While your bank account might be a far cry from Bill Gates’, that doesn’t mean you can’t take action to build your personal wealth. By adopting the practices below you can learn how to build upon your existing funds, how to expand them, and what to do in the future to ensure your financial stability. Attaining and maintaining wealth stems from smart financial habits. The sooner you implement them, the sooner you can reap the benefits.
Create Motivating Goals
Nothing motivates quite like a goal that gets you excited for the future. Create the type of goals that are not only attainable but make you want to strive to achieve them. Write down a list of both short-term and long-term goals you can take steps towards achieving each day or week. You’ll have a clear direction of where you stand and where you’re headed.
Utilize a Plan for Spending and Saving
Budgeting is one of the simplest things you can do to gain wealth, but it is often overlooked. Use an app, make a spreadsheet, or write in a journal, but make sure you’re keeping track of every purchase and every income source. You won’t be able to fully take advantage of the opportunities available to you unless you have a clear grasp of your finances before you start to invest and grow.
Reduce Spending & Generate New Income
To maximize your profit potential, find ways to reduce your spending. No matter how small your cutbacks may be, they will make an impact. Create realistic goals on how to cut back and make headway each day towards that goal. Once you’ve made the necessary cuts, find ways to generate new income streams. Acquire a rental property, use your home as an Airbnb, create an online store, or invest in entities that can provide passive income. By having multiple revenue streams you can still keep a stable income even if one goes through a less than ideal period.
Invest to Create Passive Income
Want to make money without doing hours of work each day? You need to invest and invest wisely. Find ways to invest some of your profits back into what is fueling your growth. Choose different avenues in which to invest your funds, such as stocks, bonds, IRAs, and more, to diversify your holdings. Don’t forget to add to your savings accounts each month to continue to earn interest and build upon your nest egg.
Keep an Eye on the Market
A lack of awareness of how the stock market is doing can directly impact the success of your personal finances, especially if you have a lot invested. Changing interest rates can alter your long-term costs and market shifts could alter your passive income sources and require small to massive changes. Adopt a long-term mindset for the best chances of success. Take full control of the way you use your money so you can make necessary changes that spark new opportunities to grow your finances and wealth.
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The global travel industry is perhaps one of the biggest backbones that help support businesses and social-economic prosperity. Statistics show that the multi trillion-dollar air travel and tourism industry ferried an annual average of about 1.19 billion passengers in 2016, a figure expected to grow to about 1.8 billion passengers by 2030. Research and development in the sector is leading to the birth and growth of new startups, designed to make the industry operationally effective and efficient. Here is an overview of the top travel startups today.
AirBuy was launched in 2017 in Massachusetts as a startup platform that allows travelers, online travel agencies, airlines, and airports to optimize their duty-free purchases as well as revenues. The platform gives travelers a personalized service where they can log in and pre-order duty-free items in available duty-free shops in airports before arrival. The full-fledged platform allows passengers to pay for the items through their e-wallet and have the items pre-shipped to a convenient place to pick up upon arrival at the airport.
HeyCars is a platform launched in 2016 and is designed to allow travelers to book cab services to facilitate airport transfers. The service is designed to offer 24/7 customer service at the airport and can have passengers pre-arrange and book their cab services days before they arrive.
Timeshifter is a Danish tech startup designed as an app suitable to help passengers who travel long distances to reduce the impacts of jet lag. The application is designed to prompt the user to adhere to a specific routine, especially immediately before boarding, during the actual travel, and after arrival. One can, for instance, recommend a traveler to stay awake or sleep, contrary to his or her usual routine.
Qiantech is a Chinese travel startup designed to use artificial intelligence and augmented reality to give travelers and tourists an exceptional experience as far as navigation of tourist attraction sites is concerned. The augmented reality system is particularly useful in parks and museums and allows tourists to immerse into a dynamic environment while viewing displayed items from an entirely new angle.
