Tuesday, October 3, 2017

Opening Financial Doors

Being financially stable is something we all seem to struggle with. At some point in our lives, we go through a time of being in a tough situation with money. But there are so many different ways of solving this. Whether it be saving for future occasions in preparation, cutting back on treats, or using the money you have to bring in more profit.

If you’re smart with your money, so many doors will open for you. Not just in the present, but in the future. Having a positive financial situation can improve your mental state as well, one of the main causes of stress or anxiety is due to money issues.

Here’s some useful ways to cope with such anxiety http://www.oprah.com. The economy at the minute is partly to blame. Living prices are on the rise, whilst wages are staying the same, making it increasingly difficult especially for families. This article will give you a few tips with regards to getting yourself out of a financial bad state, and how to open a few doors to grow your wealth.

Sorting Money Out

The first step to opening doors, is sorting out the money you already have. So many people across whole world are either living in poverty, declaring bankruptcy, or are just scraping by from paycheck to paycheck. It causes huge amounts of stress, and if you having a family, this stress is most likely taken out on them. Being the provider is a tough job, so start from the bottom with making it right. Figure out where your money is going each month. You’ll most likely see some outgoings that you don’t need. Whether it be a TV subscription like Netflix or Amazon prime, they’re all just nice extras that we don’t necessarily need. It may be a minimal amount, but things like this add up. If you’re trying to get yourself out of a financial issue, look to cutting things like this out first. Some great advice can be found here to help you further, https://www.theguardian.com.

One of the biggest pocket burners are things such as store cards, or online credit stores. These are deadly traps. You’ll purchase expensive items thinking that when the time comes to pay it back you’ll be fine. But when that time comes you’ll be in an even worse state than before. Interest rates on these are absolute killers. A relatively small purchase becomes a large out of control one before you know it. Make sure you pay off and shut down any lingering store cards before focusing on anything else. They’ll likely be the smallest and easiest thing to get gone.

Credit cards are the reason millions of people across the US are in debt. It’s estimated that nearly every household in the US has around $16,000 worth of debts per card. In total, the credit card debt across the US is at around $1 trillion. That’s a horrifying statistic for a country who’s living costs are so high. To read into just how bad it is, check out this news article https://www.cnbc.com Now, credit cards can be rather tricky to pay off. Interest charges usually start straight away, so before you know it your debt has rose and rose. Like with the store cards, work at chipping away at this slowly. There’s nothing worse than paying off a big chunk, only to leave yourself without enough money for the month. Meaning you’ll then dip back into your credit card, racking up more charges. An ideal way of going around this is the following; write down your total credit card debt, and a reasonable goal for when you’d like it to be paid off, e.g. 12 months time. Divide your total debt by the number of months, and you should give yourself a reasonable goal to pay off each month. Sometimes your debt is just too large, and it’s easier to get a bit of help with the planning. Try using a service such as http://www.doughroller.net, they’ll take into account the minimum payments and interest rates, to give you an affordable goal.

Talking to someone is a great way to clear your mind. Sometimes, there’s just so many thoughts going through your head that it’s hard to think clearly about what needs to be done. If you speak to a family member such as a parent or sibling, they may be able to lend you the money, taking away the worry of interest rates and minimum payments. Just getting the weight off your shoulders that you are actually having an issue is key. You can also try online services that give you a guide as to how is best to clear your debts.

Once you’re out of any debt issues, it’s time to think about saving money. One of the most common things for people to do is wait until the payday before a special event to buy all the gifts, outfits etc. Meaning a tight rest of the month is ahead. Figure out in advance how much needs to be spent on each occasion. If it’s Christmas for example, budget for every person you’re going to be buying for. Then start saving around six months in advance to make sure you have enough ready. That way you won’t be tempted to use things such as credit or store cards to help you through the rest of the month.

Opening Doors

Now that you’re settled and have got a bit of money behind you, it’s a good idea to start thinking about how to make a little extra. Investing is the way forward with this. It might mean a financial drop in the beginning, but afterwards, you will always reap the rewards. Investing in something such as property is the easiest thing for the average person to do. But try being adventurous and either buying or mortgaging a property abroad. Holiday homes bring in such a large income, that you’ll have your investment paid off, and more in no time. It also makes for a nice holiday destination for your and friends, or family to visit.

This one is about opening doors for your family rather than yourself. You’ll have been through the education system yourself, and a lot of you will have gone to college and realised how expensive it actually is. So whilst you have a little money, start putting it into a savings fund to help cover your child’s time at college. It’ll be such a financial relief for them, and you in the long run. Everyone knows students at college live off the bank of mom and dad. It’ll be a good deed from you, and save you a little extra in the long run. For some extra tips on saving money, check it out this article on http://www.aspiringmillionaire.com.
Try your hand at forex trading. It might take a little research to learn, but it’s such a good little earner when you know what to do. It is the biggest trading market in the world, with around $5 trillion being traded through each day. It’s usually a business for accountants, or professional traders. But if you get your head around how it works, it can bring in so much income. It’s vital that you research it beforehand, as blindly investing money will see you lose it rapidly. Start off with little amounts to get a feel for the market, and never invest more than you’ve got. It is easy to get a big return on your money, then invest it all and more thinking it’ll happen again.

So sorting your financial future isn’t as hard as it may sound. It’s definitely a long process, but it is one you and tonnes of other people are going through. Once you’re there, the financial doors will open and you’ll be better off before you know it.

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