a Stock Market Crash http://www.wisebread.com/how-to-invest-if-youre-worried-about-a-stock-market-crash <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-to-invest-if-youre-worried-about-a-stock-market-crash" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/shocked_business_man_with_financial_market_chart_graphic.jpg" alt="Shocked business man with financial market chart graphic" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>It seems that every time I turn on a financial report, someone's warning that the bull market we've been enjoying for more than eight years is about to come crashing down. Some analysts point to signs such as the rising price of gold, decreased trading volume, and muted reaction to strong earnings reports as harbingers of a crash. Others just point to the calendar: Since 1926, the average bull market has lasted nine years, and ours by most measures is about eight and a half years old. (See also: <a href="http://www.wisebread.com/are-we-headed-toward-a-bull-or-bear-market?ref=seealso" target="_blank">Are We Headed Toward a Bull or Bear Market?</a>)</p> <p>While there is some truth to the notion that no party lasts forever, there is also no definitive way to predict when we might see a correction (a 10 percent decline) or a crash (a 20 percent or greater drop). So before we get into the nuts and bolts of market disaster preparedness, understand this: No matter how nervous people feel, a correction may not happen this year or even next. This is really important to know, because if you make drastic changes to your portfolio to protect it from stock declines, you may well miss out on months or even years of growth that you can never get back.</p> <p>Does that mean you should plunge your head into the sand and do nothing, no matter how worried you feel about a possible market crash? No. There are steps you can take that would both set your mind at ease and help prepare your finances for whatever the market brings. (See also: <a href="http://www.wisebread.com/want-your-investments-to-do-better-stop-watching-the-news?Ref=seealso" target="_blank">Want Your Investments to Do Better? Stop Watching the News</a>)</p> <h2>Take stock</h2> <p>Harness the energy of your market jitters to perform some portfolio hygiene that you should have been doing all along. If you've been carrying too much risk without even realizing it, now's the time to adjust that.</p> <p>&quot;Figure out what your allocation is between equities (stocks) and fixed income (bonds and cash),&quot; recommends investment adviser Bob Goldman. &quot;A lot of people will find they had a higher concentration of equities than they thought they did, because equities, especially U.S. equities, have done so well in the past few years.&quot;</p> <p>How do you know if you're carrying the right amount of risk? It's all about your goals and your timeline. Riskier portfolios generally have a higher percentage of stocks and a lower percentage of bonds and cash. If you need your money to grow to meet your goals, you'll have to take on some risk to get there. If you're not sure how much risk you should take on, consider investing in a target date index fund, where you input when you need the money, and the fund manager does the rest.</p> <p>If your portfolio is considered appropriate for your timeline but you just can't sleep at night, it's OK to dial back the risk to give yourself peace of mind &mdash; as long as you can afford to. Use an online investment calculator, consult portfolio allocation models, or talk to an adviser to figure out if you could reduce your stock allocation by 10 percent and still have enough money to retire when you want to. If you'll still have enough, then go ahead. (See also: <a href="http://www.wisebread.com/5-essentials-for-building-a-profitable-portfolio?ref=seealso" target="_blank">5 Essentials for Building a Profitable Portfolio</a>)</p> <h2>Keep investing</h2> <p>If you have been contributing money from each paycheck to your 401(k) or buying stocks in a taxable account, don't stop just because you're worried the market may be peaking. Remember that if a bear market happens, it won't last forever. In fact, bear markets are almost always shorter than bull markets, with an average decline and recovery of just three years.</p> <p>You may be tempted to slow down your investment schedule, dividing your money into periodic investments instead of buying stocks and bonds in one lump sum. This would save you some losses if a crash really does come during the year, but this approach, known as dollar cost averaging, usually doesn't pay off since timing the markets is typically considered futile.</p> <p>So what if you buy today, and the market crashes tomorrow? By one expert calculation, in this worst case scenario, it takes an <a href="http://money.cnn.com/2015/06/21/investing/stocks-market-worst-case-scenario/index.html" target="_blank">average three years</a> to get the money back. If you are investing for the next 10 or 20 or 30 years, rest assured that even if the absolute worst happens, it will almost certainly work out in the long run.</p> <h2>Don't invest anything you'll need within five years</h2> <p>If a downturn happens, you don't want to be forced to sell and take a loss. This five-year rule is always a good one to follow, but if you believe that a downturn is coming, it's a great time to double check to make sure you have what you need for near-term spending in cash, CDs, or a money market fund.</p> <p>What you &quot;need&quot; means different things to different people based on their situation. If you were planning to send your kid to college in two years, it means the first three years' tuition should not be in the market at this point. If practical, Goldman suggests keeping a two-year emergency fund, covering all your minimum expenses for that period. That way if a downturn snowballs into a recession and you lose your job, you'll still be OK. When making the calculation of how much you need, don't forget that you probably won't owe taxes or be making retirement contributions if your income goes away.</p> <h2>Consider saving up for bargain shopping</h2> <p>When stock prices crashed in 2007 and 2008, I had no money to invest. Warren Buffett did, though. One of Buffett's financial crisis investments was putting $5 billion into Goldman Sachs, a stake that increased in value by 62 percent within five years.</p> <p>Probably no one reading this will ever be in the position to take advantage of a bear market to that extent. But it's not a terrible idea for investors to put aside a cache of cash earmarked for buying stocks in a downturn. Just remember not to short circuit your entire investing plan by putting all your money into that basket. As Buffett said in his most recent investor letter, investment gains and downturns will be &quot;totally random as to timing.&quot; You don't want to put off investing for years waiting for a downturn that doesn't materialize.</p> <p>Don't forget that five-year rule here, especially, because if you buy stocks that have just declined, you have no way of knowing if the price you pay is the bottom. You may be &quot;catching a falling knife,&quot; meaning that the stock you buy may continue to plummet after you purchase it. But if what you bought is a diverse index fund, don't feel too bad if it keeps going down after you purchase. After all, within a few years, you should be gaining again.</p> <h2>Beware of salespeople who prey on fear</h2> <p>Stockbrokers and other sellers of investment products may take advantage of jittery investors to push vehicles that promise to limit downside, such as annuities, insurance policies, or even that old supposedly safe haven, gold.</p> <p>Analyze all investment opportunities with a cool head. Find out what the seller has to gain by getting you to sign on. When in doubt, stick to investments that you understand well, or consult a fee-only planner with no stake in where you put your money.</p> <p>&quot;The end of bull markets, in my experience, are often signaled by the invention of esoteric and exotic investments that sound good but are really a mix of ordinary stocks and bonds mixed with leverage to give you 'enhanced' and 'select' returns,&quot; warned Mitch Goldberg, president of ClientFirst Strategy, in a CNBC commentary. &quot;If you've recently put money, or been advised to put money, into an investment that is very narrow, or you simply don't understand, get out.&quot;</p> <h2>Avoid debt and leverage</h2> <p>One of the causes of the 1929 stock market crash was excessive leverage, which means that lots of investors were playing the market with borrowed money. Typically, brokerages will sell stocks to some investors &quot;on margin,&quot; which means that the investment bank lends you the money to buy the stock, holding the stock as collateral. This is risky, because if the market price of your investment declines sharply, the bank can call in your loan, forcing you to sell at a loss.</p> <p>Buying stock on margin can be considered reckless in the best of times. If you fear a correction is coming, getting rid of leverage is an obvious way to make your portfolio more conservative.</p> <p>If you are able to pay down debt in other areas, such as car loans and credit card debt, this can also help strengthen your financial standing to help you weather any bad times that may lie ahead.</p> <p>The other nice thing about paying down debt in an uncertain time is that it's a safe place to put your money. If you have a 4 percent interest rate on a loan, paying down that loan is like getting a guaranteed 4 percent return on your money. That's not a huge return, but if you are scared that you'll lose that money in the market, reducing your debt is a safer bet.</p> <h2>Keep it all in perspective</h2> <p>We may lose a lot of sleep worrying about a stock market crash without really knowing how such an event would affect us. Here's a little exercise that might help ease your mind: Look at your current portfolio, then cut 10 percent or 20 percent, or even 30 percent from the total. Then use an online investment calculator to figure out what the typical return would be on that money, if it was a new investment, over the course of your investment timeline. Can you live with the results?</p> <p>Then remember that even if the market does drop 10 percent or 20 percent or even 30 percent, chances are the effect on your personal portfolio won't be as extreme.</p> <p>&quot;You have to remember, if you're diversified, and the U.S. stock market drops 30 percent, that doesn't mean everything else will drop,&quot; Goldman says. That's why you have a diversified portfolio containing international stocks, bonds, and other investments.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fhow-to-invest-if-youre-worried-about-a-stock-market-crash&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FHow%2520to%2520Invest%2520If%2520Youre%2520Worried%2520About%2520a%2520Stock%2520Market%2520Crash.jpg&amp;description=How%20to%20Invest%20If%20Youre%20Worried%20About%20a%20Stock%20Market%20Crash"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/How%20to%20Invest%20If%20Youre%20Worried%20About%20a%20Stock%20Market%20Crash.jpg" alt="How to Invest If You're Worried About a Stock Market Crash" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/carrie-kirby">Carrie Kirby</a> of <a href="http://www.wisebread.com/how-to-invest-if-youre-worried-about-a-stock-market-crash">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/your-loss-aversion-is-costing-you-more-than-your-fomo">Your Loss Aversion Is Costing You More Than Your FOMO</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/this-one-mental-bias-is-harming-your-investments">This One Mental Bias Is Harming Your Investments</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/are-we-headed-toward-a-bull-or-bear-market">Are We Headed Toward a Bull or Bear Market?</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-things-your-financial-advisor-wishes-you-knew">7 Things Your Financial Advisor Wishes You Knew</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-3-rules-every-mediocre-investor-must-know">The 3 Rules Every Mediocre Investor Must Know</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Investment advice bear market bull market diversified downside downturn fear market correction market crash risk tolerance Thu, 26 Oct 2017 08:30:09 +0000 Carrie Kirby 2038889 at http://www.wisebread.com How to Talk to Friends and Family About Money (Without Making Everyone Mad) http://www.wisebread.com/how-to-talk-to-friends-and-family-about-money-without-making-everyone-mad <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-to-talk-to-friends-and-family-about-money-without-making-everyone-mad" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/young_women_drinking_coffee_and_talking_at_cafe.jpg" alt="Young women drinking coffee and talking at cafe" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Talking about money can get awkward in a hurry. Don't believe me? Ask your friends how much debt they have at the next social gathering and observe as the silence fills the room. However, sometimes those financial discussions need to happen. Here's how you can handle them with minimal discomfort.