Author: Mark Adams

7 Strategies to Improve your Basic Financial Literacy

Basic Financial Literacy

Every human being spends money on daily basis. The big question has always remained, how many know how to manage money? The skill of money management or the lack of it is financial literacy. Financial literacy gauges how well one can manage one’s money. Many consumers cannot answer the simple question, “What is basic financial literacy?”

Financial literacy is the ability to understand and effectively use various financial skills. Skills such as investing, budgeting, and personal finance management.

It has also been defined as the ability to understand how money works. This simple definition encompasses broad ramifications. These include, how well does a consumer resist the temptation of spending money? Has the consumer invested in themselves, family, or charity? Someone who lacks these skills is financially illiterate.

Patience in spending shows impressive financial literacy. They are frugal, always prepared, and keep track of their spending.

If you already think you got this, check out 6 Great Alternative Investment Options

Understanding Basic Financial Literacy

Evidence accumulated recently suggests that financial literacy is one of the essential determinants of any human being’s economic well-being. One will only make effective financial choices if their decisions are financially informed. A significant part of wealth inequality experienced during retirement can be explained by our differences in financial knowledge that we gain at our early stages of life.

Recently, financial services and products have had a widespread increase throughout society. Early generations purchased goods and services with cash. In recent decades, other methods of payment, such as credit products, have gained massive popularity.

Basic Financial Literacy
  • Mortgages
  • Credit cards
  • Student loans
  • Health insurance
  • Home equity lines
  • Credit insurance programs
  • Buying clubs
  • Self-directed investment accounts

The recent growth in usage of these credit products has made it imperative for consumers to understand how to use them.

You can categorize various skills under the umbrella of financial literacy. There are, however, popular and basic-financial literacy skills that have to fall under this category. They Include:

  • Household and personal budgeting
  • Learning how to manage and pay debts off
  • The ability to evaluate tradeoffs between different investment and credit products

These skills require a working knowledge of at least key financial concepts such as compound interest and the time value of money.

Why Do I Need Basic Financial Literacy?

Did you know that an estimated sixty-six percent of Americans today are financially illiterate?

This is how common financial illiteracy has ravaged society – Financial Industry Regulatory Authority (FINRA) research

Finance, in modern society, is essential. Lack of financial literacy is very damaging, especially to an individual’s long-term success.

A financially literate person is less vulnerable to financial fraud than their counterparts. They possess a strong financial foundation. This aids them in supporting various essential goals in life. These include retirement, education, responsible debt usage, and running of a business enterprise.

Udemy has some great courses including this one on Basic Financial Literacy.

It appears that decision-making is gaining more buoyancy among consumers when it comes to finances. Five converging trends have demonstrated the importance of making informed and thoughtful financial decisions:

Gold and Silver


1 – Consumers are tasked with shouldering an increased number of financial decisions.

Recently pensions are more have become rare, especially to new employees. They instead now participate in 401(k) programs where they decide how much to contribute and what to invest in.

2 – Investment and savings options are more complex

The dynamic financial landscape has introduced more financial participants and factors that influence it. Combining all these factors can lead to contrasting views. These create and implement the following financial roadmap.

3 – Lack of government aid

Past generations relied on Social Security as a major source of retirement income. It is no longer enough, and not all generations will receive it. It acts as more of a safety net for basic survival. This creates a need for more effective, efficient, and responsible financial decisions.

4 – Overwhelming choices of finance

Consumers have a wide array of financial sources to choose from.

  • Banks
  • mortgage companies
  • insurance firms
  • credit card companies
  • credit unions
  • financial planners
  • and other financial service companies are tough competition for assets.

This poses a huge confusion to the consumer with whom the final financial decision lies.

Financial illiteracy is a problem faced by developing countries as well as in developed countries. One must grasp financial abilities and principles to succeed in the game. Consumers from both worlds lack strong knowledge of the financial basics. Negotiating and managing the financial landscape is key to avoiding financial pitfalls.

The level of financial literacy varies with levels of income and education. Consumers on the higher income and education notch are ignorant of financial issues as those on the lower gap. The latter exhibiting greater economic literacy.

A financially illiterate person is faced with the likelihood of falling to several pitfalls. They are likely to accumulate unsustainable debt burdens. This is owing to a lack of long-term preparation or poor spending decisions. These pitfalls have been associated with bankruptcy, poor credits and housing foreclosures. Financial fraud victims are likely to be financial illiterates.

Basic Financial Literacy

Strategies to Improve your Basic Financial Literacy

Developing strong financial literacy is a measure of improving your finances. It involves learning and practising several financial skills. These include:

  • Money management
  • Budgeting
  • Debt Repayment
  • Investment
  • Credit options available in the market.

Here are strategies to consider to improve basic-financial literacy skills

1 – Budgeting

Plan your expenses upfront. Track how you performed against your expectations. Adjust according to your findings. You can do this on excel or paper. You just need to do it!

2 – Saving

Financial planners prefer terming it as paying yourself first. Accumulating savings involves a reverse budgeting strategy. Set your saving goals and decide the amount of money you want to save. Do it monthly and separate it from the amount required for your monthly expenses.

3 – Bill payment management

Consumers should always set a priority when it comes to paying their monthly bills. They should take advantage of automatic debits available from checking accounts and bill pay apps. You can also sign up for email, phone, or mail payment reminders.

4 – Get your credit report

Consumers are advised to acquire their annual credit reports. They can then review them and dispute any errors by discussing inaccuracies with the credit bureau.

5 – Confirm your credit score

Consumers with good credit scores obtain loans at the best interest rates and credit cards. You must monitor your credit score beware of financial decisions that can raise or lower your credit score.

6 – Debt management

Make use of your budget to remain on top of debt by decreasing your expenditure and increasing repayment. You can also consider taking advantage of a debt reduction plan.

