3 Financial Factors to Consider When Buying Your First Car

Buying one’s first car is something that is special because it is all enthusiasm from that point and moving forward. With good reasons, considering the fact that having a car can provide convenience since one is now able to take the road for new exciting adventures faster and easier.  For some, it can be a symbol for luxury, its leather seats providing the best comfort and that majestic sensation.

Either way, getting a car entails some major financial implications to a person or family who is making the decision. This is why it is important for every person to consider a number of financial factors before making that big purchase.

buying your first car

Many people have already recognized that a car is more of a need than luxury. In fact, almost everyone in the United States has a car or has registered for a driver’s license, accounting for a rise from 167 million to about 214 million just in 2014. Car ownerships are continuing to rise mainly because of the benefits of having a personal or family automobile, all the more reason why everyone else should take time to list down some important things first before purchasing their own.

Here are some of the considerations one should sit down and look at before deciding to buy his or her first car:

How much is Affordable?

The rookie mistake for each person trying to get a new car is that it’s almost always certain that he will want the best line of the top tier brand. No one can blame them, as having a new car can induce a kind of excitement that is incomparable. Financially, however, the primary factor to consider for anyone about to purchase their dream vehicle at this point is his budget and how much is he willing to actually spend on it.

getting the keys

Setting up a realistic budget before any decision to purchase is compulsory to any person wanting to be financially smart. This is to project whether the purchase would bring more benefits or more financial stress in both the short term and long term future. Is that new Cadillac 2017 XT5 Crossover fit one’s budget, or is it just there only to put more financial stress? Is the 2017 Toyota Yaris of great value to a person and his family considering that it’s cheaper?

Making a decision for a new car can be both exciting and stressing at the same time.

With regard to prices, one does not only have to look for brand new cars. The point is that there are so many car lines being produced today, and as the integrations of technology add to its mechanisms, the prices are pushed to the ceiling. As a smart consumer, it isn’t necessarily good.

Cars being introduced today are not really affordable for many people, which is why buying used cars can be the answer to this hindrance. According to Experian’s most recent State of the Automotive Finance Market report, used vehicles definitely cost less – a LOT less, with an average financed amount of $18,850. That’s more than $10,000 less than the amount for a typical new auto!

bought new used car

The common misconception of buying a used car is it is not as classy and as hot compared to brand new ones. The image formed in one’s mind when looking for second hand cars is it is ragged and craggy, rusty and may be break down easily when you drive a mile up.

That’s not necessarily true.

Secondhand cars can still provide the same dreamy, classy ambience emanated from a brand new car. Buying used cars is gaining popularity over the years because beyond its apparent cheapness, they are tuned, durable and most definitely reliable. In fact, for as low as $10,000, people can find good quality Toyota used cars in the market today!

Availability of Payment Options

As one has already set the budget and has projected the amount that he needs to pay, it is now time to take into account the availability of payment options. A good payment option lessens the financial stress of a person as he or she continually pays for the car. Usually, cars are sold less when bought at a full price, but that is not the common thing for many people to do as car prices are steadily going up.

A variety of banks are actually offering car loans which actually help those who want to purchase a new car. It is a good payment option mainly because a carbuyer doesn’t have to take out a huge amount of money in the succeeding payments. This partitions the full amount to a number of payable months which is achievable for many. The important thing however is to look for banks which offer little interests or collaterals since a missed payment can cost huge losses for a payor. Reading the contract with full understanding should be mandatory.

car loan applicatioin

There are also numerous payment options for second hand vehicles. While it is true that one would typically pay a higher interest rate on a loan for a used vehicle than he will on a loan for a new vehicle, historically low rates mean that many automakers can offer attractive financing options for their Certified Pre Owned (CPO) vehicles. Certified pre-owned cars (CPO) present an attractive alternative to buying a higher-priced new car. For less money, a CPO buyer can afford a car that feels almost new, even if the odometer is showing some miles.