</p> <h2>1. Find neutral ground</h2> <p>If you need to talk about a mutually owned asset, or who's going to take over the finances for an aging or incapacitated parent, get to neutral ground. Schedule lunch at a favorite restaurant or find a quiet corner of a local cafe.</p> <p>A public space helps everyone stay calm: Who wants to make a scene? And the neutrality of the space can help defuse any sense of intimidation or ownership of the discussion, leaving it open for all parties to state their needs and concerns.</p> <h2>2. Give a three-point introduction</h2> <p>Growing up in the South, I heard a three-point introduction every single Sunday. It was a Baptist preacher staple in which they'd tell you, in summary form, what they were about to tell you. Three points made just about the right length for a sermon.</p> <p>Use this approach by clearly outlining what you want to discuss, and take all the other stuff off the table. It will help set the other people at ease: Now they know what the conversation is and isn't about. Everyone involved will feel as if they're more in control, which in turn makes them feel more comfortable.</p> <h2>3. Repeat it back</h2> <p>The most important part of a potentially tense financial discussion is understanding. You want to be sure that the other folks involved understand what you're saying. In turn, they want to be sure that you understand their needs and concerns. As you listen, give their words all your attention. Then, repeat back what you've heard: &quot;OK, what you said is that you think it's best to sell the family property as soon as possible because &hellip; &quot;</p> <p>This approach helps to avoid misunderstanding. As you repeat back what you've heard, they get a chance to listen to their own words and revise them if needed. And, by repeating back what you've heard with the intent to understand, you put yourself in the position of advocate, or ally, rather than enemy. You may not agree with the point they've made, but by striving to understand before you argue or correct, you lay the groundwork for a calmer and more productive discussion.</p> <h2>4. Use facts, not feelings</h2> <p>Feelings matter, of course. But when you're discussing finances, don't argue on the basis of feelings, intuitions, or preferences. Instead, if you disagree with a point or opinion, strive to explain why you disagree with facts. This helps to keep the discussion from becoming personal or offensive.</p> <p>For example, if you don't want to split the check evenly because you only got an appetizer and everybody else got an entree and a drink, don't say, &quot;I'm not doing that, guys! It's not fair and I don't want to pay for half of Melinda's cocktail again!&quot; Instead, say, &quot;Actually, my appetizer was only $8, which is less than 1/5 of the total bill.&quot; That's a calmly stated fact, rather than vented frustration and a thinly-veiled insult of Melinda.</p> <h2>5. Suggest a specific action</h2> <p>Specific actions are the way to move things forward and solve problems. In fact, many times people end up in arguments not because they disagree on the major point (&quot;We need to pay the bill&quot;), but because they're not sure exactly how to make it happen. We stumble over anthills more than we do over mountains. In the scenario above, you could follow up your calmly stated fact by suggesting a specific action: &quot;I'll put in $10 to cover my part, and you guys could split the rest evenly.&quot;</p> <p>By suggesting a specific action, you've solved the problem of too many options, which can be very unsettling for us humans. When we feel unsure and unsettled, it's often easier to fight than to move forward, which is why financial discussions can degenerate into insults so easily. Suggesting an action helps move people forward and give everyone a clear next step, which can prevent that discomfort and conflict.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fhow-to-talk-to-friends-and-family-about-money-without-making-everyone-mad&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FHow%2520to%2520Talk%2520to%2520Friends%2520and%2520Family%2520About%2520Money%2520%2528Without%2520Making%2520Everyone%2520Mad%2529.jpg&amp;description=How%20to%20Talk%20to%20Friends%20and%20Family%20About%20Money%20(Without%20Making%20Everyone%20Mad)"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/How%20to%20Talk%20to%20Friends%20and%20Family%20About%20Money%20%28Without%20Making%20Everyone%20Mad%29.jpg" alt="How to Talk to Friends and Family About Money (Without Making Everyone Mad)" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/annie-mueller">Annie Mueller</a> of <a href="http://www.wisebread.com/how-to-talk-to-friends-and-family-about-money-without-making-everyone-mad">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/ow-do-you-deal-with-family-members-who-are-bad-at-managing-money">How Do You Deal With Family Members Who Are Bad At Managing Money?</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/create-a-reverse-bucket-list-to-improve-your-money-management">Create a Reverse Bucket List to Improve Your Money Management</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-signs-you-are-teaching-your-kids-bad-financial-habits">4 Signs You Are Teaching Your Kids Bad Financial Habits</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-best-sites-to-help-your-kids-learn-about-money">8 Best Sites to Help Your Kids Learn About Money</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/7-money-conversations-parents-should-have-with-their-adult-kids">7 Money Conversations Parents Should Have With Their Adult Kids</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Family advice discussions family meetings money meetings psychology shared assets talking about money Mon, 09 Oct 2017 08:00:07 +0000 Annie Mueller 2031349 at http://www.wisebread.com This One Thing Could Be the Key to Retiring Rich http://www.wisebread.com/this-one-thing-could-be-the-key-to-retiring-rich <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/this-one-thing-could-be-the-key-to-retiring-rich" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/beautiful_young_woman_at_home_0.jpg" alt="Beautiful young woman at home" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Writing things down is a powerful exercise. Productivity experts and personal growth coaches have long known this truth, and frequently promote writing down goals and priorities as a way to take control of life and achieve more. Does the power of writing apply to your financial life, as well? Turns out that it does in a very significant way.</p> <h2>Written plans lead to more retirement savings</h2> <p>A recent report from Charles Schwab makes it clear that writing down your financial goals can have a huge effect on how well you do in reaching them. According to the report, people with a written retirement plan are almost twice as likely to increase their 401(k) contributions and rebalance their portfolio. And that's not all a written plan can do for you: You're also twice as likely to stick to your savings goals if you've written down your plan.</p> <p>Despite the obvious power of a written financial plan, most people don't have one. According to the Schwab report, even though about two-thirds of Americans have a financial plan, only a quarter of us have that plan in writing.</p> <p>Is it really a plan if it's not in writing? Maybe, but it's certainly not as powerful.</p> <p>Writing things down makes them seem more real and helps you understand clearly how to reach the goals you're setting. A survey from Wells Fargo found that folks with a <a href="https://newsroom.wf.com/press-release/wells-fargogallup-survey-us-investor-optimism-rises-highest-level-16-years" target="_blank">written retirement plan</a> felt much more secure about reaching their financial goals for retirement. It isn't that the amount needed for retirement changes, but that a written plan helped these individuals understand exactly what they needed to do to reach their retirement goals.</p> <h2>Start getting your plan on paper</h2> <p>How do you get your financial plan written down? Start simple and start right now: Get a piece of paper or open up a computer document, and start writing down your goals. Focus on three main areas: an income goal, a budget goal, and a long-term savings goal.</p> <p>The key is to just get started and remember that you can adjust your plan as you gain more information. Until you have everything written down, you don't really know what you're aiming for or if your goals are even possible. (See also: <a href="http://www.wisebread.com/half-of-americans-are-wrong-about-their-retirement-savings?ref=seealso" target="_blank">Half of Americans Are Wrong About Their Retirement Savings</a>)</p> <h2>Get some professional help to improve your plan</h2> <p>Once you've gotten some basic ideas down on the page, consult a professional financial adviser to help you turn those basic thoughts into a viable financial plan. Over two-thirds of the people who do have a written financial plan got help from a financial professional.</p> <p>Getting professional help is a good idea for two reasons: First, it helps you to actually finish that plan you started. Second, having professional advice will result in a better financial plan. An adviser can help you ask questions, look at issues, and develop solutions you might have missed on your own. (See also: <a href="http://www.wisebread.com/7-things-financial-advisers-wish-you-knew-about-retirement?ref=seealso" target="_blank">7 Things Financial Advisers Wish You Knew About Retirement</a>)</p> <h2>Turn your plan into actions</h2> <p>Once you have your plan written down, you need to translate it into regular actions.</p> <p>For example, if you set a savings goal that you want to meet in five years, you'll divide that into a monthly savings amount. Now you have a monthly savings target (and we know that, with a written plan, you're much more likely to reach it). When you turn the goals on your plan into actions, you can quickly assess whether you're making progress or not.</p> <h2>Automate your financial actions</h2> <p>As much as possible, automate the actions that you derive from your financial plan. Set up automatic transfers into your savings account, for example, or have a certain percentage of your paycheck deposited into your savings account rather than your checking account.</p> <p>Those small automations take the work out of reaching your financial plan. The easier you make it on yourself, the more likely you are to stick to your plan. (See also: <a href="http://www.wisebread.com/5-ways-to-automate-your-finances?ref=seealso" target="_blank">5 Ways to Automate Your Finances</a>)</p> <h2>Review your financial plan regularly</h2> <p>A written plan is not a static thing, so you need to review it regularly and adjust it as needed. Perhaps you get a salary increase or an unexpected windfall; how will you apply it? Review your plan, decide where to apply your wealth increase, and adjust your plan as needed.</p> <p>It's a great idea to set an annual appointment with your financial adviser; you can use that time to review your plan together. Then you can apply that professional insight to any adjustments you make to your plan, and move forward with even greater financial efficiency.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" data-pin-save="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fthis-one-thing-could-be-the-key-to-retiring-rich&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FThis%2520One%2520Thing%2520Could%2520Be%2520the%2520Key%2520to%2520Retiring%2520Rich.jpg&amp;description=This%20One%20Thing%20Could%20Be%20the%20Key%20to%20Retiring%20Rich"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/This%20One%20Thing%20Could%20Be%20the%20Key%20to%20Retiring%20Rich.jpg" alt="This One Thing Could Be the Key to Retiring Rich" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/annie-mueller">Annie Mueller</a> of <a href="http://www.wisebread.com/this-one-thing-could-be-the-key-to-retiring-rich">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/7-things-financial-advisers-wish-you-knew-about-retirement">7 Things Financial Advisers Wish You Knew About Retirement</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/7-easiest-ways-to-catch-up-on-retirement-savings-later-in-life">7 Easiest Ways to Catch Up on Retirement Savings Later in Life</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/8-signs-youre-making-all-the-right-moves-for-retirement">8 Signs You&#039;re Making All the Right Moves for Retirement</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/yes-you-can-pay-for-education-with-an-ira">Yes, You Can Pay for Education With an IRA</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-questions-financial-advisers-hear-most-often">8 Questions Financial Advisers Hear Most Often</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Retirement advice contributions financial advisers money goals saving money strategy writing things down written plan Fri, 29 Sep 2017 08:00:06 +0000 Annie Mueller 2028009 at http://www.wisebread.com 10 New Podcasts That'll Improve Your Money Mindset http://www.wisebread.com/10-new-podcasts-thatll-improve-your-money-mindset <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/10-new-podcasts-thatll-improve-your-money-mindset" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/enjoying_great_music.jpg" alt="Enjoying great music" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Podcasts are all the rage right now. We even have podcasts that review and recommend other podcasts! I'm proud to say that I'm a podcast junkie, as is most everyone I know. But did you know that your podcast addiction could actually help you manage your personal finances? Here are 10 that will improve your money mindset.