success

How Constant Rejection Can Actually Lead to Success

Emily Guy Birken — Tue, 13 Nov 2018 08:00:11 +0000

Rejection is no one's idea of fun. Not only do you have to deal with the disappointment of not getting something you hoped for, but you also have to grapple with the feelings of insecurity that come along for the ride anytime you're told, "Thanks, but no thanks."

You might feel like curling up at home and never trying again after a crushing rejection, but it's best to ignore that impulse. That's because the most effective way of finding a path to your greatest success is to get rejected over and over again.

Constant rejection removes the sting

One of the reasons why rejection hurts so bad is because it closes off a potential future that you were looking forward to. Whether you don't get the promotion you applied for, the college acceptance you wanted, publication of a story you wrote, or a date with the guy you've had a crush on for months, learning that the answer is no is painful because you've lost something.

But if you're always putting yourself out there, you're not only opening yourself up to more rejection, you're also lessening the importance of any one option available to you. Being open to getting rejected much more often can help you remember how easy it is to bounce back from a disappointment when you've got plenty of other options available. (See also: 4 Ways to Bounce Back From Job Rejection)

Play the odds

Overcoming the negative emotional impact of rejection is just the beginning. In addition to that, the more you put yourself out there, the more you're likely to receive acceptance that you weren't expecting.

Consider what happened to writer Kiki Schirr. She set herself the goal of receiving 100 rejections in 2018. That's nearly two rejections a week, which meant she had to be putting out at least two applications or story submissions per week. With that kind of goal, Schirr decided to apply for anything and everything that interested her, even if she thought the opportunities were out of her league.

Instead of racking up rejection after rejection, however, Schirr had to declare her resolution a failure as of late May, because she had gotten so many acceptances.

Before this experiment, she assumed opportunities were closed off to her based on her skillset. Until she decided to collect rejections — and therefore take more chances — it never occurred to her just how much she could do. (See also: 11 Ways to Get Over Rejection)

How to collect your own rejections

To make constant rejection a way of life for you, too, you need to make sure you do the following:

1. Set a rejection goal

As with any goal, you should give yourself a specific and measurable target for your rejections. Saying, "I want to apply for more jobs and get more rejections," does not help you overcome the fear of rejection or give you something to strive for. Instead, set a goal that you will collect 30 job rejections in three months, or get turned down for 10 dates in a month.

2. Change your mindset about rejections

Instead of viewing each "No, thank you" that you receive as a rejection, start seeing it as an affirmation that you're trying. If you start feeling excited to receive a rejection, then you can feel good about learning from it and getting back on the horse.

3. Collect your rejections in a meaningful way

You can even do something fun with the rejections you receive. For instance, when Stephen King was first starting out as a writer, he sent his stories to every sci-fi and horror magazine out there. They all got rejected for the first few years, so he got in the habit of sticking the rejection letters on a nail on the wall of his bedroom, and feeling a sense of pride at the size of the stack.

4. Ignore your concerns about being fully qualified

Job-seekers will often only apply for positions that they know they are completely qualified for. But listed qualifications are often guidelines, instead of hard-and-fast requirements, and you may find you're perfect for a job you wouldn't otherwise apply for.

5. Have fun applying for anything that interests you

Letting go of the concern about whether or not you get a specific opportunity allows you to have a lot more fun with the process. You can enjoy the hunt for new opportunities to be rejected, since no one rejection really matters, and you can have fun applying for things that are outside of your normal sphere. (See also: How to Leave a Positive Impression on Everyone You Meet)

Rejection is your path to success

To succeed, first you need to fail — a lot. Rejection is just one part of failure, and but it can land a major emotional punch. Giving yourself a goal to collect rejections can help you learn to remove the sting from rejection and give you many more opportunities to succeed.

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This article is from Emily Guy Birken of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

7 Underrated Skills That Will Help You in Any Job

Kentin Waits — Tue, 19 Jun 2018 08:30:25 +0000

When it comes to employment, degrees, training, and experience matter. Still, not everything employees have to offer was learned behind a desk. There are soft skills and subtle personality traits that can enrich and transform any workplace — from a basement bike shop, to a billion-dollar investment firm. Though they're tough to list on a resume, here are seven underrated skills that will help you no matter what your job. (See also: 15 Soft Skills Every Employer Values)

1. Empathy

It's a fact we sometimes forget: The world of work is populated by humans. Sure, we all strive to appear cool and collected, but sometimes the veneer cracks. People who are able to listen, understand, and offer empathy bring real value to the workplace. These folks tend to be expert communicators (especially across cultural barriers). When managing people, they often develop a loyal following that improves teamwork and productivity. (See also: This One Skill Can Make You a Better Boss)

2. Patience

In our competitive culture, aggression is usually considered an indispensable business skill. But there's something to be said for those of us who don't live on hyper-drive. Patience gives us room to weigh options, consider outcomes, and develop strategies that are based on real information instead of reflex. For managers, patience helps build a healthy team atmosphere and nurture employee talent.

3. Eloquence

Eloquence is the art of expressing thoughts and ideas clearly. Beyond demonstrating intelligence and insight, it's an essential part of tact and diplomacy. Knowing what to say and how to say it can help you navigate the choppy waters of office politics, avoid unnecessary conflict, and calm irate customers. (See also: 25 Ways to Communicate Better Today)

4. Curiosity

Why is curiosity so powerful? Because it's only satisfied by acquiring more knowledge. Curiosity keeps us asking "Why?" and inspires us to look for smarter solutions to everyday problems. Curious employees are more inclined to take initiative, seek out additional training, and pursue professional development opportunities.

5. Creativity

Creativity makes innovation possible. In every job, creative thinking can help you spot (and correct) inefficiencies, develop smarter (and cheaper) processes, and design new products and services that improve lives. That's not just a soft-skill; it's a hard asset that every employer is hungry for. (See also: Boost Your Creativity: 9 Surprising Ways to Generate New Ideas)

6. Adaptability

No matter what your career path, one thing is certain: The road won't always be smooth. Companies reorganize, technologies change, and old industries are constantly disrupted. Embrace the chaos. Being adaptable helps you survive — and sometimes even thrive — in this new reality.

7. Good etiquette

In the nation that invented informality, good manners get noticed. Making proper introductions, practicing basic dining etiquette, ensuring that every email contains a salutation and a closing, and silencing electronic devices during meetings — these small overtures demonstrate a level of professional refinement that can win over new clients and advance your career.

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This article is from Kentin Waits of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Best Money Tips: Successful People Refuse to Do These Things

Amy Lu — Mon, 26 Feb 2018 09:30:09 +0000

Welcome to Wise Bread's Best Money Tips Roundup! Today we found articles on things that successful people refuse to do, hacks to reclaim your house from messy pets, and ways to keep your brain young.

5 Everyday Routines of Wealthy People

Emily Guy Birken — Fri, 16 Feb 2018 09:00:06 +0000

Whether you end each day binge-watching TV until the wee hours, or you drink a kale smoothie before hitting the hay promptly at 10 p.m., your daily routine will certainly affect your ability to achieve your goals.

In fact, many famous and wealthy individuals claim that their daily routines are the driving force behind their success. That's why it's a great idea to learn how trailblazers and top-earners structure their days so you can figure out which of their routines will help set you up for success. (See also: 7 Money Lessons We Can Learn From Beyoncé)

1. Wake up early

While hitting the snooze button until 20 minutes before you absolutely have to leave for work may feel a little more comfortable than jumping out of bed at 5:30 a.m., this habitual procrastination may be costing you. Not only are you more likely to forget something important in your rush out the door, but you start your day already feeling like you're behind and out of control. It's difficult to start tackling work when you're still rubbing sleep out of your eyes, am I right?

