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8 Ways To Build Savings Without Investment Risk

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StrategyDriven Practices for Professionals Article | 8 Ways To Build Savings Without Investment RiskLiving paycheck to paycheck is a grim reality for many Americans. One recent report revealed that fewer than 40 percent of people have less than $1,000 in their savings accounts and that many have no retirement savings at all. This may sound familiar to you but it could be your worry that building your savings requires high-risk investments, and this could leave you bankrupt. Fortunately, there are a few strategies you can use to pad your savings account without having to navigate the stock market or make other risky investment moves.

1. Review and Revise Your Budget

Being realistic about your household budget can help you make great strides in building savings. If it has been more than six months since you last reviewed your budget, sit down with your spouse or partner and take a hard look at how you spend. Seeing your habits on paper may help you realize where you might be wasting cash and where you can make significant changes.

It can be daunting to make serious cuts to your budget, but if you want to grow your savings quickly, then sacrifices must be made elsewhere. This is not to say that you need to cut out entertainment or creature comforts completely, but it is wise to consider which services might be wasteful, such as magazine subscriptions or costly gym memberships. Read free articles online at your favorite magazine’s website and make plans to work out at home.

2. Set Small Goals at the Outset

While planning savings goals can keep you motivated, setting too large of a marker may frustrate you and cause you to toss your savings plans completely, especially once you first start out. Learning how to save can be a difficult process, so setting smaller, more attainable goals when you first open a savings account may be more fruitful in the long run.

For example, if you want to ultimately save $1,000, set a goal of $250, which is one-quarter of that amount. Once you reach that goal, up the mark to half, or $500, and so on. Raising your goal by these increments can help you see your progress in a positive light, and you will likely feel proud when you reach each milestone.

3. Use Credit Cards With Cashback Rewards

You might view using credit cards as being almost as financially daunting as some investment risks, but not all credit cards are bad news. In fact, some can help you pad your savings if you use them correctly. If you are currently searching for a card that suits your lifestyle and budget, consider applying for one that offers a cashback bonus instead of travel points or other perks.

A cashback reward can be useful in several ways. For example, many credit card companies that offer them allow you to put those rewards toward your monthly payment, which can raise what you pay toward your premium without having to pull money from your savings. Second, these rewards build from items you buy each month, such as groceries, fuel, and other necessities. It is important to remember, however, that a cashback credit card is only useful if you use it wisely and do not overspend.

4. Pick Up a Side Hustle

Technology has made finding a viable side hustle simpler than ever. From being an Uber driver to web design or content creation, picking up side work by using your natural talents can help your savings grow significantly. If you are not sure which job would be the best use of your time and effort, focusing on what you enjoy may be a good place to start.

While you might hesitate about turning a hobby you enjoy into a job, there are several advantages to this tactic. For example, if you enjoy creating digital art, consider adding a commissions list to your social media bio so you can take orders as they come and set a time frame that allows you to enjoy the artistic process while you make a profit at the same time.

5. Change Your Meal Plan

Revising your meal plan and how you grocery shop can help you understand where you might be wasting both money and food when you could be putting these resources toward your savings and dining table. Even if you use a shopping list, it may not be as effective as you think if you are not planning weekly meals.

Before you grocery shop, consider how much food you throw away each week when you clean out your fridge. Make a list of items that are wasted most often and strive to buy these less often. Consider cutting back on how often you eat out and make weekly meal plans so you can have the ingredients on hand. If you are pressed for time during the evening, cook and freeze meals over the weekend so you can defrost items when you get home from work.

6. Consolidate Your Bills

If you are struggling with loan payments, high-interest credit card bills, and other monthly debt that prevents you from saving money, you may want to consider consolidation. From companies that operate in the U.S. to those available for individuals and families living in Sweden, there are many to choose from.

You might think that consolidation is only an option for those who are facing bankruptcy or some other type of serious financial issue. However, this process is typically available for anyone who wants to reduce their monthly loan payments and opt to pay a consolidation company one lump sum instead. Depending on the company you chose and where you live, the interest for each payment and the total may be lower than what you are currently paying each individual creditor. Consolidation companies in Norway, for example, offer such manageable options.

