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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Don’t Invest In a Career. Here Is Everything You Can Do To Build a Life

The world is changing rapidly. The way we live has already changed. The way we work keeps changing. Entire industries are crumbling. Robots are eating jobs. People are scared of losing their jobs. Nobody is safe.

But people are empowered to express themselves more than ever. The opportunities to create, to become a part of a global conversation and transformation are now more than you can ever imagine. There are now more free online resources to help you start and pursue your life’s work.

You can take your idea, business, or career, and turn it into something truly successful and amazing. It’s easier to transform your passion into your job than finding a job that matches your what you love to do.

What will you do with that?

What will your place be in this new, interesting world? Will you have a voice? Will you be a creator, or just a consumer?

You can do something.

Do something interesting, meaningful, different, amazing and truly remarkable. You have a choice. Choose to show your most amazing work to the world.

Inappropriate attention to detail is the reason why you have not launched your work. By all means, get it right but don’t aim for perfection.

Constantly push to evolve your ideas, even if you are not ready to launch your life’s work yet. Don’t get stuck!

“Whatever you dream you can do, begin it. Boldness has genius, power and magic in it. Begin it now.”  Goethe

Be a part of the conversation, and say something remarkable. Create something unique, new, beautiful. Build upon the works of others and transform it into your own.

Don’t be subject to the tyranny of “how things have always been done”. Find your true north and push past the default.

Here is everything you can choose to do to build a life that matters to you

Start a blog, write at least a little each day. Write a book. Or an ebook. Share your tips with others online or through a free ebook. Write poetry and publish it on the web. Create interesting, lovely or funny videos, put them on You Tube.

Create an app that will solve a problem in people’s lives. Become a watchdog to replace the faltering newspapers. Explore the world, and blog about it.

Try something you’ve always been afraid to try, and put it on video. Be yourself, loudly. Start a new company, doing only one thing, but doing it very well.

Start a business that does a service you’ve always wanted, or that you are frustrated with in other companies because the service sucks. Put your heart into something.

Say something that no one else dares to say. Do something others are afraid to do. Help someone no one else cares to help. Make the lives of others better.

Make music that makes others want to weep, to laugh, to create. Inspire others by being inspiring. Teach young people to do amazing things. Write a play, get others to act in it, record it. Empower others to do things they’ve never been able to do before.

Read, and read, and then write. Love, and love, and then help others to love. Do something good and ask others to pass it on. Be profound. Find focus in a world without it.

Become minimalist in a world of dizzying complexity. Reach out to those who are frustrated, depressed, angry, confused, sad, hurt. Be the voice for those without one. Learn, do, then teach.

Meet new people, become fast friends. Dare to be wrong. Take lots and lots of pictures. Explore new cultures. Be different. Paint a huge mural. Create a web comic. Be a dork, but do it boldly.

Interview people. Observe people. Create new clothes. Take old stuff and make new stuff from it. Read weird stuff. Study the greats, and emulate them.

Be interested in others. Surprise people. Cook great food, and share it. Be open-minded. Help someone else start a small business. Focus on less but do it better.

Give people a ride in your car. Use Uber to your advantage. Start an online shop on Shopify. Create and sell stuff on Etsy.

Help others achieve their dreams. Put a smile on someone’s face, every day. Start an open-source project. Make a podcast. Start a movement. Be brave. Be honest. Be hilarious. Get really, really good at something. Practice a lot. A lot. Start now. Try.

If you’re willing to take the risk of sharing yourself and your ideas with the world, you can create value you will be proud of.

Show up everyday and work on your most important life work. Whether the outcome is magnificent or eternal, whether it changes people’s lives, changes the world, changes you or groundbreaking, it matters that you show up.

By focusing on doing the one thing that excites you, you not only give yourself a shot at putting in the effort to become amazingly great at something, but you also make it easier for potential customers or employers to see you as “the guy who’s really great at that thing.”

If you pursue your dreams long enough, compounding takes effect. Momentum will surge. Don’t give up just yet.  Action begets outcome. Outcome begets action. Rinse, lather and repeat and you have momentum. You’ll become unstoppable.

Start. Move, make, create, ship, do. Just start. That’s what entrepreneurs do. They start. They start something. Sometimes it is something big. Sometimes it is a big failure. Either way, they got stuff done.

Don’t invest in a career. Build a life. Take your dreams seriously.

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