</p> <h2>1. Listen, Money Matters</h2> <p><a href="https://www.listenmoneymatters.com/show/" target="_blank">Listen, Money Matters</a> lives up to the promise of its tagline, &quot;Manage your money like a badass.&quot; If you think personal finance is dull, Andrew Fiebert (a self-professed personal finance nerd) and Thomas Frank (a productivity expert) are here to dispel that myth. They'll help you work smarter so that your money works harder for you. They break down complex terms and host some of the smartest minds in the personal finance field. Topics range from investing to debt reduction, and everything in between.</p> <h2>2. Planet Money</h2> <p>This superb NPR podcast is the gold standard when it comes to personal finance programs. Think breaking financial news meets the nuts and bolts of how our economy actually works told to you by your best friend. At almost 800 episodes, <a href="http://www.npr.org/sections/money/" target="_blank">Planet Money</a> has clearly found the secret recipe to making personal finance fascinating.</p> <h2>3. Stacking Benjamins</h2> <p>Endlessly action-oriented and infinitely original, <a href="https://www.stackingbenjamins.com/listen/" target="_blank">Stacking Benjamins</a> is all about taking personal finance advice and putting it to work for you immediately. With episode titles such as &quot;Where Financial Planning Goes Wrong&quot; and &quot;69 Things That GO BUMP in Your Portfolio,&quot; this podcast is so much more than tips on how to save money. It's actually changing your mind about how you view money and its place in your life.</p> <h2>4. The Money Tree</h2> <p>If investing is an area of personal finance you haven't delved into until now, <a href="http://moneytreepodcast.com/" target="_blank">The Money Tree</a> is the place to grow your knowledge and personal wealth. From choosing the right investments, to making career choices, to answering your questions about pensions and Social Security, the hosts and their guest panelists for each episode will help you invest like the best.</p> <h2>5. Money Box</h2> <p>This gem from the BBC combines the latest personal finance news with brief guides on topics such as compound interest. It also offers societal commentary on topics like the future of retirement. What I like best about <a href="http://www.bbc.co.uk/programmes/b006qjnv" target="_blank">Money Box</a> is that it serves up full episodes plus very short clips that tightly focus on one concept, such as energy savings and the return of the 100 percent mortgage.</p> <h2>6. HerMoney with Jean Chatzky</h2> <p>A personal finance expert, award-winning journalist, and best-selling author, <a href="https://www.jeanchatzky.com/podcast/" target="_blank">Jean Chatzky</a> is masterful at breaking down personal finance advice and combining that advice with what's happening in the lives of women. This mindfulness includes acknowledging finance challenges women face, such as saving for our own retirement while caring for our older loved ones, and providing timely advice based on big calendar events like back-to-school and tax prep time. Though it's geared toward women, this podcast is a winner for male listeners, too.</p> <h2>7. Freakonomics Radio</h2> <p>If you're looking to expand your mind and your thinking around money, <a href="http://freakonomics.com/" target="_blank">Freakonomics Radio</a> is for you. In the tradition of their wildly successful books <em>Freakonomics</em>, <em>SuperFreakonomics</em>, and <em>Think Like a Freak</em>, Steven D. Levitt and Stephen J. Dubner bring together masterful storytelling with human psychology. From supply and demand through the lens of line standing, to explaining the stupidest thing you can do with your money, this highly-provocative, well-researched gem is perfect for intellectually curious listeners.</p> <h2>8. The Dave Ramsey Show</h2> <p><a href="https://www.daveramsey.com/show" target="_blank">Dave Ramsey</a> approaches the management of money from a Zen place &mdash; he wants you to make peace with it so you can focus on doing what you love and spending time with people who matter to you. He recognizes the stress that money can place on your relationships and happiness, and his goal is to help you mitigate that stress with knowledge and a game plan. That perspective and motivation make the content about wealth building, reducing debt, and budgeting easy to digest. His message resonates with a wide listener base &mdash; this year he's celebrating his 25th anniversary on the air.</p> <h2>9. The Dough Roller Money Podcast</h2> <p>Interviews, Q&amp;As, deep dives into individual money topics, and career advice from a financial perspective make <a href="http://www.doughroller.net/thepodcast/" target="_blank">The Dough Roller Money Podcast</a> one of the most well-rounded personal finance podcasts. The variety of content and format has helped Rob Berger and his 14-member team become one of the highest rated personal finance podcasts with 75,000 downloads per month.</p> <h2>10. Money for the Rest of Us</h2> <p>For everyone who needs their personal finance advice beautifully wrapped in a compelling story that has nothing to do with personal finance, <a href="https://moneyfortherestofus.com/episodes/" target="_blank">Money for the Rest of Us</a> is tailor-made for you. You're going to get the knowledge and lessons you need to create a money mindset, but they'll be delivered with such an immersive and entertaining narrative that you won't even realize you're learning. Some of my recent favorite episodes are &quot;Do Homeowner Tax Breaks Cause Homelessness?&quot; and &quot;Is Infrastructure a Good Investment?&quot; Combining personal finance education with social justice and impact gets people to pay attention and take action.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" data-pin-save="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2F10-new-podcasts-thatll-improve-your-money-mindset&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2F10%2520New%2520Podcasts%2520That%2527ll%2520Improve%2520Your%2520Money%2520Mindset.jpg&amp;description=10%20New%20Podcasts%20That'll%20Improve%20Your%20Money%20Mindset"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/10%20New%20Podcasts%20That%27ll%20Improve%20Your%20Money%20Mindset.jpg" alt="10 New Podcasts That'll Improve Your Money Mindset" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/christa-avampato">Christa Avampato</a> of <a href="http://www.wisebread.com/10-new-podcasts-thatll-improve-your-money-mindset">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-11"> <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/these-10-money-podcasts-will-help-you-save-tons">These 10 Money Podcasts Will Help You Save Tons</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/4-money-lessons-we-can-learn-from-jk-rowling">4 Money Lessons We Can Learn From J.K. Rowling</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/i-am-doing-well-financially-now-what">I Am Doing Well Financially. Now What?</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/the-personal-finance-letter-id-write-to-my-younger-self">The Personal Finance Letter I&#039;d Write to My Younger Self</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/ow-do-you-deal-with-family-members-who-are-bad-at-managing-money">How Do You Deal With Family Members Who Are Bad At Managing Money?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Entertainment advice Help insight listening money management money mindset podcasts radio Wed, 20 Sep 2017 08:00:06 +0000 Christa Avampato 2020342 at http://www.wisebread.com How to Ask for Your Old Job Back After Leaving http://www.wisebread.com/how-to-ask-for-your-old-job-back-after-leaving <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-to-ask-for-your-old-job-back-after-leaving" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/anxious_woman_during_business_interview.jpg" alt="Anxious woman during business interview" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Every day, people dream of quitting their jobs to move on to greener pastures. And then, that glorious day happens: You get a new job offer and start planning your &quot;I quit&quot; speech. But for some reason, things don't work out with the new gig. The company folded soon after you started, or maybe the new job just wasn't a good fit. Suddenly, you need to go back to your old job. What do you do now?</p> <h2>First, assess the damage</h2> <p>How did you quit? Was it a polite and respectful resignation letter, with a send-off party and tearful goodbyes? Well, no worries &mdash; in this case you probably won't have much trouble getting your foot back in the door. If you were a great employee, you are a known quantity and need less time to get up to speed; in fact, you're actually a superb candidate.</p> <p>However, not everyone leaves on such good terms. If you quit in spectacular, dramatic fashion, you've got a problem. Still, even burned bridges can be repaired. Take stock of how you left, what you did, and what impression your former employer has of you. Then you can figure out the steps you need to take to get back in their good graces.</p> <h2>Contact current employees that you know</h2> <p>You will know at least a handful of people who still work at the company you quit. Hopefully, you have a great relationship with them. Now is the time to reach out and see exactly what kind of ground you stand on.</p> <p>First and foremost, find out if your old job is even available anymore. It's highly likely the position was filled, but maybe your former colleagues can let you know if there are other suitable positions open.</p> <p>Probe them to also see how management, and the hiring manager in particular, feels about you. Has your name come up a lot in conversation, in a positive or negative way? Are you missed? Would they secretly kill to have you back, or were they glad to see the back of you? The answers to these questions will help you in your approach to your old boss. You don't want to be tone deaf when first approaching him or her about a job.</p> <h2>Lay the groundwork &mdash; carefully</h2> <p>It takes baby steps to get back in the door. You cannot assume that you will be welcomed back with open arms to a ticker-tape parade. Even if you left on the very best terms, you still have to be humble about your approach. And if you parted ways on bad terms, even more so.</p> <p>Start by making a call (not sending an email) to the person responsible for the position you're interested in. Do not go to the human resources department: If you attempt to get the job through the usual channels, you will be doing yourself a disservice. Remember, you have history with this company, and you know people. Human resources is primarily there to protect the company, and they will not be looking to rehire someone who quit. They can get involved once you have gained momentum, and have senior people in the company ready to go to bat for you.</p> <h2>Get ready to eat a whole lot of crow</h2> <p>It's time to kiss your pride goodbye and approach this as you would a partner with whom you've had a falling out &mdash; even if you left on good terms. If you are looking to get your exact same position back, tell the hiring manager that you made a mistake in leaving. You loved your job and you will do whatever it takes to get back in the door. You miss your work colleagues. You miss the food in the cafeteria. You miss Hawaiian shirt Fridays. And be genuine: If you fake this, it will be glaringly obvious.</p> <h2>Make sure you can explain why you left</h2> <p>You still may be asked &quot;If the job was so great, why did you leave in the first place?&quot; That can really stump you if you're not prepared. Here, you will have to be a little economical with the truth, or downplay some of the reasons.</p> <p>For instance, many people leave because of a bad relationship between a boss or coworker. If that boss or coworker is still around, how does that play out? You can explain there were some misunderstandings that got out of hand, or that you had differences that you have worked through and resolved. You can be completely honest if it was something out of your control that didn't work out, like moving to a different state. Just make sure you can allay any fears the hiring manager may have about your return. If they suspect that you could up and leave again, or that you'll cause trouble, you won't get back in.