Find Your Passion and Start Living It!

Retirement can be an exciting time in your life, but it can also be daunting. You may feel like you've lost your sense of purpose or structure now that you're no longer working. The transition from a full-time career to retirement can be challenging, but it doesn't have to be. If you're about to retire or have recently retired, there's a book you need to read called "So What Do We Do Now?: The Babyboomers Guide to Enjoying Retirement" by Eva Bennett.

Bennett draws on her own experiences of adapting to her husband's retirement, which involved moving to a seaside town. She ranks the impact of this life-changing experience right up there with childbirth. While we had the benefit of antenatal classes and new mothers' groups, there's very little available for impending retirees or the newly retired.

Retirement isn't always what people expect. Recent retirees said they were happier when they were working because they felt they had a purpose and structure to their days. Retirement doesn't mean retiring from life. There's an increasing trend for people not to retire outright, but to start working less. Research has shown that retirees who cease to contribute and to be productive and active, die earlier than those who continue to engage fully in society.

According to Bennett, the beginning stages of retirement are like a honeymoon period. You don't have to get up to go to work, you can play golf or go fishing whenever you like, and don't have to work to deadlines. But the euphoria and the novelty soon wear off. After all, there are only so many lattes you can drink and only so many times you can go fishing. Then what? Life can get boring. We need to re-evaluate who we are and what we want out of life because our former identity is no longer relevant.

There are three stages to the transition from old to new:

1. Endings (where we let go of the past),
2. The Neutral Zone (where we review the past and reflect on what we want to do now) 
3. New Beginnings (where we decide what we need to change or do differently)

As you create the new you, it's important to keep all aspects of your life in balance, including your finances, home life, health, relationships, leisure time, and your purpose in life.

One of the secrets of a healthy, active, and happy life is to feel young psychologically. It's never too late to find your passion and start living it. The so-called Third Age is the time to give back to the community and share your knowledge and wisdom. Being positive is an important part of enjoying your retirement and contributes to living longer. Some people enter retirement filled with negative thoughts and fears of ill health and lack of money. The key to happiness is to be happy with whatever you have.

In conclusion, retirement can be a challenging transition, but it's also an opportunity to create a new and fulfilling life. By reading "So What Do We Do Now?: The Babyboomers Guide to Enjoying Retirement" and following the three stages of the transition from old to new, you can find your purpose and balance in life. Remember to keep a positive mindset, stay active and engaged in society, and enjoy all that retirement has to offer.

The key is to find activities that align with your interests and passions, and to stay open to trying new things.

How Do I Get Into Commercial Real Estate Investing?

First of all, commercial investing is not as hard as people think. There seems to be a stigma surrounding commercial investing. People think it's the big glass 100 million dollar buildings downtown. Sure, it is, but it's not always that. There are many different kinds of commercial investing that you can get into. You can start small and work your way up. It's not as hard as people think. It's not as hard to get funded, to find deals, and sometimes not as much work, once you have the deals. 

Everyone that owns commercial properties are not like Donald Trump. They don't all have their own TV shows, aren't in the news, aren't in the casinos, own sports teams, and don't have the perfect woman on their arm. It's just real people that own most of the commercial properties out there. People like you and me. It's the guy next store. The guy that owns a few Dunkin Donuts stores. There are all types of commercial properties. 

Let's talk about the basics. First off, what is commercial investing? When it houses a business, it's a commercial investment. Business parks, where it's one level, and there are many different buildings, those are commercial rented condos or business offices. It consists of office buildings in office parks. There are also industrial parks which look like office parks, but they are mostly blue collar businesses like manufacturers, warehouses, and storage places. This also includes strip malls where there are Starbucks, Dunkin Donuts, UPS stores, etc. It's one building, one-story tall that's broken off into many different stores. Then we have our indoor malls where there are hundreds of stores inside, which include an anchor store, which is the main store, like a Decathlon or Target to get your attention. There are also office condos which house doctors, offices too. Also, we have warehouses, and even apartment houses. These are considered recession-proof properties. Assisted living facilities are commercial properties as well. Let's not forget about land. People are buying land and putting a cell tower or antennae on the land and making money. 

When you are out driving around, please pay attention to what you are seeing. Start noticing these commercial properties. Start thinking about commercial investing! Commercial investing adds a zero. You can do one deal a year in commercial investing and become a multi-millionaire. Some people have done one deal and it has changed their life, enabling them to retire. Don't let it intimidate you. It just has one more zero on the end! 

One of the things about commercial investing is that once you own the property, it's easier to maintain it because most of the time, you will let the pros handle it. You will have a management team to handle the payments, as well as attorneys and accountants handling the day to day work. There will be less day to day work once you own that commercial property, versus a residential property. Let's face it. If you own one piece of property with tenants in there, you know how much work that is. If you have a few properties, it's even more work dealing with tenants not paying, collections, disappearing tenants, and cleaning it out and finding new tenants. It's a lot of work! Virtually, you can pretty much have the pros do it for you. You can hire a management team, attorney, and accountant. Properties generally throw off enough monthly cash flow so that you can have it all taken care of for you. 

Anything you do with residential properties, you can do with commercial properties! You can buy and hold a house and rent it out, as well as a commercial property. You can wholesale it, get a contract on it, find someone to pay more, flip it, and step out of the deal. You never owned it. You get your finders' fee or spread, but instead of making $3,000 or $8,000, you can start making $50,000 to $200,000 just by flipping commercial deals. Just add another zero or two! Don't let it intimidate you! 

You can also lease commercial properties with the option to buy and make the big bucks! 

All of the same techniques you can use with houses, you can use with commercial properties. Note that one of the main differences is how you get the value. You can have two apartment buildings across the street from each other or in the same complex, and both apartment buildings can be identical. But, if one is 30% occupied and one is 70% occupied, and the first one is worth $700,000 and the next one worth 3 or 4 million, the only difference is how much it's occupied. How do you make big money fast in commercial investing? You find the one that is 30% occupied, find 5 or 6 tenants and bring it up to 70% occupied, and then you sell, get out of it, and make the spread. You can double or quadruple the cost or equity of commercial property by controlling it, filling it, and then getting out of it. It's a beautiful thing! 

Don't let commercial investing intimidate you. Add a couple of zero's to the profit! Consider opening your mind about commercial investing. Start thinking big! 

Article Source: https://EzineArticles.com/expert/Nick_Cifonie/237825

Make Sure You Are Crystal Clear About Your "Invest" Definition

In today's unstable economy, many people are searching for alternative means of making money and creating their own retirement plans. It is becoming clear that corporations and governments cannot guarantee your retirement plan upon turning 65. As a result, many are taking control of their own futures and putting their money into investments like property and shares. For others, it may be a distant dream, but they are not quite sure where they should begin. The definition of "invest" is a broad one and there are several methods. 

Buying a property is considered a fairly safe kind of investment, because real estate generally appreciates in value. There are a couple of different options to choose from. You can purchase a single home, a multi-unit complex or a vacation home to rent out to various tenants; alternatively, you can purchase a home for a low price and renovate it, then sell it for a higher price. Each option has its pros and cons and it's important to do some research before making a decision on which method you will go with.