We cannot predict the future. Life, as many have stated time-and-time again, just happens. In fact, if we could go back in time, we would certainly do things different. For many college students, they do not necessarily comprehend the sever ramifications that student loans, credit card debt, and other necessary obligatory expenses such as rent, car payments, and even living and social expenses have on your savings. But it is not too late. While you cannot turn back the clock, you want to make sure you establish a strong holistic understanding and financial strategy to gradually build your savings and investments into large sums.
Keep in mind, the ability to save is a process. Accumulating a strong financially healthy wealth does take time. While it may not be able to see the immediate results within just a short period of time, you want to make sure you do your due diligence and establish that plan so that you can reach your financial goals.
Below, I have provided five financial tips that every millennial must take advantage of. These helpful tips will establish that necessary path and secure your future for the better.
- Establish your Financial Goals
It is important to think long term when it comes to saving your money. As much as you want to enjoy it, you cannot be too frivolous and careless with your cash. To do this, it is absolutely imperative that you plan with a goal in mind. Like anything in life, you want to make sure there is some type of positive end result. Similar to that, with your financial situation, you want to backwards plan and establish short term and long term goals in order to build a strong and viable financial plan. By having these goals in mind, you will be able to anticipate for any future cost and set tangible and logistical objectives of what you can and cannot spend at a given month. Certain goals can be the following: housing, car purchases, big financial purchases, vacations, educational cost (graduate school), or even retirement.
- Begin retirement planning immediately.
The biggest mistake many millennials make is that they do not take advantage of the benefits of their first job. Some come in with the mentality that this position is short-term and temporary. Others believe in waiting until they are officially settled. While it is important to feel secure, you want to make sure you leverage those financial packages to your fullest. In addition, do not be frivolous with your paychecks. Getting your first paycheck can be exciting. But it does not give you the right to spend it on any and all desires. Instead, think of your financial future. Start building your wealth so that you can be financially stable in the long run.
- Build Up an Emergency Fund
As a young professional, you will accrue many expenses in your life. Within three months, you have enough understanding of your net income, expenses, and savings. While it may be difficult, make sure you establish an emergency fund for those worse case scenarios. At the end of the day, we cannot predict the future. Because of that, you want to make sure you are prepared for any and all hiccups life will throw at you. To do this effectively, create an emergency fund that covers at least six months of living expenses. This sum can be used for a variety of situations such as job loss, career transitioning, car expenses, medical expenses, etc. Remember, it is all about putting your mind at risk. The worst thing you can do for your future is by finding yourself in a situation where you are unable to pay the bills. The emotional time and financial burden can absolutely be alleviated if you have this plan in place.
- Stay Consistent with your Savings
This is probably one of the most important steps you should understand. It is also the most difficult. As a millennial, the world is at your fingertips, you will have a vast amount of opportunities to travel and buy all the things you want. But as great as those external factors may be, they are, in it of themselves, incredibly costly. When it comes to your personal savings, you want to make sure you are staying consistent. Consistency will be the key factor in where you will financially stand in the future. Remember this, material items won’t be able to pay your student loans. Be smart about your money and stay consistent.
- Create a Plan
When it comes to personal finance, you want to make sure there is a plan in place. To help you with this, try establishing the ‘50-30-20’ rule where 50% of your revenue goes to any external expenses, 30% goes to your savings and retirement plan, and 20% goes to your social expenses. By establishing a strategic plan for your money, you will be able to take control beyond the sea of bills and expenses and foster the groundwork need for your future.
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TedTalks is a daily video podcast that provides the world’s leaders, thinkers, and game changers to discuss various topics such as science, business, global issues, the arts, and much more. In this TedTalks, Alexa von Tobel addresses the problems of personal finance and how the of knowledge can hold many young professionals back from a long and fruitful future.