</p> <h2>Be open to getting less for the same role</h2> <p>If you're looking to get your exact same job back, you're in no position to make any kind of demands, and the employer knows this. It's possible that your old company will take you back with the same benefits and salary that you had before, but there's absolutely no guarantee. They know you need this job, and they can play that to their advantage.</p> <p>Now, some companies will have a benefits policy that they have to stick to. For example, if you return within 12 calendar months of leaving, all of your former benefits, including vacation days, sick days, personal days, 401(k) match, and employee discounts will be reinstated. So, if you left the company after 10 years of service, and come back within the year, it could just be a continuation of those 10 years. But not all companies do this.</p> <p>Chances are, if you left with four weeks of vacation per year, you'll be coming back with the standard two weeks. And your salary could be cut to whatever the going market rate is for that position. After years at the company with raises and promotions, you may have left earning more than most people in your position earned. Expect that to be ironed out in your return.</p> <p>Overall, making a return to an old job is very doable. Just be prepared to turn up the charm, make a whole lot of apologies, and start on a lower rung of the ladder than the one on which you left. Good luck.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" data-pin-save="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fhow-to-ask-for-your-old-job-back-after-leaving&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FHow%2520to%2520Ask%2520for%2520Your%2520Old%2520Job%2520Back%2520After%2520Leaving.jpg&amp;description=How%20to%20Ask%20for%20Your%20Old%20Job%20Back%20After%20Leaving"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/How%20to%20Ask%20for%20Your%20Old%20Job%20Back%20After%20Leaving.jpg" alt="How to Ask for Your Old Job Back After Leaving" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/paul-michael">Paul Michael</a> of <a href="http://www.wisebread.com/how-to-ask-for-your-old-job-back-after-leaving">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-9"> <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/job-hunting-with-a-long-employment-gap">Job Hunting With a Long Employment Gap</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/11-ways-college-grads-can-get-ahead-in-the-job-hunt">11 Ways College Grads Can Get Ahead in the Job Hunt</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/6-crucial-job-searching-steps-most-people-skip">6 Crucial Job Searching Steps Most People Skip</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-keep-your-job-hunt-from-busting-your-budget">How to Keep Your Job Hunt From Busting Your Budget</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/job-search-tips-that-will-get-you-a-job-in-2012">Job Search Tips That Will Get You a Job in 2012</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Job Hunting advice applying for jobs eating crow job interviews networking pride quitting Tue, 29 Aug 2017 08:30:08 +0000 Paul Michael 2010038 at http://www.wisebread.com Sell Your House Faster With These 6 House Flipping Tricks http://www.wisebread.com/sell-your-house-faster-with-these-6-house-flipping-tricks <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/sell-your-house-faster-with-these-6-house-flipping-tricks" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock-177709534.jpg" alt="use pro flipper tips to sell a house fast" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>When you're ready to sell your home, there's no reason you can't sell like a professional. People who flip homes for a living know what makes a difference for a quick sale at a great price. Take advantage of their insight and tips for a better home-selling experience.</p> <h2>1. Invest in your curb appeal</h2> <p>You might be super-proud of your hardwood flooring or custom cabinetry, but what's the first thing a potential buyer sees? Your lawn. Those scraggly trees. The flower beds, or lack thereof. The front door with its faded coat of paint. All these outdoor elements create a first impression, and a good first impression sets the selling stage.</p> <p>House-flipping pros know a fresh coat of paint on the doors, shutters, and exterior trim can have a much better impact on potential buyers. It's a good idea, too, to invest in a new, stylish mailbox that matches your home's exterior.</p> <p>Other curb appeal updates can be accomplished with a little spare time and hard work. Clear out any outdoor clutter; ensure that the roof, entry, and sidewalks are clean. Clean outdoor lighting and replace any burned-out bulbs or broken fixtures. Update the landscaping by trimming trees, adding in some annuals for a punch of color, and putting down fresh mulch over all beds. (See also: <a href="http://www.wisebread.com/6-ways-to-improve-your-curb-appeal-for-next-to-nothing?ref=seealso" target="_blank">6 Ways to Improve Your Curb Appeal for Next to Nothing</a>)</p> <h2>2. Know your neighborhood</h2> <p>Pro flippers know how important it is to make sure a home for sale fits well into its surroundings. If your home is noticeably shabbier than its neighbors, it will stand out, and not in a good way. You run the risk of people seeing it as rundown or neglected.</p> <p>Conversely, if your home has too many luxury upgrades to fit into the price point of the surrounding area, you might price yourself right out of a sale. Potential buyers want to know they'll be able to resell the house in the future; if it stands out as too costly in an area that doesn't match, you're likely to scare them away.</p> <h2>3. Do renovations right &mdash; and highlight them</h2> <p>The 2016 <a href="https://www.zillow.com/research/zillow-group-report-2016-13279/#execsum" target="_blank">Zillow Group Report on Consumer Housing Trends</a> found that homeowners who tackled a major renovation before selling their home tended to sell for up to 2 percent above the asking price. So if there's a big, obvious project you need to take care of, whether it's a dated bathroom or a sagging roof, it's worth the time and cash to do it.</p> <p>Just make sure you do the renovations right! Skimping on materials or trying to DIY a project that's beyond your capability can reduce your home's value, not increase it. Hire the professionals you need and pay for good materials. Then highlight the work you've had done, so potential buyers see the care, thought, and cost that's gone into it. (See also: <a href="http://www.wisebread.com/10-home-renovations-that-almost-pay-for-themselves?ref=seealso" target="_blank">10 Home Renovations That Almost Pay for Themselves</a>)</p> <h2>4. Make minor upgrades for a major difference</h2> <p>Experienced house flippers know that minor upgrades can make a huge difference in how a home's value is perceived. For example, replacing contractor-standard light fixtures, cabinet hardware, and faucets with premium and custom fixtures can make your home stand out. The custom upgrades are noticeable and differentiate your home from comparable ones on the market.</p> <p>Consider replacing kitchen appliances with used, high-end models, as well. You can score great deals on a used stove or refrigerator. Homebuyers don't know or care that it's been used by someone other than you; they just notice and appreciate the quality.</p> <h2>5. Stage for a quicker sale</h2> <p>You can <a href="http://www.wisebread.com/8-ways-to-stage-your-home-without-hiring-a-pro?ref=internal" target="_blank">stage a house yourself</a>, or you can hire a professional stager. Since staging is somewhat of an art form, it can be worth the price to hire an experienced pro. It's hard for some potential buyers to picture themselves in a home that's already lived in. The magic of staging is that the home looks just lived in enough; it's appealing, stylish, and comfortable, but not too personal.</p> <p>Professional staging is a relatively small investment, typically costing around 1 percent of the home's listing price. You might be able to pay a little less for a one-time consultation with a professional stager who will give you ideas you can implement yourself.</p> <p>You might think that staging isn't really necessary, but you'd be surprised by the difference it can make in your home sale. According to a 2015 profile by the National Association of Realtors, many realtors have found that staging can raise a home's value by up to 10 percent. And according to the Real Estate Staging Association, staged houses sell 73 percent faster than non-staged homes.</p> <h2>6. Do some modern marketing</h2> <p>The final expert tip is to use technology to put out some great marketing for your home. Social media is easy to use, and you can approach your ideal buyers as a group instead of waiting for them to come find you. Take (or hire someone to take) great photos of your house, write up a smart description, and spend a little money on targeted advertising on Facebook or Twitter.</p> <p>Social media advertising can be very inexpensive. Even a couple of dollars a day will put your ad in front of several thousand people in a targeted group. After they see that curb appeal, upgrades, and staging, you'll be selling like a pro flipper in no time.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" data-pin-save="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fsell-your-house-faster-with-these-6-house-flipping-tricks&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FSell%2520Your%2520House%2520Faster%2520With%2520These%25206%2520House%2520Flipping%2520Tricks.jpg&amp;description=Sell%20Your%20House%20Faster%20With%20These%206%20House%20Flipping%20Tricks"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/Sell%20Your%20House%20Faster%20With%20These%206%20House%20Flipping%20Tricks.jpg" alt="Sell Your House Faster With These 6 House Flipping Tricks" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/annie-mueller">Annie Mueller</a> of <a href="http://www.wisebread.com/sell-your-house-faster-with-these-6-house-flipping-tricks">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-4"> <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/8-unexpected-costs-of-selling-a-home">8 Unexpected Costs of Selling a Home</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/8-ways-to-stage-your-home-without-hiring-a-pro">8 Ways to Stage Your Home Without Hiring a Pro</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/6-tips-to-sell-your-condo-fast">6 Tips to Sell Your Condo Fast</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-questions-real-estate-agents-hear-most-often">8 Questions Real Estate Agents Hear Most Often</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/6-ways-to-improve-your-curb-appeal-for-next-to-nothing">6 Ways to Improve Your Curb Appeal for Next to Nothing</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Real Estate and Housing advice curb appeal experts flipping homebuyers list price marketing professionals remodeling renovations selling a home staging Mon, 21 Aug 2017 09:01:06 +0000 Annie Mueller 2005874 at http://www.wisebread.com Think Like a Startup to Boost Your Finances http://www.wisebread.com/think-like-a-startup-to-boost-your-finances <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/think-like-a-startup-to-boost-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/confident_in_her_business.jpg" alt="Confident in her business" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>From tech giants like Facebook, Dropbox, and Instagram, to retailers like Harry's, Warby Parker, and CartFresh, companies who found success as startups seem to be all the rage in business news. But don't take startups as a business fad &mdash; there are plenty of personal finances lessons that the average Jane and Joe can learn from them.</p> <h2>1. Focusing on too many things can kill your finances</h2> <p>Spreading your financial goals too thin can often do more harm than good. Successful startup founders often find that a service that does one thing really well works better than a service that tries to do many things.</p> <p>Venture capitalist and PayPal co-founder Peter Thiel advises all budding entrepreneurs to think hard and pursue a single idea that nobody else is doing. In an article for The Wall Street Journal, Thiel asked entrepreneurs, &quot;What valuable company is nobody building?&quot; The answer to this question is harder than it looks.</p> <h3>Personal finance lesson</h3> <p>Keep things simple. Focus on the biggest issue affecting your finances. For example, hone in on paying back a 401(k) loan or eliminating high-interest credit card debt.</p> <h2>2. Forgetting that cash is still king</h2> <p>Startups famously burn through cash for &quot;growth,&quot; believing they will land yet another round of capital the next time around. That plan cannot only backfire, but become the death sentence of some startups. An example of this is server chip designer Calxeda. Despite raising $131 million in four rounds of financing, executives had to shut down operations in 2013 and declared, &quot;We simply ran out of money.