7 – Save and invest in your future

You can take advantage of the 401(k)-retirement plan if your employer offers it. Consider investing in a diverse portfolio of stocks, commodities, or fixed incomes. Seek financial advice to determine how much money you require for a comfortable retirement. Develop the necessary strategies to reach your goal.

Basic financial literacy is a crucial tool to manage personal finances. It will help you save enough income for retirement. What if you don’t have enough for retirement.

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6 Great Alternative Investment Options To Supplement Your Strategy

alternative investment options

Why invest at all?

Investing your money is a critical skill we all need to learn. The quicker the better. Money must be invested to build your wealth. If your money sits in your wallet, it has no potential to earn any rate of return. When you do not invest, you will miss several chances to increase your financial position. There is of course a chance you can lose your money from the investment, but that is why you must learn some strategies. You will fail from time to time, but that is how we learn. There are traditional and alternative investment options and its good to know about them.

Here are the reasons you should invest your money.

  • Growth – By investing your money in vehicles that give you a return, your money will start to compound over time.
  • Retirement – Everyone wants the option to not have to work one day. To not rely on family support to get you through the month. Putting away money throughout your life is necessary to gain this freedom. The better your choices today, the quicker you will reach your goal. What if you don’t have enough when you retire?
  • Start a business – A business can be an expensive thing to start. If you need to go into it full time you will need to support yourself while you are earning no money. Savings can come in handy down the line and make the decision to so your passion full time easier. There are some businesses that don’t cost a lot to start!

Traditional Investment Vehicles

Financial symbols of stock market

Before we get into what alternative investment strategies are, let us see what we mean by traditional. The well-known ones are bonds, cash, real estate, and shares.

Bonds

As an investor in bonds, you are typically buying debt issued by companies or governments. You get an annual return until the debt is paid off. Due to the fluctuation of interest rates, the bonds become more or less valuable over time. They tend to be lower risk, so they are a good choice when nearing retirement age.

Cash

This money is usually put into short-term, low-risk investment vehicles like deposit accounts, money market accounts and high yield bank accounts. It’s always a good idea to have some of your investments in cash when an emergency arises.

Real Estate

Here, the investor buys property to make money. There are several strategies here including buy to let, flipping (When you buy a cheap run-down home, fix it up and sell at a higher price) and REITs. These are normally long-term investments and can be highly leveraged.

Shares

Companies often sell shares to the public to raise capital. This capital is used by the company to invest in and grow the company further. When you buy these shares, you are a shareholder and part-owner of the company. Hopefully, over time the value of the shares grows and provide you with dividends.

Alternative Investment Options

Financial growth and business success with the best investment choices from professional financial advice for picking the right equity stocks to invest in for r

These are good investment vehicles, but its only part of the picture. Here are some alternative ways to invest your money.

Collectables

These include paintings, stamps, wine, cars and much, much more. If you have a passion in an area and learn the value of your passion you have a good chance of making money through appreciation over time.

Hedge funds

These tend to trade relatively liquid assets. There are many strategies, but the aim to provide a higher rate of return on investment. The skill required include long-short equity, market neutral, volatility arbitrage and quantitate strategies.

Private Equity

Instead of becoming a public company, some private companies want additional investment. There are a few kinds. Venture capital, growth capital and Buyouts.

Private Debt

These are investments not funded by the banks or traded on the open market. Private debt is leveraged during the growth phases of companies. The extra capital can be used to push to a new level.

Cryptocurrency (Bitcoin)

This is a modern form of currency that can also be a store of value. Bitcoin was the first and still the most invested in. What makes them appealing is a decentralised model that is not controlled by an entity. The blockchain is spread across many nodes on the network to manage transactions.

money on the table

Gold/Silver

Gold and Silver will forever be the original money. It still has many uses today and it maintains its values over time. Many people including me like to invest in coins and bars and keep them locked in storage. It can be seen as a type of hedge or insurance against the markets.

In Closing

As you can see from this article there are many types of investments. Plenty more that have not even been mentioned here. Everyone is unique and has their own skills and risk profile. So, take your time to always learn about new types of investments. Make your own choices. You will inevitably make mistakes, but the more you learn and the more you try, the better results you will get.

A great source of knowledge on investing and terms is Investopedia.com. Visit their site to find out more.

I am not a financial planner or advisor. This blog is not advice on how you should invest your money. Consult your financial advisor or accountant before making any financial decisions.

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What is focus time? (5 ways on how to achieve more!)

What is focus time

Every one of us has 24 hours in a day. Why do some people achieve more results than others? As a manager in a software business, there are so many different aspects that I must keep my eye on. Project management, team management, client relationships and some more technical aspects. To deliver a project on time and with quality, I must divide my teams time and my time. So what is focus time?

Focus Time is a simple time-management technique that can change your life. The technique, when set up and implemented, requires you and your team members to work several defined short intervals. Outside of that time, you can attend to the clutter (emails, social media and other distractions).

Why do you need focus time?

Being able to focus on one thing for a well-defined period produces better work. It also helps get the work done quicker. With less noise, you also tend to have less stress and worry. If your mind is in a stress-free environment your creativity booms.

To be focused means you need to have goals and objectives defined. Once you know where you are going you can organise your time around achieving the goal is short, focused bursts.

How to get more Focus Time

In a complex work environment like today’s, each person must wear many hats each day. To find the time to focus can be a challenge. Here are some techniques I use myself and for my team. Later, I will show you a tool, RescueTime, that shows you where you spend your time, how much and for what periods of time.

1) Improve Self Belief

You need to believe in your own ability to follow through on a schedule. Focus becomes a lot easier when you can manage up and down and know the urgency at the moment. Most urgent tasks are not important and can wait for later. You need to believe in your ability to make the right call.

2) Get Rest

Not getting the right amount of sleep for you can lead to impaired cognitive ability. To set yourself up for success, make sure you get 7-8 hours of sleep each night.

