There may be different times in your life where you come into money. It might be that you are lucky enough to have a great lottery win. Someone’s got to win it, right? It might be that you have inherited money through family, or maybe you have been awarded the money because of an accident or an insurance claim. However you get the money, what you do with it is going to be a focus of your mind and thoughts.
How do you ensure that you make the most of the windfall? You don’t want to look back and see that you have spent it frivolously. Of course, everyone is entitled to a little bit of spending fun. A great holiday, perhaps some new clothes or things for your home, but if you want the money to really count for something then you will want to use it wisely. Here are some of the best ways that you can put the money you have gotten to good use.
Property can be one of the best ways that you invest your money. There are are so many different options that you could consider, that you are bound to find something that will suit your needs or excite you in some way. Let’s start with an obvious one, owning your own home. Right now you may be stuck in the private rental market, wondering if you will ever own a house. Or perhaps you are on the property ladder but need a bigger house or to move to a different area that requires more funding. Doing this could help secure your future in some way, and property can hold its value or even increase in time.
You could look at buying additional properties as well. Perhaps investing in a run down house that needs work, enabling you to make a profit on your initial investment. Or you could look at future plans and being able to earn a passive income from having a rental property portfolio. You may even have enough money to invest in your own development. Buying a plot of land that you could build multiple properties on such as houses or a block of apartments. This is when questions like how to subdivide my block or whether you can get the right planning permission can be resolved by industry experts to help guide you with the process. With property you are bound to be able to increase your investment in the future, which is why it can be a popular way to invest your money in the first place.
Save for future spending
Maybe you want to be sensible. Right now you may have all that you need, but you know that the future is going to require some spending. Saving it could be the answer, and if you are prepared to not take out regular withdrawals, you can earn a little on the interest as well. It might be that you plan on having a family at some point, or you want to get married and don’t want to go into debt for a wedding. It could be that you like the idea of saving for your children’s college funds. Perhaps their first car, or to help contribute to their first house purchases. We know that it is getting harder for the millennial population to get onto the property ladder, so you may be able to help them do that quicker. There may always be a time where you need the funds, so rather than giving into the temptation of spending it now, putting it to one side for when you need it can help you to plan for your future.
You may want to think about a business and using the money to start your own. Many people have the ambition to eventually work for themselves. This could be your time to actually make that dream your reality. The one thing that puts people off taking that plunge, is losing the security of a job and a regular wage. If you had the funds behind you, then you could take some of the worry away. Perhaps you have an idea or a hobby that you know could make the perfect business. Investing into your business could finally give you that work and home life balance that you have been craving.
Furthermore, if you don’t have the idea for a business, and you are not sure what you want to do, then you could look at investing in a startup that someone else is in control of. Perhaps you are just interested in getting a return, or you want to have involvement in someone else’s idea and feel a partnership is more your thing. You could definitely find that this option is a less of a risk and pressure on yourself, but it does mean that you are putting your faith into someone else. Which can be nerving and overwhelming.
Upgrade things in your life
Finally, there is no hiding from the fact there may be things in your life that you have gone without or made do with because money has been tight. Perhaps you have a car breaking down every five minutes. Maybe you love your home but you have avoided taking on necessary repairs and renovations because the money hasn’t been there to do it. Maybe you want to focus on yourself, take that holiday or career break that you have been wanting and start to travel.
There is no harm in enjoying the money that has come into your life. After all, we are all well aware that life is too short. The main thing to think about is to ensure that you don’t rush your decisions and you spend it wisely. This will enable you to look back and see the value in your decision, instead of having your thoughts filled with regret. Let’s hope that this has given you something to think about if you have been fortunate enough to come into a lump sum of money.
You know what? School may teach us math, and it may teach us sums which have a dollar sign in front of them, it might teach us how much change we are entitled to from buying a few apples, but realistically, did we learn anything about money? When you enter the real world and all of a sudden need to know about credit scores, mortgages, even bail bonds, how are you supposed to know what each one is? If you need to get hold of money fast if you want to save money if you find yourself out of work and in debt, how are you to know what to do? Well here are the most frequently asked questions about money and hopefully the answers to help you along your way.