7. Lower Your Energy Bills

Savings can be found around your home if you know where to look, and you can start with your energy resources. Old windows and doors allow heat and cooled air to escape, which wastes resources and may raise your utility bills. Consider investing in energy-efficient options instead. Contact a local roofing contractor to inquire about utilizing solar power and take steps to conserve water. When you lower these bills, the money left over can be applied toward your savings.

If you are uncertain about where you might be losing valuable energy resources around your home, you can ask your local power company to conduct an audit. During this process, a qualified energy professional will come to your property and evaluate how your home uses energy and where waste might be taking place. The auditor might suggest having your hot water tank cleaned of sediment, your ducts cleaned, and which rooms might benefit from new windows and doors.

8. Make Willing Financial Sacrifices

Your savings cannot grow unless you make a conscious effort to contribute to them each pay period. This will probably require several sacrifices on your part, but you might find skipping that expensive latte or saying no to a new outfit is well worth it as you watch your savings increase. Remember, you do not have to deny yourself all the time and live on the bare minimum when it comes to growing your savings, but making financial sacrifices a few times a month can go a long way.

Building your savings account without making risky investment choices can be a challenge. However, when you take steps to revise your budget and spend more wisely, you might see your nest egg grow by leaps and bounds.

Top 5 Reasons Why Your Credit Score Matters

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StrategyDriven Practices for Professionals Article | Top 5 Reasons Why Your Credit Score MattersIf you’ve been trying to get your finances in order lately, you may be looking for the best way to see credit score to help you gauge your current creditworthiness. Your credit score might not cross your mind often, but these three numbers are essentially a distillation of your history of handling borrowed money and can have a bigger effect in your everyday life than you might think. From determining what types of loans you qualify for to impacting your insurance rates, phone plans and even rental apartment, your credit score can be surprisingly meaningful in a number of ways. If it’s been a while since you’ve checked your score or worked towards improving it, it’s important to keep a number of key facts in mind about the importance of your credit score and what you can do to raise it over time.

1. It Affects the Loans You Qualify For

If you’re planning on applying for a major loan soon, you should be aware that having poor credit could disqualify you for certain loans. In some scenarios, you may be able to qualify but could get stuck with higher interest rates and worse repayment terms than if you had a higher score. For example, if you’re planning to purchase a home in the near future and will need to apply for a mortgage, your credit score may affect such factors as how much of a mortgage you’ll be able to take out and the interest rate for paying it back. This could potentially add up to paying tens of thousands of dollars more over the years, so improving your score before applying could potentially save you a significant amount of money in the long run.

2. It Could Affect Which Apartments You Can Rent

Even if you’re not planning to purchase a home, having a less-than-ideal credit score can affect the apartments you may be able to rent. Many landlords require a credit check before agreeing to lease their property, and some many use it as a way to filter out possible tenants and decide to whom they want to give the rental contract. Besides potentially keeping you out of a place you wanted, a poor credit score could also result in being asked for higher up-front rental deposits, again costing you more money than if you had a higher score.

3. It Could Impact Your Insurance

It may surprise you to learn that your credit score can actually affect your insurance costs. Insurers will sometimes use credit checks as a way of figuring out how much to charge since they use it as a measure of risk. A poor score could mean higher rates, which could potentially translate to hundreds more in costs per year.

4. It Could Prevent You From Getting a Better Phone Plan

Another unexpected way your credit score can impact your everyday life is that a poor score could keep you from getting a better phone plan. Mobile deals advertised on television, for instance, usually require credit scores above a certain threshold in order to qualify. A bad score could mean you won’t be able to get a better deal. Additionally, some carriers won’t grant you a contract at all, instead leaving you with only a pay-as-you-go option.

5. It Could Keep You From Getting a Car

Finally, if you don’t have good credit, you may find it difficult to finance a car. Auto loan rates often depend on a credit check, which means a better score can translate into access to the car loan you want. Without good credit, you may not be able to afford the vehicle you have your eye on.