3) Set Daily and Weekly Goals (Get accountability)

As a manager, setting the tone of what is important for the day or week will help your team to get their focus dedicated to the right tasks. By communicating and providing the schedule, it’s clear what needs to happen. There will be urgent issues that arise during the day and can derail a schedule. Working together and continually defining the focus will keep you on track.

4) Schedule in advance and with set focus periods

Once the goals and objectives are defined, it’s up to you to focus your own time. Getclockwise defines it like this.

Swerve, Stack and Schedule.

  • Swerve: Learn how to ignore people: Delay your response to incoming messages. Rather have a focus time for that. It will allow you to be more thoughtful in your response and reduce the back and forth of emails.
  • Stack – Schedule your meetings back-to-back in your calendar: First thing before you start your workweek, re-arrange events to maximize your (and your team’s) productivity. Try to create more meeting zones so that you have larger chunks of time to dedicate real work focus time.
  • Schedule – Block off Focus Time on your calendar: Once you have the blocks in place, you and your team can look at the week’s goals. Place the focus blocks in your calendars’ and stick to them. Protect your focus time.

To add to this, make sure your focus time is at your peak performance times. If you are sharper in the morning, make sure your plan pushes more focus time here.

5) Declutter your space

I don’t know about you, but I work better when my workspace is clean. Sometimes I find myself cleaning up my space before getting to the focus time. Everyone’s circumstances and preferences are different, so you need to figure this out. For example, if you work at home and it’s too busy to focus, think about going out for periods of time. Have a look at this blog post on how to declutter your brain.

Rescue Time

Rescue Time is an Automatic time-tracking and distraction blocking tool you can run on your PC all day long. RescueTime shows you exactly how long you spend on apps and sites down to the minute.

Find out more and use the free version. Upgrade to premium for 14 days free.

RescueTime

Features

  • See exactly where your time goes.
  • “Turn off” distractions like social media and news.
  • Stay focused on goals all day long.
  • Keep track of time spent in meetings and calls with one-click.

Summing it up

Focus time can help you and your team achieve your goals. With more time dedicated to the right tasks, you should see more quality work. Your team will also feel less stress and learn skills to manage time more effectively.

So now that you know what focus time is, it’s up to you to find the time.

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What happens if you don’t have enough money for retirement?

not enough money for retirement

Many people tend to ask themselves what their retirement would be like without enough savings when it comes to retirement. It can be very tough as the consequences of such failure come in plenty. Even though the outcomes may not always be disastrous, they are often saddening.

In some cases, not saving adequately for retirement can kill older adults’ dreams of still working. You can think about an individual who desired to travel across the world in their retirement but instead ended up sitting at home and watch their pennies. While many people like to save their earnings, they may not have enough for their retirement.

If you are in such a difficult situation, know that you are not alone. This article comes in handy for individuals who are about to retire. It explores different tips and aspects that can help you have enough money saved for retirement.

Signs you don’t have enough money for retirement

It takes a lot of consideration before deciding to retire. And the leading factor is the budget one has, including a carefully planned spending and investment plan for your future life. Besides, ensure you have controlled debts and a list of the period you will be spending your savings.

That said, we have identified the following signs that will tell you that you don’t have enough money for retirement, thus not ready for it.

1. You are having problems settling your current bills, such as a mortgage, rent, and many others. Retiring in such circumstances will only make things a little bit harder. Therefore, you need to re-evaluate your abilities to cover your daily expenses.

2. Plenty of debt. Becoming a retiree with numerous unsettled debts will badly strain your savings. To avoid such problems, you need to continue working until you become debt-free for a comfortable retirement period.

3. You don’t have a well-outlined financial plan, either monthly or long-term. For you to retire with peace of mind, you must have a well-thought-out plan. This is what many people fail to do, and their retirement period turns into a nightmare.

4. Failure to decide what to do with your retirement time. Usually, retirees who don’t have enough money to travel and enjoy their time become so lonely. Eventually, they end up depressed, making their life miserable.

5. Elderly parents or children still depend on you. Many people who desire to retire are always caring for either their children or elderly parents. Realistically, you can’t ignore their demands by retiring, yet you don’t have enough savings.


Not enough money for Retirement

What happens if you don’t have enough money for retirement?

Below are the consequences one is likely to face if they don’t have enough money for retirement:


1. You may continue working until you die.

2. Your family and beloved ones can become emotionally and financially stressed.

3. It becomes hard to support your kids and elderly parents at home.

4. Trade your valuables at home for other items and tiny apartments

What is the minimum amount of money to retire?

Different retirement experts have different perceptions about how much one should save for their retirement. Most of them suggest that you should have savings of about $ 1 million, up to 90% of the yearly pre-retirement income, and twelve times your pre-retirement income. But the big question is, what is the most suitable amount for you? And how can you tell if you are on the right side?

There are numerous variables one needs to consider to find their minimum amount of money to save for retirement. For instance, one may check-out for their current age and the desired retirement age or even health. The best way is to have a proper planning scheme showing amount of money you will spend on food, clothing, transportation, entertainment, health, and many others when you retire. By doing so, you can have a rough idea of how much approximately you can save.

What happens if you run out of money in retirement?

Worrying about running out of money during retirement is a significant concern for most people closer to retiring. Indeed there is a genuine reason to get concerned about. When you run out of money while in retirement, it doesn’t always mean you are cashless. It can imply that you have spent all of your retirement money savings but left with your home equity and other income sources you may be having.

And this may be a pension or social security if you had one. In most cases, individuals who use up all their retirement savings continue to enjoy and survive on Social Security earnings. Besides that, you may find others working part-time jobs. If you don’t have any backup money to sustain you, try out these options:


1. Start reducing expenses as early as possible.
2. Increase the income level by doing part-time jobs
3. Invest your little amount of money in giving rise to more money

See this blog about active vs passive income, one will get you there quicker!

How can I make sure I have enough money for retirement?

