In this generation, where the spotlight is on luxuries and lavish lifestyles human urges are tested to its limits. It is getting harder and harder for people to actually maintain a financially-stable life. Whether it is the need for the latest brand new phone now marketed worldwide, or the craving for that luscious $5 cup of coffee, everyone seems to be racing to become hip. This is true most especially for people who are working or are starting their careers because they become exposed to this relatively new atmosphere and culture of impulsive spending since most people reason that they’re earning anyways.

This is a big no-no for anyone who wants to be financially-stable.

A more alarming fact is that people often disregard proper financial management in their lives, causing monetary disasters evident in the many cases of debt, unpaid and growing interest in bank loans, and the rampant growth of bankruptcy. The experience can be quite excruciating, given the implications of such financial problems, not to mention the reality of economic instability and decline.

Financial advising and management can draw the fine line between an impending catastrophe and smooth sailing.

When working, it is important that people grow a better understanding of financial management to better prepare themselves for the future. Here are the steps on how to experience a financially smooth sail across the raging waters of life:

S is SAVE, SAVE, SAVE!

The most common way to go about being financially confident is by saving. As a child, it is rewarding when a person actually fills his piggy bank to open it for Christmas to buy his desired toy. Come to think of it, this is the same rewarding feeling a person can have if he decides to save.

saving up!

Saving is an important facet in everyone’s financial status. When money problems arise or business may not be going as planned, one’s savings becomes the saving grace in times of inevitable peril. Nothing beats having an emergency fund or rainy day stash to expend when one is sick and needs finances for medical attention, or when the family breadwinner has been incapacitated, or when everything seems on a downward spiral.

How does one go about saving? Any good saver first establishes where to put his or her money. This can be manifested with opening bank accounts, preferably a savings account that requires minimal maintaining balance (at first), and could be later on converted to a high-yielding account. A traditional coin bank is also a viable option, considering the fact that the money saved in this way is liquid, ready to be used as needed.

The fact is that each financially-stable person knows that even a single penny counts.

A is Always Evaluating Expenses

The simplest yet most profound lesson any professional financial adviser can give is that an individual should not spend money he or she doesn’t have.

considering a car

As an employee living in the trend-dependent, hip lifestyle of this generation, the inevitable thing to happen is for a person to ride the mainstream waves. This can ultimately have people running off to swipe their credit cards left and right anytime and anywhere they like. There is nothing wrong about wanting and having the accessories, the luxury gadgets, and the expensive clothing from time to time. However, what matters is how a person programs his or her mind on spending, or how he or she evaluates the significance of such purchase.

Ironically, the coined term ‘Shoppaholic’ is socially-accepted nowadays. It is a word that describes an impulsive buyer who may or may not care about his or her credit balance. This is something that people in the working bracket should be avoiding.

To break the curse of being an impulsive buyer, one should always try to evaluate the importance of every purchase. Looking it over and over to process if it really is essential is important because each and every purchase entails financial repercussions that may still linger long after the deal has been done.

I is Invest Early

Investing is integral for people who are aware of the financial wonders it brings. Investing early is much more preferred since money requires time to grow. So where does one invest?

Banking is the most commonly used approach for saving money, and is in fact a form of investing as well. 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 those who are only at the beginning of their careers, it is harder to get a significant amount of interest. This is because most banks only part not greater than 5% to the savings account. Naturally for lower money deposited, lower interest is accrued.

stacking change

An alternative method to actually save wisely is by investing the money in the stock market.

Various firms and companies cater to use a deposited amount of money in the stocks market. The amount is used as the financial institution’s principal in stocks exchange. The mutual fund then turns in an interest at the end of the year that is much higher than that of the banks. It is a brilliant alternative to save up the money.

On another note, anyone can actually play at the stock market personally by investing at the stocks companies. A private individual can buy or sell his stocks online, giving him a dynamic digital observation deck on the trading floor and allowing him to track the current state of his money. Ultimately, all the money saved can be used for other ventures such as setting up a new business and other professional engagements.

L is for Life Insurance

Being able to get an individual insured is one of the best steps to take when it comes to setting up a stable financial foundation. More so, it is smarter if a person be insured at a young age.

Getting an insurance policy, which entitles a person financial protection or reimbursement against premature losses, is imperative for money-smart individuals. This is because the insurance protects him from the risks of financial losses, damages or liability for damage caused by a third party. Insurance companies can vary in their offerings, but the most significantly popular ones involve health and protection.

Having a health insurance can benefit a person in periods when professional medical care is necessary. In a time when professional healthcare can be very costly, it would be a gift to be able to save one’s self by his hard-earned money.

