The mindset to posses and actions to take to get out of debt

debt freeDebt can be a very worrying thing to have to contend with in the already stressful world that we inhabit currently, where many worries about family, career and children jostle for contention with each other. At times, it can feel like you are spinning several plates at once and there is no respite from the problems that you face. Having debt can understandably induce anxiety but there are certain things you can do to get out of it, most of which is to do with how you act rather than what you do.

Although it might sound like quite a patronising thing to say, the first thing to do is to stay calm and not go in a fluster. When the mind is in an agitated and febrile state, it can think really irritated and not think rational thoughts. It is certainly a mindset which is not conducive to getting out of debt, in fact it may make the problem worse and magnify things to seem worse than they actually are. However, keeping a level head and behaving like an adult will help you become debt-free in the long run. A mature temperament is key to dealing with situations like these.

Another thing that you have to do is to accept the situation as denial is not going to help matters. You have to realise that there is a problem that you need to sort out and it takes some time to come to terms with it. However, the basics of situation is that the sooner you accept the situation, the sooner you can do something about it.

Also, the support of your family and friends is essential to getting through this time. They will be able to give you impartial guidance. Indeed, they may have been in a position like this themselves previously and be able to empathise with what you are going through. It is likely that they will be financially-skilled and will have the capacity to sort your finances out. The best thing to do is to plan and ascertain a long-term plan to be free of your debts and do yourself a favor – visit for stock alerts the best penny stocks to watch that will help you grow your investment portfolio.

Going through all these steps will safeguard you from future debt and allow you to become better and more balanced in your life and be free of one stress. The key thing to remember is to have a long-term goal and gradually work towards being debt free and a better financial future.

What’s more important in a career: money or happiness?

It is the million-dollar question in the workplace at the moment, whether money or happiness is most important in a career. It is quite a hard question to answer, with numerous viewpoints that can be dissected on the issue.

money or happiness

The obvious answer is money as it is quite a tough financial climate that we exist in at the moment and any extra money which could be incurred from a progression or advancement at work would be very welcome to most people. It can allow them to feel more stable about the future and make sensible informed decisions about money and stocks, and most importantly, piece of mind. This could contribute to their happiness. However, the flip-side of this is that with more money can come more responsibility.

Often, if one accepts a pay rise at work they have to do a lot more tasks and their workload expands considerably to justify that pay increment. This may make a person become quite happy and if the workload becomes really full on, they may miss spending time with their family to cope with it. This is not a good situation to be in at all and it can cause tensions at home if a partner deems that their spouse is placing the needs of work before theirs.

However, this is not always the case and a pay rise can often signal a rise in someone’s status and profile. It can be a reward for a lot of years of service and the loyalty and consistency that this person has offered over the years. Every human being has a need for commitment and belonging and a pay rise can often fulfill a lot of this criteria. Furthermore, if a person is subject to a pay rise, this can make them feel empowered and gain an increase in their self-confidence and esteem, thus boosting their character and happiness in general. A promotion at work can alter an individual’s personality for the worse though and sometimes this needs to be kept in mind.

In short, money and happiness are two very important things in life, although they will mean different things in life to a lot of people. For some people, particularly the career-minded, their job is their life and this is what brings them happiness, not the money and financial reward that the position provides. Others may be more financially-driven and show less of a regard for happiness and well-being, believing that money is the primary determinant if these.

The importance of saving money as a young professional

It can be hard being a young professional in today’s era. You may have just got your degree and just be starting out, but the world doesn’t hold you any favors and it can be quite a maelstrom to navigate. Financially, it can be tough as well, because people at this stage in their life tend not to have a lot of money as they may not have been working for very long, hence the lack of savings. All of this emphasizes the need to save money and protect your future life.

It may be fairly easy for a young professional to get a job in the present climate, but a harder task is possessing the dedication to save and not waste money on the countless other pleasures which life offers at this age. A good grounding and diligence is needed to build up the amount of money which is needed for long-term financial stability. This is an important thing to have and is not to be underestimated- many people regret not saving when they were younger and the cramming they have to do in later life to make up for that all seems rather unnecessary if they had just made the right choice when they were younger.

saving money as a young professional

Saving doesn’t just bring you security, it brings you valuable piece of mind too. It makes you a little more relaxed about life and it means you can maybe enjoy yourself more than if you were financially unsecure.

To increase your savings efforts, young professionals should also look to invest their money in the stock market. One of my favorite sites is Small Cap Momo, who provide their audience with a great list of penny stocks to watch and the ultimate stock alerts on a daily basis.

Investing wisely can exponentially increase your savings rate over a long time frame.

