You may be not aware of this but your thoughts hold significant power over your life. Psychologists, thinkers, and scholars believe in a maxim which states that people attract negative or positive experiences in their lives depending upon their thoughts. This is known as the “Law of Attraction” — accordingto which people have the freedom to be in charge of the way their future develops and modelling it according to their plans and designs.
People get into the ongoing debate whether positive thinking can make you rich or not. The thing is that it is a person’s negative energy that keeps one from achieving the things that you want to in life. Here is how positive thinking helps you move towards your targets and contribute in making you gain wealth.
1. Be Grateful for Your Blessings
Take a moment to reflect upon your life as it is currently. And not just your life — look at your surroundings as well — the technological advancements that have made long distance communications so easy, medical innovations that have made the cure of fatal diseases possible, the beautiful nature, the soaring birds and the blooming flowers. We overlook the small things in life only to realize later that those were actually the big things! Count your blessings — be grateful for your family and friends, your access to education and commodities. You do not really have to be completely satisfied with your monetary situation, but if you want to improve your conditions, you may as well start with an energetic heart rather than one which is full of resentments.
2. Never Underestimate Your Value
Most people begin to demotivate and devalue themselves. This low self-confidence makes them believe that they are not worth it. Instead of getting intimidated by all the big shots in the industry, you really should focus upon your forte. You special talent is what you need to get rich — believe that you are worthy enough and once you keep faith, you will automatically move towards success.
3. Don’t Think That Your Goals Are Unattainable
Money may not grow on trees as people often claim but your dreams are not unattainable. In order to become successful and rich, the one thought that you need to get rid of first is that there is sufficient money and you will get your share once you work towards your goals in a positive attitude.
4. Write Your Goals and Financial Accomplishments
Writing down your goals helps you in creating a clear picture and they become more effective. According to a study, people who wrote their goals ended up achieving them significantly more than the ones who did not. Figure what you want to achieve in life and then list the manner in which you will achieve them. Work step by step and you will get to the point where you envisioned yourself.
Maintaining a financial record over this course of time, will help you think positively. This is because your financial achievements are now more tangible and with your ability to visualize them, you will feel great about the wealth you have attained and boost the positive energy inside.
Money is a passport to enjoy a more comfortable and easy life. That’s why it pays to know how to manage the money better. According to Susan Beachem, the co-author of the book “O.M.G.: Official Money Guide for Teenagers”, the problems for most people in their early 20s is that money is abstract for them. And it will get increasingly abstract or confusing if they don’t learn the skills in this stage of their lives to manage money better.
Most young people tend to squander money without realizing the real value of money. When you are young there it’s normal to think that managing money is not important, and that you will have plenty of time to save for retirement or emergency fund later. However the fact is the longer you wait to save, the more difficult it will be for you to build adequate savings for your future.
By saving just £500 per month when you are 20, you can grow your savings to more than £60,000 by the time you reach your 30th birthday, about £200,000 by the time of you retirement. Every penny counts when it comes to growing your wealth, and it’s never too early to start saving. Below are some of the tips that young teens can help them become money-wise and spend thrift.
1. Make the word ‘No’ Your Friend
When it comes to managing money smartly, you should learn to say no a lot. Whether it comes to daily night outs with your friends, or being tempted to splurge large amount money on unnecessary luxuries, the more you say no to others and yourself the better it will be for your financial health. Although having fun once in a while is fine, spending too much money on unnecessary expenses will make it difficult for you to save money.
2. Plant the Tree Today to Bear Fruit Later
You must plant a tree today to bear the fruit later. The tree here refers to capital investments while the fruit refers to income. You should consider learning about investing a portion (about 10%) of your income in capital funds.
By the power of compounding your invested amount may grow into a large sum in a matter of years. The earlier you learn to invest, the greater will be the chance of you becoming a successful investor later in life.
3. Avoid Getting Caught in a Debt Trap
Credit card and loans may seem like ‘easy money’, but it can easily lead you to your ruin. If you are not careful in handling loans you call fall into a big, deep debt hole coming out of which will be not only difficulty but in some cases impossible. Try to limit use of loans for important expenses such as emergency repairs, buying a house, or paying of the tuition fees. Even in this case avoid taking out too much loan that you will find hard to repay when due.
