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12 Things You Can Do Now To Improve Your Financial Life

12 Things You Can Do Now To Improve Your Financial Life

A vow to improve your financial state is the sort of grandiose statement that usually accompanies New Year’s resolutions. Fortunately, however, actually achieving this goal could be among the most tangible objectives on this year’s list.

Improve your financial life today by taking action on one of the following:

Educate yourself.

Do you know what an IRA is? What is the sales tax rate in your state? How often do you expect bank statements; do you know what all of the terms on your statement mean? You can’t make sound financial decisions if you don’t know anything about finances, so take the time to pick up the phone and call your bank, grab a book from the library or spend some time online regularly furthering your financial education.

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Save.

Finish this sentence: “A penny _____ is a penny earned.” You guessed it: saved! A penny saved is a penny earned, that goes toward your grocery bill, to fund a trip, put gas in your car, or provide for a child. Pennies add up. Save them.

Diversify investments.

As you build up your savings, create a healthy mix of liquid (i.e., can get to within a day in case of emergency) and static (things it would take you longer to cash in on) investments. A good financial advisor can talk you through how to build stock accounts, mutual funds, or invest in land, a home, or your own business.

Pay down your debt.

Owe anything to anyone? Make ridding yourself of debt your top priority. If you’re not sure where to start, or how to steadily chip away at larger debts like student loans, seek expert help. Then dig deep to find the discipline to carry out your plan.

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Put yourself in Florida.

Or on a yacht, or in the mountains, or on a beach anywhere else you would like to retire. What are you doing to get yourself there? Debate abounds concerning the future availability of social security and other benefits, and it is wise not to depend on any income but your own for retirement. Consider inflation, rising medical costs, and projected family needs when you plan, but the short version is that if you want to retire before you’re 70, you must start saving today, and increasingly aggressively as you age. Learning about Roth IRAs is a good place to start the educational process, if the idea of saving for retirement is new to you.

Watch what you put in your mouth.

Do you know the price at each of your local stores for the groceries you most often purchase? No? Time for a field trip! Your household’s grocery bill is a large, recurrent expense that can easily be chipped away at with smart shopping. Remember to Google and print coupons before you go, read those sale circulars you get in the mail before you toss them away, and consider warehouse stores or online merchants for goods with a longer shelf life. Food thrown away is money dumped right from your wallet into the trash, so shop as often as you need to.

Step away from the television.

How much do you spend on satellite or other television subscriptions each year? How much time do you spend watching television? What else could you do with that amount of money? How else could you earn money, with that amount of “extra” time each week? Put down the remote. Step away.

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Unwire, just a little bit.

How many gadgets do you own that have internet access, stream video, and allow you to chat in some way or another with your friends? Do you really need that much redundant capability? Ditch one electronic device, or downgrade subscriptions that you truly do not use. You will survive, and your budget will thank you.

Get organized.

Dreading the spring, when taxes are due? Not certain how much money you actually spend, or where it is all going? Get a filing system in place, whether formal or in a shoebox, and start collecting and tracking receipts. Log your expenditures in an spreadsheet, or by hand on a piece of paper. Update your logs regularly, and you will be pleasantly surprised by how much more effective your financial planning process becomes, and how easy it is to file your taxes next year.

Unsubscribe from merchant emails.

How many times have you logged onto your email account and seen a picture of something you didn’t know existed, had never thought about, but now see is on sale and can’t get out of your mind? Save yourself (and your budget) the anguish, and unsubscribe from those lists.

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Do it on the side.

Work, that is. In our wired world, a side gig could be only a few internet searches away. Someone in your neighborhood may need a dog walked while they vacation, or a babysitter once a week. The trash at a local school may need to be taken out for a small fee. Nothing is too menial or small, if it adds income to your bottom line.

Date creatively.

Those $15 drinks and swanky dinners add up. While impressing a date is always nice, wow them with your financial savvy by mixing things up with home-cooked dinners, picnics, outdoor activities, or matinees. If that isn’t attractive to the one you wish to woo, they probably aren’t a good financial partner for you, anyway.

Thirsting for more? Check out these Best 15 Money Management Apps that Make Financial Planning Easy.

Featured photo credit: taxcredits.net via flickr.com

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Published on November 8, 2018

How to Answer the Tough Question: What are Your Salary Requirements?

How to Answer the Tough Question: What are Your Salary Requirements?

After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

Unfortunately, this is the wrong approach.

Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

Of course, you can’t command a high price without bringing value.

The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

1. Hack time to accomplish more than most

Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.

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Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

2. Set your own boundaries

Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

Here are some important traits to consider:

  • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
  • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
  • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.

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3. Continuously invest in yourself

Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

4. Document the value you bring

Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.

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Here are some ideas:

  • joesmith.com
  • joeasmith.com
  • joesmithprojects.com

Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

5. Hide your salary requirements

Avoid giving you salary requirements early in the interview process.

But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

6. Do just enough research

Research average salary compensation in your industry, then wing it.

Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.

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Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

7. Get compensated by your value

Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

The bottom line

You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

Featured photo credit: LinkedIn Sales Navigator via unsplash.com

Reference

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