Planning for retirement can be a common topic in the air that leads to anxiety among many people. This is even way too far from their golden years of retirement. It is important to save enough and do the necessary things to get sufficient money for your retirement if you are working. You can adopt the following tips to ensure you don’t find financial woes in the future.

• Formulate a goal: Here, decide what your needs will be and how much you will spend. This will give you an overall figure that you can work hard to achieve.

• Invest your money in bonds, mutual funds, and stocks to reduce risk and get a safe return on investments.

• Reduce and avoid aimless spending. Be sure to come up with handy budgeting methods that may positively impact your finances.

• Get a part-time job if you have reduced responsibilities to get an extra income. Besides that, you can start running a small business to receive additional funding. The good thing with this technique is that one remains active and motivated to achieve better results. (If you want to get started on an online business now, check out this post and get started)

It can be saddening when its time to retire and you do not have enough money. This article brings out clearly the impacts of retiring while you don’t have enough money and also helps you prepare for your retire to avoid being caught up in such situations.

Investopedia 10 Years from Retirement Plan

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5 Ways on How to Overcome Your Fear of Failure

how to overcome your fear of failure

Recognizing Fear of Failure

Whether you’re looking to earn respect, affection, or tangible rewards, the fear of failure can spoil your chances of success before you even get started. To be clear, it’s not a problem to consider the risks of pursuing a new goal. Risk analysis may even help you to succeed. However, a hyper-focus on these negatives represents a fear of failure, and the results are crippling. How to Overcome Your Fear of Failure is something all humans have to do.

“There is only one thing that makes a dream impossible to achieve: the fear of failure.”

– Paulo Coelho

How Fear of Failure Holds you Back

It can stagnate your career and ground would-be relationships. Playing through one dismal outcome after another, the fear of failure discourages risk-taking and innovation. As you ruminate over negative outcomes, you drain your mental energy, leaving nothing to focus on how you could be successful. The result is a self-fulfilling prophecy, where you fail because you simply feared that you would. The good news is, there are several concrete steps you can take to dispel the fear holding you back.

1. Get to the Bottom of Your Fears


Sometimes a fear is ambiguous. Maybe you just have a gut feeling that things will not go well. In order to address and resolve the fear of failure, it’s helpful to understand the true source. What exactly do you think could go wrong? It can be useful to write out the specific fears if you have more than one.

And, rather than stopping at a general fear of rejection, dig deeper. What specifically do you think would get you rejected? Are you afraid you’re lacking experience in a certain area? Are you nervous that you’ll stumble over your words? Many times, these areas that you identify are things you can act on. You can take an extra class, plan to practice the pitch or prepare a defence. These risk mitigation strategies will increase your chances for success and boost your confidence.

2. Develop a Growth Mindset and Redefine Failure

Perhaps you fear you will fail due to some personal attribute that you feel can’t be fixed or changed. If this is the case, you may be suffering from a fixed mindset. Fixed mindsets trap people into thinking that their current conditions and abilities cannot be changed. You can escape your fixed mindset by cultivating a growth mindset instead.

With a growth mindset, you focus your efforts not on the current state, but on the process, you’re working through to improve. You recognise that where you are right now is not where you will always be. Young children have this mindset mastered! A toddler will fall a thousand times in their effort to walk, but they will continue to pull themselves up and try again. With careful consideration, we can develop a growth mindset again.

To foster a growth mindset, you need to watch your inner dialogue. If you hear yourself saying you can’t do something. Try adding the word “yet” to the end of your thought. Perfectionist thinking must also be discarded. It’s better to embrace imperfection, and recognise that the progress you’re making, even if it is very small at first. As the name implies, a growth mindset is focused on learning and growth rather than obsessing over the current state of your ability.

If you are successful in switching to a growth mindset, you will be able to redefine failure. True failure is refusing to try. Any attempt, however successful it may or may not be, will teach you something. And learning is progress, which will improve your chance for future success.

Start a side hustle? Read this blog on active vs passive income

3. Make a Plan to Build Exposure

As with any fear, exposure therapy can help eliminate the fear. Make a plan to slowly build up to more and more exposure to the task you fear. For example, if you fear failing at a speech or pitch, practice in a low stakes’ environment first. You could start in front of a mirror or camera, by yourself. Then you can practice in front of a friend. Having success with smaller risks will build your confidence to tackle the bigger issue.

As you develop these exposure steps, be sure to set positive goals. For example, try not to pick a goal of not looking nervous. Instead, your goal could be to do the pitch while maintaining eye contact and calm breathing. Having a positive frame for what you’re trying to accomplish helps your mind focus on what you should be doing. Negatively framed goals based on what you don’t want to do may inadvertently lead you to ruminate on fears.

plan how to overcome your fear of failure

4. Evaluate All the Possible Outcomes

Many times we’re afraid of failure, but we haven’t thought through what would actually happen if we do fail. Or perhaps we imagine a worst-case scenario and stop there. Instead, it can be useful to think of the whole spectrum of outcomes that could happen. This helps us see that the worst possible scenario is not the only one. After listing out the outcomes, you can further assign likelihoods to each one. What are the realistic chances of each outcome? Chances are, your life is not at stake, and even the worst-case scenario is not as likely as you first imagined.

5. Have a Back-up Plan

By taking each negative outcome from the previous exercise, it can help to think through what your next steps would be in each case. There are always other jobs to apply for or relationships to develop. The comfort of knowing how you would proceed may take the sting off, should the worst-case scenario happen. One specific strategy to help you reframe the impact of a negative outcome is to consider how you will feel about the event in 3 days, 3 months, 3 years, and 30 years from now. Chances are that over time, a single failure will mean less and less to you, and that helps you keep the bigger picture in perspective.

Don’t forget to plan for the future – Planning for the future

Overcoming Fear of Failure


Fear of failure can hold you back. But with these five tips, you can pursue your goals. Hone in on exactly what you’re afraid of so that you can address the risk and develop a growth mindset in your abilities. By making small goals and focusing on your incremental progress rather than the outcomes, you will move in the right direction. Even if the worst-case scenario you can imagine comes true, you will have a plan to keep moving your life in the direction you want to take it.