&quot;</p> <h3>Personal finance lesson</h3> <p>Plan ahead and be ready for periods in which you won't get a constant paycheck. Even when receiving payment from your employer, sometimes <a href="http://www.wisebread.com/what-to-do-if-your-paycheck-bounces?ref=internal" target="_blank">paychecks can bounce</a>! Pay yourself first out of every paycheck and build an emergency fund to cover your basic expenses for three to six months.</p> <h2>3. Preparing to be wrong</h2> <p>&quot;Pivot&quot; is among the top three terms most used by startup founders. And for good reason: There are countless stories of million-dollar ideas that flopped but were able to turn into much more profitable ones after a well-timed adjustment.</p> <p>Take Payal Kadakia, for example, who first founded Classtivity (a self-described &quot;OpenTable for fitness classes&quot;) with a pay-per-class model. About two years into operations, Kadakia's service wasn't seeing the user traction that she was seeking. So, she pivoted Classtivity into ClassPass, a monthly $99 subscription that lets users go to any class at any participating gym. Once a struggling startup, ClassPass is now a $470 million business.</p> <h3>Personal finance lesson</h3> <p>If the plan isn't working at all, it's time to change the plan. Consider these facts:</p> <ul> <li> <p>50 percent to 70 percent of college students change their majors at least once and most <a href="https://sites.laverne.edu/careers/what-can-i-do-with-my-major/" target="_blank">will change majors</a> at least three times before graduation.</p> </li> <li> <p>American workers stay on the same job for a median of 4.2 years, according to MarketWatch.</p> </li> <li> <p>The average person changes jobs 10 to 15 times (with an average 12 job changes), according to data from the U.S. Bureau of Labor Statistics.</p> </li> </ul> <p>Change is inevitable, so welcome it and make the most out of it. It may very well improve your financial situation.</p> <h2>4. Outsourcing nonessential activities</h2> <p>&quot;Spend your calories on things you do well and the things that make you and your business valuable &mdash; and outsource things that aren't core to that mission,&quot; Jeff Haynie, co-founder and CEO of Appcelerator, wrote for Recode. From accounting to employee meal planning, startups are well known for outsourcing as much as possible to keep overhead costs down.</p> <p>To improve your overall productivity, Matt DeCelles, co-founder of sunglass retailer William Painter, recommends mapping out all tasks and determining which ones may be better completed by another person. By focusing on core operational activities, DeCelles is able to make the most out of his day. (See also: <a href="http://www.wisebread.com/11-time-saving-hacks-from-the-worlds-busiest-people" target="_blank">11 Time Saving Hacks From the World's Busiest People</a>)</p> <h3>Personal finance lesson</h3> <p>Remember complaining about how you never seem to have time to balance your checkbook, organize your tax deductions, or get an additional quote for a home or car loan? Spending money on &quot;help&quot; to complete these tasks can save you a couple hundred dollars in the long run.</p> <p>If you think that you need to be a high roller to hire somebody, think again. Leverage gig economy sites such as Fiverr, Elance, ODesk, Fancy Hands, or Zirtual to post your tasks, find talented freelancers, or hire a virtual assistant for as little as $5 to $10 per hour, depending on the type of task.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" data-pin-save="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fthink-like-a-startup-to-boost-your-finances&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FThink%2520Like%2520a%2520Startup%2520to%2520Boost%2520Your%2520Finances.jpg&amp;description=Think%20Like%20a%20Startup%20to%20Boost%20Your%20Finances"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/Think%20Like%20a%20Startup%20to%20Boost%20Your%20Finances.jpg" alt="Think Like a Startup to Boost Your Finances" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/think-like-a-startup-to-boost-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/10-fundamentals-of-naming-a-small-business">10 Fundamentals of Naming a Small Business</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/9-things-football-teaches-us-about-money">9 Things Football Teaches Us 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/5-questions-retirees-should-ask-before-starting-a-small-business">5 Questions Retirees Should Ask Before Starting a Small Business</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/your-small-business-needs-an-emergency-fund-too">Your Small Business Needs an Emergency Fund, Too</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/always-use-cash-for-these-5-things">Always Use Cash for These 5 Things</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Entrepreneurship advice cash financial lessons gig economy outsourcing planning startups strategies Fri, 28 Jul 2017 09:00:05 +0000 Damian Davila 1989544 at http://www.wisebread.com The Financial Basics Every New Grad Should Know http://www.wisebread.com/the-financial-basics-every-new-grad-should-know <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/the-financial-basics-every-new-grad-should-know" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/thoughtful_graduate_student_woman_looking_at_light_bulb.jpg" alt="Thoughtful graduate student woman looking at light bulb" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>If you're a recent college grad, congratulations. As you settle into your first job, you'll probably have more money flowing through your life than ever before.</p> <p>Take a minute to think of your financial potential. Let's say your starting salary is $45,000. If you're 21 years old, earn a 3 percent raise each year, and work until you're 70, you will have made nearly $5 million by the time you retire! (To use your actual salary and change other assumptions, use <a href="https://www.calcxml.com/calculators/ins07" target="_blank">this lifetime earnings calculator</a>.)</p> <p>Here are seven ideas for making the most of your financial potential.</p> <h2>Plan to succeed</h2> <p>To be intentional about your use of money, you need a plan. That's right, you need a budget &mdash; or as I prefer to call it, a cash flow plan. Today, free tools such as Mint.com make the process relatively painless.</p> <p>There are three key activities involved in using a budget: planning, tracking, and adjusting. First, figure out how much of your income you need to allocate to housing, food, clothing, and all the rest of your expenses. Your income will determine how much you have for discretionary spending on, say, entertainment.</p> <p>Then, keep track of your expenses. You can jot them in a notebook or spreadsheet, or link a tool like Mint to your checking account and credit cards, so it can do much of the tracking for you.</p> <p>Don't be discouraged if you don't hit your numbers each and every month. Your assumptions may have been unrealistic. Plus, your goals and circumstances will change, so the amounts you allocate for various categories will need to be adjusted over time as well.</p> <h2>Put some away</h2> <p>The key to building wealth is to set aside a portion of every dollar you earn for saving and investing. There are two separate types of savings that are important.</p> <p>First, there's an emergency fund. In life, stuff happens. An important way to avoid going into debt for that stuff is to have some money set aside in savings. Financial advisers often recommend your emergency fund have enough to cover three to six months' worth of essential living expenses.</p> <p>But when you're just starting out, you probably have relatively few breakable moving parts in your life. For example, renting an apartment is less financially risky than owning a home. If that's you, having three months' worth of expenses in savings is probably enough.</p> <p>The second type of savings is for periodic expenses. These are expenses that occur every year, but not every month &mdash; things like a semiannual car insurance premium, end-of-year holiday gifts, or a vacation. Take the annual total of each of these items, divide by 12, and then put that much in savings each month. That way, when the expense comes due, you'll have the money already set aside.</p> <h2>Invest for your future</h2> <p>A little bit of money invested each month for a long time and at a decent rate of return will eventually turn into a lot of money you can use for retirement. Using our earlier assumptions (age 21, starting salary of $45,000, and a 3 percent annual raise), if you invest 10 percent of your salary (a good target) and generate an average annual return of 7 percent, by the time you're 70, you will have built a retirement nest egg of $2.7 million!</p> <p>Bottom line? If your employer offers a workplace retirement plan, such as a 401(k), sign up as soon as possible. And don't miss out on any matching money.</p> <h2>Keep your biggest expense under control</h2> <p>Aim to spend no more than 25 percent of your monthly gross income on housing &mdash; even better if you can keep it to no more than 20 percent. If you own, that's the combination of your mortgage, insurance, and property taxes. If you rent, that's the combination of your rent, insurance, and utilities.</p> <p>Keeping your housing costs within that range will give you the margin you need to save, invest, and enjoy financial peace of mind.</p> <h2>Avoid a car payment</h2> <p>Vehicles depreciate in value quickly, so avoid financing them. If you can't pay cash right away, see if you can go without a car, at least while you save up for one. That may be viable if you live in a city with good public transportation. If not, get the least expensive used car that's highly rated by Consumer Reports.</p> <p>You're not looking for something flashy. You're looking for a car you can pay off quickly and keep for a long time. By the time you need to replace it, the combination of your savings and the value you'll still be able to get when trading in your current car should enable you to afford a nicer car.</p> <h2>Choose your bank or credit union carefully</h2> <p>Too often, people choose where to open a checking account based on which bank has the best promotion. Once you go to the trouble of setting up online bill-pay with your utilities, insurance providers, and others, the hassle factor involved in changing banks goes up a lot. So, choose carefully.</p> <p>If you use an ATM frequently, you'll want a bank with lots of ATM locations. And you'll probably want a bank that doesn't charge a fee for a low balance.</p> <h2>Get a credit card</h2> <p>Having a credit card in your own name will help you start building a credit score, which is beneficial for everything from getting a job to paying the least for insurance. (See also: <a href="http://www.wisebread.com/how-to-use-credit-cards-to-improve-your-credit-score?ref=seealso" target="_blank">How to Use Credit Cards to Improve Your Credit Score</a>)</p> <p>If you don't have a credit card already, see if you could get one through your bank. If not, a retailer may be more willing to approve you &mdash; but retail cards are notorious for having high interest rates, so make sure you pay off your bills quickly. If you still have trouble, look into getting a <a href="http://www.wisebread.com/the-5-best-secured-credit-cards" target="_blank">secured card</a>. With a secured card, you'll have to put down a deposit, which will usually be equal to your credit limit.</p> <p>Just be sure to be responsible. That means using your credit card only for preplanned, budgeted expenses, recording any charges in your budget right away, and paying the balance on time and in full each month.</p> <p>If you take the steps and build the habits described above, you'll give yourself the best possible chance of making the most of your financial potential.