When it comes to workplace production and efficiency; no one gets more scrutinized (well...other than the President) than a professional athlete. Ironically when these athletes are children we always say "don't worry it's just a game" yet when they grow up that same game is now apart of a multi billion dollar industry in which every single match is of the utmost importance.
At FBW Nation we love sports-not just for the obvious entertainment value it brings but because of the many lessons that can be derived from the industry. Think about what other business rewards and criticizes it's employees more than the athletic world. In our series More Than A Game we will dive into the many stories that affect our beloved athletes and how the relate to the same issues we face daily.
The best way to change your financial situation is to change your mindset when it comes to handling your finances. So it's no wonder why a popular financial phrase is to:
Run your household like a business!
So let's think about this as investors. As an investor your job is to make your assets [more] profitable. What's the greatest assest in your household? You and your family of course! Think about it if somthing happened to you, your spouse, or your child(ren) wouldn't that substantially change the dynamic in your house. The real question is what do you and/or your family consider to be profitable?
Profitability, in this regard, does not have mean simply getting more money. If you value traveling; think about places you would love to visit like ski resorts, amusement parks, other states ot countries, etc. If you value volunteering; think about things you can do in your local community. If you value education; are you going to finish or get another degree? Or would you rather take personal enrichment classes like sewing, cooking, etc.
In our Invest In Yourself series we will discuss the many ways you can consistently add to the quality of you life by simply prioritizing your goals. By constantly investing in yourself you create not only a greater sense of financial freedom but an overall sense of satisfaction within your life. Remember money should be only be looked at as a tool to achieve your bigger goals.
Sunday was Father's Day and Freedom Beyond Wealth wanted to ask the question what does it mean to be a father in 2016? Below we will list some interesting statistics gathered by the Pew Research Center. (http://www.pewresearch.org/files/2016/06/FT_16.06.14_fathersDay_stayAtHomeRising.png)
Men are always taught that they have to "protect and provide" for their family, but what does that really mean? Unfortunately, most people simply equate that to getting money which probably explains why
compare that to statistics that show that only
Does this mean that today's fathers have lost work ethic? Or that money is no longer an important factor? Well...not exactly. Although families relying solely on the father's income went down approximately twenty percent this increase is found in the amount of families that have dual incomes (both parents working)-a trend that has been on the rise.
However, with all this working that possibly couldn't affect a father's relationship with his child(ren) right?... Wrong!
This feeling has taken off in a trend that shows that more father's are electing to stay-at-home.
All of these statistics show a few interesting things. Although many fathers are not fully carrying the financial burden for the family; they have not stopped working by any stretch of the imagination. As the number of women in the workplace continues to increase; does this change the perception that the man is supposed to [monetarily] provide for his wife and child(ren)? With almost half of working fathers desiring to spend more time with their children will we continue to see an increase in father's choosing to stay-at-home?
So what does it mean to be a father in 2016? Here is one last surprising statistic...despite the changing times only
If you are like us then you probably enjoy saving money-ironically even when you are preparing to spend it. I remember watching a lady on television say she would not even enter a store if she could not get at least forty percent off. If you're thinking forty percent off sounds unusual don't worry it is. That particular lady was great at extreme couponing. Well, if you hate walking around with a pocket full of coupons (that you may forget to use at the counter anyway) then you should definitely check out your local outlet mall.
What's the Big Deal?
Outlet malls are not brand new by any stretch of the imagination; however, compared to tradition malls the savings can be huge! Well, after visiting multiple outlet malls in our area we were surprised to see so many stores that contained deals ranging from 50% off, buy one get one (sometimes 2), and one store that had 75% off everyday. Compare that to regular malls that normally show savings ranging from 15-20% off.
