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Credit card issuersÂ have consumers right where they want them, lending money at high-interest ratesÂ and earning money from many different fees. Even reward cards benefit the issuers, because all the additionalÂ perksÂ and rewards they provide are covered by the increased merchant fees, which essentially means theÂ credit card companyÂ offers you extra money to incentivize you to spend, and […]
What is Credit Card Churning? Dangers and Benefits is a post from Pocket Your Dollars.Read More »
Letâs say youâre in a bad credit situation, but you need a credit card. It can be hard to qualify for credit cards if your credit isnât up to par. But there are credit cards out there that can help those with bad credit improve their score. Unfortunately, there are also credit cards that can... Read More
The post Red Flags for Credit Cards: 7 Things to Watch for When You Have Bad Credit appeared first on Credit.com.Read More »
When the COVID lockdowns started, most business owners probably didn't think much about the efficiency of their remote working solutions as long as they were able to keep the lights on. As we head into 2021, we can see that remote working is going to become a permanent feature of our business lives. With more than half of employees reporting frustrations with their remote work solutions, now is a good time to think about getting the best software and apps in to help your team stay productive.
Remember, too, that many of your people will find working at home a very lonely experience and so things like video conferencing can help alleviate the mental health impact of a lockdown.
Let's look at some of the products that are available to help you stay in touch and remain effective no matter what 2021 throws at you!
One of the things that many people have reported is difficulty in keeping motivated and understanding what needs to happen and when.
When you're in an office, it's easy to simply lean across the desk and ask what is going on. But what happens when your team is all working remotely?
Using Kanban boards like Trello and Asana allows you to posts jobs, tasks, and subtasks and then allocate them to individual staff members or team so that everyone knows where they are and what still needs doing.
Remote access software
Remote access software can have some real benefits for users across the organisation and doesn’t need to be confined to your IT helpdesk.
Modern remote working can give users a virtual desktop, which is the same wherever they log on. A Virtual Private Network (VPN) can also increase security.
Remote access software can also include functionality that enables video conferencing, chat functions, shared word processing, and file sharing, along with resources for troubleshooting in a pinch.
If you’d like to find out more about what it can do for you, check the best options in this excellent remote access software review by Neil Patel.
Remote shared storage
Many companies rely upon having drives readily available to all staff, and when you're all working in the same office, this is a simple matter. But when your team is spread out, then you need to think about organizing remote storage.
Google Drive and Dropbox are probably the most well-known offerings, but there are many more. They all provide you with the ability to have shared drives that are accessible based on your own organization’s security protocol.
Remote storage is a very competitive area, so prices have dropped over the last few years. So in many cases, you are better off subscribing to a best-in-class cloud storage solution (especially if it includes remote access desktops as above) rather than upgrading your on-premise servers.
Business-class video conferencing
For many businesses, this is one area where they just had to get a solution in place quickly so everyone could carry on working. But it really is worth choosing a business-class video conferencing system.
Having a better system makes life easier for your staff, but it also portrays a professional image to your customers and suppliers.
Free systems are great, but they will always come with limitations. Zoom, for instance, limits calls to 45 minutes on its free version. Other free solutions reduce video quality.
With paid solutions, the cost for a group subscription is often very reasonable when compared to the cost of losing even one customer.
Collaboration and sharing tools
When you can just pass files and papers across a desk, life is easy. But if you're miles away from your co-workers, contractors, and customers, how can you possibly collaborate effectively?
Many of the really good systems bundle in storage, video conferencing, Kanban boards and collaboration tools that help your teams act like teams rather than a collection of dispersed individuals.
Obviously, the big player here is Microsoft. But you can get excellent results with apps like Zoho Connect, Winio, and Wire. If you only really want chat capability, then look at Slack.
Take advantage of trials
What works for some people may not work for you and your company. But the good news is that pretty much every system mentioned here has some form of free trial.
The best advice is to take the developers up on their offer and test these solutions out. Get feedback from your employees and take into account how easy the apps are to use, the support available, and of course, the annual cost.
Don’t be swayed by attractive-sounding initial reductions. If the system is good, you’ll be using it for a long time. It is much more important to get the right features for you rather than buying something that isn't well-suited to the task because the developer was offering a half-price sale.
Your first salary is the steppingstone to becoming financially independent, learning healthy savings habits and building your nest egg.
The post How to Manage Your First Salary and Grow Your Savings appeared first on Discover Bank - Banking Topics Blog.Read More »
Thinking about working in New York? There are some features of work life in the Big Apple that set it apart from the work culture in other cities. Is it true that if you can make it there you can … Continue reading →
The post 10 Things to Know About Working in New York appeared first on SmartAsset Blog.Read More »
Is 2021 the year you're going to buy an investment property? We spoke to successful home flippers about what they wish they had known when starting out.
The post 7 Insider Secrets About House Flipping To Put You on the Path to Profitability appeared first on Real Estate News & Insights | realtor.comÂ®.Read More »
You’ve probably noticed that people are embracing entrepreneurship like never before. Due to the widespread availability of technological business tools, there’s never been a better time to become your own boss. With an internet connection and a smart-phone or laptop, you can work from just about anywhere on the planet.