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" data-pin-save="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fthe-financial-basics-every-new-grad-should-know&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FThe%2520Financial%2520Basics%2520Every%2520New%2520Grad%2520Should%2520Know.jpg&amp;description=The%20Financial%20Basics%20Every%20New%20Grad%20Should%20Know"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/The%20Financial%20Basics%20Every%20New%20Grad%20Should%20Know.jpg" alt="The Financial Basics Every New Grad Should Know" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/matt-bell">Matt Bell</a> of <a href="http://www.wisebread.com/the-financial-basics-every-new-grad-should-know">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-5"> <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/the-12-month-get-richer-plan">The 12-Month Get-Richer Plan</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/the-financial-perks-of-being-in-your-20s">The Financial Perks of Being in Your 20s</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/7-money-conversations-parents-should-have-with-their-adult-kids">7 Money Conversations Parents Should Have With Their Adult Kids</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-come-up-with-1000-in-the-next-30-days">How to Come Up With $1,000 in the Next 30 Days</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/how-to-manage-your-money-no-budgeting-required">How to Manage Your Money — No Budgeting Required</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance advice budgeting college graduates expenses financial planning grads investing money management retirement saving money tips Fri, 21 Jul 2017 08:00:11 +0000 Matt Bell 1988263 at http://www.wisebread.com 7 Ways Retirement Planning Changes When You're Single http://www.wisebread.com/7-ways-retirement-planning-changes-when-youre-single <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/7-ways-retirement-planning-changes-when-youre-single" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/senior_woman_relaxing.jpg" alt="Senior woman relaxing" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>It can sometimes feel like everything is created with couples in mind &mdash; including retirement planning. When every article, tip, and suggestion for retirement starts with the assumption that you are married, you might be forgiven for assuming that retiring solo is just a matter of cutting retirement planning advice in half.</p> <p>But there are specific challenges and concerns (not to mention benefits!) that single retirees need to prepare for before they hang up their careers. Here are seven ways that preparing for retirement is different for singles.</p> <h2>1. You need to have adequate disability insurance</h2> <p>Relying on no one but yourself can feel pretty liberating. Not only do you answer to no one but yourself, but you also get to enjoy the fruits of your own labor without having to compromise.</p> <p>The downside to this, however, is figuring how you will protect yourself in case your income runs dry. While anyone who relies on income from their job should carry adequate disability insurance, this is even more important for single workers who may not have another safety net to catch them if a disability makes it impossible to work. You need to protect yourself, your income, and your assets from the possibility you may be unable to work, even before you start the nitty-gritty of retirement planning.</p> <p>Even if you have disability insurance through work, that may not be adequate to protect you from a loss of income. Make sure you know exactly how much your work insurance covers and for how long, so that you are not left without an income if it's not enough. Also, don't assume that you are immune to potential disabilities just because the most strenuous thing you do at work is operate the copy machine. Illness is behind the majority of long-term absences from work &mdash; and anyone can get sick at any time.</p> <h2>2. Prepare for your health care needs</h2> <p>Health care costs are a major concern for all retirees, since this is one aspect of your retirement budget that you may not have control over. According to a 2016 Fidelity study, a 65-year-old couple retiring in 2016 would need $260,000 for health care to cover their medical and health care needs for the rest of their lives.</p> <p>That dollar figure is frightening no matter your marital status, and it's important that single people recognize that their costs may be higher than just half of a couple's health care costs. That's because many married couples can help each other to remain independent in ways that single retirees would need to pay for. For instance, you may need to pay for someone to help you at home or for entry into a retirement community sooner than a married couple would need those things.</p> <p>While <a href="http://www.wisebread.com/is-long-term-care-insurance-worth-it" target="_blank">long-term care insurance</a> has often been touted as a method of mitigating these expenses for both married and single retirees, the cost of this kind of insurance has become prohibitive. To prepare for the possibility of bad health in retirement, singles should also explore creative solutions to long-term health issues. For instance, taking in a rent-free roommate who helps with daily tasks is not only money-saving, but also offers social support. Planning ahead for potential solutions to health and mobility issues can provide you with some imaginative solutions that money can't buy.</p> <h2>3. Assign a power of attorney</h2> <p>It's easy to assume that you can skip the whole issue of legal planning if you are single and childless, but that's not necessarily true. For instance, do you know who will take care of your health care or financial decisions if you should become incapacitated? You need to assign a power of attorney to make sure that your wishes are followed if you cannot make your own decisions.</p> <p>Your power of attorney also needs to know where to find your important papers and should be kept apprised of any changes in your life or directives. This is the person who will pay your bills and handle your advanced directive if you fall ill. You can either pick someone in your life whom you trust, or hire a professional whom you trust to fill that role.</p> <h2>4. Invest in tax-deferred retirement vehicles during your career</h2> <p>Single workers miss out on a number of tax breaks that are offered to married couples. According to Jane Hodges writing for <em>The Wall Street Journal</em>, &quot;Without child tax credits, a spouse exemption, and no one with whom to realize the benefits of filing jointly, singles can take a pretty big tax punch during peak earning years.&quot;</p> <p>For this reason, single workers have a particular need to invest in tax-advantaged retirement vehicles, such as 401(k) and traditional IRA accounts. These vehicles allow you to make pretax contributions, which lowers your taxable income while also helping you prepare financially for retirement.</p> <h2>5. Consider rolling over into a Roth IRA before age 70&frac12;</h2> <p>Of course, Uncle Sam will still want his cut of the income you put in tax-deferred retirement accounts, which can cause a nasty tax surprise for singles post-retirement. That's because withdrawals from tax-deferred retirement accounts are taxed as ordinary income, and single retirees still do not have access to the tax breaks offered to married couples.</p> <p>This can become a serious problem for some single retirees as of age 70&frac12; because of the required minimum distributions on tax-deferred accounts. Traditional IRAs and 401(k)s require that retirees begin withdrawing a minimum distribution (based on a percentage of total assets) at age 70&frac12;, which means you might be facing a surprisingly high tax bracket upon reaching age 70&frac12;. You may also be forced to take more money from your accounts than you want or need because of the required minimum distribution.</p> <p>To protect yourself from this potentially painful tax bite, consider rolling over a portion of your assets from tax-deferred funds to a Roth IRA account before age 70&frac12;. Since Roth accounts are funded with after-tax dollars, you will have to pay ordinary income tax on your rollover. However, this will allow you to decide when you will pay those taxes and give you more freedom to keep your money invested if you don't need it.</p> <h2>6. Hold off on Social Security for as long as you can</h2> <p>Options for optimizing Social Security benefits are much simpler for singles. Basically, the only way to get a higher monthly benefit if you are single is to wait. The longer you can wait to receive your benefits between age 62 (the earliest you can take benefits) and 70 (when the benefits stop growing), the more money you will see with every monthly check. Even if you cannot wait until age 70, or your full retirement age (currently age 66), know that each month you delay taking your Social Security retirement benefits means a little more money in your checks.</p> <p>It's also important to remember that the federal government does not necessarily define single the same way you do. If you are divorced but were married for at least 10 years, then you are eligible for spousal benefits based on your ex's income record. However, you will collect your spousal benefits concurrently with your retirement benefits, so you will only see an increased benefit if your ex-spouse made a lot more money than you did.</p> <h2>7. Embrace the opportunities</h2> <p>While the IRS and Social Security Administration may both make marriage look like the better option &mdash; at least financially &mdash; it's important for singles to remember how many more opportunities they have available to them than do married couples. That's because a footloose and fancy-free retiree has far fewer obstacles to retirement than does a married couple.</p> <p>For instance, retiring abroad can be a very economical (not to mention fun) choice, and it is much easier for a single retiree to pull up roots than it is for a couple. Similarly, traveling in retirement can be much cheaper for one, since you do not have to compromise on where you are willing to save money.</p> <p>Single retirees can also explore alternative living options, like living with several friends &mdash; there's an excellent reason why all the Golden Girls were single, after all &mdash; or taking in a younger boarder or roommate, or even moving to a cheaper state. Making these decisions solo means you can find the living situation or opportunity that best fits your needs, wants, and temperament.</p> <!--<h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><script async defer src="//assets.pinterest.com/js/pinit.js"></script> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/7%20Ways%20Retirement%20Planning%20Changes%20When%20Youre%20Single.jpg" alt="7 Ways Retirement Planning Changes When You're Single" width="250" height="374" /></p> </div>--><!--<h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><script async defer src="//assets.pinterest.com/js/pinit.js"></script> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/7%20Ways%20Retirement%20Planning%20Changes%20When%20Youre%20Single.jpg" alt="7 Ways Retirement Planning Changes When You're Single" width="250" height="374" /></p> </div>--><br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/emily-guy-birken">Emily Guy Birken</a> of <a href="http://www.wisebread.com/7-ways-retirement-planning-changes-when-youre-single">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/how-to-face-these-7-scary-facts-about-retirement-saving">How to Face These 7 Scary Facts About Retirement Saving</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/7-easiest-ways-to-catch-up-on-retirement-savings-later-in-life">7 Easiest Ways to Catch Up on Retirement Savings Later in Life</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/8-critical-401k-questions-you-need-to-ask-your-employer">8 Critical 401(k) Questions You Need to Ask Your Employer</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/what-every-retirement-saver-should-know-about-required-minimum-distributions">What Every Retirement Saver Should Know About Required Minimum Distributions</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/7-retirement-planning-steps-late-starters-must-make">7 Retirement Planning Steps Late Starters Must Make</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Retirement 401(k) advice disability insurance health care IRA loss of income not married power of attorney retirement planning singles Fri, 14 Jul 2017 09:01:05 +0000 Emily Guy Birken 1982441 at http://www.wisebread.com Make Sure You Get Paid and 4 Other Great Tips From Famous Commencement Speakers http://www.wisebread.com/make-sure-you-get-paid-and-4-other-great-tips-from-famous-commencement-speakers <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/make-sure-you-get-paid-and-4-other-great-tips-from-famous-commencement-speakers" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_on_her_graduation_day.jpg" alt="Woman on her graduation day" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Graduation season brings with it a slew of commencement speeches, all of which tend to repeat the same old cliches about bright futures, following one's dreams, and how graduation marks a beginning rather than an end. While great commencement speakers find ways to package these old chestnuts in humorous speeches and elegant words, most of these addresses do not offer graduates any actionable advice.</p> <p>However, some graduation speakers do have excellent words of wisdom to offer new grads. In particular, the following five famous people offered some important money and career tips that graduates (and anyone else watching their speeches) can take to heart.</p> <h2>Lesson #1: Get paid!