Becoming a landlord is a huge responsibility, and you will need to become familiar with the local laws regarding tenants. They will be well aware of their rights, so you should be aware of yours. If you consider yourself a DIY person and can install floors, renovate bathrooms and apply a coat of paint, then flipping properties may be for you. 

When you complete the renovations yourself, you save money and increase your profit. When everything has been done, sell it at market value. Once it's sold, you can collect a nice big lump sum of money. Now, you can find another home and repeat the entire process. When you rent your properties, you receive a smaller amount of money, but it is a steady monthly income.

Keeping a lump sum of money in a bank account is not a good wealth-building method. If you decide not to purchase any more properties, another investment option is shares. When you buy the shares of a company, you are becoming part owner of that company. There are many public organisations and companies that offer their shares for purchase. You can get them via a self-directed investment account or a stockbroker. Due diligence and research are imperative before deciding which companies to include in your portfolio. 

You make a profit with shares by buying low and selling high. Depending on the type of company you invest in, you could see profits in just a few weeks, or it might take a few years. Many people buy stocks and hang on to them for at least 10 years; others sell them as soon as they realise they will make money.

An easier option is to invest in Index funds and or Exchange Traded Funds (ETFs) where you are buying a group of companies as opposed to one individual company. Buying into a group of companies protects you when the prices fall as you are not as exposed in comparison to one individual company.

But above all be clear as to your invest definition, and increase your knowledge and resources, you are able to make better decisions. Having a comprehensive plan is a good first step to taking care of your financial security. The time has come to stop depending on governments and corporations to provide your funds for retirement. 

Article Source: https://EzineArticles.com/expert/Mike_McLoughlin/587899

Ladies- What are your Investment Goals?

One of the most important aspects of investing your money is your investment goals.

The first question you ask when looking to invest your money, whether in a new pair of shoes or an investment type, is what outcome you want from your investment. Just as the shoes can provide either heels for a cocktail party or comfortable work shoes, the investment can provide income (such as dividends, rental income and/or profits), an increase in value (which can include property price increases), emergency funds, or a combination of these. 

The main investment objectives are: 

• Capital Preservation-being there when you want it 

• Capital Appreciation-increasing in value 

• Income-paying out money during ownership 

Today we'll look at combining objectives. We all want the best of everything, so naturally we ask why we can't get more than one of these major objectives from an investment. As a general rule, if you are focusing on one objective, then you will sacrifice a little of the return toward that objective when you throw in a second objective. 

This is much like the search for the perfect little black dress that we want to serve two purposes; we want to be able to wear to it work but we also want to wear it to cocktail parties. If it is too formal, then we won't be able to dress it down, but if it is too causal, then we won't be able to dress it up, however, some dresses will meet both objectives. If we focus on one objective more than the other, we sacrifice the goal of it providing the perfect outfit for each type of occasion. The good news is that like the little black dress, there are definitely investments that both increase in value, and provide income at the same time, particularly when an investor considers the overall price trend of an investment class before buying and selling it. 

Some types of investments that are known to pay out decent income are high yield bonds, real estate, commodities. These investments normally pay out the highest income during riskier times, because they have to make higher payouts to attract investors for higher risks. 

This also typically coincides with the low end of the price range for that particular type of investment. When an investor buys such an asset at the low end of the price range, she will receive capital appreciation once the investment increases in value back to more normal valuations. In the meantime, she will receive the income from that investment, so it is meeting two objectives. 

Once again, investment objectives are like most other things in our lives; we begin our search with the outcome we want. 

Begin with first knowing the main thing that you want from an investment; for it to be there when you want it, grow in value or pay out income. 

Understanding and considering your investment goals is one of the first steps toward successful investing that everyone must take. 

The Secret To Fabulous Finances

 Are you sick of living your life on credit? Would you like to have a lump sum of money you can fall back on if unforeseen circumstances strike? How about the ability to generate passive income so that you can choose how you live your life, where and with whom you spend the most precious commodity - time? 

There are only two excuses or reasons why people fail to take action on their dreams so they can live their ideal life. Not enough time or not enough money. These two key areas in our lives limit us and our potential, instilling fear that if we were to take a risk chances are we would fail. The focus generally goes to the negative and undesirable outcome which is what become reality. I would like to give you the tools and strategies to get your finances back on track and design a life that is heading towards you having your perfect ideal average day. 

The perfect ideal average day is one that is just that - average! You are not on holidays or doing things that are unusual. It is simply how you would spend your time if you had the choice to do whatever you like. You may decide to start your days late, read, socialise or go shopping. Whichever way you see it is perfect for you. 

Did you know that more than 25% of people have only 1 month of savings for emergencies in developed countries such as Australia and America? 64% also live pay check to pay check which is a statistic that continues to grow over the years.

Family budgets; I get asked 'What for?' It is staggering to know that people don't have a concept of what is going in, coming out and whether they can afford the lifestyle they are living. This is very scary and unfortunate especially when these individuals start having children and the cost of living jumps up to a new level with often less income and higher expenditure. 

I would like to share with you some of the secrets to improve your finances and start generating wealth that will see you live out your life in luxury rather than in lack. One other famous statistic to become familiar with is: By the time people reach retirement age:

•  1-2% are wealthy 
• circa 78% are on welfare and/or heavily supported by family members 
• 20% are dead 

Which statistic would you like to belong to when you retire? 

Our education around finances starts very early in life. Think about who you had as a role model around you growing up. Were they good with money or just made ends meet at the end of each pay cycle? Our beliefs about how we manage money and more importantly how we make it are set well before we turn 10 years of age.

It is very important to know what you believe about money and finances comes from and if necessary to start creating new beliefs that will serve you going forward. 

I would like to illustrate how beliefs around money are created by sharing my story in this particular area. I grew up in UK and money was never spoken about in our house. I never learned anything about money as it was never discussed in my environment- whether at home, school or with friends. I grew up believing that whatever I earnt I could spend, saving was foreign to me. Everything I earnt in my teens would be predominantly spent on Consumerism.

In my late teens and 20's, I fell in love with credit cards. As fast as I could earn I could spend. I believed that credit cards were the banks money and not mine until I received the bill. I made poor decisions and got into a lot of debt, this built up over several years. I finally threw myself into my career to pay of all my debts. Saving and investing did not occur until my mid-late 20's.

My mindset has now grown to a level that I continue to invest in my education to learn new tools and strategies that get me ahead in my finances. This is why I teach women so they can learn from my mistakes. 80% proceeds of my business goes to those without a voice.

Business Start Up Ideas For Women

Why Are Women Starting Businesses who are fabulous fifties and above? 

A lot of older workers are finding the job market very difficult these days. Instead of staying out of work or accepting lower pay, many are deciding that they may as well start their own business. Women over 50, in particular, are particularly attracted to the idea of being their own boss. 