What is a Credit Score?
A credit score is numeric rating creditors use to assess borrower risk in making lending decisions. The most commonly used credit score is from FICO. This rating is defined by how much debt you have, whether you pay your bills on time, how many credit cards you have and any unpaid bills, among other factors. Your credit score can range from 300 to 850, and it affects most financial decisions such as if you want to buy a car, rent a home or get a loan. All of these things require credit reviews by the people or companies who you have borrowed money off before can, so annoying as it seems, to have not borrowed before, to have any credit history goes against you. You can check your credit score in addition to your credit report, which you should do at least once a year to make sure it’s accurate and reflects credit cards or debts you have. It’s essential that you know what your credit score is.
What is a 401(K)?
A 401(k) is a retirement plan offered by an employer that allows you take a percentage of your salary – however much you decide and put it aside for your retirement. This money usually gets invested on your behalf into a variety of stocks and shares so that your money can grow and create more wealth. You can choose your investments based on how much risk you’re comfortable with. Companies will vary with their 401(k) packages, but many of them offer “matching,” packages which means that they will match your contribution up to a certain percent.
What is an IRA?
IRA is an acronym for a section of the IRS Code, “Individual Retirement Arrangement” or “Individual Retirement Account.” It is a place to put money away for retirement that will then be invested for you. IRAs can be used in combination with a 401(k) or as an alternative to one if your company doesn’t offer a 401(k). The money will be invested across various stocks or shares that you choose so that it can grow over time.
What Does Investing Mean?
Investing means putting your money into a venture, it could be a company, a commodity or even property and it means that your money can make more money. The easiest way to begin investing is with your retirement account, but there are many ways to invest, and you don’t need a lot of money to do it. The best thing to do is to invest when you are in the right place with your savings, have paid off your debts and understand what you’re investing in.
The role of supplier and partner can often be confused, but each one is critical in business and has a vital role in helping you achieve your goals. A supplier is most commonly selected through a traditional bidding process and will provide goods or services in standardized transaction patterns for some time. When the transactions end, the business relationship ends. A partner, on the other hand, is a tailored business relationship based on mutual trust, openness, and shared risk and reward that yields a competitive advantage. Partners often participate in product design processes across organizational and geographic boundaries. Partnerships are fluid, flexible relationships that depend on honesty and integrity to succeed.
The key to your success lies in the abilities to select the right business partner for each business need and the right supplier for each supply your business need.
No matter what industry you’re in, choosing your suppliers and partners is a critical task. You must find a partner that you work well with, that you “click” with, and that you can work with for many years to come to ensure the relationship flourishes. When working to select the right partner, it is essential to think about the future not just what’s happening in your company right now.
When searching for a supplier, whether it’s a steel supplier or a paperclip supplier, it is a good idea to have a back-up or at least two – one that you use and another you know you can trust. With changes in workload and diverse experience, it is good to have a safety net in case issues arise with one supplier.
A typical approach to finding a supplier is to Request for Information (RFI), receive proposals from potential suppliers for review, and then compare across the potential suppliers. Once you have chosen, then the challenging part is to build a good relationship with your supplier.
Governance is a vital part of building a relationship with a supplier. It helps establish commitment from both parties and ensures senior management buys into the relationship. It also provides transparency and buy-in to the KPIs, so both teams understand the KPIs and are accountable for them. It is imperative for the governance to be rolled down to the side that is on the front line for study execution.
Finding a good business partner is a little different, it’s about networking and finding someone who has the skills that support and complement your own. If you have excellent interpersonal skills but poor business finance skills, consider a partner who understands business accounting. The more skills you and your partner bring to the business together with the easier it will be to start, plan, grow, and run your business.
Maintaining and growing any relationship takes time, patience, and commitment. If both sides are not willing to invest the time in the relationship, then it will not last. This is no different than our relationships. You must give the time to the relationship that is needed, such as regularly scheduled meetings as outlined in your governance, survey completion to learn more about each other and how to improve.