If you’ve been dreaming of quitting your day job to start a business, you might be wondering if taking such a big leap is worth it.
While there’s nothing wrong with holding down a W-2 job and getting a steady paycheck, having income from your own business comes with many upsides. But if you’ve been dreaming of quitting your day job to start a business, you might be wondering if taking such a big leap is worth it.
The good news is that there are incremental ways to become self-employed that are stable and reduce your risk, instead of plunging abruptly into a precarious financial position. In this chapter excerpt from Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers, you’ll learn practical strategies for building a solo business while keeping the security of a regular job.
Tips for building a business on the side
Becoming your own boss may seem glamorous from the outside, but it can have stressful pitfalls, such as little pay, no insurance benefits, and unpredictable clients. However, you can avoid or minimize some of the downsides by maintaining a reliable day job while you grow your solo business.
Having the security of a job and the excitement of becoming a solopreneur gives you lots of upside with much less risk. A steady paycheck may give you the confidence you need to take business risks—such as buying more advertising, equipment, or software—that will make your venture more profitable.
Having the security of a job and the excitement of becoming a solopreneur gives you lots of upside with much less risk.
Aside from maintaining a reliable income stream, being both an employee and an entrepreneur can make you a better worker. In my experience, growing a side business also builds skills and experiences that make you more effective at your regular job. You may even find your side hustle revives an appreciation for your day job. There’s a lot to like about having a salary, benefits, and other perks, after all.
Whether you decide to be both an employee and your own boss for weeks or years, it will take some juggling to manage successfully. Here are five tips to face your career fears responsibly and prepare for the future by adding entrepreneurship to your resume on the side.
Define your vision for success
Before changing your job or making the transition from employee to self-employed solopreneur, take the time to define what you truly want to achieve in your career. Sometimes your ideas about success come from other people, and they can cause you to follow a career path that never truly fulfills you.
Maybe your boss thinks you should regularly work late so you can climb the corporate ladder, or a parent says you should go to graduate school. You might take a lucrative job in a field you’re not crazy about because that’s what your friends are doing. But if that job requires frequent travel when all you truly want is to start a family, care for aging parents, or spend time enjoying where you live, you’ll never be happy.
Never let external markers of success, such as a big paycheck or a fancy job title, become more important than your heartfelt calling and goals for your life.
If you don’t pause periodically to reflect on what success means to you, it becomes easier to follow other people’s priorities when it comes to your work. If your decisions aren’t purposefully leading you toward a life that excites you, you’ll likely wander away from what you genuinely want.
Never let external markers of success, such as a big paycheck or a fancy job title, become more important than your heartfelt calling and goals for your life.
That said, getting in touch with your real desires isn’t always easy, and you might have to listen carefully to hear your inner voice. Try incorporating some quiet time into your daily routine. When you first wake up or when you’re settling down at bedtime, think about what you’re grateful for—but also what you’d like your life to be. Consider your definition of success and any changes you’d like to make to your life in the near and distant future.
Ask yourself the following questions to better understand your values and get clarity on your unique vision for success:
- What type of work makes me happiest?
- Where do I want to live?
- What types of people do I want in my work life?
- What does a good life mean to me?
This exercise isn’t something you do once to figure out the arc of your entire life. You need to come back to these fundamental questions during different seasons of your life and career, because the answers may change, sometimes repeatedly.
Over time, your working life is sure to change, in both good and bad ways. When you find yourself getting restless or feeling like you want more from your job, slow down and become more introspective. It can reveal a lot about what your next career or business move should be.
RELATED: How to Create Your Own Self-Employed Benefits Package
Create a side gig
Even when you’re clear about what you want, one of the fastest ways to ruin your financial future is to take a flying leap from a steady paycheck. Jumping from a day job into an uncertain, full-time venture too early could mean trouble. You might face significant financial struggles and even get into debt. Many businesses take years of hard work before they’re profitable enough to support you.
If you slowly add entrepreneurial experience to your career, you’re likely to gain a variety of skills that will make you more valuable to employers.
Hanging on to your day job gives you the financial security you need to try out new business ideas, especially if you have a spouse, partner, or kids who depend on your income.
The best side gigs combine work that you’re excited about with something that you’re uniquely positioned to provide. These businesses may also come with a large existing customer base or appeal to customers who are willing to pay you well for the skills and experience you offer.
I was a part-time entrepreneur for a decade before I said goodbye to my employer. I enjoyed having a mix of job stability and entrepreneurial upside. Plus, I found that expanding my career by adding self-employment to a W-2 job made me much better at both.
If you slowly add entrepreneurial experience to your career, you’re likely to gain a variety of skills that will make you more valuable to employers. It may be easier to experiment with business-formation ideas when you have less financial stress or know a side gig could actually complement your existing career.