This is why nearly 50 percent of wealthy individuals get up at least three hours before their workday starts, according to Tom Corley, author of Change Your Habits, Change Your Life. Having that extra time in the morning gives you the opportunity to plan your day, exercise, or work on a side project — all of which will help you get in the right frame of mind to get to work once you get to the office.

2. Exercise

We all know that we should be exercising, but just because we know that breaking a sweat is necessary for good health doesn't mean we do it. However, Corley found that 76 percent of wealthy people make sure they spend 30 minutes or more every day on aerobic exercise.

These successful individuals recognize that their physical health is the cornerstone of all of their success. You cannot work toward your goals if you're sick. In addition, according to Harvard Medical School, aerobic exercise such as walking, running, biking, or swimming improves both thinking and memory. This means that making sure daily exercise is part of your routine can help you to work smarter. (See also: 7 Ways to Sneak More Exercise Into Your Busy Schedule)

3. Eliminate choices

How many times have you stood in front of your bulging closet wondering what to wear to work that day? While it may seem like a luxury to have lots of choices, it can often lead to decision fatigue, which is when you use up your brain's limited bandwidth on several smaller daily decisions, making it that much harder for you to figure out the right choice on bigger decisions.

This is why many wealthy individuals have voluntarily chosen to eliminate decisions in their day. For instance, Facebook CEO Mark Zuckerberg admits to owning 20 identical gray T-shirts so that he doesn't have to think about what to wear each morning. Similarly, Apple's Steve Jobs was famous for his uniform of black turtleneck and jeans. Adhering to these personal uniforms allowed these extremely influential men to focus their attention where it belongs — on the growth of their products.

Similarly, many successful people choose to eat the same foods each day so they aren't tempted to stray from a healthy or inexpensive diet. This lack of choice means there is no chance of agonizing over whether or not to have pizza for lunch, since the decision has already been made. (See also: Here's How Too Many Decisions Costs You Money)

4. Meditate

Zoning out while playing Candy Crush may feel like a sort of Zen state while you're in the midst of a game, but it's hardly going to offer you the kind of stress-reducing relaxation that meditation can.

For one thing, you'll never fall prey to an in-app purchase in a moment of weakness while meditating. For another, meditation offers everything from improved cognitive functioning, creative thinking, and productivity, to better physical health — none of which you'll get from a rousing round of smartphone gaming.

This is why hugely successful individuals like Oprah Winfrey and Bridgewater Associates founder Ray Dalio make sure to include meditation in their daily routines. The daily mindfulness practice helps these wealthy individuals to keep their minds clear and focused. (See also: 6 Ways Meditation Can Make You a Money Master)

5. Read

Reading has a number of excellent brain benefits, and incorporating a routine of reading a book at bedtime is far better for your sleep health than scrolling through Facebook or Instagram on your phone.

But before you pick up the latest crime thriller or romance novel, consider what kind of reading is going to do the most to help improve your life. According to Corley, 85 percent of wealthy individuals read at least 30 minutes each day for self-improvement. That means they pick up books that will help them to achieve more or help them overcome bad habits, rather than reading solely for entertainment. (See also: 10 Books to Read for a Better Money Mindset)

Create a wealthy life

Having a beneficial daily routine is not a shortcut to riches. Instead, it helps foster the proper circumstances you need in your life to reach your goals and live the life you want.

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This article is from Emily Guy Birken of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

15 Soft Skills Every Employer Values

Paul Michael — Wed, 14 Feb 2018 09:30:09 +0000

Employers these days are looking for much more than a resume filled with awards, achievements, and ladder-climbing success. While those hard facts and figures can put you in the running, what will make you stand out from other candidates are your soft skills. These are the skills that cannot really be quantified on paper, but are the difference between a good employee and a great one. How many of these do you have?

1. Strong communication

How you present yourself is just as important as what you're presenting. This will be evident in your interview, but we're usually well-rehearsed and prepared for that particular grilling. How you communicate on a day-to-day basis will be critical to your success as an employee. Can you successfully communicate your ideas, both verbally and on paper? If you are constantly searching for the right words, stuttering, and "Um"-ing, you will come across as unprepared. (See also: 12 Things People With Good Communication Skills Never Do)

2. Confidence

The way you carry yourself, approach clients or other employees, and believe in your ideas will have a huge impact on your success. Wallflowers are not in demand unless they are some kind of savant. Someone with great confidence can outshine someone who has better ideas and abilities, but cowers when placed in the spotlight. Of course, there's a fine line between confidence and arrogance, and if you push it too far, you can come across as cocky. If that confidence is coupled with a little humility, you'll go far.

3. Teamwork

Very few companies are looking for a new recruit that will sit alone in an office, talking to no one and interacting only with a computer and a smartphone. People are the lifeblood of most businesses, and if you cannot get along with your co-workers, you will find yourself out of a job. Sure, some people are annoying. Some people will just never be friends outside of work. But during office hours, you have to overlook all that and get on with the task at hand. Reach out to people who can help. Be agreeable and helpful. Don't be the rusty cog that stops the machine. (See also: 8 Ways to Deal When You Work With Someone You Hate)

4. A positive outlook

Think about that one person in the office who has a dark cloud hanging above his or her head. Every place of work has a "Debbie Downer," and they are no fun. They suck the air out of the room, are pessimistic, and cannot see potential. Do not be that person. A positive outlook can turn pedestrian projects into exciting opportunities. People who get hyped to work on jobs lift the energy of the whole team. You could be the injection of life that a new employer needs.

5. Critical thinking and problem solving

While these skills may not appear to be high up on the priority list for some jobs, they will always be valued. Even if it's an entry-level job with little responsibility, the ability to think fast on your feet and come up with creative solutions will always be an asset to your future employer. If you're a natural problem solver, you should tout that ability as much as you would a degree.

6. Emotional intelligence

It's known as an EQ, and it is becoming one of the most prized soft skills in the workplace. Knowing your own emotions, and recognizing them within other people, is just as important as the work you're doing. Can you empathize? Can you spot when someone is having emotional problems? Are you able to step back and realize that you need to adjust your own attitude or behavior? A high EQ can be even more valuable to an employer than a high IQ; especially if you plan on managing a team. (See also: This One Skill Can Make You a Better Boss)

7. Being genuinely likable

There's amiable, and there's genuinely likable. Some people are just great at fitting in, finding friends, and making people around them feel completely at ease. If you're one of these people, you should promote this kind of skill. You don't want to brag, because that's just going to come across as arrogant. If you really are a people person, you don't need to say that anyway. The way you present yourself in the interview will show the interviewer how likable you are without having to say it out loud.

8. Adaptability

Life at work, much like everyday life, can change at the drop of a hat. Employers value a member of staff who can roll with the punches and excel under constantly changing conditions. Can you handle a curveball with ease? Are you fine with never knowing what you'll be facing from one day to the next? Do you actually thrive under pressure? You will do well.

9. Courage

This is not about the ability to fight a bear in the woods or do a bungee jump. Workplace courage is more political and requires a different set of skills. It takes courage to stand up to the boss if he or she is about to make a decision that is bad for the company, or the customers. It takes bravery to push an idea that is unpopular with management. But, this is a skill that usually pays dividends for everyone involved. If you can stand up for something and do the right thing, despite your brain screaming at you to stay quiet, an employer that genuinely values that kind of courage is going to love you for it. (See also: 8 Career Moves That Prove You're Finally a Grown-Up)

10. Excellent time management

It's a tired cliché, but time is money. Your employer pays you for your time, and they expect an excellent return on that investment. If you do not have superb time management skills, you will not be good value for the money.

