Ways to Manage Your Debt despite Its Size

/in /by

Debt is a financial obligation of the debtor to pay the lender their principal amount back. Depending upon the size of the amount, repayment can take months as well as years, and throughout this time, one needs to manage their money to meet their ends and debts properly. If not, it may result in adding more debts, and the cycle of debt will continue to gain momentum. It’s important to have an accurate plan to repay the debt. Small debts are easy to manage, but large debts require huge amounts to be paid, and it can create an impact on the overall financial stability of the borrower. Getting out of debt demands determination and an overall change in habits and lifestyles that either got you into debt or are simply extravagant – using multiple credit cards, for instance. Cutting off expenses and increasing income is one way to see it. The more the income, the sooner the debt is cleared. Even though the debt may be higher, yet with regular installments and consistency, it can be achieved and made to disappear.

StrategyDriven Practices for Professionals Article | Ways to Manage Your Debt despite Its Size

Confront

The first step is to identify the problem. Make a list of all the debts you have and calculate the amount. Measure the amount of debt and make a list of whatever small debts you might have. This will set the mark for your goals and help you to see your financial picture.

Snow-ball method

Debts are of various kinds, but it’s the most significant debts that break our financial cane. Once you know the debts you have to pay, start by paying the monthly required installment for each one of your debt except the smallest one. Pay as much as you can for that. The idea is to clear the small debts first and then eventually move on to the next smallest in the line. Reach out for some iva help to battle the debt fiasco if you are incapable of dealing with the situation on your own.

No overdue

Pay bills on time and don’t be late. Overdue can cause unnecessary reduction of your income which can come in useful for your debts.

Budget system

Create a budget and thoroughly research how much needs to be spent and how much income is there. This way you won’t have to bother about your bills and your life can go on in an organized manner. Be consistent in it and don’t deviate.

StrategyDriven Practices for Professionals Article | Ways to Manage Your Debt despite Its Size

Side Job

Getting a second job can always be beneficial. Start by searching for a second job that fits your time profile with a decent salary. Various jobs available on the market will take the load off your back and give you a sense of financial sensibility.

Refrain

The activities that had you in debt must not be repeated. It will keep on adding the debt, making it much harder to reduce it. Cut your habits loose.

Emergency fund

Anything can occur at any second. You need to be prepared for it. Create an emergency fund that you will need in case there is an emergency like to pay medical bills or house repair. You don’t want to run from pillar to post when that thing happens. It’s always wise to have a damage control plan.

Reduce your expenses

You don’t have to live your life on a minimum, but you can choose to live it with more discipline. There’s always an alternative for anything you buy if it’s expensive. You have the option to reduce your interest on credit cards but prefer not using them at all. If you’re buying something, use cash. Slash your restaurant bills and cook at home, cancel the Netflix and enjoy the internet. You can exercise at home. The money you save by trimming your expenses can be used in a more productive way and at the same time will ease your nerves.

Revisit

Think of ways to accelerate your income. It can be cashing on investments or selling the stuff you don’t need, garage sales or teaching a skill that you have. The options are numerous. Be persistent in your schedule and reframe accordingly.

Conclusion

Debts are destined to be cleared, but with higher debts, the process takes a little longer than usual. To have a clear image of one’s income and expenses as well as identifying ways to trim the expenses and increasing the income can surely act as a savior in terms of debt repayments.

What Is Bad Credit and How Can It Affect You?

/in /by

StrategyDriven Practices for Professionals | What Is Bad Credit and How Can It Affect You?

Dealing with money issues is something most American adults are quite familiar with. While most people are adamant about living on a budget and spending within their means, there are financial situations that can derail these good financial habits. Having a bad credit score is something nearly 68 million Americans have to deal with.

Your credit score is a way for lenders to see how much risk is associated with lending you money or approving you for a line of credit. The lower your credit score is, the harder it will be to get the financial tools needed to prosper. Read below to find out more about how bad credit can affect your life.

Getting Car or Home Loans Can Be Difficult With Bad Credit

For most adults, buying a home or car is something they view as a priority. Getting approved for the loans needed to make these purchases can be difficult if you have less than stellar credit. While you may be able to get approved for a loan to purchase a home or car with bad credit, these loans will have a higher interest rate. This means you will be paying back a lot more to the lender due to your high credit risk.

Taking the time to look at your credit report before applying for a loan is a great idea. By doing this, you can see if there are inaccuracies that need to be addressed. If you see errors on your credit report, using a tool such as DisputeBee is vital. With the help of this program, you can automate the credit report dispute process. Having errors removed from your credit report allows you to improve your score. The better your credit score is, the easier it will be to get a great loan to use for the purchase of a home or vehicle.

People With Bad Credit May Pay Higher Car Insurance Premiums

Some people think that bad credit only affects their ability to get approved for loans or credit cards, but this is far from the truth. When you go out in search of insurance for your home or car, companies that provide these policies will consider a number of factors before providing you with a quote. Often times, an insurance company will check your credit score.