Unless you live in a cave, or a remote jungle, money is the most important commodity in life. When managed well it can make your life on earth a paradise. However, if you are not careful about how you spend the money, it can also make your life a living hell.
Junior ISAs or Junior Individual Savings Accounts are tax-free children savings accounts. The benefit of Junior ISAs is that the parent or guardian does not pay income tax or tax for capital gains if the value of account grows over years. For opening a Junior ISA account, the child must be a citizen of UK and under 18 years of age. The government offers flexibility for children who are UK citizens but live outside UK.
Two types of Junior ISAs are operating in the country. In Type 1, people invest cash money in the accounts. They do not pay income tax on these savings. In Type 2, people invest bonds and stocks instead of cash. The value of these bonds and stocks increases over time however, neither the parent nor guardian pays any capital growth tax on these investments.
The difference between Child Trust Fund and Junior ISAs
The government opened Child Trust Fund for kids born between September 01, 2002 and January 02, 2011. The government gave out £250 to parents with average to high income and £500 to parents with low income. The government gave this money in the form of vouchers. Parents deposited these vouchers in the children saving accounts. The account holders, friends, parents or guardians were allowed to add maximum £4,080 into their accounts. The government paid them interest on the money but the owners or parents did not pay any tax on their savings. The interest was allotted from child’s birthday in current year to the birthday in next year.
In 2011, government introduced Junior ISA, which replaced Child Trust Fund. Although Child Trust Fund is still operating but it is not allotted to kids born after January 02, 2012. The drawback of Child Trust Fund is that the parent, guardian or child cannot take out money before 18th birthday of child. After 18th birthday, the child gets a lump sum of the amount and is free to spend it.
Before switching your child’s CTF account to JISA, it is important to remember that you cannot switch back to CTF from JISA.
If you have a cash CTF account then you should switch it to JISA because JISA offers more benefits than CTF.
If you have an investment CTF account then gather the rates from the account providers. Do not switch if the transfer rates are too high. However, if the transfer rates are suitable then the active investor may switch to JISA.
The process of transferring the CTF account to JISA is easy. The investor only needs to provide the details of their CTF account. The account provides deal with the hassles of process.
We all are aware of that mini heart attack that we get upon seeing our grocery bill. What makes it even more hurtful is that you thought it won’t be that much. So what is the mystery after all? What is it that is making our grocery cost this much?
How many of us get a little too twinkle-eyed by all the shiny groceries in the aisles? Yeah, we are all guilty. We often look at things and imagine their use in our head and the next thing you know you are throwing the package in your basket. The best way to avoid this is by creating a shopping list at home and then following it religiously with not a step out of place. It would help if you keep your eyes on the ground too.
2. Ready-made solutions
Yes, readymade solutions save a lot of time and tempt a large majority of us to make it a part of our grocery. So if you are buying for a month would it mean you’ll be buying 30 packages of ready-made food? And then you ask why the grocery is costing so much. Buying your own vegetables, herbs, and grocery would make it last more than a month and will cost you a lot less. With right hacks and preservation tricks, you can make your own ready-made packages at home.
3. Not considering a cheaper alternative
We run after brands as if our life depends on it and that is what causes our grocery cost so much. We never consider using a cheaper alternative. Sometimes the price difference is so high that it’s unbelievable yet the taste and functions are almost the same, sometimes even better.
4. Going to the store while starving
This may sound stupid or silly but when we go to a grocery store while hungry, it affects our shopping habits considerably. So here’s a tip, go grocery shopping in a full appetite.
5. Shopping with friends
Never go grocery shopping with friends or when you are in a mood to socialize while shopping. Most of the people are distracted with their mobile the whole time they are shopping or just talking non-stop and they barely know what’s going in their basket and what is being left behind.
6. Going to the pricey grocery store
It is our right to compare the prices and do our grocery shopping at a cheaper rate. Apples are same everywhere then what’s the point of buying them at a higher price?
If a large portion of your earnings is being spent on grocery items and your biggest expense is your food, it’s time that you re-think your budget and cut down your grocery costs. Now that you know the reasons, it should not be that hard.