This doesn't just mean coming in early and leaving late. This is about how you manage your day, your workload, and your specific projects. If you devote way too much time on one project and another slides because of it, that's bad time management. If you are great at managing your time, tell your future employer. Have examples ready to prove why you are so good with this particular skill.

11. Patience

They say patience is a virtue, and that patience will be rewarded. When it comes to the job market, they're spot on. Patience is something we learn as we grow (how many patient five-year-olds have you met?), and some of us learn it far better than others. If you fly off the handle if your report is two minutes late, or get incredibly frustrated because you want to move on that deal right away, you could become a liability. Taking a breath, assessing the situation, and handling it with maturity is an essential skill employers are looking for. It also means the boss won't be afraid of you diving headfirst into decisions without thinking them over.

12. Strong organization skills

This applies not just to physical organization, but mental as well. A messy desk or workstation will never be an asset to your career, even if it does prove how busy you are. Keep your space tidy, even if your home is chaotic because that's the way you like it.

If you are also great at organizing people, events, and meetings, you should talk about how this benefited your employers in the past. Any business is going to find someone with strong organizational skills to be a great asset to the team. (See also: 6 Rules of Creating a Powerfully Productive Workspace)

13. Diplomacy

Diplomacy is described as, "The art of dealing with people in a sensitive and effective way." If you have a great EQ, as mentioned earlier, you're halfway there already. However, the notable second part of that description is the word "effective." If you are a great diplomat, you not only know how to handle people with great tact, but also how to influence them to get the result you want. Diplomacy is a great skill to have in the political arena, but it comes in handy in any business that requires two different parties coming together to reach a mutually beneficial agreement.

14. Attention to detail

Theirs a typo in this sentence. Did you spot it? Well, it was a fairly obvious one, made on purpose, but someone with a keen eye for details wouldn't have needed that clue. Likewise, someone that is very detail oriented will be of great value to any company. Whether it's catching errors in a news release, or being extremely particular about the way a certain procedure is handled, that kind of attention to detail is valued and appreciated.

15. Honesty

Last, but by no means least, is the ability to be upfront and truthful from day to day. This does not mean brutal honesty ("Wow John, that suit looks hideous on you"), but the kind of honesty that means people come to you for a genuine response. Not only that, but you will also be trusted more, and respected for your opinions.

Sure, sometimes people don't like your answer, but in the long run, it's better for everyone. Couple this with courage, and you will be the kind of employee that can really make a difference to the company.

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This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

What Small Business Owners Can Learn From Top Forbes Entrepreneurs

Nick Wharton — Wed, 07 Feb 2018 09:31:07 +0000

Successful entrepreneurs come from a variety of backgrounds, and their journeys start at different stages of life. But nearly all have lessons about how to create success that we can learn from.

Forbes is continually shining the spotlight on individuals who have managed to overcome hardships and wind up on top. Whether you're starting out on your own entrepreneurial journey or just keen to know what goes into building a winning company, here are four lessons you can learn from top Forbes entrepreneurs.

Get your brand story right

Chris Pfaff, probably better known to MTV reality TV fans as "Drama" from his stints on two shows, followed an unusual path to entrepreneurial success. With no college education, no background in business, and no real idea of how to run a company, he started the streetwear clothing label called Young & Reckless. Launched on the TV show Rob Dyrdek's Fantasy Factory (Dyrdek is a professional skateboarder and Pfaff's second cousin), the line of T-shirts, tank tops, and accessories became profitable right away. (See also: 4 Best States to Start a New Business In)

Despite its rapid success, the company later experienced setbacks as Pfaff experimented with different marketing techniques. Customers had come to associate the Y&R name with the lifestyles of many of its early ambassadors: rappers, skateboarders, and BMX bike riders. But the company flubbed when it hired a celebrity who didn't have a story that fit the brand's carefree, "reckless" image. "There was nothing reckless to tell," Pfaff told Forbes. It taught Pfaff that the most important thing about marketing is making sure it embodies the spirit of the brand. (See also: How to Start Your Dream Business)

The take-away: Your customers buy into your story as much as the product or service you're offering. If a marketing idea doesn't embody the brand, don't do it.

Failure is part of the game

Adam Pisoni is a great example of someone who has picked himself up after stumbling. Pisoni, a high school dropout, says naive optimism led him to launch a web design firm called Cnation in 1995, when he was just 19 years old. That optimism, plus hard work — Pisoni put in 100-hour work weeks — paid off as the company grew to 30 employees and over $2 million in sales. Cnation made its name by designing websites for large brands like CBS MarketWatch, Fox Interactive, Nissan of Japan, and Honda, earning the latter a Clio award for interactive design in 1997.

But everything changed for Pisoni after the dot-com crash of the late '90s. As clients tightened their purse strings, he had to close Cnation — a devastating blow. But he used what he learned years later to co-found Yammer, a social networking service for enterprises. He helped grow the company, and in 2012 it was acquired by Microsoft for $1.2 billion. (See also: 8 Common Myths About Starting a Small Business)

Since then, Pisoni has continued to "bounce back," founding Abl Schools in 2015, a company that creates time and resource management software for secondary schools (and soon elementary schools). The young company has just raised $7.5 million in series A funding and has grown to 12 employees.

The take-away: Business and entrepreneurship comes with failures, but it's how you digest them that matters. Instead of allowing losses to consume you, take what you learn and implement your findings in future ventures. (See also: Top 7 Blogs for Entrepreneurs)

Generous, fair benefits policies help retain workers

While it's become common for tech companies to provide perks such as Ping-Pong tables, free food, and errand-running services to coders and engineers, few extend those benefits to the low-paid employees who work in their warehouses and fulfillment centers. One notable exception: Boxed, an e-commerce company that offers mobile ordering and bulk delivery of products such as toilet paper, pet food, and toothpaste.

Founder and CEO Chieh Huang treats all his workers the same. Not only do they get company shares and unlimited parental leave, Boxed also pays for employees' weddings and college tuition for workers' children. (See also: How to Hire Your First Employee)

Those unique benefits cost tens of thousands of dollars a pop. But they're important to Huang. His immigrant parents worked menial jobs when he was growing up, and he always promised that if he started a business, he would treat his employees well. There's a business reason for this largesse, too. Turnover is costly and common among warehouse workers. It can cost up to $28,000 to recruit and train one, according to Bloomberg.

The tactic may be working. Huang told CNBC that only 10 of Boxed's full-time employees have quit since the company was founded in 2013. That loyalty has helped build Boxed into a company worth over $100 million in revenue as of 2016. (See also: Best Small Business Credit Cards)

The take-away: Treating your employees well breeds loyalty that builds success for the whole company.

Bootstrapping is sometimes the best way to build a business

When starting a business, many entrepreneurs try to follow a familiar blueprint that they see as necessary for success. Come up with a unique idea, raise millions in venture capital funding, use that money to get the business on the map and, voilà, an initial public offering is just around the corner. But there are other ways to achieve this end goal, and not securing venture backing doesn't mean all hope is lost. (See also: 10 Smart Ways to Get a Small Business Loan)

Take Little Passports, the educational subscription service that delivers activity kits to kids. Founders Amy Norman and Stella Ma failed to secure any venture capital when they started the business back in 2009, yet they persevered. They bootstrapped the company with their own savings and contributions from angel investors. (See also: 35 Resources for Female Entrepreneurs)

Without generous venture backing, they were forced to be very disciplined about hiring, marketing, and facilities decisions. Now they believe this path was a blessing, as it allowed them to grow the business organically at a sustainable pace that wouldn't have been possible with millions of dollars in venture capital. Today, with millions of loyal subscribers and a revenue of $30 million, they've proved all of their doubters wrong.

