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Don’t Give Up On Your Personal Finances Just Yet

July 25th, 2023 Posted in financial education, Money Tips
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We have heard from a lot of people in the past that they are tempted to just give up with their personal finances altogether, and do whatever they want. Sometimes people get into a state where they are no longer able to effectively manage their finances for whatever reason, and this gets them down. The problem here is that it is then tempting to say that you are done putting the effort in, which will cause you more issues going forward. Instead, you need to stick with it, and not give up.

Don't Give Up On Your Personal Finances Just Yet - coin in money box image

Work On Boosting Your Income Where Possible

One of the things that we suggest is that you start working on boosting your income where possible. This might mean that you want to work more shifts and hours if you can, or it might mean that you want to get a second job to go alongside your first. If this doesn’t really appeal to you, then perhaps a side hustle would be a better idea for you as you can do this as and when you have the time.

Investing is also an option that you should consider, but you need some spare money to get this started. Boosting your income where possible helps you get out of financial holes that you get yourself into, but it’s not going to happen on its own.

Work Your Way Out Of Debt First

It’s also important that you are working your way out of debt before you give up. We do understand that one of the common reasons why people feel like they want to give up is because they haven’t gotten their debts sorted in the time that they have had them, and this can be extremely frustrating. The thing is that there is always hope for as long as you are willing to put the effort in here, and make payment plans to work towards being debt free.

If you approach your creditors with an offer of what you can afford, and you stick to this, you will be out of debt before you know it.

Don't Give Up On Your Personal Finances Just Yet - coaching session personal finance

Seek Professional Advice Where It’s Needed

here are going to be times where professional advice is needed, and you shouldn’t be worried about being judged or anything about this. There are companies and independent contractors out there who have helped many people, probably a lot who have been in far worse positions than you are in right now. Even with professional advice it isn’t going to be easy to reach your financial goals, but it might give you the motivation that you need not to give up.

Hopefully you have now got a better idea of why you shouldn’t be giving up on your personal finances just yet, and some of the things that you can do to try to get them back in order. It doesn’t have to be an all or nothing situation here, it can simply be you doing your best as you go along.

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Why You Need a Financial Plan

January 25th, 2022 Posted in financial education, Investment
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I recently interviewed CEO of Blue Sky Financial Planning, Gary Neild on the Fearless Finance podcast around the topic of why you need a financial plan. If you would like to listen here is a link

This quote from Alice in Wonderland came to mind:

“Would you tell me, please, which way I ought to go from here?”

“That depends a good deal on where you want to get to,” said the Cat.

“I don’t much care where—” said Alice.

“Then it doesn’t matter which way you go,” said the Cat.

The starting point with a sound financial plan is understanding two things. Where you are now and where you would like to go. Or in financial terms the current state of your income, expenditure, assets and liabilities together with a clear understanding of your goals and expectations for the future.

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In our conversation, Gary pointed out that many of his clients arrive with one issue in mind, only to discover their financial priorities are something completely different.

The many benefits of working with a reputable financial planner seem clear and obvious to me as someone having been around the industry for many years. Yet for others there seems to be an element of resistance around paying for advice, feeling a sense of shame or embarrassment at their lack of knowledge or perhaps a belief that they can do better on their own.

Let’s take these one at a time. Firstly financial planning is a heavily regulated industry. The negativity around mis-selling or bad advice from the wild west years has long dissipated. Financial planners need to be qualified and keep their knowledge up to date. If you needed help from a lawyer, accountant or architect would you not expect to pay a fee?

Point two fear of embarrassment. How did it become a norm that we are all expected to be financial literate? Chances are that money skills were not taught as part of your school or university curricula. How then do we learn to manage our money? The occasional article in the Sunday papers or a YouTube video? If you approach a conversation with a financial planner with curiosity and the recognition that they are likely to help you save or generate substantially more money than you could do with out them, then hopefully that conversation becomes a little easier.