• These women say they want more flexibility, and having a business allows them to set their own schedule
• The women want more control over their financial lives
• The have an idea/vision, and being self employed gives them more job satisfaction

Let me mention that being self employed is not for everybody. Even though you may have more control over your work hours, you will still have to have determination and discipline to actually make your business prosper. Depending on whether you have an Entrepreneurial spirit or otherwise, certain individuals are much better off working for somebody else. 

I will say that you do not have to start out with rocket scientist skills or a lot of money to invest. In addition, you can start many businesses part time while you still attend to other duties or a "day job". 

What Type Of Business Should Women Start? 

The type of business you will start depends upon a few things. Your energy level, the way you like to work, and your own skills and interests are very important considerations. I tried to filter down these business ideas to things that would not require a lot of capital investment to start, and that could be started on a part time basis. 

Self-service laundry or Vending Machine Business

Most of the experienced owners say that purchasing a good, established route is the simplest way to get started. You will have to do your due diligence to make sure the route is really productive. But this relieves you of the chore of having to find locations to install equipment.

You will have to be responsible for collecting money, keeping the machines stocked, and making sure the machines are in good repair. You either have to do these things yourself, or you have to hire somebody to perform some of the functions. 

This is a good solution for people who like to be active, and who do not want to get stuck in an office all of the time. You will probably need to start out by doing a lot of the actual work yourself. However, if you expand your business, you may hire employees to do some of the work for you. 

Boutique Bakeries are in! 

Small, boutique bakeries, like cupcake or artisan bakeries, are very popular today. If you love to bake, this can be a good way to turn your specialty into a business. 

Depending on where you live, you may require a commercial kitchen. However, you may solve this problem by leasing space from a church or other organisation that does not use their own kitchen during certain hours. 

You can concentrate on perfecting your treats, marketing, and expanding your business. If your business grows, you may consider getting your own commercial kitchen space later. 

Book Keeping/Payroll/Accounting Services

Businesses need to keep track of their finances in good times and bad. You can find a lot of online classes, or you can draw upon your past experiences. This is one business you can perform out of your own home, or in client offices. 

Antique or thrift shop owner

If you’re crafty or artistic there’s a good chance you’ve considered how you could turn that skill into some extra cash, or maybe even a whole business.

Online shops like Etsy allow you to easily turn your crafting hobby into a stream of extra income.

Online e-commerce platforms are created specifically for helping you list your business and products online. Some of the most popular ones include Shopify and Squarespace. If you’re looking for something more simple you could also try selling on Facebook using Facebook’s business pages as your online shop.

What to consider before starting your own business

Even if you feel like you’re ready to start your own business, there are many factors to consider when choosing the type of small business you want to start. You might not be sure where to start, so here are some of the top considerations you should make before deciding on a business.

Will this be your main source of income, or in addition to the income you already make?

What will the business startup costs be? How much do you have to invest in the business as of now, will you need further financing and if so, where will it come from?

How much time do you want to spend on your business? This relates to the first one, is this your main job or a side gig?

Do you want to use skills you already have and monetise them? Or do you want to learn new skills entirely for this new business?

Are You Ready To Be Self Employed? 

Spend some time researching different business ideas. Try to find ideas that will not require a huge initial investment or a very long work week. As your business grows, you may decide to expand. People who start with a small and manageable business idea tend to do well. 

Ladies- Build Your Money Machine

Girlfriend: a 'Money Machine' is a must, and timely to get one. Think of this as a well-oiled piece of equipment that churns and burns as it works for you, even when you don't. A properly tended producing machine is a constant, reliable source of cash flow. If you nurture it correctly, you'll eventually reach a point in your life when your 'Money Machine' takes over for you. When that happens, you no longer have to work. Instead, you'll work only because you love what you're doing. That's financial freedom!

The secret of creating your money machine is the "spend less than you earn and invest the difference" approach. Each month, you give part of your earnings to your investment that compose your money machine. You make sure to regularly feed your machine before you "donate" cash to the nearest multiplex or restaurant or department store. Having your own money machine will allow you to stop working to support yourself so that you can have time to pursue the other things you love. Maybe you'd like to kick back at some point and offer your time for your favorite charity or artistic endeavor - and your well tended sleek machine gets you there. 

And, to do this it takes a firm financial plan that takes you to your dreams. Life is definitely too short to delay pursuing passions, the things that excite you in life, and right now is key. Who wants to be a slave to money-to be held captive to a corporation, institution, or government office by a salary? Most of us would pursue a variety of interests if money were not a factor. We each dream of a lifelong quest-to learn a new skill, to do volunteer work, to start a small business, or simply to have some free time to go out and have fun. With a well-running money machine, you can do it. 

The money machine is designed to be a holding pen for cash that will be invested and doubled again and again until it's sufficient to generate the sum you will use to meet your monthly expenses through out your life. The incredible ability of money to grow works to your advantage, and it is the grease that makes your machine hum. This is the purpose of your well designed machine -to let you walk away from having to go to work each day to earn income. Your money machine will assume the role of providing income to pay your living expenses. At this point, you will have arrived at financial freedom, and once you set up your own personal engine, you will have it for life. 

Furthermore, the money machine allows you to serve your community or other ways that you are inspired to give back. Part of being a well-balanced person-of having a smooth ride on your journey of life -is not only enjoying personal benefits from your money machine, but also allocating some of those funds to good deeds. When we have ample financial resources, we can and must give back some to the society that has helped nurture us and supported our economic well-being. After all, everything we've gained in life has been a gift to us. Giving and sharing are also part of the power and joy of money.

 Your money machine isn't a piggy bank designed simply to hold a bundle of cash. Nor is it the location of one single investment. It is the sum of all your investments wisely invested to enable solid, steady returns. Your designer machine will be producing during the years when income is needed and wanted-and with a surprisingly low level of maintenance. With a well tended money machine, you'll enjoy that good feeling in the pit of your stomach that comes from being able to say, "I've guaranteed my financial future, and I feel great about it." 

Of course, you won't want to take your money machine for granted. As in other areas of your life, if you don't contribute, you don't get anything back. Try having a relationship in which all you do is take. Or try having a job where you do nothing but expect to be paid. Neither one will last very long. In the same way, your money machine depends upon your being a giver, not a taker. I'm talking about being not just a one-time contributor, or an on-again, off-again, sort-of contributor, but a consistent contributor. I'm talking about making the development of you machinery a priority in your life. Because, by looking out for your financial future, you're also caring for your soul and your health. 

When you feed your money machine, you can't dump just any old investment into it. Imagine someone with terrible eating habits, who puts lots of fats and sugars into his or her body. Over time, this person loses energy, slows down, and may even become ill because his or her body is not properly fueled. Your money machine is like your body: You can't put garbage into it and expect a healthy return. 

What are the "fats" and "sugars" of the investment world? There are two kinds of unhealthy investments to avoid: (1) investments that are excessively risky-investments in which you could lose all of your money-and (2) investments that have an inadequate rate of growth-investments that simply won't pay you very much. 