In addition, shopping for a CPO car is easier than shopping for a used car. This is because the certification process removes one of the major drawbacks to buying a used car: uncertainty about the mechanical condition of the vehicle. A factory-trained mechanic inspects a potential CPO car to ensure it measures up to the requirements of that manufacturer’s program. The dealership that’s performing the certification replaces or repairs anything that’s worn beyond the limits of that manufacturer’s program.

Ownership Expenditures

What most people fail to consider in buying their first car is their assessment of what is called the ownership costs. Most people think that the cost for a car is seen on based on what the salesman offers. This is a wrong notion since the purchase is just the start of the financial stress.

When buying a car, many customers determine the value that a vehicle offers by comparing the price tag versus the features and benefits. For example, if one car costs a bit more money but has better gas mileage and more cargo room, most would consider that a good value. Based solely on that criterion, they would be correct. However, most customers don’t consider all the costs that go into a vehicle.

keys on keys
It may be smart to check out Intellichoice.com, a site which does a great 5-Year Cost of Ownership projection for new and even used cars. This projection takes all of the different factors into account including costs depreciation, financing costs, repairs, maintenance, fuel, and insurance. It totals them all up over the cost of 5 years, and compares that to the industry average for that vehicle’s class. Depending on how far above or below the total number is from the average, Intellichoice places a rating on the car.      

Penny Power – How to Save Money without Pain

Saving money shouldn’t be too painful a task for you. You don’t need to be hungry, nor be that stingy friend who wouldn’t come to concerts or basketball games because you’re trying too hard to save every penny. The following are painless ways for you to save money that can lead you to your much deserved financial freedom.

Track your money

It’s usually in doing the little things that you can start to save up bigger and bigger as the days go by. There could be parts of your expenses that you may have overspent on, and you still would’ve enjoyed your life without it. The best way to know this, though, is by keeping track of your money.

recording-finances

Tracking your spending also forces you to look at your financial reality, and that’s not a bad thing. If you ask anyone older than you if they regret not getting a handle on their finances sooner, most would say yes. Take advantage of your younger years – start tracking your spending now to have more security and freedom later. Your future self might thank you.

The truth is that you have a finite amount of money to allocate to certain categories, as they are usually based on what you earn. Laying out your expenses compels you to prioritize where you want your money to go. Mindlessly spending on things isn’t going to get you where you need to go. You need a plan, and tracking your spending is one way to create that plan. If you want to accelerate saving or paying down debt, having a clear picture of your finances can also help you determine how you can accomplish both all at the same time.

Improve your credit score

A good credit score can save you thousands of dollars in interest on everything – from a home loan to a car loan, and from school loans to credit cards. When you apply for a credit card, mortgage or even a phone hook up, your credit rating is checked. Credit reporting makes it possible for stores to accept checks, for banks to issue credit or debit cards, and for corporations to manage their operations. Depending on your credit score, lenders can determine what risk you pose to them.

credit-score

According to financial theories, increased credit risk means that a risk premium must be added to the price at which money is borrowed. Basically, if you have a poor credit score, lenders may not shun you (unless it is utterly awful); instead, they would lend you money at a higher rate than the one paid by someone with a better credit score.

If you’ve never focused on your credit score before, the place to start is to get your free FICO score online. Once you know where you stand, you can begin to improve your score and lower your interest payments.

Refinance your mortgage

The results of improving your credit score can also affect other aspects of your finances, like with your mortgage. Some people opt for refinancing to get a new mortgage to replace their original mortgage, which ultimately aids in the improvement of their credit score.

saving-money

Refinancing is done to allow a borrower to obtain a better interest term and rate. The first loan is paid off, allowing the second loan to be created, instead of simply making a new mortgage and throwing out the original mortgage. For borrowers with a perfect credit history, refinancing can be a good way to convert a variable loan rate to a fixed, and obtain a lower interest rate. Then again, for borrowers with less than perfect, or even bad credit, or too much debt, refinancing can be risky.