Whether you’re planning to purchase a home and need a mortgage or just want to qualify for better car insurance rates, having a good credit score can make a big difference in your everyday life. While it can be easy for your credit score to slip through the cracks when you have other things on your plate, keeping up with your score and trying to improve it over time can help open new opportunities to you. If you’re trying to sort out your finances and boost your score, keep these important facts in mind and you’ll be well on your way to a stronger financial future before you know it.

It’s A Dog-Eat-Dog World Out There, But Only If You Allow It

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Business is often described as a dog eat dog world. But things only usually get that bad if you let them. Here is some advice from entrepreneurs who learned serious lessons through their own experience on how to avoid getting screwed over by their business partners, and the people that they work with.

Always Avoid Emotionality

StrategyDriven Practices for Professionals Article

It’s great that passion motivates the positive aspects of your business and drives you forward to new heights. But passion in business can get you into trouble, especially when emotions turn negative. Things will go wrong in business. People will try to take advantage of you, colleagues will lie, and business partners will let you down. The key to running a successful business is to always remain cool and calculating in these situations. Losing your head can lead you to make damaging decisions that could ultimately be harmful to your business in the long run.

Meditate

StrategyDriven Practices for Professionals Article
Photo courtesy of Max Pixel

Meditation and entrepreneurs don’t seem like great bedfellows. After all, entrepreneurs are all about living life at 100 MPH, and people who meditate, usually Buddhist monks, are interested in the precise opposite. But when it comes to entrepreneurship, meditation is actually of critical importance. The reason is that our brains tend to make new connections and come up with original ideas when our minds are clear from other worries. Many entrepreneurs like to meditate in the shower and are sometimes referred to as “urban shower monks.” Being able to get away from the mayhem often allows you to think about how you’ll deal with a difficult situation better at work.

Set Clear Parameters With Your Stakeholders

One of the biggest problems companies face is defining relationships between their partners, vendors, stakeholders and colleagues. Often these agreements can get out of hand, and you can find yourself losing out. This is why so many companies now use contract management software to stay on top of all their relationships with their customers. It allows them to make sure that all of their contracts are in the best interest of the company and easy to find. It also helps organizations that need to scale rapidly manage their risks in real time.

Be Strategic

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Photo courtesy of Wikimedia

Command and control entrepreneurs don’t usually do all that well. They think that people are working for them because they really want to and they believe in the company, but most of the time it’s just so that they can put food on the table at night. Some business leaders think that all they have to do is tell their employees what to do by force of will and they will obey. But this isn’t how people work. Instead, interacting with people is more like a game of chess. It’s strategic, and often people will do and say things that lead to their strategic advantage. For years Donald Trump ingratiated himself with the highest echelons of society. Now he’s bringing them to their knees. It’s all about long-term planning and cunning. Think carefully about what is actually motivating the people who work for you and with you.

19 Essentials Every New Car Owner Must Have

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Just bought a new car? I am sure you are basking in the supple leather and that new car smell with a full-tank, ready to ride off into the sunset.

But are you really ready to drive off? Once your car has gas, it may seem like you have all the essentials, but not quite. Like a good ceramic coating for cars, these 18 items are absolute must-haves for every car owner. They will see you out of trouble and make the difference between a good day and a bad day.