The creation of a Money Machine begins with your first investment, and with the plan you devise to add to it regularly. It is not something that can solve your financial problems all at once, like winning the lottery. It's a process. It might take ten, fifteen, or twenty years to fully fund your machine, depending on how much and how often you contribute to it, when you first begin, and how wisely you select your investments. Building your money machine to create continuing cash for your life, is embarking on a voyage toward financial freedom. 

Article Source: https://EzineArticles.com/expert/Joan_Perry/216137

Ladies- we need to Create Our Dignity Money

So what is "dignity money." This is the calculation of money you'll need down the road in order to live a very minimal, luxury-free life each month. It's your insurance, so to speak, against destitution, facing poverty - or being referred to as the 'bag lady'. 

You can figure out how much dignity money you'll personally need by determining the smallest amount that it will cost you to live each month. Add up what you spend each month for food, transportation, taxes, housing, telephone, utilities and insurance. Don't include any frills. 

One very important basic is your home. If you own your house or apartment, your mortgage or maintenance is likely to be one of your major expenses; it is perhaps your single greatest expense. Paying off your mortgage greatly reduces your monthly outlay and therefore reduces your total dignity-money requirement. For many women, a preference to eliminate mortgage debt is the more safer and secure option. Having to not pay any mortgage yourself is an essential step to achieving financial independence. Calculate your dignity-money needs both ways-with a mortgage and without. Depending on the current size and condition of your living costs, you may find that financial independence may arrive for you only after the mortgage is paid, whether that date is five, ten, or more years from now. 

Your dignity-money calculation can be a rough number; that's okay. It might be $1,000 a month or $10,000. Each person's sum will be different. In any event, your dignity-money figure is the target level of income for the first stage of creating your financial freedom. Your goal is to generate this amount of cash each month going forward so you won't have anxiety about the basic care of yourself in the future. If you already have your dignity money, then you can feel at ease. Knowing that you're financially secure should give you a good feeling all over and relieve whatever stressful flutters you might have had about money. If you have yet to establish your dignity money, then it's time to begin working toward it. Believe me, no outing, new trinket, or other toy is worth the cost of not taking this step. 

How do you figure out how much you need in order to generate your dignity money? The calculation is simple. Multiply your monthly dignity money number that you've calculated by 12; then add a 0. This provides an estimate of how much money you'll need to invest in order to generate the appropriate monthly income. For example, if your minimal monthly expenses are $4,000, then multiply $4,000 by 12 and add a 0. That means your yearly expenses will total $48,000. 

You will need $480,000 in order to provide you with dignity money. Why? At $4,000 a month, your yearly expenses will total $48,000. The rate of return on investments varies, of course, but history shows that a yield is approximately 10% each year. This means that you will need $480,000 in order to pay you an annual income at the rate of 10% per year, or $48,000. The same formula-monthly expenses times 12, plus a 0-works for any expense level. If your minimal monthly expenses are $6,000, you require $720,000: $6,000 times 12 is $72,000; adding a 0 brings it to $720,000. If your monthly expenses are $1,500, then you'll need $180,000. Do your own calculation. 

This calculation requires one important adjustment-deductions based on the inflation rate. Inflation gradually shrinks your money's value. Therefore, whatever figure you compute will be worth less in the future. Consequently, the amount in you will have to be somewhat greater to compensate for the effects of inflation. Unfortunately, no one can know for sure how high the inflation rate will be in the future. A high inflation rate, like the one we experienced in the 1970s, will have a strongly negative effect on the value of the money generated, just like today, we are seeing between a 5- 8% inflation rate in most western countries. Noting that the moderate inflation over the last  10-15 years (averaging around 3% a year) isn't nearly so powerful. The power of inflation grows significantly as time passes. If you are only one or two years away from the time when you plan to ease out of working, inflation will have little effect on your plans. But if you expect to work for two or three more decades, inflation will make a noticeable difference.

Let's say you calculate your dignity money to be a whopping $600,000. That seems like a lot of money, the thought of how to amass such an amount might be daunting. But if you save this $600,000 gradually, rather than all at once, it will be much less intimidating.

Lets have a look at a couple of examples: 

Rachel enjoys her museum work, and David enjoys his work, too. So they see themselves working into their mid-sixties. That's about thirty-six years from today. Using the Rule of 72, we calculate that if their money grows at an average annual rate of 10% (a conservative average return on stocks), it will double every 7.2 years. In thirty-six years, when they reach sixty-six, their current $10,000 investment can double five times: 

o $10,000 = $20,000 

o $20,000  = $40,000

 o $40,000 = $80,000

o $80,000 = $160,000 

o $160,000 = $320,000 at age 66 

So with their current savings of $10,000 alone, they're halfway to their goal! Now all they need to do is squirrel away some money each month in order to meet the other half of their goal. It is likely Rachel's income will increase with raises, promotions, and career moves, and David's contracting business is expanding rapidly. This should dramatically raise his annual profits. As they both eventually accumulate more cash to invest, they will gain more momentum. Another plus: They have only about $50,000 left to pay on their mortgage, so they will own their house by the time they want to ease out of working full-time. 

Lynn said: 'To grow my own dignity money, I estimate that I will probably need $700,000. That means I'll have $70,000 a year to live on." To advance to the next step-to live more freely, to travel several times a year, and to entertain and frolic without guilt at some of her favorite stores-in other words, to maintain her present lifestyle-she will have to have more cash invested - in excess of $1 million. And she likes to dream even bigger, and is inspired for several million dollars. The important thing to note is that  you need to begin with securing your financial necessities and then moving on. And the tools are at hand to make this process easier than our fears would lead us to believe. 

Betty figures she'll need less dignity money than Lynn does. She earns $76,000 a year as a Lawyer at a small public interest firm that specializes in environmental law. Betty grasps the principle of spending less than you earn and investing the difference and is prepared to do exactly that. Right now, her basic, no-frills monthly expenses total $3,500. She is looking for $420,000 to establish her dignity money. "If I cut back my expenses, I think I can eventually squeeze out $10,000 to invest," Betty announced. "That means you have to really shave those credit cards," I reminded her. But if Betty is able to commit $10,000 a year, she'll be in great shape by the time she's sixty-five. The benefits of securing income are pretty obvious. It's possible to handle it all along the way and still have a good time enjoying life as you go.

Article Source: https://EzineArticles.com/expert/Joan_Perry/216137

Women Over 50 - 5 Tips For Financial Independence

Financial independence is the goal of most people especially as we approach retirement. Once we can see that turning

retirement age is just around the corner, thoughts of financial independence seem to become more frequent. Unfortunately, some of these thoughts are more than that. 

They are mild forms of panic attacks and financial anxiety, especially if the retirement nest egg isn't looking great. 

While these concerns affect all people, women over 50, especially those who are single, becoming financially independent is important for our survival, if we are desiring a comfortable retirement. And why shouldn't they be. 

Working for most of our life, retirement should be a reward for our hard work. But if the retirement pot is a bit empty, what can we do to fill them so that our senior years are not on "Struggle street".