One of the main advantages of refinancing, regardless of equity, is reducing an interest rate. Often, as people work through their careers and continue to make more money they are able to pay all their bills on time thus increase their credit score. With this increase in credit comes the ability to procure loans at lower rates, and therefore, many people refinance their mortgage aiming to get better rate. A lower interest rate can have a profound effect on monthly payments, potentially saving you hundreds of dollars a year.

If you can reduce your interest rate by one percent or more, it is often beneficial to refinance. By doing so while making payments on a mortgage, people are able to take out substantial home equity lines of credit as the difference between the appraised value of their home increases, and the balance owed on a mortgage decreases. This is particularly true for those with high rates due to less than stellar credit scores. If your score has improved, you may qualify for a better rate.

Start Cooking!

Another big source of spending splurge usually comes off of eating out in fancy restaurants, or trying to get by lunch through fast food. The thing is, no matter the situation, eating out is always more expensive than cooking for yourself. Plus, cooking your own food allows you to keep track of the nutrition (or lack thereof) of the food that you take in.

cooking-money

They say that the key to saving money with meals is to look for healthy foods that are versatile and nutritious. The long list includes: peanut butter, oatmeal, canned beans, garbanzo beans, lentils, eggs, almonds, apples, bananas, grapes, fresh or frozen spinach, carrots, kale, canned tomatoes, chicken breasts, broccoli, onions, garlic, brown rice, potatoes, sweet potatoes, nuts, tofu, and milk (almond, soy, rice or cow’s). Thankfully for you and for the rest of the world, many online guides are showing this trend of making cheap and easy meals under $5.

By the end of the day, you would find out that you won’t need to spend so much money just to eat good food.

Take the cheaper or the more valuable options all the time

Look at your constant expenses and see if you can lower their costs. For example, try looking at your internet connection and how much you really need: if you won’t need so much data allowance or so much speed, you can lower your monthly costs to an internet connection that would cater to your needs.

You can also consider getting rid of your home telephone. This is a great way to save money. Many don’t do it because of the 911 service, and that’s understandable. Other than that, with today’s technology, more often than not, there’s no reason to keep a landline. If you do, consider reducing your service to the minimum, and only use the phone in an emergency.

stacking-pennies

Also, if you can choose appliances labelled as “energy-saver,” look long term and calculate if you can save more money if you replace your current appliances. Try to replace incandescent bulbs with compact fluorescent light (CFLs) bulbs. These bulbs use 75% less energy and last 10 times longer. They do take some getting used to, and they won’t work in every light fixture. However, using them where it makes sense can save energy and money.

Furthermore, do look at your variable expenses, especially your leisure ones. Even buying concert tickets or flight tickets can be lowered significantly if you know how to. For example, look for tips to save on tickets for the Clippers games online, and you would learn that you won’t actually need to spend hundreds of dollars if you just find the right timing to purchase one.

There’s so many ways that you can get the most value out of your money, you just need to know where to look for them.

The Financial Benefits of Online Learning

Students around the world are continuously seeking alternatives for traditional education, especially now that high tuition fees, shortage in terms of course availability and institutionalized budget cuts, among many other challenges, have been on the rise. The most famous and effective alternative for the past four years, however, has been online learning. As world-wide technology improves, the viability of full-time online learning has become more established month after month.

learning-online

With more than three million students currently enrolled in fully online degree programs, and six million others who are taking at least one online course as part of their degree program, online education has clearly become one of the most popular higher education alternatives. The continually improving reputation of online learning has also helped fuel its expansion, as initial skepticism has faltered in the face of overwhelming evidence that shows how online learning can be just as effective as face-to-face education.