To begin, Alexa von Tobel examines the lack of responsibility and unawareness many young professionals and college graduates have with their personal finances. While there are a number of reasons why many of these individuals are not paying attention to their savings, Ms. Tobel highlights one of the most reoccurring factors she has heard from a variety of people, anxiety and stress. She begins her segment with short adaptation highlighting the ups-and-downs of her hypothetical friend and her struggle to financially budget her expenses. Through this quick five-minute story, Alexa was able to provide the audience with various real-life examples of certain external financial factors that can negatively impact anyone’s financial health stats if it is not taken under control. For millions of Americans all around the nation, especially millennials, this situation is a tragic reality.
But how can you control your expenses when you have college loans weighing you down? How can an entry level salary pay all of the necessary bills while also saving for your future retirement?
While of course the idea of assessing your financial health maybe intimidating, and often times confusing, gaining a general understanding of your financial savings will play a large role in how secure your future be later on down the road. To do this, Alexa highlights five money principles you should live by:
- Follow a budget. Live beneath your means.
- Be debt free. Pay cards in full.
- Have an emergency savings account.
- Negotiate a stronger salary.
- Save for your retirement immediately.
By grasping your personal finance through Alexa’s five principles, you will be able to take that much needed control of your expenses and plan effectively and strategically for your future. Yes, this will take time. But by examining your personal finances now, you will be able to maximize your chances in securing all of your wants and needs while also taking care of the necessities such as your bills, loans, expenses, and retirement savings account.
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A parent’s job is never quite finished, even when the kid has grown up and moved out of the house. Today’s crop of young adults carry a significant amount of debt – an average of $35,000 for people between the ages of 25-29 according to a recent PNC Financial Services study.
CNNMoney offers a few suggestion for parents who want to give their kids a hand with their debt without taking on the burden for themselves.
As a parent, your most valuable asset to your kids is your wisdom, not your cash. While your first instinct may be to pay down the debt yourself, resist the urge and take the opportunity to teach a valuable lesson. Offer to take a look at your kid’s finances to look for areas to budget so that payments get made.
In cases where the kids are less than thrilled about letting their parents snoop around in their finances, suggest to them using a financial planning site such as youneedabudget.com.
Go after the cards.
People in their 20’s often pay rates of 22% or higher on their credit card debt due to their credit history and low credit scores. Young people are advised to call their card issuer to request a lower rate if their payment history is good. If the card company doesn’t bite, parents should steer their children to sites like Bankrate.com or CreditCards.com to look for a card with a lower rate. Also, taking out a peer-to-peer loan at lower rate to pay off the debt is viable option. A young adult could get a loan for a rate as low as 12.5% from investors on sites like Lendingclub.com.
Address student loans.
In the PNC Financial Services study, 40% of respondents reported that student loans represented a significant portion of their financial burden. Parents should make their children aware of their repayment options. Many young people would benefit from income-based repayment plans that caps payments at 10-15% of discretionary income.
Young people working in public service jobs may be eligible for loan forgiveness after 10 years with no taxes due. Visit studentaid.ed.gov. to learn more about how to qualify.
To read more tips, check out the original article at CNNMoney.
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Choosing a credit card to use can be a difficult process. All of them claim to be the best and doing the research on your own would take weeks. Nextadvisor Blog conducted its own research and after comparing offers, rewards, bonuses, and interest rates, the blog has determined which credit cards are the best. You can see the article here.
Best Travel & Rewards Card: Barclay Arrival World Mastercard
This is a great card for those who like to travel. This card earns 2 miles per dollar spent on all purchases. It has no mileage caps or foreign transaction fees. In addition to this, users earn 40,000 bonus miles after spending $3,000 in the first 90 days, which is equal to $400 worth of travel. The card is not limited to a specific airline or hotel and the points are easy to redeem. Then when you use your earned miles to pay for travel, you get 10% of the miles back. The fee for the card is $89 annually, although it is waived the first year.