</h2> <h3>Maria Bamford, University of Minnesota 2017</h3> <p>This spring, comedian <a href="https://vimeo.com/217651951" target="_blank">Maria Bamford</a> gave one of the most unusual &mdash; and helpful &mdash; commencement addresses of all time at her alma mater, the University of Minnesota. Bamford used her speech as an opportunity to detail the negotiation process she went through to receive a $10,000 paycheck from the school in exchange for her speech.</p> <p>The University had originally offered her nothing for the gig, which made her wonder if the school was lowballing her. &quot;Was the University of Minnesota suggesting that I couldn't get paid for the exact job that I paid them to teach me how to do?&quot; she asked the laughing crowd.</p> <p>Bamford went on to say that she requested $20,000 before being offered the $10,000 she ultimately accepted. Her business adviser (an aluminum salesman and the father of a friend) wanted her to ask to split the difference at $15,000, but since Bamford is &quot;still from Duluth, and still ashamed,&quot; she accepted the $10,000 &mdash; which only netted her $5,000 after taxes and commissions were removed.</p> <p>This lesson about the importance of getting paid what you are worth became even more concrete for one member of the graduating class. Bamford ended her address by asking graduates who owed money to Sallie Mae to raise their hands, and then asking if there were specifically any theater majors who owed money to Sallie Mae. One theater major in the front row was invited on stage, where Bamford handed over the $5,000 speaking fee check, already made out to Sallie Mae. She told the graduate that it would have been a larger amount, if Bamford had been a better negotiator.</p> <p>Doubtless, every graduate in the audience came away from that speech with a much better sense of the importance of asking for what they are worth.</p> <h2>Lesson #2: If you worship money, then you will never have enough</h2> <h3>David Foster Wallace, Kenyon College 2005</h3> <p>The writer <a href="https://youtu.be/8CrOL-ydFMI" target="_blank">David Foster Wallace</a> gave this speech over a decade ago, and it has shown up on lists of best commencement addresses ever since. The overall message of the speech, which is entitled <em>This Is Water</em>, is about being aware of the world around you and the ways in which your thoughts shape your reality. However, in one portion of his address, Wallace talks about how we all worship something, and he cautions against worshipping the wrong thing, including money:</p> <p style="margin-left: 40px;">&quot;And the compelling reason for maybe choosing some sort of god or spiritual-type thing to worship &hellip; is that pretty much anything else you worship will eat you alive. If you worship money and things, if they are where you tap real meaning in life, then you will never have enough, never feel you have enough. It's the truth.&quot;</p> <p>As he acknowledges in the speech itself, Wallace's message is as old as human storytelling. But the language and stories he uses to get his listeners to understand the power we give to the things we worship can help you to reframe the way you think about money and other worldly things.</p> <h2>Lesson #3: If everyone had a safety net, we would all benefit</h2> <h3>Mark Zuckerberg, Harvard University 2017</h3> <p><a href="http://www.cnbc.com/2017/05/25/mark-zuckerberg-calls-for-universal-basic-income-at-harvard-speech.html" target="_blank">Mark Zuckerberg</a>, the founder of Facebook, famously dropped out of Harvard before attaining his degree, leading to his joke that his commencement speech there was the first thing he finished at the university. But his ability to drop out of Harvard and create the juggernaut that is Facebook is partially due to luck &mdash; he knew that he had a stable family who could support him. He told the graduates:</p> <p style="margin-left: 40px;">&quot;I know a lot of entrepreneurs, and I don't know a single person who gave up on starting a business because they might not make enough money. But I know lots of people who haven't pursued dreams because they didn't have a cushion to fall back on if they failed.</p> <p style="margin-left: 40px;">&quot;We all know we don't succeed just by having a good idea or working hard,&quot; he went on to add. &quot;We succeed by being lucky, too. If I had to support my family growing up instead of having time to code, if I didn't know I'd be fine if Facebook didn't work out, I wouldn't be standing here today.&quot;</p> <p>Zuckerberg goes on to make the somewhat radical suggestion that people like him should pay for a universal basic income in order to make it possible for proto-entrepreneurs to try and fail without fear of losing everything. This idea may sound strange, but it could allow for huge innovations that could change the world.</p> <h2>Lesson #4: Be brave and just go for it</h2> <h3>Reshma Saujani, Harvard Graduate School of Education 2017</h3> <p><a href="https://www.youtube.com/watch?v=Xt--_V1Y6tU" target="_blank">Reshma Saujani</a> is the founder of Girls Who Code, an organization that works to teach girls computer programming in an effort to increase the number of women working in computer science. Saujani gave a commencement speech the day before Mark Zuckerberg, and she pointed out that more of the world's current revolutionaries look like him, rather than her:</p> <p style="margin-left: 40px;">&quot;I don't mean any shade to Zuckerberg &hellip; But America is a big, beautiful, diverse country &hellip; [yet white men have] occupied a platform that the rest of us haven't had access to.&quot;</p> <p>Saujani goes on to state that our society trains boys to be brave, and girls to be perfect, which means girls are kicking butt and taking names in the classroom, but less likely to be revolutionaries in the real world. So we need more women to focus on being brave rather than being perfect.</p> <p>This is excellent advice for anyone who fears failure, no matter their gender or skin color. Saujani has reminded graduates that waiting for the perfect moment or trying to be perfect is the enemy of innovation. Just going for it, like Zuckerberg did and many white guys have done before him, is something that all people should embrace.</p> <h2>Lesson #5: Prepare for failure when you take risks</h2> <h3>Atul Gawande, Williams College 2012</h3> <p>Writer and surgeon <a href="https://commencement.williams.edu/atul-gawande-commencement-speaker/" target="_blank">Atul Gawande</a> took on the common-but-meaningless graduation cliché about embracing risks in his 2014 commencement address to Williams College. While it is all well and good to recognize that risks are necessary to reach your goals, it can be difficult to know how to mitigate the damage if the risk doesn't turn out in your favor.</p> <p>To help grads understand what we can do to protect ourselves from risk, Gawande explained how surgeons are able to protect their patients from unanticipated complications on the operating table:</p> <p style="margin-left: 40px;">&quot;Scientists have given a new name to the deaths that occur in surgery after something goes wrong &mdash; whether it is an infection or some bizarre twist of the stomach. They call them a 'Failure to Rescue.' More than anything, this is what distinguished the great from the mediocre. They didn't fail less. They rescued more.&quot;</p> <p>Gawande went on to explain that there are three pitfalls to avoid when things go wrong: the wrong plan, an inadequate plan, and no plan at all. The secret to taking risks without losing your shirt (or your patient) is to make sure you recognize that failure is a possibility, and be prepared for it. Otherwise, you fail to rescue yourself, which compounds the failure.</p> <p>Ultimately, recognizing the possibility of failure and preparing for it will make it less likely that you will fail.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/emily-guy-birken">Emily Guy Birken</a> of <a href="http://www.wisebread.com/make-sure-you-get-paid-and-4-other-great-tips-from-famous-commencement-speakers">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/6-inspiring-quotes-about-money-from-successful-women">6 Inspiring Quotes About Money From Successful Women</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/6-money-lessons-we-could-all-learn-from-dwayne-the-rock-johnson">6 Money Lessons We Could All Learn From Dwayne &quot;The Rock&quot; Johnson</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-new-grads-guide-to-debt-management">The New Grad&#039;s Guide to Debt Management</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-unexpected-first-jobs-of-the-wealthy-and-famous">9 Unexpected First Jobs of the Wealthy and Famous</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/what-really-happens-when-you-dont-pay-your-student-loans">What Really Happens When You Don&#039;t Pay Your Student Loans</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Career Building Education & Training advice celebrities college grads commencement speeches famous people new graduates Fri, 16 Jun 2017 08:00:09 +0000 Emily Guy Birken 1965248 at http://www.wisebread.com 8 Wise Tips Famous CEOs Would Give Their Younger Selves http://www.wisebread.com/8-wise-tips-famous-ceos-would-give-their-younger-selves <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/8-wise-tips-famous-ceos-would-give-their-younger-selves" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/business_boy_puts_ideas_in_machine_and_makes_money.jpg" alt="Business Boy Puts Ideas in Machine and Makes Money" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Every successful CEO has hit plenty of bumps on the road to the top. Despite the struggles, these top leaders have still managed to conquer challenges, shed their shortcomings, and grow both their skills and their net worth. They have made mistakes and learned from them.</p> <p>We wondered what some of the wealthiest CEOs would tell their younger selves, and found eight gems worth passing on. (See also: <a href="http://www.wisebread.com/11-finance-tips-you-wish-you-could-tell-your-younger-self?ref=seealso" target="_blank">11 Finance Tips You Wish You Could Tell Your Younger Self</a>)</p> <h2>1. Stay true to yourself</h2> <p>Kevin Johnson, CEO of Starbucks, is working hard to grow the chain from 26,000 locations today to 37,000 by 2021, all while maintaining the brand's unique appeal. He has some big shoes to fill, after taking over from Starbucks' iconic leader Howard Schultz in April 2017. His guiding principle, as he told Business Insider: Be authentic. By acknowledging all aspects of your authentic self &mdash; shortcomings and counterproductive tendencies included &mdash; you allow yourself and the people around you to do their best work.</p> <p>&quot;It's important to be comfortable being authentic,&quot; Johnson said, adding, &quot;Being authentic means you have to be vulnerable.&quot;</p> <h2>2. Find a job you love</h2> <p>Berkshire Hathaway Chairman and CEO Warren Buffett &mdash; one of the world's most successful investors with a net worth of $73 billion &mdash; puts it in layman's terms: Take on a career that makes you excited to wake up in the morning.</p> <p>&quot;You follow your passions. You find something you love,&quot; said Buffett at Fortune's Most Powerful Women Summit in 2014. &quot;The truth is, so few people really jump on their jobs, you really will stand out more than you think. You will get noticed if you really go for it.&quot; (See also: <a href="http://www.wisebread.com/the-5-best-pieces-of-financial-wisdom-from-warren-buffett?ref=seealso" target="_blank">The 5 Best Pieces of Financial Wisdom From Warren Buffett</a>)</p> <h2>3. Exceed expectations</h2> <p>DreamWorks co-founder Jeffrey Katzenberg's path to success was made by following this tip: Always give your best performance. And, if you can, outperform other people's expectations of your work.</p> <p>&quot;I don't think it matters how small or how big the task is,&quot; the Hollywood influencer, whose net worth is estimated at $750 million, famously said. &quot;If you can do it just a little bit better than what is expected, you will be noticed and rewarded.&quot;</p> <h2>4. Embrace tough assignments</h2> <p>Don't settle for easy work &mdash; that's the advice of PepsiCo CEO Indra Nooyi, who earned $29.8 million in 2016.</p> <p>&quot;Nobody notices when you do an easy job well,&quot; she told Business Insider in 2014. &quot;It's far better to challenge yourself by raising your hand for the toughest assignments and work to solve problems that no one else has been able to solve. That's how you truly become a trusted leader inside an organization.&quot;</p> <h2>5. Pursue extracurricular interests</h2> <p>&quot;My advice is to focus on becoming a complete person,&quot; said Goldman Sachs CEO Lloyd Blankfein, who grew up in a Brooklyn housing project and now has a net worth estimated at $1.1 billion. &quot;Everyone should focus on the content of his or her job, of course. But work is not the end; it's a means to an end. You owe it to yourself to open up to broader interests.&quot;</p> <p>So, pursue a hobby, travel, learn a new skill, read voraciously. Become that interesting person that makes great dinner conversation.