P.s they don’t care about your levels of financial education, you don’t have to take a test to work with them.

Number three, you feel that you can make it on your own. There are undoubtedly many success stories of people who successfully learned to invest, whether in the markets, property or currencies, but equally those we don’t hear about who came unstuck. Financial planning is not confined to making a few quid speculating, but rather a long term approach which considers all your life goals and aspirations.

Whether for estate planning, ethically reducing your tax burden or growing wealth for the future a good financial planner can help, regardless of your current levels of knowledge, experience or bank balance.

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Six Ways on How To Build a Financial Legacy

January 18th, 2021 Posted in financial education, learning about money
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Financial legacy is the highest tier in financial success – the self-actualization in the financial world. It is the lasting financial security that a person’s generations experience. It takes tough grind and consistency to realize this feat – it is not an overnight accomplishment. You need to grasp financial basics and use them to grow your wealth.

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Financial Foundations

There is no legacy without foundation. A good financial foundation is based on sound financial education. Financial education is quite underrated. It should begin at an early age where you instill good financial values. Financial education is the duty of both the parent and the instructors. Parents need to emphasize its importance as the kids will carry on their legacy. They need to learn financial management, saving, and investment in their youth. The parents should also teach about damage control to handle any mishaps with confidence and assurance. They should take time to enlist the practical help of their children to be their mentors in financial success.

Numerous Sources of Income

Having multiple streams of income boosts your earnings. It enables you to increase your savings and investment allocation. It allows you to dedicate some of your funds to asset-acquisition projects to multiply your wealth. It also provides financial security if you lose your job. It provides reliability and assurance that cushions you during tough economic times.

 Financial Management

To succeed financially, you need to learn how to take care of your funds. You must know the basics about loans, savings, investments, and their relation. The timing in getting bridging loans or business loans to finance your investment or when to get a mortgage is critical in any financial journey. It would be best if you got a mentor who will guide you in your financial course.  A mentor who will help you stay focused during moments of tremendous pressure. You will also need to be precise in your decision making as any decision made will directly affect your finances.

Saving Culture

Saving is not a matter of putting away extra coins or notes for a rainy day. It is about discipline, focus, and the ‘save to invest’ mentality. Most of the time, you buy piggy banks for savings without setting your end goals. It would be best if you taught the saving culture as a journey, not a destination. The money saved should be channeled to financial advancements.

Investment

Investment is anchored on asset acquisition. Wealthy people are mostly valued using their net worth: the total worth of their assets less the liabilities. It shows that assets are the building blocks to any financial success. Research your proposed investments to know their viability in the market. The investment choice will establish your R.O.I. – earnings from the investment. Always set your investment goals with a fixed duration of time.

In Repetition Lies the Secret of Success

Financial success is a product of good financial decisions executed perfectly. It is a continuous process that needs hunger and commitment to surpass your expectations.

Believe in yourself, be consistent in your actions, and you will be sure of your success!

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Study Finds American’s Most Burning Financial Questions

May 29th, 2020 Posted in Credit and Debt, financial education, Money Tips
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The corona virus pandemic has jolted people into thinking more about how they manage their finances. Even those who still have income are asking serious financial questions and considering how to save more given the uncertainty of the future. 

A recent study researched what American have been searching for during the pandemic — and the results stuck out to us. 

Study Finds American’s Most Burning Financial Questions - man searching for financial help online
Photo by Kaboompics .com from Pexels

Increase Demand for Basic Necessities

Feeding America, a network of 200 U.S. food banks, says that it projects a $1.4 billion shortfall in the next six months. This shows how much the coronavirus has impacting American’s ability to afford a basic necessity. 

And, the study backed that up with an increase of searches around how to get food stamps and where local food banks were located. Top searches included: 

  • Emergency Food Stamps: up by 130%
  • How to Apply for Food Stamps: up by 50%
  • Food Banks Near Me: up by 50% 
  • Apply for Food Stamps: up by 50%
  • Food Pantry Near Me: up by 40%

Experts don’t see the demand slowing down until the unemployment rate begins to drop. 