  1. The owner’s manual: as a new car owner, your manual is your best friend. Apart from giving you insight into all the tricks and fittings your car has, it will also be helpful when you are faced with your first car issue.
  2. Car documents: your registration papers, insurance details and license information should ALWAYS be in your car to prevent unpleasant confrontations with law enforcement agents. Remember, that the law demands you have all these documents at hand if you are driving. Keep them all in one place for ease of access such as in the glove-box.
  3. Repair information: always have a business card or the contact information of your auto-repair company so you are not left stranded. Your insurance company may also be helpful in this situation so keep your claim forms easily accessible.
  4. Insurance: a new car is like a baby, you have to protect it. The best way to do this is by getting insurance. Car insurance gives you coverage during accidents, vandalism, fires, theft and many other situations. If you are in New Zealand, consider using a provider such as AMI Insurance or talk to your current insurance provider about providing cover for your new car.
  5. jumper-cables-926308_640Jumper Cables and a battery booster: jumper cables are used to kick-start weak batteries. If your car battery dies, you can easily give it some juice and be on your way. This is very useful if you are in a hurry, or running late. You can also get a compact jump-starter kit, many of which have USB connections that can charge multiple devices.
  6. Duct tape: the usefulness of duct tape can not be overemphasized. Car owners have used duct tape to hold up their fenders, to keep wind-shield wipers in place, to keep the spare key stashed under the back tire, in short, to do a thousand things and more. You need it.
  7. Lug Wrench and Tire Jack: one of the first skills you should acquire as a new car owner is how to change a set of tires. To change them you need these two tools, a tire jack and a lug wrench, and most importantly, an inflated spare tire. If you have a jack and leave the lug wrench at home, you will not be able to change your car tires should the need arise.
  8. Lug nut key: depending on the type of car you have, your lug nuts may have special locks, so you will need a lug nut key in this situation in order to change your tires.
  9. Tire Pressure Gauge: this handy tool helps you check how much air your tires have lost and how much to add. Tires may not look flat, but it is still advised that you check them regularly.
  10. Envase_WD-40WD 40: next to duct tape, WD-40 is the second holy grail for car owners. WD-40 is a degreasing agent traditionally used for squeaky hinges. But, it can also be used to clean rusty license plates, clears carbon residue from spark plugs, protects spark plugs from moisture and removes grease, dirt and grime from car parts.
  11. A Multi-Tool kit: multi-tools give many different tools in one compact package. Most multi- tools contain screwdrivers, scissors, sharp edge, and a pen knife that you can use in indifferent situations.
  12. Reflective Triangles and Flares: another night-time essential, reflective triangles or flares are placed on the road, if you have pulled off to the side of the road, in the direction of oncoming traffic to prevent other drivers from running into you or your vehicle. They increase visibility for other drivers and keep you safe until help arrives.
  13. A change of clothes: this is very essential, you don’t want to miss an important meeting because someone spilled coffee on your shirt or you got caught in the rain. Neither does it paint a good picture for you to show up wet or stained. Also have gloves, a warm jacket, a spare tie, a scarf and a warm cap or hat.
  14. Glove compartment essentials: there are certain things that must be in your glove compartment. Having them there will save you time, prevent stress and even save your life. They include:
    • Pen/pencil and paper
    • Emergency money (keep this stashed in more than one place)
    • Make-up
    • Sanitary towels, pantyliners or tampons
    • A car hammer to break windows and seat belt cutter for dire emergencies
    • Instant cleaning items: antibacterial wipes, tissue, paper towels or a regular hand towel, and hand-sanitizer.
  15. Fire extinguisher
  16. Emergency supplies kit: you are going to spend a lot of time in your car so it makes sense that you are ready for emergencies. You can keep your emergency kit in your trunk.What should this kit contain?
    • Tactical flashlight: useful for night-time situations
    • Lighter, matches and any other fire starting equipment
    • Snacks such as energy bars, granola bars, and protein bars , also instant foods such as noodles. Dried foods such as jerky are also good to have.
    • Water
    • Weather radio
    • A physical map
    • A space blanket
    • Umbrella or raincoat
    • Chains, carpet or cardboard scraps: you can place these under your tires to gain traction on snowy, icy roads.
  17. Wind-shield Wiper Fluid: when driving in winter conditions, wiper fluid will make it easy to keep your screen clean and get slush, sludge and ice off. You need clear visibility when driving during the winter, wiper fluid will help you.
  18. Ice-scraper and Snowbrush: a winter essential, ice-scrapers will help you get ice, sludge and snow off your windshield without any scratches or damage to your car. Use a snowbrush to get snow off your car roof, this prevents the snow from sliding down your screen when you start driving or flinging off onto other cars and people.
  19. Car Coating: Now that you have a new car in place, you surely don’t want damages. So, how about going in for ceramic coating for cars, right during the vehicle purchase process. With this type of coating, you can easily clean your vehicle. Also, it’ll help you protect your car from chemical stains and harmful UV rays.

