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The 5 Money Nightmares You Can Avoid While Traveling

The 5 Money Nightmares You Can Avoid While Traveling

I’ve been mugged, had my identity stolen and been ripped off overseas more times than I can count. For seasoned travellers these things are part of the job description. If you’re planning to go overseas or have found yourself in one of these situations, here’s how to tackle five money nightmares every traveller risks encountering – because no holiday should be cut short due to money misadventures.

Identity theft

A close friend had his identity stolen at an Australian airport. Had he of known where he threw his trash, it may have been different.

    source:picjumbo.com

    An English friend of mine arrived in Sydney to the news that a personal loan he’d taken out was maxed out. This is devastating news for anyone to hear, but it’s even worse when you never took out a personal loan to begin with. Turns out someone had stolen his identity from a plane ticket stub he had thrown in the airport bin.

    You always think identity theft won’t happen to you until it does – take extra precautions when you’re moving from place to place and dispose carefully of anything with your details on it. As it turns out, you need to know where your personal details are disposed of even in the relative safety of Australia, and though you don’t think about it initially the hardest part of identity theft isn’t regaining your identity but rather repairing it. Luckily, the Federal Trade Commission detail steps on retracing your alter ego.

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    Mugging

    Having cash on you is important when travelling. It’s also pretty important to thieves.

      source:picjumbo.com

      I was mugged in Amsterdam of all places, but luckily the thief only got away with 20 Euros. This is because I listened to the advice of a fellow, seasoned traveler: I split up my money and then sewed a pouch under my chest pocket to keep my passport, ID and credit cards safe. This is why listening to other travelers experiences is so vital – you can ensure the same thing doesn’t happen to you, and that your belongings remain yours.

      Credit card account hijacking

      You’ll be paying for some pretty crazy things while abroad – just make sure all your transactions are actually yours.

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        source:pixabay.com

        I had already been stung by some unexpected overseas fees and ATM withdrawal fees, but it was after a night out with friends abroad that I noticed some unusual transactions on my credit card (It was also then that I remembered the waitstaff staring at my card during payment multiple times that night).

        I didn’t waste any time – I called the bank and they reversed the charges immediately. This ease of reversing charges is one of the godsends of credit cards – If I’d been using a debit card it might not have been as quick a turn-around. In certain situations it always helps to be using credit as banks may be able to retrieve funds more quickly.

        Make sure your card is going to work with you when you travel and be mindful of how you’re spending on your credit card overseas.  In any case, your bank will tell you what you need to do the second something fishy appears on your statements.

        Getting stuck with no cash

        Cash is king, so make sure you always have access to it.

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          source:gratisphotography.com

          Everyone knows South-East Asia is the world capital of bartering prices, so I wanted to make sure I actually had cash to barter with. I went for a travel card with no foreign transaction fees, so I was only paying for money I was actually spending. Many travel money cards also let you lock in exchange rates, so you know how much cash you have to spend before you leave.

          Make sure you’ll be able to withdraw cash from ATMs in the country you’ll be visiting, otherwise your negotiation powers may not be that influential for very long. Oh, and for those of you with little negotiating skills, here’s a quick guide to get you up to speed.

          Getting ripped off when exchanging currencies

          You’re going to have to hand over cash this holiday, so make sure it’s to the best hands possible. 

            source:pixabay.com

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            Arriving in Heathrow airport for the first time and with no local currency, getting to an exchange service was my first priority. Spotting a foreign exchange stand in the airport, I couldn’t believe my luck – I wasn’t even in London yet. Once I was in London, however, I noticed that the exchange rates on offer outside of the cushy airport were much lower, with some being almost half the price. Like domestic travel, don’t just look for the quickest deals on services – get your money’s worth by looking for the best deal possible

            Just because you’re travelling, it doesn’t mean you should care less about prices. Give every financial decision the same weight you would as if you were making it at home.

             

            Traveling offers you no plenty of surprises, but they’re not all going to be free hotel room upgrades. Next time you travel be smart about your finances and savvy with your cash to avoid waking up in a scene from The Hangover.