The bottom line is that creating a business on the side protects your income, diversifies your network, and improves your skills, instead of leaving you financially vulnerable. If you enjoy your entrepreneurial work and find that it pairs well with your day job, the benefits and personal growth can really pay off.
Negotiate your job flexibility
If you plan to start a business on the side, or you already have, you know you’ll be working more, perhaps a lot more. You might need to work early in the morning, late at night, or on weekends to fit it all in. That could stress your relationships or cause you to burn out if you don’t take some precautions.
Consider some different ways that you can tailor your business for your day job, and vice versa.
Once you’re confident about your business idea or begin seeing increasing revenues, you may find that you need more flexibility in your schedule. At that point, consider some different ways that you can tailor your business for your day job, and vice versa.
In 2008, my employer began feeling the financial pinch of the Great Recession. My podcasting and blogging career had started to take off by that point, so instead of allowing my position to get downsized, I proposed a solution that my boss liked. I’d work four days a week for a couple of months and then go down to three days a week for the rest of the year. Then we’d reevaluate where the company stood and discuss whether he could still afford to keep me on as an employee.
My employer would save money by paying me less, and I’d have more time to work on creating content, partnering with brands, and writing my first book, while still having a regular paycheck coming in. If I hadn’t suggested that solution, my company wouldn’t have known that I was willing to cut my hours. I didn’t offer to tell my boss what my plans were for my newfound free time, and he didn’t ask.
You may be able to negotiate with your employer for more schedule flexibility.
You too may be able to negotiate with your employer for more flexibility. You might ask to work fewer hours, to maintain the same total number of hours but work fewer days per week, or to work from home a day or two each week.
If you have a long commute or spend a significant amount of time getting ready, packing a lunch, and getting out the door in the morning, working remotely could save a lot more time than you think. Then you can invest that saved time in your side business.
Find more time in your day
If you can’t get more flexibility or you worry that even asking for it could put your day job in jeopardy, there are other options. One is to structure non-negotiable time for your business into your day. For instance, make a rule that you’ll step away from your desk for a solid hour (or longer if possible) during lunch to accomplish something meaningful for your business.
Find a nearby cafe or reserve a conference room in your office where you can work and eat undisturbed. I did that for many years, and it’s incredible how much you can accomplish in 45 minutes if you truly focus. If you can’t find enough quiet or privacy in your office, you could even work in your car.
It’s incredible how much you can accomplish in 45 minutes if you truly focus.
If working on your business during your lunch hour isn’t possible with your day job, consider coming to the office an hour earlier or staying later. You could also work on your business in a nearby coffee shop or a co-working space (where drop-in memberships can often be had for the same price as joining a gym) before or after your job. The idea is to create a routine that builds in regular time to focus entirely on your venture and to complete essential tasks.
Another option is to outsource a portion of your work. If you can afford to delegate tasks to freelancers, that can help you balance your to-do lists.
When your day job is so unpredictable that it prevents you from working on your side gig for long periods, consider getting a different job with a more reliable schedule. If you’re truly committed to getting your business off the ground, you may need a position with more flexibility so you can do both more easily.
Have a solid exit strategy
Having an exit strategy is a common concept in the business world. Partners and investors want to know what will happen after clearly defined milestones are reached, such as taking a company public or selling it after a certain profit margin is achieved.
But employees should create exit strategies, too. It’s a great way to force yourself to think about the future and what you would or should do next. With a W-2 job, you never know what’s around the corner.
It’s wise to start every professional relationship with an idea of how it could end.
Your company could suddenly downsize after a merger or an unexpected loss of market share. Your department could be reorganized after new leadership begins. All these scenarios have happened to me at some point in my career.
It’s wise to start every professional relationship with an idea of how it could end. This ensures that you’re never caught entirely off-guard. Knowing that you’ve thought about the end of a job or a business partnership can make you feel more secure about a potential split.
If you’re unprepared for an interruption in work or business income, it can be devastating to your emotional and financial life. So whether you’re laid off or you voluntarily quit, prepare for it now.
If you have a financial runway to find new opportunities or you’ve built an income from a side business, quitting or getting fired can be a positive experience. Having a good exit strategy can make the difference between feeling crushed by a job loss or becoming empowered by it.Read More »
College graduates saddled with student loans may find this hard to believe, but there is one upside to having to pay back all that debt: It helps you build credit. That may seem like a small consolation â particularly if the balances you owe areÂ even averageÂ âÂ but credit can be hard to come by. Of course,... Read More
The post How to Build Credit Without Student Loans appeared first on Credit.com.Read More »
The post A Parent’s Guide to Setting a Successful Budget for a College Student appeared first on Penny Pinchin' Mom.
Â You are getting ready to send your child off to college. Before you start helping them pack their belongings, there is one thing you need to do. You need to help them create a budget. You need to teach them how to manage their money so they can learn the tools theyâll use long after ... Read More about A Parent’s Guide to Setting a Successful Budget for a College Student
The post A Parent’s Guide to Setting a Successful Budget for a College Student appeared first on Penny Pinchin' Mom.Read More »