Pеrѕоnаl fіnаnсе is аn essential раrt оf lіfе, but that doesn’t mеаn уоu аrе nаturаllу going tо gеt the gіѕt of things without thе right trаіnіng, education, аnd rеѕоurсеѕ. If уоu аrе unрrераrеd and unclear оn thе рrосеѕѕеѕ іnvоlvеd, you соuld mаkе соѕtlу mіѕtаkеѕ that уоu соuld hаvе otherwise, аvоіdеd. Tаkе thеѕе tірѕ wіth уоu аѕ уоu get іntо any type of реrѕоnаl fіnаnсе рrоjесtѕ thаt wіll rеԛuіrе more undеrѕtаndіng.
Rеаd bооkѕ about personal fіnаnсе аnd mаkе a роіnt to dо this соnѕіѕtеntlу. Motivational bооkѕ аbоut personal finance kеер уоu on your tоеѕ аnd hеlр mаkе уоu mаkе great ѕtrіdеѕ in thіѕ dераrtmеnt. Dave Ramsey hаѕ ѕоmе really grеаt bооkѕ out, and I dеfіnіtеlу rесоmmеnd hіѕ book “Fіnаnсіаl Pеасе.” It іѕ a grеаt rеаd!
Sеttіng thе wаtеr lеvеl in your tоіlеt іѕ a grеаt wау to dесrеаѕе the аmоunt оf wаtеr thаt іѕ used fоr each fluѕh. There are simple blocks that hаng іnѕіdе your tank that will dесrеаѕе thе аmоunt of wаtеr thаt is nееdеd to fіll уоur tank аnd ѕhut thе wаtеr flоw off.
Use Skype fоr оvеrѕеаѕ саllѕ. You wіll fіnd thаt іt іѕ nоt gоіng tо соѕt уоu much money and іt is going tо be much еаѕіеr thаn messing аrоund with саllіng саrdѕ. If thаt іѕ not an орtіоn, use уоur сеll рhоnе rаthеr thаn the hоtеl рhоnе. Yоu may hаvе to рау mоrе fоr mіnutеѕ on your рhоnе but уоu avoid bеіng оvеrсhаrgеd bу thе hotel.
Make sure to keep track оf еvеrу ѕіnglе еxреnѕе when уоu wrіtе a сhесk оr uѕе a dеbіt card. Kееріng track оf what’s in your bаnk ассоunt саn help, as ѕоmеtіmеѕ a payment саn be taken out аnd іt wоn’t bе reflected іn уоur bаnk ассоunt untіl muсh later. Kеер trасk оf уоur fіnаnсеѕ and аvоіd thоѕе реѕkу overdraft fees!
Buу in Bulk
Stоrеѕ lіkе Cоѕtсо and Sams Club аrе popular for a rеаѕоn. A ѕіnglе реrѕоn mау nоt bе аblе tо uѕе six саnѕ оf peanut buttеr іn a reasonable tіmе, but nоn perishable items lіkе tоіlеt paper mау last you for a уеаr! Buy in bulk whаt makes sense fоr you аnd add uр thе ѕаvіngѕ.
A grеаt personal fіnаnсе tір thаt саn help уоu save mоnеу is tо tаkе ѕоmе оf уоur unused clothing to a соnѕіgnmеnt ѕhор. If уоu have аnу сlоthеѕ thаt are juѕt ѕіttіng іn уоur сlоѕеt, you саn make a lіttlе bіt оf mоnеу by selling thеm to a соnѕіgnmеnt ѕhор.
Clеаr debts аѕ ѕооn аѕ уоu саn. Mаnу dеbtѕ аrе соllесtіng іntеrеѕt as tіmе gоеѕ on, аnd the іntеrеѕt rаtеѕ саn bе very high. Gеttіng rid of dеbtѕ sooner аllоwѕ you tо pay less on interest and thеrеfоrе, less оvеrаll. Save money bу getting rіd оf dеbt, ѕtаrtіng wіth the dеbt thаt has the hіghеѕt interest rate.
Pеrѕоnаl fіnаnсе соuld bе dіffісult to undеrѕtаnd, but only if уоu aren’t tаkіng the tіmе tо learn whаt everything means, hоw іt аll wоrkѕ, аnd how іt аll fіtѕ іntо уоur lіfе’ѕ fіnаnсіаl mаttеrѕ. You could be ѕuссеѕѕful іn уоur attempts, but оnlу іf уоu use tірѕ like these to get thrоugh еасh process.