Americans in Pursuit of Financial Literacy

Online learning is nothing new. However, the financial impact of the coronavirus has catapulted Americans into wanting to learn more about how to manage their finances. Demand for finance-related courses is up by 200%. 

  • Online Finance Courses: up by 200%
  • Foundational Finance: up by 170%

As people have learned to accept the new normal, millions have turned to the internet to learn. There are a wealth of opportunities to learn more about investing, managing finances and entrepreneurship. 

The CEO of Skillcrush, Adda Birbir, said that she’s seen an uptick in interest in online learning since the coronavirus started, specifically from those who were working in the hospitality industry or the performing arts. And, that trend is growing. With the rise of unemployment, Americans are interested in learning new skills that can help them in their life and career. 

Uncertainty Around Affording Housing

The study found that a majority of searches around mortgages were related to how to afford paying it including terms like “deferment,” “forbearance,” and “assistance.” This was a category that had the most increase in searches month-over-month with “rent and mortgage cancellation act” up by 5,000%. The top trending search terms were: 

  • Rent and Mortgage Cancellation Act: up by 5,000% 
  • Forbearance on Mortgage: up by 500% 
  • Mortgage Deferment: up by 300% 

Overall, the study on what Americans are searching for during the pandemic reveals their most important financial questions and tells us that people are more interested than ever on how to save, manage and make money. 

Sarah ArcherSarah is a writer at Money Crashers who covers money management tips and the financial impact of the pandemic. When she’s not investigating personal finance strategies, you’ll most likely find her outdoors hiking, biking or running.

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How To Invest In Yourself And Your Future

November 9th, 2019 Posted in financial education, Money Tips
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When it comes to investment, there cannot be any guarantees. If we make this investment in ourselves; however, the ROI is sure to be amazing. 

One of the most important things we can ever do is invest in ourselves and our future. Today we are going to look at a few ways to self invest and see just how it can help. 

How To Invest In Yourself And Your Future - image of girl on mountain top, freedom success celebration
Photo by Nina Uhlíková from Pexels

Be Your Own Financial Boss

One of the best ways to invest in yourself is to get that spending under control and get to a point where you are debt-free.

While this may seem like an impossibility, it’s rather achievable with a little will power and brain application. When looking at becoming debt-free, we should be looking at realistic goals, technically a mortgage is a debt, but it’s more of an investment, so don’t include this in your debt-free journey.

Your two aims when it comes to being your financial boss should be, chipping away at your debts and also having enough money put away to achieve your dreams.

To get to this point, you should look at making realistic cutbacks on things you don’t need, and this will free up more cash than you can imagine. You should also make sure you take care of stressful issues like life insurance, payment protection insurance and even a funeral plan. Taking care of these will make sure that your efforts aren’t wasted and even in the worst-case scenario, cremations or funerals are taken care of.

Never Stop Learning

We all go through stages in life where we aren’t as productive as we used to be. This is why it’s essential to take in as much knowledge as humanly possible.

It is also important to remember that you are never too old to learn something new. If there is something you have always wanted to learn to do, it is never too late to get out there and start learning now. 

It is far easier to master a task today as we have a wealth of technology available at our fingertips, and we can quickly find all the information we need with a simple search. Enhancing your current skill set will do so much for your mind and your future. As far as personal investments go, this is one of the best.

Find Solid Investments

As we get older, it’s important to have as many income sources as possible. This is where the importance of investment can be incredible for you.

One of the most popular forms of investment is property and should you have the means to invest, you really should. Finding a property that can be let out and leaving it in the hands of a property management company can be a sound investment.

Making an investment of this magnitude may not be for everybody, but one thing is for sure, the return you get will be one of the best investments you can make for your future.

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