For women over 50, here's 5 tips to help you create financial independence: 

1. Create More Income 

Yes it is easier to create wealth by having more income or a higher paying job. However, for women over 50 it is sometimes harder to move into a higher paying job- based on our age, qualifications or prolonged employment gap if we took time out to support family members. 

Perhaps an online or home based business could provide some extra cash, or a part-time job. 

2. Invest Your Surplus 

There are many courses and associations to assist women over 50 to learn how to invest their surplus income to provide for a better retirement. Look for such associations in your local area and start taking an interest in the share market, cash management funds and real estate. With time this surplus correctly invested will compound to build you a nice nest egg.  Femvestorsglobal is an amazing support network of women, in terms of commencing your investing journey. We hold your hand along the journey so you can take control of your finances sooner rather than later.

3. Money Is Taxing 

Make sure you have a good accountant and/or tax advisor to give you great advice on the best investments offering the best tax advantages. While women over 50 need extra income to invest, it is also important to cut your expenses especially by paying lower taxes.

4. Get More Out Of Your Time 

Having more time is a dream of most people. But there is only 24 hours in a day. How do you maximise your time especially with earning money. You engage the power of leverage. 

If you can earn additional income over and above you main job' you will create more wealth. But you are still exchanging your time for money. And there is only one of you. 

What if you could 'employ' a team of people whereby you could earn a percentage of their income. As well as leveraging people you can also leverage time - more specifically time zones. Why not have your team not only where you reside but also in different states and countries. So when you are asleep, your team members in another country are working and you're earning as well. Home based online businesses can offer such an opportunity.

Alternatively, (and I appreciate this is not for everyone!), you could relocate overseas to a country with not such a higher standard of living, so you can accumulate more money with an online business. You have the ability to work anywhere, whilst reducing your monthly out-goings/bills. Ultimately, our money will go so much further,

 5. It Takes Two To Tango

Going solo in life does have some advantages, however, it can also have it's limitations. Creating wealth or extra money can be one of those limitations. 

Sharing experiences and creating opportunities to jointly build wealth is more enjoyable when you're not on your own. 

Note that Women over 50 should never have a sub par retirement. There are ways to ensure this doesn't happen. 

The great opportunity is that there is still time for many of us over 50 to have financial independence. We just need to take action sooner rather than later.

Article Source: https://EzineArticles.com/expert/Greg_N_Reed/245120

Ladies - When Are We Going to Wake Up?

Today's' woman has the all the options in the world, or do we? After all "We've come a long way" But we need to ask ourselves, "Where have we come to?" 

Please read the following statistics: 

• 49% of women over the age of 50 are single and it's on the increase

• Women's retirement income is 26% less than that of men

• 50% of 1st Marriages end in divorce

• 60% of 2nd Marriages end in Divorce

• The average female is expected to remain in the workforce until 74 due to a lack of financial resources

• Married Baby Boomers are expected to outlive their husbands by 6 years

• Of the elderly living in poverty, 3 out of 4 are women. 80% were not poor when their husbands were alive

As women we need to stop making excuses and start playing catch up! 

We cannot count on our husbands, our retirement funds or a Life Insurance policy to take care of us post our working years

The good news is that no matter what your age, there are many great vehicles to help you amass a sizable nest egg which can be invested into a cash flow vehicle

This means you will have additional income which will arrive each month to spend or save as you need. Convinced? Great! 

The next thing you will ask is "Where do I begin?" Glad you asked, if you follow these simple steps you will begin on the journey to financial freedom

1. Stop making excuses. I have heard it over and over "I am not smart enough" or "I don't have the time". Picture yourself in a dingy apartment eating cat food, and you will change your mind

 2. Self-educate 

3. Learn from others

4. Get out of debt

5. Don't put all your eggs in one basket. Get into investing- Real Estate, Index funds, ETF's, stocks to name a few. This is how all millionaires become wealthy. Your goal is to derive income from multiple sources 

6. Personal Development. You have to change your mindset to believe you are worthy

You need to understand how you got to where you are so you do not repeat your mistakes 

If you have a poverty mentality-get rid of it! 

If you are addicted to shopping, find out why and overcome it! Your only hope of success is to change your mindset. 

Remember the definition of insanity is doing the same things over and over and expecting different results! 

These 6 things are a good start to get you on the road to wealth creation. 

If you don't look out for yourself financially who will? 

Don't expect family or the government to be there

Make a change now or live with regret

Article Source: https://EzineArticles.com/expert/Sheila_Carothers/51874

Why Women Stay Poor

Legislation aimed at addressing the earnings gap between men and women has been around for more than 50 years. Despite that women still earn substantially less than men (80 cents in the $) and continue to work in lower paid professions. Progress is being made but not as fast as we might expect.

So how does our conditioning and make up impact our attitude to money and how does that get in the way of reaching our full potential (which should be at least equal to our male counterpart)? 

There are certainly enough motivators. We hate the fact that we don't have enough money, we know we probably spend too much and we certainly know we don't save as much as we should. 

Every day we read horror stores about inadequate retirement and old age poverty. These are still not enough to spur us into action and take control of our income generation. 

The answer lies in our conditioning and is intrinsic to who we are. Until we understand how this impacts our attitude to money, all the changes in legislation and extended maternity leave in the world will not raise our earning levels. 

Our conditioning is determined at a very early age. Some time between the ages of 0 and 8 we are taught a set of values or beliefs. In fact, David McClelland, Distinguished Research Professor of Boston University, proved it could be as early as 0 to 3 when our 'values' are determined by our parents and those most closest to us. These values impact how we feel about and respond to all sorts of things including our attitudes to money, wealth and the types of work we should be pursuing. 

The emphasis on should is deliberate. Values are all about what we believe we should be doing to please others, to please society in general and to fit in. 

For women and money this is complicated. Women today are taught the importance of being financially independent, to be self reliant because, after all, 'a man is not a plan'. However, sometimes the messages we hear growing up are inconsistent and conflicting. On the one hand, we're taught about the importance of money the need to spend and save it wisely. At the same time we are taught that it's just as important to be kind, sensitive and easy going; that the most important thing is our relationship with others and not our relationship with money. 

We are different to men: we are not taught how to be powerful or how to win at all costs. This makes us reluctant to demand what we think we deserve, including equal pay. 

To add insult to injury, going back generationally we were told at a very early age that girls are poor at maths. From this we conclude that we must be bad at finance and managing money as well. As a consequence, we lack confidence in dealing with money, preferring others to take charge. 

If our grandparents were raised during or shortly after the war, we also inherited a mentality of scarcity by our own parents, which continues to impact our attitude to risk and money as we become adults and parents in our own right.

 What has been the result? 

Besides the earnings gap which persists, a survey by the Economist Intelligence Unit on behalf of Barclays Wealth showed that we are far less likely to take risks with our money, whether in personal finance or business affairs. Women tend to place less importance than men on our income from investments and we save to reach a goal. Once the goal is reached we will often act to protect what it is that we have built up. This means we are limiting our potential to create even more wealth and be financially free. 