When a New Year rolls around it seems very fitting to try something you have never experienced before. Whether it’s a sporting activity or something completely new, trying new hobbies will always help to kick start your year in the best way possible. Even if you wouldn’t consider yourself to be the most adventurous type, there are always going to be new and exciting ways to experience different adventures. Grab a close friend or family member and bring them along on the journey with you. You are bound to find an awesome and enjoyable activity that puts a huge smile on your face this year.
If you’re looking for a relaxing, enjoyable and rewarding hobby to pursue in the New Year, then golfing might just be for you. Look online for the best golf cart bags, by comparing all of the leaders in the market you will soon be able to settle for the perfect one for you.
2. A Musical Instrument
You might always have considered yourself to be pretty musical, but you have never actually tried your own instrument. It takes a lot of commitment and practice to become proficient in piano, violin, trumpet or the drums, but it will be very rewarding once you have learnt your first song.
This is the type of hobby that will keep you coming back for more year after year. The moment you get the camping bug you will want to keep in as a regular routine in your life. Whether you’re taking family or friends along for the ride you can be positive that camping will always be an enjoyable hobby for everyone.
4. Team Sport
Living next to the local sports ground is an excellent excuse to get yourself into some sort of sporting activity. Whether you enjoy football, rugby, tennis or netball there are so many different team sports you can become a part of. Bring out your competitive side and allow yourself to get fitter everyday. You will truly enjoy meeting new people and heading out to practice a couple of times a week.
Even if you’re no top master chef this shouldn’t stop you from trying your hand at cooking. Take some classes at a local centre or grab a friend who has a lot of experience in the kitchen. Soon you will be able to find a handful of specialty dishes that you truly enjoy cooking. Whether you’re a star at spaghetti or you make the perfect pizza, cooking is always going to be a skill that comes in very handy in your life.
Whether you’re trying out golf for the first time or you’re joining a local sports team, there are so many ways to improve your skills and learn something new right now. You might just discover something completely innovative that you might never have tried before. So take a small step out of your comfort zone and you will soon be able to discover a whole new activity to enjoy for the years to come.
It’s exciting to have an idea for a business, but it’s even more exciting to put that idea into practice and gear up to start. Starting a small business may seem like an easy process, but it’s not a small decision to come to. You need to think about the sacrifices that you will make and challenges that you will face as a small business owner, and then you need to decide whether it’s worth it for you.
The life of an entrepreneur can be a complete rollercoaster, and if you are paying attention to as much advice as you can get as a business owner, you’re going to be able to run your business efficiently from the very beginning. From understanding business loan rates to negotiating with businesses who could assist yours, there are a lot of things that you have to learn to make sure that your business is a total and complete success. Here are some of the key pieces you need to know before you get started.
Never underestimate the power of your business plan. If you aren’t looking for business loan help from the start, it can be very tempting not to write a business plan. It’s often assumed that you would only need ont from the bank. The thing is, taking the time to write your business plan, forecasting your finance and your marketing strategy can be hugely beneficial to your business. You need to know how your business is serving a purpose, and you also need a guideline to keep you on track when you are looking to grow.
Keep moving forward with your business – even when you’re restarting after a failure. You can’t measure your new business successes against past business mistakes. You should always look ahead to where your business could be taking you, not behind to where you previously failed.
Staying away from hiring your friends is a good idea. When you are running a business you need to be focused, and while you make friends and form bonds with colleagues, bringing on existing friends is a bad idea. When businesses go through troubling times, it can be hard to keep up with your friends as your friends, and not your colleagues who need to be told what to do. If things aren’t working out between your business and your friends, you could end up losing your friends – and it’s just not worth that. Get to know your staff but try to stay away from bringing on your friends to be there for you in the office.
Anticipating failure doesn’t make you a pessimist. What it does do is stops you from fearing failure. The biggest barrier to success is the fear of failure, and as your business path can sometimes be a little difficult, you should try not to let fear prevent you from following your dreams. The sooner you fail, the closer you are to discovering what will work for your business.
Business start ups often fail, but if you’re aware of the things that can go wrong, you are going to be more likely to succeed.