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Six Tips to Declutter your Brain?

How do I declutter my brain

In this modern world, it’s easy for your mind to become overwhelmed. There are a ton of things we must do each day. Trying to keep all these thoughts at the forefront of the brain can be tricky. Add to this, thoughts about past events, and where you want to be in the future, and you have a melting pot inside you. On the internet, there are tons of strategies on how to deal with this, but I am going to focus on the ones that I apply daily to maintain calm. How do you declutter your brain? Let’s first see what the signs are that you might have this problem. And we all suffer from this at times in our life!

Signs of a cluttered brain

1 – Loss of focus

Focus is the ability to look at a task and be present at the moment to get it done. Sometimes for long periods. But if you are easily distracted by other things that need doing, and you can’t seem to prioritise things, you end up doing a few half jobs. This is because your concentration levels are low.

2- Decision Making is difficult

When you can’t decide whether to make potatoes or rice for dinner could be a sign of a cluttered brain. When you have a thousand thoughts passing through your mind in a second, can cause an inability to make simple choices.

3 – Unable to let go

Often a cluttered mind shows up as a cluttered workspace or home. In extreme cases, this could become hoarding. From the above inability to make simple decisions, you end up holding onto everything. Because you can’t prioritise, your workspace will have every paper open on it. Your PC will have hundreds of windows open and thousands of emails you’ll never look at again waiting to be opened.

4 – Creativity/Abstract thinking wanes

A lot of work these days is conceptual and requires you to think and compile solutions in the brain. If you know you are good at this but not able to do it anymore, it can mean your brain is fatigued. Perhaps you no longer have the passion to do your creative hobbies? Perhaps they become too hard and less enjoyable?

5 – “I’m Tired”

“I’m tired” are words of a tired brain. Especially if they are spoken early in the morning.

Tips on: How to Declutter your brain and think better

These are the techniques and tools that I have picked up over the years. When I become aware of the above symptoms, I remember to apply this.

1 – Write it down

Having so many thoughts in my mind can really make me anxious. By writing them down seems to move them on. Once they are on the paper, I can see them for what they are. Probably just a set of tasks that I want to happen. To try and stay on top of this, I manage upfront in the morning by writing and prioritising. By doing this, I know where to start. At the end of the day, I reflect on the list and see if I made it happen. Did something else come up? By tracking what I want to do and what happened, also helps me to understand the real priorities of my life.

2 – Stop Multi-tasking

My job managing a software development team, and managing multiple clients means a lot of tasks coming my way. Sometimes I catch myself doing one thing, see another email, and starting on the next task before I have finished the first one. If I allow this to continue, I know that nothing will get done and I will be anxious about the work not done. In these moments I stop, breathe, and relax for about 1 minute.

What is the most important task? Who can I delegate a task to? Who can help me? Sit back and prioritise.

3 – Breath or meditate

At least once a day, for 5 – 10 minutes, I enjoy the feeling of having to do absolutely nothing. I do this each morning to find peace and gratitude for what I have. It helps to clear the mind of all my clutter. I prefer guided meditation. My favourite expert being Andy Puddicombe from “Headspace”. There is even a “Headspace” series on Netflix that will introduce you to the calm.

How do I declutter my brain meditate

4 – Build a Routine

Having a routine can keep you on track. Knowing that this is work time and this is playtime will direct your mind from one activity to the next. You may not follow it perfectly but having it there can bring you back in line. Make sure you include exercise and rest in your routine. Make sure you include family time in there too. Although you must be careful of this as “routine’ing” your family could make them feel like a task. And if you live with a free spirit partner as I do, sometimes you should concede the routine to maintain the love! Check out this post on my Daily Mode of Operation (DMO)

5 – Share Your Thoughts

During a busy day, we can forget to talk to people. There is often a great support structure just waiting for you to connect to. When I feel overwhelmed, I do two things. The first is to talk to my team. We need to be on the same page anyway. Just by talking new ideas are formed, and you might be able to solve issues faster. By doing this you automatically declutter your brain. From an emotional standpoint, I talk to my girlfriend. She is always there to listen and advise. Even if there is no conclusion to an issue, somehow the day feels less cluttered. Sometimes it’s just about letting it go.

6 – Learn to say “No”

As humans, we like to help others. I believe this anyway. But you cannot do everything, and you need to have boundaries. Sometimes there is something fun to do. I too find it difficult to say “No”. But to grow and get the clutter out of my brain, I need to say “No”

Conclusion

It’s normal to have clutter in the brain from time to time but knowing how to move past it is important. Once you start to put in place your ways (there are many more ways than the ones I have mentioned above), you can live a freer life. Things will get done and you will move forward.

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How to Manage Two Jobs and a Family?

Feeling overwhelmed?

Why would you want to manage two jobs in the first place? Having a steady income is peace of mind for most people. It gives you the opportunity to live your life to the fullest. You don’t have to worry about financial insecurity or an excessive amount of expenses. Of course, the cost-of-living increases once you have a small family of your own.

You may search for alternative ways to gain an extra source of income. With the extra expenses that come along with having children, that one source of income may not be enough. It is possible to secure a second source of income with the cost of extra effort.

Why Should I Search for a Second Job?

Searching for a second job can seem ridiculous for individuals with heavy workloads! There are many benefits to doing so.

The first thing you should do before job searching is analysing your current work schedule. Identify any available time slots for a second job. Keep in mind that most jobs do not allow 30-minutes or 1-hour shifts. So, ensure that you have at least a few hours available for your new job. Being realistic about your working hours is important because extra work can lead to stress and strain in your personal life.