</p> <h2>6. Focus on developing your own unique talents</h2> <p>Former Birchbox co-CEO Hayley Barna knows a thing or two about developing personal strengths and talents. She helped launch the subscription beauty box company in 2010 before stepping down five years later to become First Round Capital's first female partner.</p> <p>Her best advice is to identify and strengthen your distinct set of skills, rather than trying to be good at things you struggle with. For example, if you're a horrible writer but you're mathematically gifted, focus on your talent with numbers rather than trying to develop a literary voice.</p> <p>&quot;Never compare your weaknesses to someone else's strengths,&quot; Barna has said. &quot;While comparisons are tempting, especially for competitive, ambitious people, it's always important to focus on your own special talents. That's how you can make a real impact. And it's the coordination of everyone's unique skills that can make magic happen.&quot;</p> <h2>7. Own up to your mistakes</h2> <p>Dave Finocchio, CEO of Bleacher Report, would tell his younger self to admit his faults, act swiftly to correct them, and learn from them.</p> <p>&quot;I make mistakes all the time, and talk about them openly with people up and down our hierarchy,&quot; the digital sports franchise leader told Forbes in 2016. &quot;It fosters a culture where people should feel comfortable critiquing themselves honestly.&quot;</p> <h2>8. Push yourself</h2> <p>Marissa Mayer, former CEO of Yahoo, says she would counsel her younger self to get comfortable being uncomfortable. You'll never get ahead without pushing yourself to do things you've never done, and that means embracing tasks that you think you might not be fully prepared for.</p> <p>&quot;I always did something I was a little not ready to do,&quot; Mayer, whose net worth is $189 million, said in a 2015 speech. &quot;I think that's how you grow. When there's that moment of, 'Wow, I'm not really sure I can do this,' and you push through those moments, that's when you have a breakthrough.&quot;</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/8-wise-tips-famous-ceos-would-give-their-younger-selves">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/its-the-21st-century-why-is-your-money-stuck-in-the-20th">It&#039;s the 21st Century — Why Is Your Money Stuck in the 20th?</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/5-bedtime-routines-of-famous-financial-gurus">5 Bedtime Routines of Famous Financial Gurus</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-low-cost-alternatives-to-a-4-year-degree">4 Low-Cost Alternatives to a 4-Year Degree</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-things-your-boss-wishes-youd-tell-them">7 Things Your Boss Wishes You&#039;d Tell Them</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/i-am-doing-well-financially-now-what">I Am Doing Well Financially. Now What?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career Building Lifestyle advice business CEOs entrepreneurs hard work investors quotes success stories wealthy Thu, 25 May 2017 09:00:11 +0000 Brittany Lyte 1953938 at http://www.wisebread.com How to Think Like a Billionaire When You’re Broke http://www.wisebread.com/how-to-think-like-a-billionaire-when-you-re-broke <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-to-think-like-a-billionaire-when-you-re-broke" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/poor_woman_with_empty_wallet.jpg" alt="Poor woman with empty wallet" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>It&rsquo;s not easy being broke. As of 2014, there were almost 47 million Americans living below the poverty line. That&rsquo;s roughly 15 percent of the population.</p> <p>To simply tell these people to &quot;start thinking like a billionaire&quot; may seem tone deaf, or even cruel. But it actually is great advice. Millionaires and billionaires, especially those who are self-made, tend to think in a completely different way. It all comes down to a different view of the world. And it&rsquo;s time to embrace that mindset.</p> <h2>Don't think about the money you don&rsquo;t have</h2> <p>To illustrate this point, consider the test Dr. Tina Seelig gave her Stanford University students. She challenged them to <a href="https://www.psychologytoday.com/blog/creativityrulz/200908/the-5-challenge" target="_blank">make as much money as possible</a> in two hours using only $5 of &quot;seed funding&quot; tucked in an envelope. Working in teams, they could spend as many hours as they wanted planning, but once they tore open the envelope, the clock started ticking. The most successful results came from the teams that realized a very important part of the test &mdash; namely, that the $5 was a red herring.</p> <p>Concentrating on the small sum of money put them in a box, so they ignored it, and instead looked at ways to make money from scratch. Some of the ideas were incredible. One team made $650 by selling their time; they sold their three-minute presentation slot to a firm looking to recruit students in the class. Brilliant. Now that&rsquo;s how a billionaire thinks &mdash; looking at the opportunity, not the handicap.</p> <p>The lesson here is that the money you do not have right now should not, in any way, hold you back. If you don&rsquo;t have funds, find a way to use what you do have to make money. What can you sell? Is it your time? Is it knowledge? Is it a service? The lack of money in your account should not place a limit on your ideas.</p> <h2>Never say &quot;I can&rsquo;t afford it.&quot; Instead ask &quot;How can I afford it?&quot;</h2> <p>You may have heard it often growing up. &quot;Dad, can I get a new bike?&quot; &quot;No, we can&rsquo;t afford it.&quot; That&rsquo;s how poor and middle class people often think. They look at their current financial situation, and make a quick calculation. But that&rsquo;s the wrong approach.</p> <p>If you need something, or your kid wants something that isn&rsquo;t just a frivolous whim, don&rsquo;t automatically say, &quot;No, we can&rsquo;t afford it.&quot; Instead, counter with a question. Namely, &quot;OK &hellip; <em>how</em> can we afford that?&quot;</p> <p>Maybe it&rsquo;s a new stove, or replacing the old, worn-out car. If you immediately shut down the possibility, you&rsquo;ll never get it. A billionaire doesn&rsquo;t place these limits on ideas or dreams. They look into funding sources, ways to create capital, and many other money-generating avenues. And we&rsquo;re not talking about pulling out your credit card for something you can&rsquo;t afford and don&rsquo;t need.</p> <p>For necessities &mdash; or important dreams &mdash; it doesn&rsquo;t matter if the object in question costs $100 or $100,000,000. The process is still the same. How can you afford that? What can you do to make it happen? Start thinking. (See also: <a href="http://www.wisebread.com/how-to-come-up-with-1000-in-the-next-30-days?ref=seealso" target="_blank">How to Come Up With $1,000 in the Next 30 Days</a>)</p> <h2>See change as opportunity</h2> <p>Most of us are afraid of a major life change, be it a job loss, financial obligation, or a move to another state. These are stressful and difficult situations. But a billionaire sees any kind of change, even those most of us would consider negative, as an opportunity.</p> <p>If it&rsquo;s a job loss, it has created a glut of free time to use for a new venture. What can you do with that time that could create money in new and exciting ways? Think back to those college students with the $5 challenge. Some of them decided to make money waiting in line for people. They were making $20 a shot. Considering the minimum wage is currently $7.25, that&rsquo;s almost three times the amount for literally doing nothing.</p> <p>Fear of change is natural. But fear is a negative response to any situation, and in the long run, it will cripple your thinking and your ability to bounce back. Whatever the situation, take control and think positively. How can you turn it to your advantage? What do you have now that you did not have before this major event happened? Then, run with it.</p> <h2>Every penny saved is a penny earned</h2> <p>Billionaires do not blow money. People have this idea, which comes from a select few who hog the limelight, that the superrich are super wasteful. But they did not become rich by throwing money away.</p> <p>There is a now infamous anecdote about a billionaire who went into a New York bank asking for a $5,000 loan, and put his Bentley up as collateral. It was approved, and the bank employee parked the car in their underground garage. Two weeks later, the man returned from vacation, and paid back the $5,000, plus the $15.41 it accrued in interest. When asked why he, a rich man, would require such a small loan, he replied &quot;Where else could I have parked my car in New York City for two weeks, for only $15?!&quot;</p> <p>The story isn't real, but the strategy definitely is. This is how a billionaire would actually think about such a situation. Sure, they can afford the finest parking in the city, but why pay through the nose for it when they can get it for almost nothing?</p> <p>You can think the same way. What are you paying for, right now, that could be reduced in cost? What ways are there to save money on everyday purchases? From extreme couponing, to haggling and bartering, you have many options available to you.</p> <h2>Time really is money</h2> <p>Donald Trump once stated that he never wastes time. Even when he&rsquo;s on the golf course, he&rsquo;s doing business. He sleeps as little as possible, because every moment he&rsquo;s awake is an opportunity to make money or create something.</p> <p>Look at the ways you spend your time, and see how it can be maximized to work for you. If you&rsquo;re on the bus going to work, are you staring out of the window, or reading a book that could teach you a new skill? Do you have hobbies that are productive?</p> <p>Even playing video games can make you a small fortune, if you record yourself playing and post the videos to YouTube and Twitch. Indeed, the average &quot;pro-streamer&quot; makes between $3,000&ndash;$5,000 per month from 40 hours per week of game time. Think about that. They are literally being paid a living wage to play video games. Something that many people believe to be a waste of time has been turned into an income stream.</p> <h2>Consider every detail</h2> <p>It&rsquo;s been said that billionaires look at the bigger picture. It's often called &quot;the 30,000 foot view,&quot; which basically means seeing the layout, but not the houses, driveways, and storefronts. This is, in fact, the complete opposite of how a successful business operator thinks. Yes, the big picture is important at the get-go. But the details are what drives the success or failure of a venture. Often, it&rsquo;s a small detail that was overlooked that causes something to fail.</p> <p>Look at your own budget, and lifestyle, with that same eye for details. Are you paying $1 too much for something, especially a monthly bill? Did you examine the contract for your lease? Is there something in it that gives you a chance to save money? Did you get every deal you were supposed to get at the grocery store? Check the receipt.</p> <p>Back in 2005, a software company <a href="http://techtalk.pcpitstop.com/2012/06/12/it-pays-to-read-license-agreements-7-years-later/" target="_blank">hid a $1,000 prize</a> in the terms and conditions of its user agreement. It took five months, and over 3,000 sales, before someone actually read the agreement and claimed the money. Details count. Pay attention to them, and you could see incremental changes that really start to add up.</p> <p>Remember, billionaires and millionaires may live extravagant lives, but don't let that stop you from thinking the same way they do. It will make you wealthier in the process.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/paul-michael">Paul Michael</a> of <a href="http://www.wisebread.com/how-to-think-like-a-billionaire-when-you-re-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/6-inspiring-quotes-about-money-from-successful-women">6 Inspiring Quotes About Money From Successful Women</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/6-money-lessons-we-could-all-learn-from-dwayne-the-rock-johnson">6 Money Lessons We Could All Learn From Dwayne &quot;The Rock&quot; Johnson</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/3-pearls-of-financial-wisdom-from-dave-ramsey">3 Pearls of Financial Wisdom From Dave Ramsey</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-ways-to-feel-better-about-your-financial-situation">6 Ways to Feel Better About Your Financial Situation</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-only-money-advice-youll-actually-listen-to">The Only Money Advice You&#039;ll Actually Listen To</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Lifestyle advice billionaires broke entrepreneurship ingenuity inspiration making money millionaires poverty saving money Wed, 24 May 2017 08:00:08 +0000 Paul Michael 1952957 at http://www.wisebread.com