The take-away: Disappointments can be blessings in disguise. Using your own resources and hard work gives you a scrappiness that can pay off as your business grows. (See also: 5 Business Lessons From Child Entrepreneurs)

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This article is from Nick Wharton of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Best Money Tips: 30 Habits, Qualities, and Secrets That Lead to Success

Amy Lu — Tue, 19 Dec 2017 09:00:09 +0000

Welcome to Wise Bread's Best Money Tips Roundup! Today we found articles on the habits and qualities that lead you to success, tips for driving on snowy roads, and ways to explore a new city on the cheap.

3 Ways Americans Are Getting Better at Managing Their Money

Emily Guy Birken — Wed, 11 Oct 2017 08:00:06 +0000

We are used to hearing all kinds of terrible sky-is-falling news about how regular Americans are getting into debt, failing to plan for the future, and generally falling down on the job of managing their money. But the media rarely reports on the good financial behavior exhibited by Americans, even when there is plenty of great news to cheer about.

So before we all assume that Americans are clueless about financial matters, consider the following money skills that we are excelling at:

76 percent of Americans have money set aside for an emergency

You may recall the grim reports just before the 2008 crash that showed Americans had the lowest personal savings rate since the Great Depression. According to The New York Times, as of 2006 the savings rate for the year "was a negative 1 percent, meaning that not only did people spend all the money they earned but they also dipped into savings or increased borrowing to pay for purchases."

Americans have since learned their lesson about being ready for an emergency. Bankrate's June Financial Security Index survey found that a full 76 percent of American adults have some money set aside for an emergency like a layoff or a huge medical bill. In addition, 31 percent have built enough of a savings cushion to handle six months of unemployment.

And rather than having negative savings, the Bureau of Economic Analysis has found that the personal savings rate of Americans has gone from negative 1 percent up to 5.5 percent as of November 2016. That means that for every $100 Americans are earning, they are putting aside $5.50 toward savings.

Not only is this higher savings rate great news for the individual households that may need to rely on their emergency funds in a financial crisis, but the economy as a whole also does better when citizens have savings to fall back on. That's because private savings today mean less government expenditure on social safety net programs tomorrow — and citizens who save will ultimately have money available to invest since they will not be stuck in a paycheck-to-paycheck cycle. (See also: 11 Ways Life Is Amazing With an Emergency Fund)

Manage your savings rate better

Whether you are among the top savers or are just starting your savings journey, remember that even increasing your savings rate by 1 percent now can make a big difference in your emergency fund or retirement account. Just remember to revisit that savings rate quarterly or twice a year to make sure you're maximizing the money you can set aside.

59 percent of Americans enjoy saving money

Generally, when you think of enjoying your money, you might imagine the pleasure you get from spending hard-earned dollars on something you love. However, more Americans claim that they derive more enjoyment from saving their money than they do from spending it, according to research by Gallup. As of May 2017, 59 percent of Americans claim to enjoy saving more than spending, while only 38 percent claim to enjoy spending more than building up their savings accounts.

Gallup reports that "in the years before the recession, Americans were close to evenly split in how they described themselves." The economic downturn helped many Americans learn to love the joys of saving money.

Improve your own outlook on savings

It can be difficult to find the fun in saving money if you're a natural spender. However, you can switch your viewpoint on saving money if you can find a way to make a game of your savings. For instance, you could challenge a friend to a save-off, motivate yourself with a savings goal thermometer, or even start saving all your $5 bills. Once you start seeing savings as a fun challenge, you'll be much more motivated to increase your savings. (See also: 5 Savings Tricks You Haven't Tried Yet)

65 percent of American consumers research products before they make a purchase

Americans are no longer happy to simply buy products without doing research. According to Retail Dive's 2017 Consumer Survey, 65 percent of consumers choose to do research on the products they want online before going shopping in brick-and-mortar stores. In addition, 41 percent of Americans practice showrooming, according to an Accenture survey — that is, examining merchandise at a nearby retail store and then shopping for it online to find the lowest price. Both of these savvy consumer behaviors can save Americans money by helping them find the best product at the best price.

Some of this behavior is due to changes in technology. Even as little as 15 years ago, it would have been much more difficult for consumers to apprise themselves of all the product options and price ranges available, and the convenience of purchasing the first product examined overrode the price savings before the smartphone era. However, with the rise in smartphone usage, consumers can now educate themselves on the best-reviewed and lowest-priced options available.

Improve your use of technology and information

Technology can be a double-edged sword. While your smartphone makes it possible to research prices offered by other retailers, it also makes it easy and convenient to buy items you don't need with the click of a button. Make sure you are a savvy consumer by committing to do research before you make a purchase, and to take a timeout before you click Buy Now. Those two habits will help you save money and only get the products that will actually add to your life.

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This article is from Emily Guy Birken of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

5 Bedtime Routines of Famous Financial Gurus

Brittany Lyte — Mon, 05 Jun 2017 08:00:09 +0000

Whether you're Joe Schmo or Bill Gates, there are just 24 hours in a day. Of course, not everybody spends them in the same way. Let's face it: Some people are better at managing time than others. And in a world where time equals money, it's often those with the best time management skills who are raking in the dough.

It's not just how we spend our waking hours that counts — our habits pertaining to slumber also affect our income, stamina, success, and productivity.

Read on for our roundup of evening rituals of these famously successful people. Because who wouldn't want to sleep like the fabulously wealthy?

1. Read a book

Bill Gates, who reads around 50 books per year, reserves the last waking hour of his day for reading. Yes, even on the stressful, exhausting days, Gates always makes time before bed for a good book.

If you're wondering why someone like Gates has made this a priority, wonder no more: Not only does reading fuel creativity, it also helps a person de-stress while introducing new perspectives and expanding their knowledge. Hard up for something fresh to read? Here's every book recommendation that Gates, the richest man in the world, has ever shared publicly.

2. Unplug the phone

On the brink of slumber, Facebook COO Sheryl Sandberg checks her email one last time. Then she turns off her cellphone, signaling an end to the day. Unplugging this way can be "painful," Sandberg has admitted, but she conceded that she has found it to be the key to a good night's sleep. If the phone is on, she's said she is much more likely to be disturbed during the night.

This is a smart habit to take up for yourself. Not only can waking up to check your phone in the middle of the night reduce the quality of your sleep, it can also cause anxiety, according to researchers at California State University.

3. Track your sleep

In complete contradiction to Sandberg's routine, business magnate Elon Musk uses his cellphone to track his sleep. His nightly sleep count averages about six hours, he admitted in a 2015 Reddit AMA. In preparation for this shut-eye, Musk, an avid consumer of coffee and Diet Coke, cuts himself off from caffeine six hours before bedtime.

There are a number of smartphone apps that can help you track and understand your sleep cycles. Experts recommend seven to eight hours for most adults, though the true number is individualistic and likely depends on genetics. Getting enough sleep is critical to a satisfying social life and a high performance career. Here are a few top-rated sleep app options: Sleepbot, Sleep Cycle, and MotionX 24/7.