The benefits of enrolling in online courses and programs span not only from the elimination of traveling; it also involves the availability of more programs and courses, higher levels of academic productivity, and significantly lower financial requirements imposed on students. Below are eight benefits of enrolling in online courses that can make anyone consider taking up this alternative learning method:

Variety of programs and courses

Before, online courses have been limited to arts and creative writing, such as Multimedia Studies, Multimedia Arts, Literature and other arts disciplines. Nowadays, the plethora of available programs and courses has grown exponentially. Furthermore, because of the viability of online courses, the availability of these programs has increased – now, anyone can be enlisted in their choice of university/college with their preferred course without the fear of classes being “full”.

From traditional four-year-university programs to completely online vocational workshops, higher education today offers a variety of options for students. This means that no matter what students wish to study, from Nursing and Neuroscience to Education and Environmental Science, they can find the courses or degree programs they need online. They can also earn every academic degree virtually – all the way from a career certificate to a doctorate.

Reducing the Total Cost of Studying

Online programs can be a more affordable option than traditional colleges, because of the amount of money that can be saved simply by not physically being in a school. Though not all online degrees have less expensive net tuition prices than traditional colleges, associated costs are almost always less expensive.

online-learning

For one, there are no commuting costs. A student can save $40 to $60 (sometimes even more) every month just because they don’t need to take the bus, a cab or even their cars when going to school. Renting out a dormitory is out of the question, and that’s a lot of savings for a student. Furthermore, there are much less required course materials such as textbooks or handouts because their digital alternative is often available for free online.

Eliminating Commuting

Aside from the amount of money that students can save by eliminating the requirement of commuting, there are also safety issues that can be solved through online learning. Students can be safe from natural disasters, road accidents, or even rogue attacks from pick-pockets (though that’s not exactly likely) through in-house schooling.

During snowstorms and thunderstorms, colleges may cancel classes; if they don’t, you run the risk of getting hurt in dangerous driving conditions. Rather than miss important class sessions, students in online courses can always “attend” by participating on discussion boards or in chat sessions, turn in their work on time, and watch lectures or read materials. Not having to commute from home to the college poses a lot of benefits for all types of students.

More comfortable learning environment:

Studies have shown that students with the most comfortable learning environment learn the most – that is, depending on how the students perceive comfort. Some students prefer studying in their pajamas. There are students who prefer studying in cooler environments, while some prefer room temperature. Sometimes, campus seats aren’t the most comfortable ones, too! The truth of the matter is that enrolling in online courses allow students to choose (or make) their own comfortable learning environment.

learning-at-home

At the end of the day, there is one underlying benefit of being enrolled in online courses: there are no physical class sessions. Lectures and other materials are electronically sent to the students who can then complete assignments in the comfort of their own den. Students do not have to endure the stresses of going through heavy traffic, finding parking spaces, leaving work early to get to class on time, or missing out on other important engagements as opportunity costs.

Plus, online course students can also take a power nap whenever they want to without having to deal with the banter of professors. Their learning environment is of their own making, and they can customize it to the fullest to achieve the best learning environment.

Aside from comfort, students can also make their learning more effective by having access to tools or supplements that aren’t generally allowed during class. For example, students can enjoy munching on brain food such as nuts while listening to a lecture or taking an examination.

Convenience and flexibility:

Online courses give students the opportunity to plan their study time around the rest of their day, instead of the other way around. Students can study and work when they are at their peak energy, whether that’s early morning or late at night. If a student is an innate night owl, they can easily adjust their schedule to effectively attend to their class requirements.

studying-on-home-desk

Also, course materials are always accessible online, so there’s no need to schedule special trips to the library. The best part is that should a student miss a lecture (because of an emergency or a medical issue), he or she can view the materials any other time of the day. Furthermore, students have the chance to use the resources from available applications like that from Team Treehouse or Khan Academy as the need arises. All of these makes online learning a good option for students who need to balance their work, family time or any other commitments.

More Ways for Students to Concentrate:

Online courses offer students facing challenges in terms of socializing (such as innately shy ones and socially anxious ones) the opportunity to participate in class discussions or chats with more ease than face-to-face class sessions.