Health and protection is actually encompassed within life insurances. These life insurances allow individuals to get what they deserve during the span of their lifetime. Leading life insurance companies like American General (AIG) and up and coming insurance companies provides people a variety of choices in their life plans. This is integral in every young adult wanting to be financially stable in the future.

life insurance

Furthermore, life insurances deliver various benefits for people availing them. Not only does it inculcate the values of being thrifty, it has been proven to be a safe and profitable long-term investment which ensures returns in the long-run.

Similarly enticing is the fact that insurances act as risk covers, which allows people to live comfortably even amidst the uncertainties of life. Growth through dividends is also a major hook for life insurances because traditional policies offer an opportunity to participate in the economic growth without taking the investment risk. The investment income is distributed among the policyholders through annual announcement of dividends/bonuses.

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These Are The Most Unusual Ways to Work Smarter Instead of Harder

Millions of people work really hard. Everyday. But there is always a better or smarter way to accomplish the same things you have to do every week. And you probably have a productive routine that works for you. Most people do. You can still improve it though.

These are two of the most upvoted answers to this question on Quora: What are some uncommon ways to work smarter instead of harder? These ideas have worked for the productivity experts.

Answer by Nela Canovic, productivity hacker, writer, and Silicon Valley entrepreneur

Do your deep work (the hard stuff, the work that requires the most concentration) EARLY.

When exactly?

Many scientists say that the brain’s peak performance happens 2-4 hours after we wake up. If, for example, you wake up at 6, your peak times are between 8 and 10  a.m.

What are the benefits?

Doing your deep work early in the day allows your brain to focus fully on the problem at hand, with fewer distractions, less inputs from your environment, and with a lot of  energy that you’ve gained from a restful night. It’s the exact opposite of what can happen if you leave your hardest work for nighttime, after you’re done with all your daily activities and you are exhausted from the day.

How can I get into this habit?

1. For one week, keep a log of what you do during your peak times. Are you focusing on your important mental tasks? Are you learning new material, solving complex problems, reading, or writing? For most people, this time is usually spent commuting to work, checking email, making phone calls, watching or listening to the news.

2. Re-prioritize your peak brain performance time. Think of ways you could rearrange the things you do early that are less important to your personal and professional development. Like to stay on top of the latest news? Save this activity for your lunch break or right after lunch.

Emails are waiting in your inbox? Be careful of how much time checking email takes; it can seriously impact your day. Choose 2 blocks of time to go over your emails, one mid-afternoon and one closer to the end of your workday. It’s better to be proactive early (by doing your important work) and reactive later (responding to questions, providing input on discussions, etc.).

3. Create more space and time to your day by implementing a morning routine that can help you be productive. The benefit of a morning routine is that you jump start your day; you complete several tasks before moving on to work, school, or other responsibilities; you are more productive with your time; you feel more successful in what you do. I wrote a few ideas on developing a morning routine here.

Answer by Akash Sehrawat, Practices Kaizen ( act of continuous improvement ) daily

Here are 17 uncommon ways to work smarter instead of harder.

1) Find your passion: Life becomes much easier in the long run.

Sure, when you start out there will be doubts! No one will believe in what you are doing, but you need to keep moving no matter how much criticism you face!

All this doesn’t matter. What TRULY matter is the believe in yourself. Related post: Akash Sehrawat’s answer to How do you know if you’ve discovered your passion?

2) Passion is not enough. Find a purpose: Doing something which you are passionate is good. But is selfish. Nothing wrong with that. Now take a step forward and find a purpose.

For example: I am passionate about building muscle and becoming healthier. Good. Purpose: My mission is to help a million skinny guys gain muscle, and be healthy. Great!

3) Once you find your passion, and a purpose, Profits will come:

Passion: Baba Ramdev is passionate about Yog and Ayurveda.

Purpose: He propagated Yog on TV, through books and DVD and now through his company Patanjali he is providing natural ayurvedic products at reasonable prices! Patanjali’s Predicted Revenues by March 2017= INR 10,000 Crores.

Profits will come eventually. Just focus on helping lot of people.

4) Create, Consume, Communicate, in this order: Creating is the highest form of intelligence.

Here are few things you can create:

-A life that you want.

-Write a blog post on things that you are passionate about.

-Paint.

-Create a company.

-Create Products and Services that will make people’s life easier and so on and so forth.

Consume: While you are reading this article you are consuming. Reading fiction, non fiction, watching TV, etc are all forms of consuming.

Firstly, majority of us consume too much, just too much. But librarians are not smart or rich!

Idea is to consume the right stuff. It is to consume something which will help you reach towards your goals.

Consume biographies, consume awesome posts by great bloggers.

Secondly we consume mostly entertainment and not educative stuff.

We love watching Cricket, our favourite comedy shows, and reality TV. These things provide immediate pleasure or gratification but don’t provide any long term value.

I am not asking you to cut out completely on entertainment, limit it to 10-20% of the things that you consume.