4. Treat yourself to quiet time

Oprah Winfrey designates 20 minutes at the end of her day for meditation and silent reflection. By allowing herself a regularly scheduled window during which she can decompress, Winfrey says she has reaped more benefits than she ever imagined. "The results have been awesome," she said. "Better sleep. Improved relationships with spouses, children, coworkers … Greater productivity and creativity all around."

We all know how to sit quietly, but meditation takes a little bit more know-how and guidance. That's where a meditation aid can be helpful. Try the smartphone apps Sattva or Buddhify. You can also find guided meditations on YouTube.

5. Skip the wine — soak in the tub

Entrepreneur Arianna Huffington's nighttime routine is ceremonious, and it comes in two stages. The first is simple: Skip the nightcap. Booze before bed can certainly help a person fall asleep, but the quality of that sleep will suffer. Instead, Huffington, who says she endeavors to clock seven or eight hours of shut-eye each night, indulges in a candlelit bath with piping hot water and Epsom salts. Then, after she gets under the covers, she takes a moment to count her blessings.

"I pause to think about the things that I'm grateful for in that moment," she wrote for The Telegraph. "That way my blessings, not my worries, get the closing scene of the night."

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This article is from Brittany Lyte of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

6 Inspiring Quotes About Money From Successful Women

Emily Guy Birken — Mon, 08 May 2017 08:00:12 +0000

It's no secret that most people tend to think of finance as a boys' club. But women have been blazing trails, disrupting entrenched ideas and industries, and making serious bank for centuries. It is unfortunate that their words of wisdom have been so often overlooked.

The following quotes from female financial gurus will inspire anyone to improve their lives, their careers, and their bottom lines.

1. "Be thankful for what you have; you'll end up having more. If you concentrate on what you don't have, you will never, ever have enough." — Oprah Winfrey

At a net worth of $3.1 billion, Oprah Winfrey is one of the richest women in America — but she didn't start out that way.

Winfrey was born into poverty and raised until age six by her grandmother before bouncing back and forth between her mother and father. She suffered sexual abuse at the hands of family members, and at age 14, she had a baby who died within days.

Her early life was not characterized by abundance, and yet Winfrey still learned to be thankful for what she had, rather than what she lacked. Her sense of gratitude helped her to focus on building her career rather than feel bitter over her childhood of abuse and neglect.

Winfrey's attitude about the power of gratitude is actually borne out by scientific research. People who are thankful for what they already have are more successful, more emotionally resilient, and often even physically healthier. That's because they recognize there is no way to "have it all." Feeling grateful for what they do have makes it possible to focus on appreciating the life they live right now, while also working toward the life they want to live.

The fact that Winfrey overcame such a difficult, scarring childhood and feels grateful for the goodness in her life is part of what makes her so beloved. We can all learn to appreciate the abundance we already have while we work to build the life, career, and relationships we want.

2. "One thing I've learned is that I'm not the owner of my talent; I'm the manager of it." — Madonna

Madonna may be the original "Material Girl," but the singer, songwriter, actress, entrepreneur, and writer has parlayed her incredible talent into an estimated net worth of $560 million — meaning she never again has to wait for a man to present her with diamonds.

Madonna's description of her talent may sound surprising. If she is not the owner of her own creativity and money savvy, then who is?

As it turns out, Madonna's view of her abilities is reflective of something called the "growth mindset." Rather than viewing her talent as an innate and fixed part of herself, Madonna sees it as something that she can manage and grow. If she believed that she "owned" her talent, then it would be easy for her to rest on her laurels and assume there is nothing new she could do with her music or writing.

But as the manager of a prodigious talent, Madonna accepts the challenge of trying to push her creative boundaries and recreate herself over and over again. This mindset has allowed her to have an unparalleled career that has spanned close to four decades.

That makes it an attitude we should all try to emulate. Whatever abilities we have can always be managed and improved by refusing to see them as static, which can lead to great success.

3. "My best successes came on the heels of my failures." — Barbara Corcoran

Most people know Barbara Corcoran from her role on the show Shark Tank, but the Manhattan real estate investor, who is now worth $40 million, started off as a serially unemployed teacher and sometimes-waitress. After failing at 22 different jobs, she borrowed $1,000 from her boyfriend in 1973, and started a real estate business that she called The Corcoran Group. The boyfriend didn't last, but the business did. It grew to a $66 million company, which she sold in 2001 before embarking on her writing, speaking, consulting, and television career.

Corcoran understood throughout her series of early failures that each of those missteps did not reflect poorly on her. They were simply different options to try until she found the right fit for her career. Since she did not internalize these failures, she was able to take the lessons she learned from them and find success.

We should all take a page from Barbara Corcoran and learn to see each failure as a potential steppingstone to success. Picking yourself up after a failure may be difficult, but that is the only way you will ever succeed.

4. "Some people think luxury is the opposite of poverty. It is not. It is the opposite of vulgarity. Luxury is the opposite of status. It is the ability to make a living by being oneself. It is the freedom to refuse to live by habit. Luxury is liberty. Luxury is elegance." — Coco Chanel

The iconic creator of the Chanel brand, Coco Chanel was born to an impoverished family in France. She died in 1971 with a net worth of $100 million. Her commitment to fashion and luxury made her one of the most influential people of the 20th Century, and her fashion line is worth $19 billion to this day.

Growing up, Chanel knew the deprivations of poverty. This was part of the reason why she was so determined to enjoy luxury throughout her adult life. For Chanel, luxury was not defined by the corseted, heavy dresses that had been haute couture for many years before her own success. For Chanel, luxury in fashion had to be comfortable and true to the wearer. Trying to impress with excess was vulgar, and that was the true opposite of luxury.

By Chanel's definition, luxury is available to anyone, no matter their income. And this is an important distinction to remember as you pursue your own successes. You can easily enjoy the luxurious comfort of being yourself, even if your budget runs more Old Navy than Chanel.

5. "Money doesn't fall out of the sky. We had a business plan, an extraordinary proposal, and it was the right timing." — Sheila Johnson

Sheila Johnson is the co-founder of Black Entertainment Television and current owner of the WNBA team the Washington Mystics. Her net worth is currently estimated to be $710 million — but she wants to make sure that anyone who aspires to her kind of wealth understands what it took to get there.

Johnson is not a multi-multi millionaire by accident. In 1979, she and her husband Robert Johnson created the television channel BET in order to provide a crucial outlet for African American voices in media. They knew exactly what they could offer, and they worked hard to create an excellent proposal in order to secure the funding they needed. They were also lucky to jump on the growth of television programming in the late '70s and early '80s. BET grew to the point where the Johnsons sold the channel in 2001 for $2.4 billion.

Johnson makes it clear that there is no such thing as overnight success. You need to have a plan, you need to time things right, and you need to be able to persuade people to invest in you.

6. "Did we ever plan on being billionaires? No, but we wanted to be millionaires." — Diane Hendricks

With a net worth of $4.9 billion, Diane Hendricks is the richest self-made woman in America. She and her husband Ken Hendricks created the Wisconsin-based ABC Supply Co. in 1982, which sells roofing, windows, gutters, and siding for residential and commercial buildings.

Their success is all the more impressive considering the fact that Ken was a high school dropout and Diane only completed a high school education. The husband-and-wife team built their empire through hard work, financial savvy, and a shared vision. They both wanted to be millionaires and aimed their sights at that impressive goal.

The fact that they were both on the same page in terms of growing their business, along with their lofty goals for their finances, eventually made them billionaires. They did not shy away from wanting financial success, so they were always ready to pounce when opportunities presented themselves.

If you hope to emulate the Hendrickses, you would do well to partner with someone who shares your same goals and work ethic. Your level of success just might surprise you.