Online courses help introverts or students with social anxiety cope better in terms of learning. They won’t need to talk more, to be forced in recitations, to put themselves in embarrassing situations, or be hindered from learning just because they simply can’t socialize as well as others.

Career advancement:

With the technology right now, students can take online courses and even complete entire degrees while working, while in-between jobs, or while taking time to raise a family.

woman-working-at-home

This academic work can explain any discontinuity or gaps in a resume as well. Also, earning a degree can show prospective employers that the student is an ambitious and driven individual, and would want to remain informed and prepared for any new challenges.

Improve other skills like technical skills:

Even the most basic online course requires the development of new computer skills. As students learn to navigate different learning management systems and programs online, they acquire basic skills pertinent to their future profession.

The skills students learn while participating in their online courses translate to actual profession job skill set, including creating and sharing documents, incorporating audio/video materials into assignments, completing online training sessions, among other functions. These are tasks that students, however they completed their education, need to know while working in the workplace anyway.

How I Learned to Track My Personal Expenses

Not so long ago, one of the most challenging aspects of my day-to-day life was handling my finances. Anyone would agree when I say that everything that we do is all attached to how well, or not, we handle our finances. From my professional engagements to my personal agendas, how much money I have keeps popping up as a factor in my decisions.

After this realization, I just had to check how well I was doing with my “personal financial management.” Apparently, I needed some help.

doing-your-finances

One of my closest friends, who happened to be a licensed financial planner and the Chief Financial Officer of his own company, decided to come to my rescue. I asked him how he keeps track of his finances. I thought he would throw me a one-liner answer like “Go to the bank” or “Just stop spending.” He gave me much more. He gave me insights that would turn out to be my guide which I could use for my journey towards better money management.

I have learned that everyone has his own story tell. The same is true with the way one handles their own money. Though there are 1,001 guides in money management out there on the internet, knowing my challenges and realizing the need to act upon my financial needs is always a good way to start.

That fact alone has helped me take on the challenge of taking my money matters head on.

True enough, his concepts – a path, if you will – which I still use up to this day, on how to make sure I have money when I need it have indeed cleared the way for my personal betterment. I have to admit, I still slip up from time to time. However, as long as I stick to the basic ideas he taught me, I know I can always catch myself in times of financial turmoil, and begin to steer toward the brighter side of things.

Let me share with you what I have learned:

Follow the map – Know your Point A

First, I realized that I need to follow a financial map of sorts. Just like any other map, there are three main components: Point A, Point B and the path from A to B. Simple enough.

follow-the-map

With regard to keeping track of my finances, my financial planner friend emphasized that it is important for me to know where I am coming from. I needed to dig deep to see where I am right now in terms of my finances – am I a positive, i.e. I still have money left every month after using most for my expenses and setting aside for my savings; or negative, i.e. l already run on fumes half way through the month and always end up dry by the end.

After learning that I vary from positive to negative erratically every month, we later on settled that I am, in fact, ending up as negative in my finances, as it happens more often.

All the information I got from knowing my Point A was critical as it determined my action plan. It also helped me choose what would be the most viable and rewarding Point B for me.

Call it a huge wrecking ball of a wakeup call.

From Point A to Point B

After shaking off the shock, I decided it was time to move forward and look for the light at the end of the tunnel. I had to raise the bar and start acting on the financial results I wanted for myself. True enough, he asked me “where do you want to go?” Starting from a negative monthly balance, I needed to decide what positive state I wanted to achieve before I took any action towards tracking my finances and achieving financial freedom.

where-to-go

By this point, I felt as if I was talking to a professional bookkeeper from Xero Castle Hill – we were actually going somewhere as I started creating declarations of where I wanted to be. It absolutely did help me in my cause to know the amount that I wanted to be at by the end of every month and the amount I needed to spend in that same month. It was all about that numbers that would work for me.