Best Low APR Card: Citi Simplicity Card
This card lets the user pay 0% interest for 18 months. This is the longest interest-free period for any other card evaluated in this research. There are also no late fees or penalty rates, so it is great for those who have a difficult time paying their statements in a timely fashion. Also, there is no annual fee for the card.
Best Cash Back Card: BankAmericard Cash Rewards Credit Card
This card offers 2% cash back at grocery stores, 3% on gas, and 1% cash back on everything else. It also includes a $100 online-exclusive cash rewards bonus after you spend $500 in the first 3 months. One of the best features of this card is that you get a 10% bonus when you redeem your cash back into a Bank of America savings or checking account.
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Airbus revealed their new A350 wide-body aircraft Monday at Asia’s biggest Air show. This unveiling shows that Airbus is on schedule to bring the new plane to the forefront of the long-haul market. This plane is said to be a real contender against Boeing in this particular market.
This European Plane manufacturer showed reporters the two-engine A350 before it goes on display at the Singapore show on Tuesday, February 10th.
One thing that make this jet particularly suited to overtake Boeing is its lightweight design. A little bit more than half of this plane is made of lightweight carbon fiber. This not only makes it lighter, but also more fuel efficient.
The A350 comes in three versions. It carries between 276 and 369 passengers and costs between 245.3 million dollars to 332.1 million dollars. These prices will give the new aircraft a real chance to step up it’s chances against a Boeing 777 and 787 dominated market.
Airbus has already received 814 orders for the A350. Thirty percent of which coming from Asian airlines.
Airbus learned from the problem in the Boeing 787, such as batteries catching fire on some planes. Airbus decided to use a different battery than that of the 787. Shukor Yusof and airline analyst at Standard & Poor’s said, “Airbus has learned a lot from the 787 Dreamliner’s unfortunate problems since its launch. This is the plane for the next decade and beyond.”
This new plane is predicted to gain more and more orders as time goes on due to the planes advanced design, fuel efficiency , long range and relatively cheap operating and maintenance costs. The A350 is also said to have bigger windows, better air quality, mood lighting in the cabin as well as bigger storage bins.
Airbus is also testing this plane in the most extreme conditions. From temperatures as low as minus 28 degrees celsius to some of the highest altitudes. Fernando Alonso, the senior vice president for flight testing said, “I’m very confident we’ll be able to certify the airplane as planned and be able to deliver the airplane by end of year.”
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Target Corp recently came under scrutiny over the fact that 40 million credit and debit cards and 70 million other records containing consumer information were stolen. The United States has spent a decade making laws to force companies to tell their consumers about such breaches. However Target Corp was able to wait weeks or even months to disclose these breaches of security.
Forty-six of the fifty U.S. states have passed laws that force companies to disclose security information to consumers. However, these laws vary in terms of when and how these notices to consumers must be given. Most states allows companies to delay release of said information to perform an investigation of the intrusion.
According to Joseph DeMarco, former head of the cybercrime unit at the U.S. Attorney’s office in Manhattan, “A breach investigation could take weeks or months before you know enough to have a legal obligation to disclose.”
Target is the third largest retailer in the United States. They said that hackers had stolen from 40 million credit and debit cards of shoppers who went to Targets between November 27th and December 15th. They soon realized that the breach was even bigger than they had thought, upwards of 70 million customers’ information had been stolen.
California has some of the strictest rules related to disclosure of hacks. However they still allow some head room. A company must disclose the information in, “the most expedient time possible and without unreasonable delay.” States like Florida, Vermont and Wisconsin give businesses 45 days from the date of discovery to reveal the information about the breach. Even so, a release of information can be delayed if they feel it will interfere with a police investigation.
Normally, a company discloses information in its quarterly or annual reports.
Measures are being taken to see if Target Corp’s delay to reveal this information was truly unreasonable. The attorney general’s spokesperson said, “One of the issues we look at in data breach investigations is the timeliness and adequacy of notification to appropriate government authorities and to consumers.”
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