And Lastly communicate: God has given us 2 ears and one mouth. HE wants us to speak less and listen more. In this age of wats up and Facebook, there is too much noise and mindless chatter going on! Just too many opinions about anyone and everyone!

My advice: Talk less, listen more and do more:)

5) Do something important: Before venturing into Tesla, SpaceX Elon Musk knew his odds to succeed were very less.

To this one interviewer asked him why did he still went ahead with it? His answer: “Coz its important and is the right thing to do”

6) Measure how much time you waste everyday, and then aim to reduce it: Watching TV, gossiping over the phone, chilling with friends, late night-outs, spending excessive time on Facebook are all time wasters and usually don’t provide any educative value. First step is to become aware about how much you are actually wasting on these activities everyday, every week. Then aim to reduce by 10% and then by 20% and then move upto 50%.

Just imagine the awesome things you can do with these many hours saved: like spending more time with your family, starting a blog part time along side your job, devoting more time to your hobby and so on and so forth.

7) Walk and burn: Do yourself a favour and buy a fitness band.

And set the target to 10,000 steps daily. This will help you burn roughly 500 calories daily which is equivalent to 3500 calories in a week or 1 lbs of fat loss a week, or 4 lbs a month, or 48lbs a year (21.8kg). Most of you don’t even need to lose this much in the first place!

8) Lift heavy weights: Weight training is concentrated work! Working out just few hours a week can provide you with immense benefits. Learn more.

9) Wake up early: Sure some people do their best work between 11pm to 3am. I was one of them long time back, until I become a morning person. I realised I am much more alert working early mornings. Usually after an undisturbed night sleep I can really focus and focus hard.

Whereas working at night was always erratic. Usually something or the other used to come up. Friends birthdays, family get togethers, movie etc. Majority of people in this world are asleep from 5am to 7am. You can do your best work at this time.

10) Build a routine that works for you: Will power is not enough. You plan 10 things the night before. You are all charged up and promise yourself that you will accomplish all the things in the list. What happens the next day? You snoozed and as a result you lost few hours of your precious time. You start to feel guilty and the whole day spirals downwards!

Don’t feel like writing, sit down, open your Mac and start typing. A rough draft is better than an empty page

Don’t feel like going to the gym. Stop your thinking, wear your shoes and just go. Once you are at the gym, you’ll be glad you came.

Successful people build routines, and not will power.

11) Start a stop watch before every task: Oh this one really works! When I know the clock is ticking, I am way more focussed.

12) Divide your day into small chunks: I don’t enjoy F1 races much! But what I have learned by watching is that the team who wins is the team who takes timely strategic pit stops! In the long run what really matters is that you have the right amount of fuel in the gas tank, your tires are not worn out too much etc.

The same can be applied to your work. I personally can focus intensely for 25 to 30 minutes. After which my mind and my body asks for break. Usually when I am excited or with my team I override that signal and make myself a cup of coffee and keep working! Not wise! After sometime my body starts to release stress hormones like cortisol, adrenaline etc. This makes me anxious and jittery!

In order to work smarter, what I can do is to take a break after a period of intense work:

  • The break should be no more 5 to 10 minutes after 25 min of work
  • and 15 to 20 minutes is ok if you work for 45 to 50 minutes
  • During the break don’t check Facebook or chat with your friends.
  • Instead do these things: Go for a walk and take deep breathes simultaneously
  • Mediate
  • Listen to great music
  • Take a power nap

There’s an app for that: iOS – Be Focused by Denys Yevenkoy

Android – ClearFocus by ClearApps.xyz

13) First things first: Now, I am of the notion that if it has to happen, it has to happen FIRST. You see we have limited will power. Roy Baumeister’s experiment proves this fact.

If you complete all your important task before noon ( exercise being at the top of the list ) , chances are very high that they will get done!

14) Do Less: Less is more. Less is productive. 20% of the things you do will give you 80% of the results. Those 20% of thing are hard to do. Usually we try to avoid them! And choose to stay in our comfort zone. Majority of us are busy, but not productive.

15) Keep asking this important question: Is this the best use of my time? If the answer is “No”, then probably it is. Re-assess and stratagize. Figure what are things that you should be doing instead.

16) Plan Plan Plan: Abraham Lincoln said: ” If I have nine hours to chop a tree, I would sharpen my axe for 6 hours and cut the tree for 3 hours! Always plan the next day the night before! This habit has helped me saved me tons of time! Plan every hour , every minute. Its ok if things don’t go according to your plan. Just improvise:)

17) Reserve Sundays for Weekly Planning: Measure, analyse, progress. How can you improve on something that you don’t know? Keep a document detailing how you spending every hour of the day! I know it may seem like a big task initially, but over time, it builds into a solid habit. This way you have a clear idea where your spending your time.

Every Sunday you can take a look at the various things you have accomplished. You can then work towards improving.

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