If your credit score is on the low-end of the spectrum, you may have to pay a higher premium as a result. Instead of having to pay more for credit and insurance, you need to find a way to fix the problems on your credit report. Doing things like paying down your credit card/loan balances and remove inaccuracies can help to improve your credit score in a relatively short amount of time. Seeking out the help of a credit repair professional can help you develop a plan of attack. These professionals will be able to give you sound advice on what needs to be done to get your credit score back on track.

Problems Renting a Home or Apartment

Another problem that you may face if you have a low credit score is renting a nice home or apartment. Most landlords will put a potential tenant through the paces before approving their application. This process generally involves checking your credit score. If your credit score is low, it may give a landlord the impression that you will not pay your rent on time. This is why fixing the issues on your credit report is so important.

Now is the Time to Take Action

As you can see, having a low credit score can affect various parts of your life. Instead of waiting to take action, you need to find and fix the issues on your credit report immediately. The time and effort invested in improving your credit score will be worth it in the long run.

When Small Things Get Big and Big Things Get Small

/in /by

StrategyDriven Practices for Professionals Article | When Small Things Get Big and Big Things Get SmallThere are things in our lives that seem big, but they are really temporary or minor problems. The small things get big when we focus too much attention on them. When we make small things big, we can overlook the big things that become the elephant in the room that we are not seeing. If we take care of the small things as they come up, we are better able to cope with the big stuff.

Traffic moving slowly, someone not lending a hand when we think they should, children too distracted to listen; these are the small temporary problems. We can chew these things in our minds over and over until they are always/never pronouncements in our minds. The small things mull around in our minds until they seem overwhelming. Take the magnifying glass off of the problem, see it as smaller and farther away, and see the change in your perspective as the starting place for solving the problem. The words we use to describe the problem in our minds often magnify the problem. Look at the examples and see if you can change the sentence to something you would have control over.

“He never takes out the trash.”

“She always complains.”

“The kids never pick up their toys.”

“He never helps in the kitchen.”

“She’s always busy.”

“He never wants to do his homework.”

Problem statements can easily get cemented in our minds. They roll around over and over. They are a constant problem. When our minds are full of these small things, we don’t have room for the big things that are really important, so we make the big things small and ignore them. The big things are a) building sustainable relationships and b) creating healthy habits. Make a list of things you can do to begin focusing on the big things that have a long-lasting impact on your life and the lives of the important people around you.

  • Spend family time together.
  • Exercise or take a walk.
  • Take time to relax and have fun.
  • Listen attentively and notice when problems arise.
  • Have fun cooking a healthy meal with a friend.

I enjoy spending family time with my daughter, who is my good friend, while we are sharing recipes and cooking a favorite meal together. She lives 2700 miles from me, but our homes come together through Facetime. We enjoy our cooking time together so much that we both got an Alexa Show for Christmas. These are precious moments – the big stuff – where we each share our family moments. There are times when I realize I just spent two hours on the phone with my daughter, but we are building important relationships and as a bonus creating delicious nutritious meals.

We can flip the switch on our perceptions, pay attention to the things we have control over, and understand that others will see things differently. Pay attention to statements that include, “always” or “never.” Most things are not that absolute. More often we are speaking from our own perceptions magnifying the situation with absolutes. We can’t control other people, but we do have control over our perceptions and reactions.

Get help if the big or small things feel overwhelming. Don’t wait until a crisis takes over your life. Reach out to a professional counselor or Certified Life Coach if you need help to flip the switch on your perspective, so you can see the small things for what they are, and manage the big things in your life.

As a Creative Entrepreneur, you want to focus on the big stuff, being healthy and creating sustainable relationships. You need relationships to build your customer base, and you need to be vibrant and healthy so you will have the energy to provide your product or service.

About the Author

Nancy J. Miller, M.S., Career Counselor/Certified Life Coach bringing joyful perspectives and life changing attitudes to the lives I touch.

Contact Nancy to learn more about her Coaching Package, Find Success as a Creative Entrepreneur.

Spicing it Up: 4 Creative Ideas to Make Meetings More Interesting

/in /by

StrategyDriven Practices for Professionals Article |Productive Meetings|Spicing it Up: 4 Creative Ideas to Make Meetings More InterestingSitting through weekly meetings that are dull and uninteresting is not at the top of any employee’s list. Instead of making meetings an endurance test, find ways to make meetings more interesting and engaging. There are at least 4 creative ideas out there to make meetings more enjoyable and productive. Shaking up meetings with a new meeting location, catering, and other ideas may be just what is needed.

1. The Meeting Location

Consider moving the meeting to a better location. A meeting place should be comfortable and interesting. Think about room temperature. Too hot and people will be getting sleepy. Too cold and people will be uncomfortable and just want to leave. There should be ample table space and comfortable chairs. Creative Meeting Venues might be an answer. Look into meeting locations to rent a unique space that meets all the needs for a productive meeting. A good meeting location might also involve refreshments such as coffee, tea or water, and a light snack to keep people energized and comfortable.