After you have created a schedule for a second job, reach out to your connections. They know you best. Place your current job details and relevant experience on your resume when you begin to apply to job opportunities. If you have a busy schedule with your current job, consider searching for freelance or contract work. These jobs will work around your schedule and provide a source of secondary income.

Benefits of Having Two Jobs

Having two jobs can be stressful at first but will become rewarding. From a new source of income to new networking opportunities and even a chance of promotion. There are plenty of benefits to working two jobs. Here are a few reasons why you should do so:

1. Second Stream of Income

When expenses and bills feel overwhelming, you may wish for an extra source of income. Throughout our lives, there are many expenses that we incur. These include college debt, car loan debt, mortgage, rent, bills, and recreational activities. Wealth is the basis of society, and we need enough accumulation of money to enjoy life.

Having a second job will provide a steady stream of secondary income. It can rid you of debt or pay for new financial stressors, such as your child’s college tuition. When adding this income to your budget, you may even find that you now have enough funds to plan a new vacation. Or even spare money to buy that car you always wanted.

2. Income Security

The job market is currently unstable but improving by the day. You may worry about the state of your current employment. From budget cuts to the worldwide crisis, there are many factors that can affect whether you will stay employed with your job in the future. If you ever lose your job or resign for any reason, a second job will ensure that you have an alternative source of income.

While you are working a second job, you will have time to search for a new job to replenish lost income. In short, having a second job protects against unpredictable events. It grants income security if something happens.

To find out more about types of income, visit this page Active vs Passive Income

3. Career Opportunities

By working a second job, you will be entering an unfamiliar environment with a blank slate. Always use a good work ethic. This will allow you to connect with other professionals and potential employers. Networking is always great for ensuring that you can gain another job should you lose this one. In your new workplace, there may also be opportunities to grow.

4. Discovering a New Passion

Having a second job in a new field may reveal certain traits about yourself that you had not known. Maybe you work best in a creative environment as opposed to an office? Many people enter different fields of work before settling on the right job for them. Finding the right job is a sort of trial-and-error process. Try and align with your passions. You may find that your second job does not feel like a job at all.

5. Skill Enhancement

Different jobs need employees to have specific skills for employment. For instance, a tech expert may need computer skills. A therapist may need interpersonal skills. By entering a new job, you will be able to gain and hone new skills. This will not only enhance your resume but make you stand out to future employers.

Maintaining a Balance While you Manage Two Jobs

Manage the work and family balance.

Many employees find that it is already difficult to put all their efforts into one job. To balance two jobs, consider making a planner of important tasks and dates. By adhering to this planner, you will gain better control of your life and manage your time better.

Be sure to allow time in your daily tasks to spend with your family and for yourself. Self-care is vital in ensuring that you do not become overwhelmed. Self-care can include simply taking a long shower or even treating yourself to a fancy dinner.

It is also important to schedule days off from both jobs in advance. While this may seem unorthodox, it helps manage your employer’s expectations. You also have time off to look forward to. Time management and planning are key to managing your time between two jobs.

Check out how I manage my Daily Activity here, Daily Method Of Operation

Keeping Your Family Happy

With most of your time being shared between two jobs, your family may feel as though you are not making time for them. While this feeling is rational, it is important to speak with your family about your new commitments. Provide them with a rundown of the details of your alternative employment and what is expected of you.

Gaining your family’s approval before entering a new job is vital. Even though it is an extra source of income, you also have responsibilities towards them. If you don’t have time during the week, plan weekend time with family. This can include going to the park or eating at a restaurant. Of course, younger children may not completely understand why you need to work two jobs. Be sure to let your family know that you will be there for them even while you are working.

Things That Are Easy to Forget While Working Two Jobs

While working two jobs and dealing with added responsibilities, it can be easy to neglect certain tasks. For instance, tasks, such as exercising may go out the window. Like with your family, you should make time for these activities during your free time. They are vital to maintaining optimal mental and physical health.

1. Getting Enough Rest

With back-to-back work hours, you may not get enough sleep each night. Planning your weekly schedules beforehand can counteract this. By dedicating time, work-related tasks have to finish. If you finish your tasks before their deadlines, use the time to catch up on sleep or get some well-deserved rest.


2. Exercising

The importance of a job differs per individual. Most people can agree that family is the utmost priority. When an important occasion arises, such as a wedding, take time off. You must enjoy the journey!

Gain a few hours of exercise each week to maintain energy. Depending on your jobs, you may not have the opportunity to do so. Pick routines that are adaptive. Running can happen between tasks. Yoga can be practiced at any given time. You can even turn your exercise into a family activity and spend some time with them. If you are into training, try and do it from home.

I got a great hybrid gym plan for this cool site HybridAthlete.

3. Eating Healthy

While engaging in work-related tasks, you may feel tempted eat junk food. It’s easy to grab a packet of chips or an energy drink. While such foods may provide a temporary boost of energy, they are bad for our health. By eating three meals a day, you will have enough energy to engage in both jobs. But these meals should be well-balanced and provide an excellent source of nutrients.

4. Important Life Events

The importance of a job differs per individual. Most people can agree that family is the utmost priority. When an important occasion arises, such as a wedding, take time off. You must enjoy the journey!

5. Budgeting

With an alternative source of income, you may be tempted to spend your money as it is received. Unfortunately, doing so can cause more harm than good. Align your savings goals with your combined income. Determine whether you have enough money to make unneeded purchases. Try not to spend more than you have. Good budgeting will prevent this and allow you to build wealth over time.

Outlook

Now that you have many reasons why you should search for a second job, the decision lies with you. Do you need a secondary source of income? Do you have enough time to commit to a new workload? Are you unhappy in your current employment?

If you answered yes to any of these questions, it may be time to begin your search for a second job. Be sure to reach out to other professionals or past employers who can provide you with a lead on where to apply. Remember, working two jobs may be stressful, but it has plenty of benefits.

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Passive Income vs Active Income

passive income vs active income

What Is Active Income?