Unfortunately, outlet malls are not everywhere so if you still want great deals don't be afraid to look in the clearance section of your favorite store. Someone who used to work in the retail industry told FBW that usually the items in clearance are there simply because of factors like the item's color, size, or simply the store trying to make more space for new inventory. However, if you are lucky enough to find an outlet mall close to you, definitely make that your first stop when completing your shopping especially during the seasons when you get the best bargains (Black Friday, Back-to-School, etc).
As individuals we should all strive to grow and improve in every facet of our lives especially in the areas that we feel that we are weak in. Your finances should be no exception! The reality is that in order to improve your finances-you need to first understand your weaknesses. Unfortunately, many advisors simply suggest that you stop spending money...well, that's helpful. The real solution is to understand what causes you to spend money faster-cash or credit cards? Below you will find one individuals struggle in finding his particular vice.
Starting With Cash
When I first began working I was 15 years old and I decided to shy away from getting a debit card from my bank electing to rather exclusively carry cash, and honestly I loved it! The idea of watching my wallet shrink with every dollar bill I pulled irritated me so much that I actually bypassed making many unnecessary purchases. However, as you can imagine, I was equally frustrated with not having enough money for bigger purchases which forced me to either write checks or travel to the nearest bank (which just so happened to be in middle of a grocery store). At multiple times of being inconvenienced I asked the teller to send me a debit card.
Hmm...Let's Try Credit!
I believe by the time I decided to yield the power of a debit card I was around 17 years old. And just like having a wallet full of cash I loved having my debit card! The idea of having my entire account at my disposable with a simple swipe-wait what? PIN number?...
Because of my clearly limited knowledge of credit; I didn't realize that I didn't really have a credit card. Long story short, my ignorance led to a few series of overdrafts. Ugh!
Hmmm...Let's Try Real Credit!
After figuring out my financial situation I was encouraged to get a credit card...an actual credit card! Finally, now I can make purchases and pay them off later with minimum payments. With this much power at a young age, I again found myself in an undesirable financial situation when the interest finally kicked in. Unfortunately, I learned that it is not enough to just stop using your credit cards but to pay them off ASAP as credit companies drain your pockets with the use of compound interest.
As you can tell, although my road to financial freedom was a bumpy one; I did learn some valuable financial lessons along the way. After dealing exclusively cash and then eventually with credit; I realized that I am more diligent with my funds when it is in its cash form. Do I only use cash? Of course not! But I do severely limit my credit cards only to specific purchases. The question now for you is, when it comes to spending money what causes you to spend your funds faster-cash or credit?
Many artists consider music a(n) universal language and to respects it is. Just think about it...what other form of speech delivers emotionally charged words in mnemonic fashion that can shape our perception of the world? Unfortunately, because of the lack of dialogue when it pertains to personal finances many [young] people develop their ideas about money through the songs and artists that they listen to. With this in mind we are introducing our new series entitled Lyrics For Life in which we will discuss the lyrics that we hear in songs and how they can guide us in our financial decision making.
Want to help? Send us suggestions!
How do you ruin giving, voting, hygiene, restaurants, even death? We have know idea but Adam Conover has found a way in the hit show Adam Ruins Everything. This happens to be one of our favorite shows for many reasons. Adam Ruins Everything is filled with plenty of comedic elements which make it very easy to watch and understand, the show list its sources on screen during the episode so you can easily fact check, but most importantly it causes you to decipher between what's truth versus what's tradition.
It may seem hard for most people to believe but a lot of our actions and beliefs are not based on things that are factual, but are instead byproducts of strong marketing campaigns. For example, in the episode about hygiene Adam showed how mouthwash, soap, and flushable wipes sales spiked after the use of marketing campaigns that made you question if you were clean enough. This may not sound bad at all; however, when you think about the chemicals found in many of these popular products (especially those that a considered carcinogenic) and the increased frequency in which we now use them... Another example would be the episode about giving in which he showed how the jewelry company profits off the sale of diamonds-even though they get them fairly cheap (compared to how much they charge for them).