It seemed basic at the time, but I later learned that we tend to be overwhelmed and lost when financial disasters strikes, making everything else seem more chaotic than usual.

Be open to the path

It is quite unfortunate to learn that people are used to just acting and doing things without even planning. And it is even more unfortunate when you learn that you are the one doing it! More often than not, this leads to a vicious cycle that tends to go round and round until something goes catastrophically wrong.

new-paths

I just consider myself lucky that I was led out of that mouse trap before any irreparable damage was done!

Now that I was made aware of how I was handling my money and what financial state I wanted to achieve, I learned what to do next. Though the actions I needed to do were based on what I specifically needed, these tips can serve as a general  guide to others whom I shared these basic concepts with:

  • Prepare for the what’s coming

I have learned that I need to be committed, honest and open with the fact that I have to deal with my finances. Sometimes, finding out the state in which my finances are in can cause me to want to go back to the hole of indifference that I had been hiding in previously. Being open to any feedback that I’m lucky enough to receive and reacting to it with positivity is the most important step in improving. Plus, it always helps to be prepared!

  • Keep track of your spending

Every expense should be noted down in order to serve as your “financial breadcrumbs.” It may be daunting at first – keeping receipts for groceries, noting how much gas you get every week, even the daily budget for my food. However, the benefits are well worth it. You get to have a record of where you could have gone overboard. In doing so, you’re able to create a database that could lead you to save more, be more, and achieve more. At the end of the day, that is what is most important.

  • Plan

Before you go into your “financial battle,” you need to lay down your course of action. I do this not for the world to see but for me to see my financial vision more clearly. Just like in the old saying “If you fail to plan, you plan to fail,” I want to make sure that what I do achieves the success I deserve since I have already planned out my next step. Also, any plan in tracking my finances aims to lead me to the right path every time – my ultimate goal of financial freedom is definitely a possibility.

piggy-bank

  • Execute

With my path already laid out in front of me, it is just a matter of sticking to the plan until I achieve my financial goal. Throughout my working years, I have experienced the challenges that often come along with any financial journey. However, with the passion, conviction and the drive to follow the goals I had set for myself, whether it is the stern budget, expense threshold or mindset to avoid using credit cards, I learned to strictly stick to it because that is the commitment that I have set for myself.

3 Habits of Money-Smart People

Money management is the ultimate tool in ensuring a particular business to withstand the test of time. In this regard, an individual who wants to effectively handle a business well should be mindful of the money coming in and going out of the business. Similarly, businesses should take into consideration a proper accounting method to promote efficiency and high level security. MYOB Accounting Software and other online accountancy tool can be the first stone that leads to leaps and bounds for the company.

In these economically harsh times, people are now required to become more aware of how they spend money. For those who are just starting their career, such as new college grads, it is especially significant that they take steps that can help them endure their independent, brand new life that they will have to face.

Counting money

Everyone has to go through the phase of having to be independent. However, independence does not only encompass living alone without the parents. Independence also means having to know the fundamental skills required in enduring daily life such as cooking, cleaning, and other chores at home. Similarly and most importantly, independence requires a person to be financially-stable and able to live within his or her means.

This begs the question – How can someone become financially stable?

The road to being financially successful is a tediously long one. Who better to emulate than those who have survived that stage in life. The ones who have flourished amidst the hard times?

So what does it take to take the first step towards financial freedom? Here are three of most important habits of a financially-stable individual that could help anyone financially win in life:

They Spend Wisely

An important facet for a person in becoming financially stable is having the awareness of how money works for them. Being ‘money-smart’ is a prerequisite for those who want to become truly financially free.

But how does one become money-smart?

locked wallet

It all begins with a mind-set of proper allocation. It is pertinent to practice buying only what is needed, as well as spending on things that are only necessary. Nowadays, it is so easy to give in to the “finer things in life.”