So, to find out what passive income is, it’s best to start with the opposite. Active Income! Yeah, sounds like hard work. And essentially it can be. The hours you put in allow you to earn money. Depending on the type of work you do, you typically get paid a certain amount of money. Hours for Dollars. The top athletes in the world work hours for dollars, but they can earn ridiculous amounts of money. Lionel Messi earns around $126 Million Dollars a year. But the average person with a good job will earn around $25 000 to $100 000 per year.


Typically, this type of work means you hit an earning ceiling. You can only work so many hours a week, so you can only earn so much.

Examples of Active Income

  • Salary: Work from 8 – 5 each weekday, get some holiday. You are trading your skills for money.
  • Hourly Wage: It’s often not set hours. You work when you can, or when needed. The benefits here are you can earn overtime and work in shifts.
  • Commission: These are typically sales jobs. Often you can earn a small basic salary, but the true benefit here is that the better you perform (more sales), the more you make.
  • Tips: These jobs offer the ability to make tips from assisting others. Delivery’s, waiting tables, and car guards fall into this category.

Passive Income Meaning

So how can you get more?

Wikipedia defines passive income as follows:

Is income that requires little to no effort to earn and maintain. It is called progressive passive income when the earner expends little effort to grow the income.

Wikipedia


Passive income means that you are receiving a consistent amount of money for doing nothing! Sounds good right? But life is never that simple, there simply is no such thing as a passive income that did not start without action! And even a so-called passive income will require your time, some of the time. It may take years to truly start to be passive.

Examples of Passive Income

  • Dividends from Investments: Typically, a bought passive income. You can accumulate shares over a long period of time or a one-time lump sum. If you can invest 5 Million Dollars over time, you could get around 5% per annum and make 25k per year.
  • Affiliate Income: This is online marketing. Typically, you will build an email list through online adverts or SEO and then provide value and offers to the list. This can be easily scaled once you have a recipe that works.
  • Rental Income: If you have the means or the money, you can acquire a property and rent it out to a tenant. It often requires money upfront, but there are some tricks of the trade that can give you no money down deals.
  • Courses: The nice thing about a course is you write it once and sell it many times. If you pick the right topic for your market, it can sell for years beyond the work you do up-front. This can also be done by getting the services of a facilitator or you can put it online of course!

Is Passive Income better than ordinary income?

Well, the short answer is YES! Who does not want money coming in while you are doing nothing? But just remember that you always need either time or money to build a passive income. They also do not just grow overnight.

Freedom through Passive Income

There are 3 types of freedom.

  • Time freedom: Being able to decide each day exactly what you want to do this second, minute, or hour. If you decide you want to go to a movie at 11:00 am on Monday morning, you do it.
  • Location freedom: Being able to decide where you want to be today. If you decide you need to visit a friend in Tokyo, you get on a plane and go.
  • Financial freedom: Being able to pay for anything you desire and not think about the cost. Look at the menu and decide you want the lobster (SQ)

To be honest, financial freedom will probably get you all the freedoms you want. To be financially free, you only really need to earn $1 more than your expenses in passive income.


How do we do this?

A coach of mine once told me to throw a pencil on the ground. After doing so, she said, “Oh no, you missed”. When I said, “But you didn’t tell me where to aim” she proceeded to tell me “That’s the point! If you don’t know the target, you are unlikely to reach your goals”.

So, pick your number; how much money do you need each month in passive income to live the life you want? When do you want to be earning that?

Let us say the number is $15k per month in 5 years from now. There is your Target, now all it takes is planning.


Which passive income model suits you best? Which ones can you see yourself doing? Then find someone who has already done it. Follow them and immerse yourself in the work. Learn everything about it, and just do it.


It may take time in the beginning, but in the end, it will be worth it.

If you need more assistance with how to get stuff done, visit one of my other blogs here “DMO – Daily Method Of Operation”

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5 Secrets to Side Hustle Success

Side Hustle Success

Unfulfilled and need more money?          

A lot of people either do not earn enough money to live or are not fulfilled enough by what they do. Or both! In either case, they have two options. Accept it, and reduce living expenses, or utilise their spare time to escape the “trap”. The latter can be considered a side hustle. We are here to take a dive into what it is all about and how to do a side hustle success.

Side Hustle Meaning?

There are two kinds of work outside your job. They can be classified as moonlighting and side hustle. Moonlighting is usually working for another employer. A side hustle is typically something you build on your own or a piece of freelance work. Often, it’s a start-up.

Both can be tricky to navigate with your current employment. The way to deal with it is to see all your pieces of work as part of your Business. And remember that the number 1 client is the one who pays the most. In the beginning, it will be your full-time work. Never use their time or resources to work on your side hustle, and always prioritise their work.

Is a Side Hustle Worth It?

Everyone has different circumstances. It’s best to put this into a pros and cons list.

Chalkboard drawing – Measure of Pros and Cons

PROS

Benefit Your Day job Believe it or not, it can help you with your current job. If you know you have something else to do, you will find ways to get your day job done more efficiently. This has a knock-on for you to spend your free time focused only on your side hustle. Also, the soft skills you learn in your side hustle can complement your day job. Perhaps leadership skills learned can be implemented at work and move you up the ranks!
Money You make more money. This can be used to increase your lifestyle and savings. Who couldn’t use a little extra anyway?
Passion Often our jobs are a means to pay the bills. We make choices when young and naïve and feel we get stuck in a none rewarding job. If you choose the right niche inline with your passion you can feel whole again. You can feel like you make a difference.

CONS

Burnout No one can sustain a 16 hour a day lifestyle for weeks or months on end. The occasional long day is not a problem. Make sure you find time for rest and relaxation.
Time You’ll have less time with friends and family. If you are going to start a side hustle, have a crucial conversation about it. Make sure your family knows your schedule upfront and what to expect of you.