Now, you are ready to drive off into the sunset without looking back. But you can get a theoretical lesson on how to change your tires or jump-start your battery here.

Security Training Options

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StrategyDriven Professional Development Article | Security Training Options

Security training is a must for anyone that wants to make it in the industry. Irrespective of whether you are interested in becoming a CCTV operator or a door supervisor, you need to attain your license. This all begins with finding the best security training provider. Read on to discover how to do so.

The first thing you need to look out for is experience. Make sure the company has been in operation for a considerable number of years, as you don’t want a group of people that are effectively going to be learning on the job.

They should also have a wide assortment of different courses for you to choose from, for example, door supervisor training, bodyguard courses, first aid training and much, much more. Don’t only look at the course title, but check out the syllabus. You want to make sure the courses are modern and in line with the security of today.

They should not simply provide you with training and leave you to it either – they should help you to apply for your licence once you have completed your course. The best companies will have all of the details about applying for the licence on their website, making it much easy for you. At this point, it would be beneficial to note that you will need to renew your licence every three years. For example, the use of drones has become prominent in the security sector over the past few years. You can head to DrDrone for more information. The latest training courses will cover this.

In addition to this, you should take the time to read reviews that have been left by previous customers. This is the best way to get a truthful picture in regards to the level of quality you are likely to experience. If you come across a lot of negative comments, you know to look elsewhere.

What You Need To Find Out Before Taking A Course

Different security training courses have long been popular with those that want to make it in the security industry. If you have booked a training course, read on to discover the information you need to know beforehand.

The first thing you need to do is assess the dates and times for the security training course in question. In most cases, this will be a short, intensive training course, with the aim of ensuring you pass as quickly as possible. You may need to take time off work to accommodate this, so it’s worth finding out how long the course lasts per day.

Aside from this, you need to find out what you are going to need to bring with you. The best training course providers will supply all training materials so that you don’t need to spend extra money on this. However, it is likely that you are going to need to bring proof of identity with you and possible proof of address as well.

You also need to make sure your English language skills are up to scratch if you are going to take this test. You will be expected to have good knowledge of the English language if you’re to work in the private security industry. You don’t want to spend your money on a training course if your language skills are going to let you down. Don’t let this dishearten you though; arrange some English lessons until your tutor tells you that you’re ready.

What Course Is Right For You?

Firstly, one option to consider is CCTV training, which is designed for people who want to have a career as a CCTV operator. Once you have this licence, you will have the ability to monitor and work with CCTV camera systems that oversee any public spaces. For example, you could work for the local council or a busy shopping centre. The options are extensive.

Another popular option is a security guarding course. Once you have completed this, you will have the ability to work on unlicensed premises. This includes businesses like universities, banks, and construction sites. Please note that you cannot work on licensed premises with this course. If you wish to do so, a door supervisor course is advised. If you take the security guarding course you will learn about what you should and should not be doing on the job, as well as information on good communication, managing conflict, what it is to work as a guard and other things you need to be aware of, such as basic first aid.

Another option you may want to consider when working in the security sector is door supervision. You will need to obtain your door supervision licence, which will involve taking a training course. There are some other requirements too, such as being over the age of 18-years-old. As a door supervisor, you will have a number of different roles. This includes determining whether an individual is allowed to enter a licensed premise, such as a pub or a nightclub. You will not only be concerned with determining who is able to enter the building, but you are responsible for keeping everyone inside safe as well. Having tact and diplomacy is critical, as challenging situations can often arise and you will need to be able to defuse them. There are a number of other qualities you need to have as well, including having good people skills and being calm when troubling situations arise.

There is then the upskilling training for those who have been impacted by the new assessment rules that recently came into place regarding training to become a door supervisor. A lot of people need to take regular courses depending on their role in the security sector.

So there you have it: an insight into the world of security and the different options that are available. We hope that this will help you to carve out a career for yourself in this exciting sector, as demand is high and there are certainly diverse opportunities available.