            Featured photo credit: picjumbo.com via media.lifehack.org

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            The 5 Money Nightmares You Can Avoid While Traveling

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            Published on January 15, 2020

            9 Millionaire Success Habits That Will Inspire Your Life

            9 Millionaire Success Habits That Will Inspire Your Life

            As technology evolves and information becomes more accessible, it has also become more challenging to define success. A lot of people are trapped in the rat race while trying to discover the actual formula for success.

            You could become overwhelmed with what tools, techniques or philosophies to imbibe while trying to get tips over the internet. At every click and turn, there are ‘how-tos and quick-fix’ on how to become successful overnight. You will find several courses, articles, videos and books on how to achieve financial success.

            But what if I tell you it doesn’t have to be complicated as people made it out to be? What if you could achieve success by merely following these 9 millionaire success habits?

            1. Read for Personal Development

            A daily habit I have discovered millionaire share in common is reading. For instance, if you are an entrepreneur, you need to read to become an efficient leader and a productive business owner. Reading helps you to grow and learn without going to a business school.

            A research conducted by Thomas Crowley indicates about 85% of self-made millionaires read at least two or more books each month. [1] Warren Buffett is one of these examples. He spends 80% of his day reading. In the early days of his investment career, he would read 600 to 1000 pages in a single day.

            While millionaires sometimes read for pleasure, they also learn to improve themselves. They read topics on leadership, how-tos, self-help, biographies, lifehacks and also follow current events.

            2. Establish Multiple Sources of Income

            Another success habit I noticed about success is that they don’t depend on a single income source. Every millionaire possesses multiple sources of income. This helps them to manage economic challenges and also make more money.

            They are passive income addicts. They earn interests from loans, rental income from real estate, royalties from intellectual properties, dividends from investments. They also launch a side business or run a website or sell information products.

            How income is made either passively or actively is what separates the successful from the wannabes. They are always learning ways to build multiple streams of income.

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            3. Live on a Stipulated Monthly Budget

            An average millionaire does not believe in luck and jackpot. They take the time to understand cashflow-income and expenses. Based on this, they establish a monthly budget and religiously stick to it.

            The essence of the budget is to minimize unnecessary expenses. This will help you gain complete control of your financial life. Budgeting helps you to avoid overspending to achieve your financial goals. Here’re some tips to help you stuck to your budget: 32 Hacks for Sticking to Your Budget

            4. Manage and Maximize Money

            The most significant education for a millionaire is financial intelligence. Nobody attains financial freedom without gaining financial intelligence. This is the more reason millionaire regardless of their income update their knowledge about tax strategies.

            They always seek to reduce their tax bills. One approach they employ is by living or incorporating their business in states with no income tax.

            Do you know that about 60 companies paid $0 legally in the 2018 tax year? Some of these companies that ‘avoided'(note: not evaded) federal income tax include Chevron, Amazon, Halliburton, General Motors, Delta. The total income. Their total US income was totaled at $79 billion with an effective tax rate of -5%.

            What’s the deal? They got a tax refund. How do they accomplish these?

            An ITEP report indicated that they have the culture of throwing huge sums at tax experts who assist them in discovering creative, as well as convoluted means of paying little tax as much as possible. [2]

            5. Avoid Debt

            Another habit that separates the millionaires from the rest of the world is how they manage debt.

            They don’t live an extravagant lifestyle and only buy what they need and can pay for. They do not book hotels and flights by using their credit cards to pay for them.

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            They are conscious of the interest rates even when they use credits cards or take loans. They use those facilities for their advantage or pay with cash because of its zero percent interest rate.

            6. Set Daily Goals

            It does not matter if they are setting business, career, or financial projections; they have the success habit of setting short term goals. They plan daily and weekly to generate momentum in achieving their long-term goals.

            Ensure you prioritize when setting daily goals. This will help you to achieve the most important to-dos on your list.

            Setting priorities will help you to focus on highly rewarding activities. If you desire financial freedom, it is wise to pursue activities that earn you thousands of dollars than hundreds of dollars.