Furthermore, it puts you in a favorable position to land a mortgage so you can actually own your own place and get on the first step in the property ladder, which not many people do when they are young. The reason that mortgage companies may be more likely to accept an application from someone with plenty of invested capital is because it shows you are mature enough to handle a mortgage, given that you made the sensible choice to set aside a portion of your income each month instead of blowing it on other temptations.

Furthermore, it means you are less likely to defer on payments of the mortgage as you have the necessary assets saved up so that you can act wisely in the case of disaster. Saving copious amounts of money does not only bring security- it is a massive safety net and enhances the quality of your life in many ways as well.

Teaching children how to become sensible with money

Children are well-known for being fairly lax with money, perhaps because they have no concept of its value or because they have never been in the position of being financially responsible for a significant other. However, there are certain things which a parent can do to educate their child about the importance of being sensible with money.

be sensible with money

Education starts from a young age and financial education is no different. Involve children in all household decisions as early as possible, within reason. Examples of such tasks may include compiling a shopping list together and working out which would be the cheapest value to get when walking round the grocery store. Maths comes into this sort of thing, so financial education also has applications in a child’s schoolwork as they might help their parent work out the best value of a product by a unitary calculation.

Another thing that a parent can do to educate a child about money is to give them a bank account and have them subscribe to a reputable stock investing newsletter for the best penny stocks to watch. Saving is one of the cornerstones to a stable financial future and the sooner a child appreciates this, the better. It will pay dividends for their future life if they grasp the importance of savings in their teens.

When they are old enough, accompany them to bank and help them set up an account. If a child is given pocket money, then they could be perhaps encouraged to put aside a little each month and put it into the bank. If these sorts of habits are ingrained at a young age, then they are more likely to replicate them in the future. As the child gets older and develops into an adult, then they can be given more autonomy and responsibility of the bank account and be trusted to open it themselves and access and withdraw money when they see fit.

You could also pay your child to do chores round the house. This is quite a common thing for a parent to do but it instills a work ethic and sense of discipline in the child as they realise that they need to work for any sort of financial reward and that it is not simply handed to them on a plate. This introduces them to the world of work and some adult habits to prepare them for the transition into adulthood. They may appreciate money more and derive some satisfaction if they have earned the money themselves.

Running your own business and why not to give up

self employmentIn a culture of workplace dependency and bosses not being particularly friendly to their employees, there is a growing trend of workplace discontent, with a significant proportion of employees reporting that they are not particularly satisfied with their jobs. It is unsurprising, given that the expectations and demands on workers are higher than ever before, potentially reaching unprecedented levels.

This has led many individuals to consider setting up their own business as a solution to these problems. On paper, this looks like a fantastic prospect- no having to answer to a superior, being able to reap the benefits of what you make and being able to have the responsibility to set your own working patterns and shifts. It seems a ready-made solution to alleviate the workplace blues and get free of any stress. However, things aren’t quite that simple.

Many people quit with their businesses as they do not pre-empt the inevitable barriers that they will face. Reliable sources have elucidated that it can take 3 years for a business to become fully established and get off the ground. This is quite a significant time period and one which a lot of people are not willing to observe. This is perfectly understandable given the tough financial climate that we exist in today. However, there are ways round this.

The first is to start setting up your own business whilst you are still employed by someone else. This may give you a very heavy workload but it is worth it for the long-term financial and personal freedom that you will get if your business takes off the ground. If you take this strategy then you have the security of remaining in a full-time position so you have income coming in and your position in the financial state of affairs is not so precarious.

The other thing to observe is to identify a niche in the market. Your business should offer something where there is a gap in any service provided or a shortfall in expertise and advice. Furthermore, you should passionate about whatever you are marketing in your business as this will give you all the incentive to succeed.

The final point to note is never to give in. There will be tough times but sometimes in life you need to think about what you are working towards rather than what you have got. Instant success is gratifying, but not always sustainable. Gradual improvement is much better in the long term.

Money and Relationship Breakdowns

money and relationshipsMoney can be a touchy subject at all times for couples as there is a certain commitment to these sort of matters when you are in a relationship and there are power connotations and a whole host of underlying issues which pervade the subject. However, there are some steps which can be taken to ensure that there are minimal arguments over money.

Envy can often be the precursor of any arguments which involve money and in some cases this is quite understandable. If a female is the main breadwinner in a relationship, then the male may think that his masculinity is being challenged, thus hurting his pride. However, this is a contemporary environment and gender stereotypes have changed. Couples need to come to term with the fact that what someone earns is inconsequential in a relationship. Couples are united on the money front. Instead of focusing on an individual’s earnings, they should instead focus on their pooled income as a couple and be united in that aspect.