2. Ban smartphones

Ban smartphones and electronic devices for the duration of the meeting. This strategy keeps everyone’s attention on the meeting rather than a small screen. People interact with each other and exchange useful ideas. More will be accomplished when everyone is in the present and paying attention to the speaker and the problem to be solved or the announcement being made.

3. Be Well Prepared

The boss holding the meeting should be on time and well-prepared. Have a written agenda for the meeting to hand out and stick to that agenda. If a meeting is being held, it should have a purpose and a plan. Practice your speaking and organizational skills beforehand so it is comfortable leading the meeting. Don’t have a meeting with no good purpose or advance planning.

Make important company announcements and then invite member comments and questions. Are problems needing solutions? If so ask the members at the meeting to participate with suggestions for solutions and ways to implement them. Keep everyone engaged and feeling appreciated.

4. Get People Moving

With long meetings where everyone is forced to sit around a table without a break, attention wanders. Get people a chance to move and stretch. At the beginning of a meeting have people stand and do some stretches, then repeat it at a later time when people are starting to lose focus or zone out. Keep the stretches simple and appropriate for the people and clothing at the meeting.

The main thing is to move the arms and legs a bit and to stand up. Maybe have everyone get up and walk around the table once before sitting back down.

Give Everyone a Chance To Share Ideas

When a meeting is successful, everyone has had input that is respected. There are ideas that have been discussed and a plan of future actions decided on so each person leaves the meeting with a sense of accomplishment and purpose. And, make sure the meeting plans are followed up on so the meeting was productive for the future. Everyone should leave the meeting with an individual action plan.
Another meeting problem that should be solved is to give everyone equal time to give input without letting one person dominate the meeting to the detriment of the others. A good meeting leader knows how to limit each person’s time speaking so others can all give their input and no one feels left out or frustrated.

Think You Have No Worries with a Job Change If There’s No Non-Compete Agreement? Think Again

/in /by
StrategyDriven Practices for Professionals Article |Non-compete|Think You Have No Worries with a Job Change If There’s No Non-Compete Agreement? Think Again

perf6.000×9.000.indd

Each year, thousands of people explore and often accept a new job opportunity with a direct competitor. When they have no employment agreement or non-compete clause, they consider themselves free from risk as they talk to or move to a competing company. But in reality, this is far from the truth.

The non-competition agreement is a form of contract that employees sign with their current companies to keep them from being able to work for a competing firm. With or without this signed agreement, however, both the recruited candidate and the recruiting company put themselves at great risk of getting sued and/or having their business plans severely disrupted unless they manage the process with care.

A significant potential snafu in the hiring process is in the transitioning stage. Specifically, companies that, as part of their business model hire from competitors, along with recruits contemplating moving to a competitor, need to appreciate the time between considering the move to a competitor and knocking on a manager’s door to resign as fraught with risks. Regardless of whether there are any so-called post-employment restrictive covenants, all manner of pre-departure conduct must be the hiring company’s and the recruit’s first and primary concern.

Every state has a body of laws that govern what a person may or may not do before he or she resigns to join a competing company. What overrides all the legalese is one — although there are other “lesser” — relatively straightforward sounding proposition: While employed by company “A,” an employee may not compete with her company or take steps to help the New Company.

While that sounds like a commonsense and easy-to-follow rule, it’s far from simple because of the many ways in which “competition” can be construed. For example:

  1. When the recruit asks clients if they might continue with him if he moved to Next Company, he’s “competing.”
  2. If the manager badmouths her company to direct reports in order to pre-condition them for a switch, she’s “competing.”
  3. When the recruit hears about a new potential piece of business, but delays it so that he can bring it into the New Company, he’s “competing” (it’s called warehousing).
  4. If, during the interview process, the CEO reveals where she thinks her company is heading, she’s “competing.”

So many seemingly ordinary and natural exchanges that occur during the hiring process are laden with potential perils. Because of this, it’s important that everyone involved in the effort is informed and in sync.

From the New Company’s standpoint, it’s critical that everyone who interacts with the recruit understand the great risk created if they induce, or even have a part in pre-departure competitive misconduct. All the greatest intentions will mean nothing if just one person in the hiring chain steps out of line.

Anyone involved in the process of moving to and recruiting from the competition must maintain a disciplined focus on the governing law, as well as have a real appreciation for the emotions, optics and other unsettling byproducts of transitioning.

Always keep in mind that the absence of a contract doesn’t mean that the recruit and the company are free of risk. She may not have a non-compete agreement, but she can present plenty of other problems for the hiring company to worry about.

About the Author

Steven L. Manchel, Esq. possesses the highest possible attorney rating and has extensive national experience in recruiting matters, broker-dealer litigation, securities litigation, and complex civil litigation. In the employee departure arena, he has handled matters ranging from single employee transitions to the types of retention and attraction issues arising from large corporate mergers and acquisitions. The case study in his new book, I Hereby Resign (New Academia, Aug. 27, 2019), is used in a class in which he continues to lecture at the Harvard Business School. Learn more at manchelbrennan.com.