Heeding the words of wise women

The rags-to-riches stories of self-made women can offer incredible insight, hope, and inspiration to anyone who dreams of a successful life. Their words make it clear that opportunities are available to anyone, provided you have the drive, the mindset, the gratitude, and the audacity to chase your dreams.

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This article is from Emily Guy Birken of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How to Succeed at Work Despite Your Lousy Boss

Paul Michael — Mon, 10 Apr 2017 08:00:11 +0000

In an ideal world, your boss would be a great leader, a teacher, a mentor, and someone to be admired and celebrated. As we all know, it's not an ideal world. Sometimes, the boss is so bad, you dread going to work and spend hours looking for a new career. However, there is hope. You can turn the situation to your advantage, and help you "manage" when the boss is a lost cause. (See also: How to Survive (and Thrive!) in a Job You Hate)

Get to know everything about them

What motivates them? What makes them happy, in and out of work? What about career goals, or people who inspire them? What do they like to do on weekends? Do they have a hobby? The more you know, the better.

When you are armed with this kind of information, you can use it to swing things in your favor. This does not mean sucking up, or blackmail. This is a way to figure out why they make certain decisions, and in turn, gives you the chance to steer them in a direction more favorable to you. For instance, if the boss is micromanaging you, find out if they are worried about their own performance review. They may fear you cannot do the job the way they want it done. If you can prove to them that this fear is unnecessary, they will focus on someone else.

Do not play their game

A really lousy boss will play head games with you. They'll ask you to work late when they know you've got tickets to the concert. They'll put you on a project with someone they know rubs you the wrong way. They'll ask for two hours of work to be done in one hour. You know — a really nasty piece of work. (See also: The 9 Types of Horrible Bosses — And How to Manage Them)

Despite this, don't let them see that it bothers you. Like any bully, they get their kicks from your reaction. If you brush it off, smile, and happily do everything they request; it will eat them up inside. They'll end up doing something that reflects badly on them, or they'll focus their energy on someone who gives them the response they want.

Keep meticulous records

We live in a world of emails and text messages. If you're having trouble with a boss, start tracking everything. From every email exchange to every closed-door conversation, use technology to build a case against the boss's behavior. Take detailed notes in meetings, and send a copy of those notes to your boss to ensure that you understood everything that was required of you. Get approvals in writing. The more evidence you have, the less chance you will be a scapegoat for anything. Even if the boss is just inept, you can use this technique to keep them on task. (See also: 10 Warning Signs Your New Boss May Be a Bad Boss)

Take the initiative

A lousy boss will often keep you out of the loop, and may even try to marginalize your position. This approach keeps their employees uninformed, and as we all know, knowledge is power.

Don't settle for this. Do everything you can to find out what you can through other channels. Speak to colleagues in other departments about projects they're working on. Get friendly with people in HR, or upper management. Make yourself available for jobs that the boss has "forgot" to mention in staff meetings. But of course, be polite and respectful to the boss, and make sure he or she knows you have only the best interests of the company at heart.

Give them the impression it was their idea

If you're having trouble getting your initiatives greenlit, you could have a boss who doesn't like employees taking their spotlight. In this situation, you should take a page out of the advertising agency book.

Ad agencies often deal with clients who balk at original and bold ideas, so they plant seeds in meetings called "tissue sessions." Here, the agency works side-by-side with the client to produce an idea, steering the client all the way. The client believes they have helped to birth this idea, and it is blessed with little or no changes. Do likewise. Plant seeds. Make the boss think your great idea is something they were planning to do all along. The people that matter will know who is really responsible for it, and you'll get to do what you want.

Make them look good

At the end of the day, most bosses just want to be successful. They rarely care how that happens, and if you can help in that quest, you'll come out smelling of roses. Ask them how you can help them in their day-to-day duties. Do they have something big in the works that you can assist with? Are they having problems with certain employees, and if so, what can you do to help them smooth things over?

Become their most trusted and effective member of staff; the indispensable "right hand man." They'll start to rely on you more, and you may even help them get promoted. When that happens, you'll be next in line. (See also: 15 Ways to Suck Up at Work That Won't Make You Feel Slimy)

Learn their triggers

Every boss is different, and as such, your approach to every boss needs to adapt. Some bosses like to be challenged; others will find it offensive and believe it is insubordinate. Some bosses love employees to take the initiative; others will insist on having everything passed by them first. So, learn these triggers, and find ways to work around them. The less you hit their pain points, the better life will be for you. If nothing else changes, the fact that you are no longer ticking them off will make a huge difference in your daily work life. (See also: 7 Signs You're Working for an Impossible Boss)

Have a genuine heart-to-heart

Sometimes, a lousy boss has absolutely no idea they're causing you grief. They really do believe they're doing a great job, and everyone loves them (think Michael Scott from "The Office").

In this instance, you can make life a whole lot easier by clearing the air, and talking about the issues you're having. Now, no one likes to be told they're not performing well, so phrase things delicately. Have solutions at hand for problems you are about to explain. Let them know what their strengths are before pointing out areas of concern. A boss is still a person, and if you charge into their office with your rage level at 11, you'll put them on the defensive.

This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How to Spot Lousy Investment Advisers

Philip Brewer — Mon, 06 Mar 2017 10:30:37 +0000

You can easily hire people who claim to be good investment advisers. They hardly ever are. But there are several different kinds of downright lousy investment advisers, and it's worth learning how to identify them. (See also: Mediocre Advice Is Best for Investing)

I group them into three categories: The delusional, the liar, and the secretly mediocre.

The Delusional

The most common sign of the delusional financial adviser is that they can tell you about all the winning trades they've made, but they don't know the average annual return of their portfolio as a whole.

You'll find this same trait in a lot of ordinary investors, as well — they're full of stories of their investing successes. They may also have a few self-deprecating stories of investments that went wrong. But they simply don't know what their all-in return actually is.

For the ordinary investor, this is no big deal. But for someone selling their investment expertise, not knowing whether their advice beats what you can get following mediocre advice should disqualify them completely.

There is one important subcategory of lousy investment adviser that might not show this sign. I call them the "lucky so far." They're usually young with a pretty new track record. Typically, they're people who have a strong sense that one sector of the market — financial stocks, say, or precious metals — is the right choice for long-term investing. If they happen to get into the investment advising game right when their sector gets hot, they can produce outstanding investment returns, sometimes for a long time. Eventually the market turns against them and they lose a whole lot of their clients' money.

Of course there are a few legitimately superior investment advisers out there. It's really impossible to tell one of them from one of the "lucky so far," except that once they establish a record of shifting from this year's hot sector into next year's hot sector for several years in a row, somebody rich will notice and pay up to get their advice. One pretty good indication is that you won't be able to afford them.

The Liar

Just like the delusional financial adviser, there are many kinds of lying financial advisers. (Note that I'm not talking about scammers or fraudsters, just ordinary financial advisers who know their advice doesn't produce superior results, but hold themselves out as superior anyway.)

Probably the most common are the ones who used to be delusional, but eventually figured out that they weren't actually superior. Of course the honest thing to do then would be to find another career, but delusional financial advisers can make a lot of money, and that's hard to give up.

It's pretty easy to slip gradually into lying about your performance — just talk about your successes, and don't mention your failures.

The clearest sign of the liar is that they claim an "average annual return," but can't point to the specific trades that they or their clients made that produced this return. Instead, they'll point to lists of suggested trades — but if you have access to all the suggestions, it'll turn out that some of the bad ones don't make the list.