Another suitable condition for harmony on issues pertaining to money is to be very clear about who is responsible for paying what bill. It may be useful to write this sort of thing down, although not in a formal capacity. It is a good idea to be explicit about who pays for what as this can facilitate harmony and avert any disagreements and confusion as to who pays what.

When making these sorts of decisions, it is best to be proportionate, i.e. the person who earns more, should pay more towards all bills and household costs. This could possibly cause some arguments at first, but this is undoubtedly the best way to do things and it is also the fairest too and leaves all parties happy.

Perhaps something else that should be kept in mind is that money should not be the most important thing in your relationship, spending time together and matters of the heart are far more pressing and they should take up most of your time, not debating financial matters. Money is an important issue to discuss, but everything should be finalised with the minimum of fuss so you can get on with enjoying each others’ company, which is the whole point of such a union. Even though it makes sense to be prudent with money, it is also a good idea to splash out on a nice meal once in a while, to stimulate a harmonious relationship.

How to make more money from your job

make more money from jobEveryone wants to make more from their job in this day and age with the current economic climate, where prices are going up and inflation is on the rise. There are a wealth of hidden benefits in your job which could make you a lot wealthier if you are clued up on them.

Overtime is one of the most obvious perks of a job. It is quite easy to obtain as well. Overtime is where you work in excess of your contracted hours, often at an enhanced rate. This can be done on an ad-hoc basis or with an arrangement that you make between yourself and your employer. Overtime can really increase the amount you take home each month. You get out of life what you put in- the more effort you put in, the more money you make. Simple.

A pay rise is the most obvious method of increasing your pay which naturally makes it the hardest one to obtain. However, if you put in enough work and show dedication to your job then you are doing all that is possible to earn one.

Companies also tend to offer healthcare benefits to their employees as part of their reward schemes and care packages. Make sure that you are fully aware of this so that you can claim all that you are entitled to. Some people may have access to more benefits than others- married couples for instance. However, it may not just be healthcare that your company is offering- it could be subsidised childcare or a gym package as well- both of which are conducive for keeping employees at their desk in good health. It is mutual benefit- the companies will get something from dishing out these goodies to you.

Some firms also offer time in lieu to some hard-working employees who have exceeded their weekly hours. This is often more preferable to overtime as the companies are not having to shell out any extra money for this benefit. However, if an employee were to work through their holidays or on other undesirable trading days (like a bank holiday), this normally drastically increases their rate of pay, sometimes by as much as double or even triple.

Finally, there is another way to make money – investing. Many people invest in bonds, but for quicker returns stocks and penny stocks are most popular. These instruments can be very risky however, and knowing what penny stocks to buy with limited risk is near impossible for a beginner. Therefore, I would recommend you stick to stable blue chip stocks when starting out, and always invest in small amounts.

Essentially, there is quite a lot of money to be made from your job, you just have to work hard to earn it as there are assorted benefits packages which may need to be discovered.

How to budget while studying at University

At University, it can be quite tempting to be blase with money as students often have a lot of money coming into them from an assortment of ever expanding grants and loans. As many of them are at an age where they have not had too much financial responsibility, they may be tempted to spend all the money rashly and live life to the full. They may lack the experience to think sensibly about the money which they have and make rational decisions about putting the money away. Alcohol is another source of conflict at University, with any students opting to splash out money on this and going to clubs rather than the more wise choice of food and living costs.

Essentially, the first thing that all students must do is draw up a budget and stick with it. They should make a list of all protracted weekly outgoings and the income they may get. The best thing to do with a budget is to over-estimate the amount that you will spend so that you have some margin for error and can live within your means. Everyone deserves a treat once in a while and budgeting in this manner will allow one to splash out on the occasional luxury such as a night out or going for a nice meal.

how to budget while at university

Another viable option to be stable financially is to get a part-time job. This would be a fairly simple thing to obtain as many firms like bars and shops are always on the lookout or new staff and appreciate the seasonal nature of the employment when they take students on. They realise that students will not be there for the long term and are happy to have a high turnover of staff and keeping things casual. A job can be a useful source of income which can be fitted around lectures and other commitments.

As well as all this, it might be a useful idea to see if there are any additional scholarships that you could obtain (people from disadvantaged backgrounds are often good candidates for this sort of thing) and source out all additional funding pots. Regularly putting a lump sum into your savings account is another useful strategy to secure financial stability and a good long-term fiscal future.

Essentially, if all the above steps are followed and spending does not reach too high a level, a student should be ok financially at University.