Men have a different attitude and game plan. The same survey showed that men claim to have better knowledge than women of every aspect of personal finance. They are more confident and as Dr Ros Altmann, Governor of the London School of Economics states, "Men have more of a mindset that you have to just go out and get it and you can see their attitude towards risk taking in the games they play." It may just be a matter of confidence or bravado, but men play to win, take less time researching investment products and invest in the longer term. 

Does this all mean we are doomed to stay poor for the rest of our lives? No! It means that what you focus on is what you get and it's time to focus on getting rich. Being rich is a positive thing. It is about flexibility, freedom and being in control. 

What do we need, to become financially free? 

1. Choose to do something about your financial literacy. 

Financial skills are not innate but learnt. We need to learn financial skills and practice them to gain confidence.

2. Spend don't save 

Invest a defined amount (minimum 10% of your net income) every month into a high income bearing savings account - but don't leave it there. Once you have accumulated enough, buy an asset which will produce passive income indefinitely. This could be an investment property which produces positive cash flow or stocks which pay dividends. Use this positive cash flow to buy a second income generating asset and continue to build assets. 

3. Develop financial goals and stick to them 

After you've built your financial skill, define how much income and assets you need to make you feel 'rich'. This will be different for each individual. If you are planning your retirement fund aim to build a fund that contains 25 times the annual amount you want to have when you retire. So, if you want a total income of $35,000 each year when you retire, you need to have $875,000 in your retirement fund.

4. Reward achievement in investment - don't use spending as emotional support 

A client wanted to buy a new Audi sportscar for $500 per month. Our challenge to her was to develop a stream of passive income to produce $500 per month within a year and then buy the sportscar as a reward. 

5. Network, network, network - but network with financially literate and clever people. 

We are told that we are great at networking so use this skill to build networks with others (both men and women) who are interested in building wealth. 

Article Source: https://EzineArticles.com/expert/Pam_Kennett/31862

Six Reasons Women Make Great Investors!

In the world of money and investing, men and women differ considerably. 

Does that mean that one gender is better than the other? 

Statistics show that there are reasons for women at least: 

1) Women are willing to ask for help and we are not afraid to admit when we don't know something. You hear women say, "I don't know what that term means" or "Can you explain that?" much more than men. 

2) Women are great shoppers and bargain hunters. We know how to look for something that is priced below value and buy it. 

3) Women do their research. Women tend to buy because the deal makes sense, not because we received a 'hot tip' from a friend on the golf course. 

4) Women are less likely to be high risk investors. Why? Because of #3 - we do our homework before making any purchases. 

5) Women have less ego. We tend not to 'brag' about our investments or our rate of return. 

6) Women learn well from other women. This is probably why women-only investment clubs are growing in popularity. We want to see other women succeed and are more than willing to share our experiences and strategies. There is no magic secret to being a successful investor. 

As women, we just need to shift our mindset from "I don't know anything about money" to "I can be a GREAT investor!" 

It's time women took control of not only their finances, but their lives! 

It is a great boost to our self-esteem and a very powerful position to be in. 

Women have been controlling household finances for generations, and making over 60% of all product purchase decisions. 

It's time to go to the next level - the level of controlling our future! 

Article Source: https://EzineArticles.com/expert/Maryanne_Fitzgerald/48987

Ladies- How to Start Investing Today With the Money You Spend Right Now

Many women enter a job market right after school and jump right into life feet first. Money comes in from a job, then goes right out to liabilities, food, entertainment... all necessities and pleasures in life. This is often called being stuck in a "rat race". Every month is the same thing... money comes in, money goes out. Once you're stuck in it, it's very difficult to get out. But not impossible. 

Now, money you make in your job is dependent on your ability to perform a task or function and amount of time put into that task or function. Essentially, it is trading time for money utilising a learned skill. But this can't possibly go on forever, can it? 

In addition not only are we paid less for the work performed, we generally take time out to raise children and/or look after our parents. And when we don't invest in things that will bring in income whether we work, not work or can't work any more, we don't have anything to help us live as comfortably as we are today.

Until most women get into a career role that offers good benefits (including a work related retirement fund), money is rarely put towards investments. Money is made and spent as fast as it's made, giving a women necessities and comforts of life at the time - and then some, but not allowing much for a prosperous future once our income stops. 

Every women at some point in their life must face the reality that a job or even a partner is not going to give us everything we want or need in life - especially a life after retirement age. Investing is something best figured out early in life. 

To understand how important investing is, you must first understand what investing is. An investment is a method of making money from a one-time effort. Sometimes this effort can be intense and take some time, but it can provide income for many years to come without having to put forth that same effort or time. 

If you research to buy a house to use as an investment, you only have to do that research one time. Once you buy an investment, it will make money for you with very little effort. If you write a book and sell it online, you only had to write a book one time-it will make money for as long as it is active on a website or in a bricks and mortar book store. If you research a company stock and find the right one, you invest some money in it, money then starts doing work and then making money without you having to do anything. 

These are just simple investment examples that do take some effort. The point is that making money from investments is a lot easier than making money at a job if you know what you're doing. A huge difference between an investment and a job is how much time and effort someone has to put into making money. The cool thing about investing in the stock market (whether it be traditional buy/hold/sell trading, retirement fund investing such as ISA's or 401K, or options trading) is that you only have to learn how to do it once, keep repeating what you learned, and let each dollar you invest do all of the rest of the work for you so you can enjoy life as it was intended.

Of course there is one HUGE problem that every women faces before she can invest. Where do you get money to use to make money? When living life in a "rat race", you eventually get caught up in an impossible circle that is very hard to get out of.

Don't worry! 

You have money... you just don't know it yet! 

There are ways to make a few changes in your life to start building up "capital" for investing - no matter what type of investing you are looking to start. It will be slow at first, but it will definitely morph into something you won't believe possible.

One way to build up investment capital fairly quickly is opening a "Round Up" Savings Account. This type of capital growing account actually helps you save and build money based on your every day purchases. You attach your bank accounts or credit cards that you spend money on to your Round Up account and for each purchase you make, this account rounds up to the nearest dollar and deposits that rounded up cash into an investment platform that helps your savings grow faster. Not much work, is it? This special investment account does the rest. 

For example, if you spent $20.57 on something, it rounds that up to $21.00. The round up, or $0.43, is placed in your account which is divided among several stocks based on account settings. 

If you make 50 purchases from your checking account in a month averaging $0.35 a round up, you will save $17.50 in that month. That's $210.00 in a year saved just by rounding up these purchases. 

Money invested in this round up account goes up and down with stock market movement. At 5% gain in a year, it will go up by $10.50 more. And some stocks that your money is invested in earn dividends that are automatically reinvested into your account. 

This doesn't sound like much, but over time, it will continue to grow. This is an investment in itself and can grow pretty fast if you are consistently adding to it. If you have extra money you'd like to save during a month, you can also make deposits to apply them to your account to grow your account even faster. 

