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What Your Credit Card Says About You

What Your Credit Card Says About You

Getting a credit card seems like a simple enough idea. You get a credit card, spend money on it, and eventually pay back the money you spent on credit. Maybe you’ll rack up some rewards while you’re at it. However, you may be surprised by what your credit card says about you. Here are some credit card user archetypes and the cards that suit them best.

The Traveler

Capital One credit card

    It’s easy to spot a traveler via their credit card. They very likely have a credit card that offers miles on purchases that they can use to fly anywhere. In many cases, they are businessmen and women who are looking to rack up some miles while flying on business so they can one day go traveling on their own. For those who don’t travel frequently, it shows a longing to untie from the stresses of every day life and go somewhere nice.
    Example: Capital One VentureOne

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    The Big Spender

    These are people who love to impulse buy. They see something on sale or a new gadget come out and they must have it immediately and onto the credit card it goes. People who love to impulse buy often buy expensive things. Therefore their credit cards are usually the kind that offer some sort of cash back. The more they spend, the more cash back they get.
    Example: Chase Freedom

    The Ones Who Live For Tomorrow

    Most credit cards set you up so you can earn points and spend points almost immediately. There are those out there who don’t want or need the rewards so they get a card that allows them to invest in the future. An example is the 529 Program where all cash back rewards or miles are grouped into a college tuition account that grows tax-free. If you see someone with a card like that, you know they’re thinking of the future.
    Example: FutureTrust Mastercard

    The Beginner

    Getting a credit card for the first time can be daunting. Most younger people who have no credit can’t get these epic credit cards that more experienced people can apply for. Usually they end up with a prepaid credit card. These are the ones where you give a bank $500–$1000 and they issue you a credit card for that amount. You treat it like a regular credit card but if something happens, the bank can close the account without sending the poor card holder into debt. If you spot someone with one of these cards, they’re likely building up some credit.
    Example: Ask your local bank for details on credit cards like this.

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    The Debt Manager

    Just because you have a credit card doesn’t mean you’re trying to spend money. Sometimes it means you’re trying to pay back money. The debt manager has a credit card but never uses it because they got that card to transfer the balances of other debts onto their credit card. They’re paying it off and being responsible (hopefully) and their strategy allows them some flexibility.
    Example: There aren’t really any credit cards specifically for balance transfers but you can find credit cards with lucrative features for transferring balances.

    The Homemaker

    There are credit cards out there with rewards for purchases specific to the house and home. Groceries, home improvement items, etc. are included, so whenever you buy food or improve your home, you get rewards. If you see someone who’s always buying things for their home and who seems to enjoy it a little too much, then you’ve liked run into someone with a card that rewards them for it.
    Example: The Barclaycard Rewards Mastercard offers double points on things like groceries.

    Mr and Mrs Attention To Detail

    Some credit cards offer a range of features that are great for people who like to go over life with a fine-tooth comb. They like to check their credit scores often, get rewards on a variety of purchases, and want to make sure they have customer service whenever and wherever they may need it. When it comes to their finances, they know where every penny is all the time.
    Example: Discover It card.

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    The Socialite

    Chase Sapphire Preferred credit card

      Some people just love hanging out with other people. They like to dress up and go out, talk to real people, and often resist autonomous behavior. These kind of people usually have a credit card for any occasion. It looks neat, has customer service that puts them in direct contact with a real person, and the rewards change up so it always feels new.
      Example: Chase Sapphire Preferred Card

      A Most Simple Person

      There are those out there who just don’t want all the bric-a-brac that comes with today’s modern credit cards. The rewards, miles, weird deals, and such are just too complicated to keep track of and they don’t want to go through the hassle. They have a simple credit card. No features, no miles, no rewards, and there are certainly no weird specials to keep track of. They spend money, they pay it back, and they get on with their lives.
      Example: Citi Simplicity Card

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      Featured photo credit: Screen Junkies via cdn2.screenjunkies.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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