Luxuries like the latest gadgets, the finest clothing, and the coolest shoes can actually make a person dead-beat with regard to finances. Similarly, availing luxury services such as a thousand dollar spa or a ten-dollar coffee can haunt a person financially in the end. This is why a person should start to set his or her mind to only spend on things that are truly important.

This is not to say that luxuries in life are bad. The point is that for a person aiming to be financially independent, one has to inculcate a sense of awareness as to how their money is spent.

On another note, financially-stable people are aware of the fact that a person should not spend the money that he or she doesn’t have. Basically, it means that a person should not opt to be extremely indebted to a third party like a bank or a financier.

Credit cards are thought to provide a huge plus in one’s financial self-worth. This is actually a misguided notion because credit cards promote spending, and relentless spending opens more doors to financial roadblocks. Successful people always make it a point to eliminate any debt that may accrue interest. In turn, these accumulated interests can cause huge headaches financially in the long run.

They Save Wisely

The result of spending wisely is having a surplus of money – this is where saving wisely comes in. As any financial coach or expert would declare, saving money is an integral aspect in having a good financial life in the future. Nonetheless, there are some more exciting ways money can be saved, and can even provide profits at the same time.

Banking is the most commonly opted approach in saving money. Over time, money saved in a bank account can accumulate interest. The amount of interest can be noteworthy for people who put a lot of money in their account. However, for people who are at the beginning of their careers, it is difficult to reach that point where the interest gained is of significant value.

It is rare for banks to give out interest greater than 5% on a certain savings account. Naturally for smaller accounts, lower interest is accrued. In this light, an alternative method is opted by those who save wisely; they create more when they use their money for trading in the stock market.

Mutual fund.

Various firms and companies cater to those who want to earn more money. Money managers use the amassed amount in this way through two distinct means. They can use the money as principal to participate in stocks exchange. On the other hand, mutual funds promise an interest at the end of the year that is much higher than that of the banks. Either way, both are better alternatives to save up and get more from their money.

There is also the option to play in the stock market personally. He or she can buy or sell his own stocks online, giving him an idea of the current money he has. Ultimately, the money gained through this vehicle saved can be used for further ventures such reinvestment or setting up an entirely new business.

They Set-Up Their Own Business

Being able to get a salary after a month’s hard work proves to be quite an experience. However, being able to earn passively takes earning to a whole new level.

Rich guys are not necessarily geniuses or experts in the services their companies offer. They are just really good entrepreneurs, and most of them started as a dissatisfied and restless employee who wanted more for themselves. With the surreal amount of work and the time it takes to finish a certain job, not to mention the relatively lower salary, it is hard to get home and put in the extra effort to make a bigger change.

Open your own business.

In more ways than one, people should consider setting up their own businesses to reach the financial freedom everyone clamors for. Though, this isn’t naturally for everyone.

Having a business takes time and effort, too. Entrepreneurship provides control over an individual’s time for professional activities. He or she is his or her own boss, and this alone creates a huge disparity as compared to being an employee.

A person who has his own business can take himself to brand new landscapes, given that he or she is willing to take the risk in business. In this way, what can actually help is integrating a sense of of becoming money-smart in the business.

Money management is the ultimate tool in ensuring a particular business to withstand the test of time. In this regard, an individual who wants to effectively handle a business well should be mindful of the money coming in and going out of the business. Similarly, businesses should take into consideration a proper accounting method to promote efficiency and high level security. MYOB Accounting Software and other online accountancy tools can be the first stone that leads to leaps and bounds for the company.

The world has evolved into an unforgiving place to people who are not financially-stable. This is why it is essential for young professionals to open themselves to success habits of those who have flourished financially. There are obvious schemes which these successful people made in order to go where they are now. Besides, if a person wants to be the best, there is no mistake in imitating the best.

Money problems

 

All in all, people should always look forward to being financially independent, while taking small important steps towards a life of true financial freedom.

Being money-smart is a fundamental step towards a great life.