A Round Up Savings Account is simply a stepping stone to get you to a higher level of investing, which can be a stock trading, option trading, a retirement investment account, real estate, or anything else you can invest that money in to make more money. 

Once you build up some good investment capital in your Round Up account, you can withdraw it whenever you want and use it to purchase assets (things that earn you money - unlike liabilities where you lose money) or to invest in stocks to make even more money over time.

Article Source: https://EzineArticles.com/expert/Jason_Moser/18449

Wealth Building For Women - 4 Valuable Tips To Help Any Woman Increase Their Wealth

Most women are raised to inherently believe that somehow their wealth and financial well-being will be taken care of by others (i.e. marry, inherit). 

Because of this, most women aren't taught how to build their own wealth, or even think to learn it on their own. 

If you're a woman who desires to build more wealth, here are 4 valuable tips to help you get started: 

Tip #1: Get clear

When we experience negative events (such as our parents telling us there isn't enough money), we subconsciously block out or avoid our painful memories. This process of avoidance actually insures that the event will get stuck in the body, at the cellular level, because it is never fully processed and cleared. So, clearing these beliefs is crucial to your wealth. To start, make a list of any negative beliefs you determine you have about money or wealthy people, including the belief that your financial well-being will somehow be taken care of by others. Use a clearing technique like EFT (Emotional Freedom Technique) or whatever works best for you, until you feel clear. 

Tip # 2: Stop your most costly money drains

Money drains sabotage our efforts to accumulate and build wealth. The best way to take control of your wealth is to be aware of where your money is going. I'm not asking you to be perfect, and I don't want you to get overwhelmed with this, just look where your money is going and "plug" any money drains as you see fit. Common money drains include: having more house or car than you can afford, dining out too much, alcohol, cigarettes, fancy coffee drinks, excessive shopping, too many paid subscriptions, happy hours, expensive vacations, not automating a regular savings amount, keeping up with The Joneses, constant parking or speeding tickets, paying overdraft fees, incurring credit card fees and/or interest, late payment fees, lending money to others, wasting food, overpaying insurance (not checking your policies regularly), bad credit, and anything else that is unnecessary and is keeping you from investing or saving. 

Tip # 3: Show Some Respect

You need to consistently show your subconscious mind that you respect money, you are interested in your finances, and you are serious about wealth building. This includes keeping your purse neat and organised, ensuring you organise your bills as you receive them, and pay them by the due date. Have a filing system for all your financial documents and keep it current and organised. Don't use credit cards to buy things you don't need and can't afford. Always know your net worth (= assets - liabilities). 

Tip # 4: Get serious about wealth building

Once you get clear, seriously look at where your money is going, and begin to plug your money drains, you should have additional "free" money every month to start wealth building. 

Here are a few things to consider: 

1. Pay yourself first, and show your subconscious mind that your wealth matters. Determine a set amount (even $5 a week), and have it automatically deposited to your savings account. Don't touch it, just let it grow

2. Automate the payment of your bills as much as possible so you aren't always focused on or worrying about them

3. Focus on eliminating any unsecured debt (i.e. credit card debt). This will give you a great sense of freedom to see the amount steadily decrease and ultimately reach a zero balance

 4. Create an emergency fund and add to it gradually (final balance to target should be equal to 6 months of your income). This will give you a sense of comfort and freedom 

5. Look into ways to create more income (i.e. start a business or side hussle)

6. Start researching and learning about different investments. However, don't ever invest in something you don't understand

Article Source: https://EzineArticles.com/expert/Jeanne_Ewen/719706

Take Action If You Want Your Personal Finances to Improve

We all have our dreams. Everybody wants to succeed, at least in our minds but not everybody will. Below is a list of 25 actions you should take if you want to improve your personal finance situation. 

1. Review your financial position: 

Take a pen and paper, sit down and review your financial activities; from your income earnings to spending. Break everything down into small segments. It could be that your total expenditure outweighs your income. Simple Guide: Create a credit and debit list. Every part of your income, no matter how little, should come to the credit side while expenditures (outgoings) come to the debit. Sum each side up. If your debit is over 30% of your credit, do you still wonder why that financial dream of yours was out of reach? 

2. Create a financial checklist: 

The best way to create this checklist is to break each financial matter down into months (includes insurances, mortgage, rent etc) Many people have this false belief that they have everything sorted out in their heads. The more reason they fail because human beings are susceptible to memory loss. Sort them out in black and white instead, and a new level of motivation will come on you each time you look at the checklist. Alternatively, tools such as PocketGuard and Spendee can help you do this. 

3. Set specific financial goals: 

After creating the checklist, the next step is to set your financial goals complete with specific dates. That is only when your wishes become goals since the dates act as deadlines thereby putting you on delightful pressure to beat them. Any goal without a specific date of achievement is not a goal. You are merely wishing. Sadly, this is what many people do. By specific, for example- I will make $60k by 24 November 2021.Then it becomes a goal that you can wake up every morning and chase around. 

4. Have a savings plan (budget): 

The failing of many people is that they are never faithful with the plan. This shows indiscipline. Learn to set and work within your plan. That way, you can meet most of your financial obligations. Otherwise, will only put you in bad debt and make you miserable. If you cannot plan in black and white, there are wonderful digital tools and apps such as YNAB and Mint. One thing you must never do is to simply budget in your head. 

5. Spend what is left after you have saved: 

Learn to live by this rule today. For every dime you earn, save at least 10% of it. Now, this is the difficult part: many people aren't disciplined enough to do this. More so for Entrepreneurs as the key to achieving this is to separate your business income from your personal finance

 6. Leverage on good debts and avoid bad debts: 

Everybody should like debt. This is a principle of the wealthiest people in the world. Good debt brings you more cash flow and if well managed, sets you towards financial freedom. Bad debt on the other hand, brings you unneeded luxuries, put serious pressure on you and can make you miserable. Good debts are incurred towards fulfilling rewarding financial obligations like the purchase of businesses, investment and stocks or real estate; these are things that will compound your financial interests over time and make you independent. Bad debts are taken out to buy non-essential luxuries such as cars, holiday trips and expensive dinners. These luxuries don't compound wealth. Rather, they take what you already have. Decide which one you want. 

7. Pay off your smaller debts first: 

By now, you must be saying 'but I am in debt already. My debtors are breathing down my neck'. All well and good. Make it a point of focus to liquidate your bad debts. Start by making a list of your bad debts in order of their sizes. Then settle the smaller debts first. Any debt that is fully settled should be cancelled out before moving to the next. The logic behind this is simple. The smaller the debt, the easier it is to pay off. With each debt cancelled out, the more confident you will become of liquidating the bigger ones. This confidence brings with it desire not to keep going through the show of cancelling out debts every year. In other words, you'll become a better manager of your finances. 

8. Live your means: 

This must be a strange one. I have heard many people advocating that people should live below their means in order to have reasonable savings. Well, I actually believe people should live their means. If you can afford to conveniently buy out a business, why not? The key to living your means is convenience. In measuring your convenience level at taking on situations, you must be truthful to yourself about your financial situation. You might be on $10k per month salary and feel you can live in a two bedroom apartment in the city. You should calculated the other supervening expenses like monthly food, clothing, bills and transportation to know how much you are left with to contribute towards the means you want to live. 