Side Hustle Success Secrets

Secret 1:

Spend no money: What I mean by this is, try to find a use case first. Even speak to people who are already doing successfully. Make sure that what you are about to do really will work and get you extra money. There are lots of scams out there. I have been burned myself. 

Secret 2:

Just Start: It can be slow and tedious at first. Anything new takes time to learn. You are going to want to give up. Breath and just do one thing at a time. Come up with a Daily Method Of Operation.

Secret 3:

Ask For Help: Sometimes it’s hard to ask because you feel like you should know it already. It’s simply not true. How can you know everything at the beginning? Ask for HELP. And we forget humans want to help! It’s hard-wired into us. Check out this post on how to overcome Perfection Paralysis.

Secret 4:

Limit time: You will be more creative as well as save time and money!

Parkinson’s Law dictates that a task will swell in (perceived) importance and complexity in relation to the time allotted for its completion. It is the magic of the imminent deadline. If I give you 24 hours to complete a project, the time pressure forces you to focus on execution, and you have no choice but to do only the essentials.

Secret 5:

Have fun: Even if you are just doing this for money enjoy it. It’s a journey, so make time to reflect on your successes and make time for family and friends.

Conclusion

There are countless ideas out there to start making money. My current side hustle is this blog, building an online business in marketing. 2 great resources that helped me get started in the online world.

1) Noah Kagan (Facebook employee no 30 and Founder of AppSumo) course:

Monthly 1k Course The revolutionary online course that turns ideas into businesses and businesses into goldmines.

$100, worth it!

2) Six Figure Mentors: Free training :

Free Training Series

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Daily Method of Operation – Simple and Fun

Daily Method Of Operation

What is a daily method of operation, and why do it?

Your daily method of operation is your daily plan to help you succeed in your business. It outlines the tasks you need to do each day to succeed. Whether you like them or not!

Benjamin Franklin once said:

If you fail to plan, you are planning to fail.

Planning ranges from long term to short term. This blog focuses on your daily steps, especially if you are starting and have no money.

Daily method of operation in affiliate marketing.

In any business, no matter how good you are or how good the product is, you need exposure to make money. The adage of time vs money comes in to play here. If you have money, you can pay for marketing and advertising. But if you do not, you will need to spend daily time on marketing. If you have ever been in sales or marketing, you know that consistency is the key to building steady business over time. Consistency at the right activities that is!

For my affiliate marketing business, there are 3 ways to gain exposure:

  • Paid for traffic (Social media advertising)
  • Organic growth (SEO, takes time to build income)
  • Online Networking (make money now)

All need DMO.

I play in the last 2 categories because I do not want to spend money on marketing and advertising yet. Organic growth through blogging will drive traffic to my site over time. But if I want to make money now, I need to talk to people! All business is conversation anyway.

Why follow a daily method of operation?

Following a daily method of operation forces you to track what you are doing daily. If the business is not coming in, you can look back at what you have been doing. You will notice what is working and what is not. Tweak the plan and keep at it. Once you are in a groove, you will start to see the benefit. But always remember to start; the DMO does NOT have to be perfect from day 1.

If you feel you struggle to get started, read this blog on Perfection Paralysis.

What things do I track in my Daily Method Of Operation (Example)

By way of example, I am going to share my current daily method of operation. Through previous work done, I know I will find my average customer on Facebook. So, I focus my time here.

What things do I do to bring awareness to me and my product?

Facebook Story

Here, I share a photo from my day, or an interesting quote or comment. Like most of the items below, it shows friends my human side. It helps to grow trust within my friend circles.

Facebook Friends Post and Story Comments

In this item, I read my friend’s posts, and if I can I comment. If I can’t, I’ll share an emoji. This helps to build relationships with my current set of friends.

Facebook Friends Birthdays

A great way to catch up with old friends and colleagues is to wish them a Happy Birthday on Facebook. Sometimes a voice message goes a long way. I do it the day after because everyone does it on that day. It’s a good way to start a conversation. And all business is a conversation.

Facebook Group participation

Join new Facebook groups in areas/hobbies you enjoy. Participate and add value. For example, I am an Aston Villa Football fan. I am on groups and chat with other fans about the game on the weekend. These can lead to friendships and even business relationships if done in the right way.

Facebook Gratitude Post

No one likes a grinch…sure, we all have bad days, don’t let everyone know about it on Facebook. Rather do a post about the thing that is good in your life. This will attract a positive reaction from your friends (market)

Facebook Participation Post

At the end of the day, I like to pose a question. It can be about anything! It’s to get comments and see who’s active and wanting to talk.

Facebook, Add New Connections

If you do not add new people to your friends, eventually you’ll run out of people to talk to. So, build new relationships each day. Add people you have things in common with. (Even if it’s simply friends in common)

Facebook, Chat to Friends

Start are least 10 conversations a day. I use the LORD approach to assist me in conversation. The formula allows me to get conversations started. Chat about Location, Occupation, Recreation, and Dreams. Listen to them. If you see an opportunity, let them know what your business does.

Phone your new prospects

From my conversations, I might share my business with others. I get emails and phone numbers. Do the hard things no one else does. Connect via voice! Ask them if they have questions, and simply listen to them.

Follow-ups

Business hardly ever happens in one sitting. It can take up to 5 exposures for a prospect to feel comfortable. Only when you have trust and rapport will the business follow. Have a system to remember who to follow up with, and when.

Blog

Finally, to build the business to a point where I do less of the one-on-one marketing. I blog 2-3 times a week to generate traffic to my site. This part done over time consistently will start to build a steady stream of traffic to my business.

My Daily method of operation template

This is my template I follow each day. It is a simple excel sheet that I print out each day and track my progress. If the money is not coming in, I look at what I have been doing and tweak.

Conclusion

Although I have talked about how I do this for my business, it can be applied to anything.

I have touched on a lot in the blog. There are probably another 10 articles I can write just from this one. Let me know in the comment below what you want to hear more of.

In the meantime, start with anything consistently, and build on it.

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