We have enjoyed every episode thus far; however, since we are a financially focused company we highly recommend the episode 'Adam Ruins Work'. In this episode Adam tackles issues such as the five day forty hour workweek, the exploitation of young people through internships, why you should openly discuss your salary, and much more. We love this episode because your work life directly effects every other aspect of your life. Think about it...how much more house could you afford if you had an increase in pay or how much more time could you spend with your loved ones (or just relaxing) if your work hours were shortened? Employee rights is something that's not discussed enough and Adam does a great job of highlighting some important issues that could provoke change.
Everyday you are constantly bombarded by advertisements from companies that simply want your money. These advertisements are so powerful that over time they can become ingrained into the fabric of our society to the point where they become the norm (either socially or through legal prescadent). When it comes to ruining things Adam Ruins Everything does a great job of lifting the veil to what we consider to be the truth and what are just traditional practices we follow. This is definitely a show that is worth watching. Who knows; maybe Adam will ruin banking, investing, or retirement?
Education is an indispensable highly valued asset. Growing up college was always described as a place to go to (aside from having fun) to gain personal growth in under to become a fully ‘well-rounded’ individual. That’s fine and all if you are taking classes for personal enrichment but what about for people who go to college in order to pursue a career?
Generally speaking; on average people with a college degree earn more money than those with just a high school diploma, but with more college graduates facing lower paying jobs and the increasing amount of student loan debt-going to college can seem pretty worthless. According to theinvestmentdr.com these are the worst degrees to get if you are seeking employment (listed in no particular order):
Hospitality and Tourism
Philosophy and Religious Studies
With America’s focus on STEM courses in order to stay competitive in a global market the above list shouldn’t be a surprise. As stated earlier education is a highly valuable asset and a great investment. However, when you are paying for college with loans, the question you have to ask yourself is this an investment for my own personal growth or an investment that can lead to a rewarding career?
Photo Credit: https://images.newrepublic.com/fe37ca45b92377bdc039b437a7ec651965452e7c.jpeg
Making decisions immediately can be a daunting task especially when it pertains to your finances. Currently the popular idea pertaining to making these type of decisions is to wait 24 hours (some say a day) and if you still want to make the purchase then go ahead and buy it.
Although the "wait-24-hour" concept is not completely bad; I mean it can potentially help you avoid making a quick emotional decision. What happens if you don't have the luxury of waiting 24 hours? For example, 1 day sales, limited time only events, investment opportunities, etc. are not going to wait for you to "sleep on it". Here is a simple decision scale to help you decide whether to purchase something immediately or not.
Financial vs Emotional Sense
Before we begin let's first remember that there are 2 ways of looking at financial decisions...those that make sense financially and those that make sense emotionally. Decisions that make financial sense are those that will either save you money or investments that will help you grow your money. Decisions that make emotional sense, on-the-other-hand, are simply purchases that make you feel good.
The best example of the debate between decisions that are financial or emotional can be seen on HGTV's hit show "Love It Or List It" where couples must decide to keep their newly renovated homes or purchase a new home (that usually leaves them with a smaller mortgage or none at all). The dynamic between couples is fun to watch. Usually one person wants to stay in the home and another person wants to leave and although both partners start off guided by emotion, towards the middle/near the end of the show you usually see one of the partners think less of emotion and more towards what makes financial sense. I love this show, because I am always pleasantly surprised at how many couples sacrifice having a new house with no mortgage to stay in their current homes because they have grown such an attachment to it.
Unfortunately, there is no real right or wrong answer when it comes to deciding whether or not to make a purchase on the spot. However, there are 2 questions that you can ask yourself to help lear up the process.
Does this make financial sense?
Does this make emotional sense?
Although we try to avoid it we all are going to be put in a position where we have to make a decision quickly. As much as we may desire to wait before making a purchase chances are you are not always going to have that luxury. By simply asking whether you are making a financial purchase or an emotional purchase you can immediately decide whether to buy or not to buy.
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