9. Avoid having entitlement mentality: 

Nobody owes you anything in life. So quit that lazy mindset. You are solely responsible for the decisions you make; for your successes and failures. Once this is firmly ingrained in your mind, the zeal not to fail will become a greater motivation that pushes you towards making smart financial choices. You will learn the act of taking responsibility. The most successful entrepreneurs don't sit down and wait for goodwill from some family members or friends. They struggle their ways through web of failure until the elusive success is captured. Then they work harder to keep the success. You should also have that mindset. 

10. Avoid the lottery: 

This might not go down well with some lottery lovers but if you don't have firm control of your personal finance, then stay off the lottery. You spend money time and time again in the hope of becoming lucky and hitting the jackpot. But what if you don't? Let us even assume you win. Have you taken stock of how much you have contributed to the lottery over the months and years and if what you won is it up to your contribution? A few will be lucky to hit it big. However, a vast majority of people won't. 

11. Operate 3 designated bank accounts: 

I am advocating this because most times we tend to draw from a single bank account to solve our personal financial challenges. The danger in this is that such practice is an enemy of financial planning and often runs people dry. If you are serious about securing your financial future, then have 3 bank accounts where you save at different times. The first should be for savings and this could be your salary account. The second is for emergency while the third is for philanthropy. Since you're working on a budget, you know which account to go to on each occasion and discipline will stop you from touching the other accounts when you have no need to. Finance experts like Robert Kiyosaki advocate this strategy. I recommend it also. 

12. Track your net worth always: 

Do you really know how much you are worth? The problem is many people have a false sense of security. They believe selves to be worth more than they actually are. People who take control of their personal finances make it a habit to track their net worth always. Quit blushing over your assets. Try removing your liabilities from those assets to get an idea of how much you are really worth. Whatever remains after you have subtracted your liabilities from your assets is what you are truly worth. 

13. Diversify your investment holdings: 

Diversifying will help you to minimise your investment risks. Smart working entails you have your risks spread in different sectors. If your investments in a sector fail, your investments in other areas will help to mitigate the effect of your loss. There are many reasons why you should diversify: loss of business, inflation, taxation, government policies and political instability are a few of the reasons why you should never remain in a single sector as an investor

14. Create passive income: 

This is a key to financial freedom. To build passive wealth, you must be involved in activities or buying assets that generate you more income. To boost your personal finance this year, start engaging in activities that will generate you income even when you are not seriously working. Leverage on technology and get involved in online businesses, invest in viable businesses and watch your income compound

15. Learn the rules of investing: 

That you want to diversify and create passive income does not mean you should not follow the rules of investing. The first rule of investing is that you should never invest in what you don't understand. Get adequate knowledge before plunging your hard-earned money. The second rule is that you should never invest money you cannot afford to lose. Investment can be a risky venture, so have liquid cash you can fall back to if the investment fails. There are other rules you should learn such as the principle of compound interest, legal framework of what you are investing in, and so on. 

16. Engage in your passion and have fun: 

Some people are miserable because they are not doing what they love. Some are stuck in jobs they hate just for the salary. To do great things in life, you must be passionate and enthusiastic about what you do. I love providing business and financial solutions to people who need them. It gives me joy. Learn to be passionate about what you do. That is when you can have fun and enjoy life to the fullest. Not loving what you do can drive you to make poor financial choices. If you hate what you are presently doing, here is a tip: give yourself sufficient time to properly invest in what you are passionate about. Then move on. 

17. Exercise to keep both your body and mind in shape: 

Engaging in physical exercise keeps your mind at alert and your body in great shape to take on any physical activities. 

18. Take your health seriously: 

All your goals in life will go as far as your health permits. Your health is your number one wealth; therefore you shouldn't be careless with your health. 

19. Be flexible and always adjust: 

We all want to appear to be in charge, that we have planned ahead and are ready to take hold of our financial situations. However changes will occur along the way, some of them beyond our control. The people who take biggest control of their personal finances are people who adjust to favorable evolving trends. They are spontaneous in their approach towards life. The danger of being rigid is that you are not open to new ideas and opportunities. You are stuck with your viewpoint, with your personal understanding of doing things which may be what is limiting you. Surround yourself with intelligent people who support you as well as who can challenge your thinking.

20. Work smart: 

Have you noticed that while you are stuck in your 9-5 job for a few thousands every month, another person works few hours and earns far higher than you? The rule of the 21st century is working smart. While I loathe laziness and cannot encourage it, yet your hard work should be embedded in working smart. Think of disruptive ways you can engage the public that will generate you more income. Do you have large following on social media? You should leverage on that and promote your passion. Create reasonable awareness. The more awareness you create, the more people that need your services will seek you out. You don't have to wait for the big bucks to come to you so you can rent the best office space. Take advantage of technology and start with what you have. Today, you just need a mobile and a social media account.

21. Leverage on technology and automate savings:

This is the age of technology and everything is going digital. You cannot afford to keep living an analogue lifestyle. Get accustomed with the various available technologies that can help boost your personal finance this year. You can automate your savings and spending so that you don't exceed your savings plan

22. Get involved in Philanthropy: 

I believe that giving is an effective way of receiving. There is fulfillment that comes with helping people around you to be better than they were. It is about doing the little things to improve the circumstances of those around you. You can engage in serving your community. If you have enjoyed some excellent services from a startup, you can help that business survive by a little words of mouth marketing. Doing such little things go a long way to impact on your personal finance as you will be seen as a trustworthy person whose recommendation is genuine, and this is amazing for you mentally and your business if you have one 

23. Have a retirement plan in place: 

Some people think retirement is working for decades and retiring to a life of pension. Retirement is planning for a life of less stress at work, not that you stop work altogether (unless you want to). Even if you own a company, you should give way at some point for younger, more dynamic leadership while you take on the overseer's role. So what are your retirement plans? Do you have insurance in place? How about retirement savings account? Have you buried your finances in different investment portfolios that will generate you income in years to come? Do you have any shares or stock holding, and more especially, do you have any real estate investment? Have you taken time to study about some government policies in your country and even study some government introduced financial incentives to know if it's a risk worth taking? I have seen some people go broke after retirement because of lack of adequate planning.

24. Have a mentor: 

I believe so much in the power of imagery. You can only conceive an idea after you have built images in your mind. That is what mentorship does to you. Whatever financial race you are in today has been won in the past by another. So make a mentor out of that person. Use their struggles and triumphs as a guide so that you can arrive faster at your destination than they did. There is no point making some mistakes if they can be avoided.

 25. Start today, it's never too late: 

Finally, it is never too late to start planning towards your financial independence. You can start putting in the hard work now and realise the benefits later. The danger is in not starting at all. 

Article Source: https://EzineArticles.com/expert/Isioma_Isichei/2515969