Another strong clue is vague advice, such as that you buy a stock "on dips," without specific numbers attached. This will make it easy for them to leave out losing trades (on the grounds that the dips were never low enough for them to enter the trade). They will also suggest that you use peaks in the market to "begin to lighten up" your position. If the stock continues to outperform, you'll find that they still list it in their model portfolio. Once it starts to lag, you'll see that they exited their position at the last high point.

Another common habit among the liars is to ignore trading costs — and the cost of their advice — when figuring the bottom line.

The Secretly Mediocre

When "index investing" first started getting big, financial magazines (and others who rated financial advisers) started comparing investment advisers' returns to the market averages. Lousy advisers often fell short, which was pretty embarrassing. A fair number reacted by shifting their advice to just the sort of mediocre advice I'm suggesting that you follow. That way, they'd at least match the market returns.

These investment advisers are giving you perfectly good advice, they're just charging you money to achieve performance you could get for free on your own.

You can spot the secretly mediocre advisers either by looking at their returns or by looking at their portfolio. In either case, it will end up looking a lot like the return or portfolio you could get from just following the indexes.

My Mediocre Advice

Genuinely superior advice from (extremely rare) genuinely superior investment advisers is generally so expensive it makes no sense to pay for it, unless you have a portfolio of millions of dollars.

Since Wise Bread is all about living large on a small budget, I figure it's pretty likely that you don't have the multimillion-dollar portfolio that would let superior financial advice pay for itself. In that case, I suggest that you just follow the mediocre advice I wrote about last time. Doing that, you'll get mediocre returns — which it turns out, are good enough.

This article is from Philip Brewer of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

5 Things to Remember Every Time You Face a Financial Failure

Emily Guy Birken — Tue, 21 Feb 2017 10:00:22 +0000

Failure is a universal phenomenon, but it's one that makes you feel isolated and alone when it happens to you. When it comes to financial failures — from thwarted entrepreneurial ambitions, to poor investment decisions, to overwhelming debt — the feeling of failure is magnified by the fact that talking about money is taboo in our culture, and there are relatively few safe spaces to discuss your financial problems.

But financial failure is just as common as any other kind of failure, and there is no reason to let it derail your path to success. When you face a financial failure, remembering these key facts can help you pick yourself up, dust yourself off, and keep working toward your financial goals.

1. No One Else Is Keeping Track of Your Failures

Just out of my graduate education program, I applied for a teaching position at every school district within driving distance. I sent out about two dozen applications. I went on about four job interviews. And two weeks before the school year began, I landed an interview and a job at my preferred district.

During that time, I beat myself up for all the districts that weren't calling me and all the interviews that didn't result in a job. But from the outside, my series of failures looked like me landing a job right out of graduate school at the district of my choice.

Facing a series of failures before reaching success is a part of life, but no one other than you sees all of those failures. If you've tried over and over again to get the job you want, or tame your credit card debt, or qualify for a small business loan, no one other than you will be keeping a tally of the times it didn't work. You are the only person tracking your failures.

2. Failure Is Not the End

Life is a little messier than in the movies. Moments of success do not end with a swell of music and rolling credits — and neither do moments of failure. Your life continues after you declare bankruptcy, even if your day-to-day life looks a little different from it did before your bankruptcy.

That means no financial failure is the end of the story — unless you choose to let it be the end. Yes, you made some mistakes in the past that led to a big financial consequence, but you can always choose to get up each day after a bankruptcy, job loss, or disastrous investment, and get to work on rebuilding.

3. Without Failure, It Is Difficult to Recognize Success

If everything you tried came easily to you, then you would never feel anything but neutral about your success. It is failing at something that helps you recognize, enjoy, and be grateful for the success that comes afterward. Failure may feel pretty terrible, but it gives success its sweetness. This is especially true of the kind of behavioral changes you have to make to be financially successful.

For instance, sticking to a budget is a difficult skill, and very few rookie budgeters are going to be good at it right out of the gate. Having several months where you blow your budget might seem like a failure worthy of giving up on budgeting altogether, but such blown budgeting months are part of your learning experience.

If you're willing to learn from those mistakes, you'll get to a place where you know how to handle unexpected expenses, invitations, or financial problems without overspending. And it will feel so much better to succeed at your budgeting after learning from your failures than it would to have budgeting come easily to you.

4. No Failure Defines You

In the midst of a financial failure, it can be very easy to get discouraged and decide that you failed because there is something wrong with you. For instance, you might be furious at yourself for failing yet again to sign up for your company's 401K, or missing another due date for a bill. You might think that you can't do anything right because you've failed to do this task. But such global application of your anger at yourself is counterproductive and completely untrue.

Instead, invest the time to think about the specific reasons why you failed. Do you feel overwhelmed by the decisions you have to make to sign up? Do you have too many bills to keep track of?

Once you have pinpointed the specific reasons behind your failure, you can start to focus on what you need to do to rectify the situation, all while recognizing that you are not defined by your failure.

5. You Are Not in a Competition

Experiencing a job loss or other financial failure can be devastating no matter when it happens, but it is particularly tough when your friends or colleagues are doing well at the same time. Having to move back in with your parents after losing a job can already feel like a type of failure, but it can feel even worse if your best friend receives a major promotion and raise at work at around the same time. You might feel as if you're falling behind while they pull ahead of you.

However, comparing your life to others' lives is a losing proposition, since there will always be someone doing better (and someone doing worse, for that matter) than you. You are not in a race to succeed, and there are no winners and losers — so don't let yourself feel bad because of where you are in relation to others. You are where you are, and you can find success from there.

Don't Let Financial Failure Get the Better of You

We all face financial failure at some point in our lives. Feeling devastated is perfectly normal, but don't let it be your only reaction to such a failure. Instead, remember that failure is just one of the steps on the path to success.

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This article is from Emily Guy Birken of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

The Surprising Truth of Investing: Mediocre Advice Is Best

Philip Brewer — Mon, 20 Feb 2017 10:30:26 +0000

My investing success made it possible for me to quit working a regular job 10 years ago, at age 48. Even so, I have written very little about investing compared to what I've written about other personal finance topics. There's a reason for that: I'm a mediocre investor.

Over the course of my career as a software engineer, I saved and invested, earning a mediocre investment return. Since becoming a full-time writer, I've continued to earn investment returns — which although still mediocre, have been enough to supplement my income from writing.

As a mediocre investor, I have hesitated to hold myself out as an investment adviser, even if my results have met my own needs in a very satisfactory way. I figured people would quite legitimately compare me to superior investment advisers, and it was a comparison that I didn't think would put me in the best light. And yet, I'm going to overcome my hesitation, because looking for superior investment advisers is probably a mistake.

There are two big reasons why mediocre investment advice is the better choice: It's adequate, and it's cheap.

Mediocre Investing Advice Is Adequate

The purpose of your investment portfolio is to support your goals in life, and a mediocre return will do the trick. A mediocre return — just a few percentage points over inflation — will turn a modest flow of savings into a portfolio large enough to let you buy a house, send your kids to college, and fund a retirement (even an early retirement).

Trying to get a better-than-mediocre return requires taking financial risks that put all your life goals at risk.

If you have plenty of money available for investing, you can do both. You can cover your basic life goals with a portfolio invested for mediocre returns, and then you can direct your surplus investible funds into a portfolio that shoots for superior returns.

It can be fun if you enjoy that sort of thing. I did some of that. Looking back, I'd probably have been better off just going for mediocre returns on the whole thing.

Mediocre Investing Advice Is Cheap

Superior investing advice tends to be expensive. It's expensive because it's worth it — but it's really only worth that much to the truly wealthy.