            7. Don’t Act Rich

            The goal is not to act rich but to be productive. Interestingly, Thomas Stanley buttressed this in his book that the most prestige brands of cars, about 86% percent are toys of the non-millionaires. People with huge fortunes tend to drive exotic cars but in reality, the largest consumers of pricey cars are aspirational. [3]

            According to findings by Experian Automotive Researchers, 61% of individuals who earn $250,000 or more rarely buy luxury brands. Instead, they buy Hondas, Toyotas, and Fords like the rest of the world. The reason is they are not ready to spend money on premium cars that tend to drop in value in a couple of years as it would cost money. Millionaires invest in assets that appreciate. [4]

            8. Own or Buy Businesses

            In Robert Kiyosaki’s cashflow quadrant, he divided how you earn income into four quadrants. The E and the S quadrants take the left position while the B and the I are on the right side. According to Robert, it is possible to be on all quadrants, but the millionaires are not.[5]

            • E stands for employee – they work for others
            • S stands for self-employed – they work for themselves
            • B stands for a Business owner- employees work for them (500 or more employees)
            • I stand for Investors – Money work for them like Warren Buffet.

            Your goal is to move from the left quadrant to the right quadrants where you own big businesses or make money work for you.

            It is possible to become financially successful by pursuing what you love. For instance, if you love writing, aspire to be the best seller. Wealth and passion work together.

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            9. Avoid Get-Rick-Quick Scheme

            A millionaire holds patience as an essential virtue. It takes patience to become successful, not only in finance but in every aspect of life. While it is possible to become financially successful at an early age, most millionaires hit it at age 50. They live a moderate life, invest in their future and retire rich.

            Bonus: How Can You Develop the Millionaire Success Habits?

            Having learned these habits, the next question is,

            How can I develop the Millionaire Success habits?

            Here are six values you will need to develop:

            Establish Your Life Vision

            You need to be clear about what you want in life to set yourself for a life of success. Your vision has to go beyond becoming a millionaire to understanding why you want to become one. Any great entrepreneur you will ever find has a clear vision and an established mission.

            Understanding why you are doing what you do will drive you to become the kind of successful person you want to be.

            Make Your Passion a Profession

            When your passion becomes your profession, work becomes pleasurable. Loving what you do enables money to flow to you and through you.

            So what’s going to be? Wake up every morning by speaking positive words into your work, love what you do, and focus on the work that brings you joy.

            Take a look at this article and learn how to make it happen: 5 Steps To Turn Your Passion Into A Career

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            Focus on Solution

            Focusing on the solution means establishing the problem that you or your business address. This will help you focus on the solutions when others are faced with challenges.

            A millionaire has a mindset that is fixed on the solution. He or she knows there’s a way out, and that every problem is an opportunity in disguise.

            Improve your problem solving skills with these tips: 6 Effective Ways to Enhance Your Problem Solving Skills

            Develop Your Leadership Skills

            Leadership skills are an asset that is indispensable if you want to develop a millionaire success habit. The more you hone your leadership skills, the more you will attract leaders who share your values.

            Be Growth-Focused

            Millionaire entrepreneurs prioritize self-improvement. Here’s how to achieve it:

            • Get a coach. Coaching will impact your life, and you will achieve peak performance in life and business when you have a life coach.
            • Be coachable. It is not enough to have a coach; you must be coachable. Sometimes, you need feedback and counsel to reposition your life and business. A coach has the wisdom and experience to counsel you from a higher perspective. The more you receive feedback and work on yourself, the more you become better at what you do and who you are.

            Flip Your Thought Pattern From Acting To Being

            It is not enough to have a millionaire success habit, you must also become a person of positive influence. This is how you can become significant. Bill Gates is not only rich; he is changing lives in Africa and different parts of the world.

            If you want to become successful, you must first be and think like a successful person. This is how resources you need can flow into your life.

            Here’s a final thought from me:

            It is not enough to do something to have something; success is about being someone who possesses what is needed to take positive and inspired actions.

            More Success Habits

            Featured photo credit: Austin Distel via unsplash.com

            Reference

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