Think about it. Let's say really good advice can boost your average annual return by five percentage points. On a $100,000 portfolio, that's an extra $5,000 a year. On a $1 billion portfolio, it's an extra $50 million a year. If someone can really earn that kind of extra return, they won't be working for you. They'll be working for the 1%.

And it's not only getting superior advice that's expensive. Just following it is expensive. Following any financial advice — good or bad — costs money, but not only is getting mediocre advice cheap, following it tends to be cheap as well. And that cost savings turns out to support your investment returns better than even pretty good advice does.

Go With Mediocre

Just looking for superior financial advice is fraught. Most people who say they're providing superior investment advice are wrong. Some are simply deluded, others are flat-out lying. Either way, you really don't want to follow their financial advice — following bad financial advice can easily cost you your life savings.

Fortunately, it's easy to tell the difference: Bad financial advice costs money, while mediocre financial advice tends to be free (or nearly so).

Where can you get mediocre financial advice? Lots of places. You might start with two books I reviewed here on Wise Bread years ago that provide just the sort of mediocre financial advice I'm talking about:

The Little Book of Common Sense Investing by John C. Bogle: A perfect capsule of mediocre investment advice. It's also really short, because you can say about all there is to say about mediocre investing in a really short book.
The Only Investment Guide You'll Ever Need by Andrew Tobias: A slightly longer book that also covers basic personal finance stuff — so, not just investing your money, but also earning, spending, and insuring it.

How to Know It's Mediocre

It's easy to tell if the advice you're getting is the sort of mediocre advice you want. There are two characteristics to look for:

It's free — or, available for no more than the cost of a book.
It doesn't claim to be better than mediocre.

If somebody charges money for their advice — or, more importantly, charges a commission, or a percentage of your assets for their advice — then it's probably not mediocre financial advice. (Charging a small fraction of 1% to cover the costs of running an investment fund is fine. It's charging extra on top of that for advice that's the danger sign.)

If somebody claims that their advice is superior investment advice, or in any way better than mediocre financial advice, then it probably isn't mediocre financial advice.

If you spot any of those warnings signs, I suggest that you avoid those advisers. It doesn't really matter whether they are people who genuinely think they're providing superior financial advice, or people who are just playing on your hopes for superior financial advice. If you follow their investment advice, I can confidently predict that your long-term investment returns — after expenses — will be crappy. And crappy returns mean a lower standard of living, less security, no chance to retire early, and maybe no retirement at all.

This article is from Philip Brewer of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

8 Ways a Side Hustle Can Advance Your Career

Paul Michael — Wed, 08 Feb 2017 10:30:32 +0000

Some people call it moonlighting. Others call it a "hobby that pays." Whatever you call your side hustle, it's not just something that can bring in a little extra cash. A side hustle can be a valuable addition to your main career, giving you skills and connections you would never normally acquire.

So the big question is, if you don't yet have a side hustle…will these eight benefits inspire you to get one? (See also: 15 Ways to Make Money Outside Your Day Job)

1. Learn Valuable Project-Juggling Skills

Handling several projects at once may well be part of your current career. However, once you add in the additional work from your side hustle, you go from being a moderate juggler to a master of the art.

With a side job, your schedules might clash. And when that happens, you can't really tell your boss that you can't do the work because you have an extracurricular project on your plate. With a main career and a side hustle, you become an expert in time management and scheduling. You also learn, quite quickly, how much you can take on without burning out. These are all skills that will do you well in your main career.

2. Enjoy More Freedom at Work

A side job means additional money that isn't coming from your main career. While this has many benefits (the more different streams of revenue you have, the better), it also gives you something other people in the same role may not have — freedom.

The lure of money, or a promotion, can often make people do things they wouldn't like to do, but will anyway because of the need for additional income. If you already have that additional money from another source, you can say no to some of the projects you aren't interested in. You can speak up in meetings without fearing that your pay raise may be on the line. In fact, some people have discovered that this actually helps their career, with their newfound ability to be honest and confident actually helping them get a raise or promotion they otherwise would have missed out on.

3. Stand Out From the Crowd

This is a hirer's market, in almost every industry. Demand for jobs is outpacing supply, and when that happens, you quickly become engaged in a battle to be noticed. Why you? Why your resume? There are dozens, if not hundreds, to choose from.

Well, a side hustle can add much needed diversity and drive to your list of skills. Think about it. Two very similar people come for an interview, say for an account executive position. One has the usual skills, and the typical career path. The other has the same, but then you notice that they also have written articles for an industry magazine, and given speeches at major marketing events. On top of that, they have their own successful drop shipping business on eBay. One is clearly a go-getter, and can handle the pressure well. Plus, they have way more experience outside of work.

4. Add More Strings to Your Bow

Aside from simply standing out to prospective employers, your additional experience from side jobs can have a real impact on your current position. For example, someone may start at a junior position in a firm, with the very narrow set of skills that are required for that role. However, by taking on a side job, perhaps in a field quite different from their chosen profession, they may find themselves with brand-new abilities that really help. A lawyer who takes a side job doing acting in local commercials, or voice over work, suddenly finds that he or she has become a much more skilled orator in the courtroom.

This happens often in the fields of advertising, marketing, and public relations, too. Look for jobs that may not initially seem to fit, but have qualities that could reach into your chosen career. You may be surprised at the benefits.

5. Get a Great Confidence Boost

Success breeds confidence. If you become successful in your side hustle, it will seamlessly start to affect your main career. And so it should. If you were doing "just okay" in your main career, but suddenly found great success in your side job designing websites, or selling your own jewelry collections on Etsy, your confidence will get a much-needed boost. It won't take long for that confidence to influence your current role in your main gig.

Now, you have a little more steam in your stride. You're a little surer of your abilities, and your decisions. Before you know it, the success you found in your side job is being dwarfed by the successes you're having at work.

6. Open Up New Opportunities

Any time you move in professional circles outside of your main career, you are opening new doors for opportunity. If you have been in one company, and one role, for a long period of time, your contacts and business networks may be stagnant. They're good. But they're not growing. They're just the same "business as usual" leads.

However, your side job can open up dramatically different networks. And while you may think that the two cannot combine, don't be so sure. It's entirely possible to meet someone who has an interest in what you do as a main career, but who found you because you make awesome beer, or provide a killer cake baking service. Great business connections can come from all walks of life. They don't all have to come from the same pond.

7. Give Yourself a Second Career to Explore

A career now is not the same as a career 60 years ago. No one these days can expect to start at a company in a junior position and leave at retirement age with a gold watch and a big party.

Employment rules have changed. Technology is moving faster than any of us can really comprehend. And it is dangerous to have only one set of skills for one career. Your side hustle can be a huge benefit here. It can give you skills you would never get through your main career, and should the worst happen, you may be able to turn that side hustle into a full-time job. It's quite possible the job you do now, for a bit of extra money, will be your life preserver in a few years' time.

8. Find Fulfillment and Do What You Love

They say that if you do a job you love, you'll never work a day in your life. "They" don't all live in the real world. Most of us are not fortunate enough to do a job we love, day in, day out. There may be moments of joy, but often, it's a matter of going through the motions and waiting for the clock to wind down.

With a side hustle, you really can love what you do. Sure, it brings in a little money, but it can provide much greater benefits than that. It can be a creative outlet, or a way to meet new people, and enjoy new experiences. If you've always wanted to paint murals, but work in a bank…do both! If you love being a kids' entertainer, do parties on weekends. You can find fulfillment, if you really look for the opportunities.

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This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

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