Category Archives: Your Financial Portfolio

How Self Employment Can Increase Your Income

In this day and age, “work” has various meanings, depending on who is asked. Some people remain in the workforce as traditional employees, while others are self-employed. There are multiple forms of self-employment, but ultimately, self-employed individuals work for themselves, as opposed to working for another individual or corporation. A person who is self-employed may have various clients or customers, however, the success, or lack thereof, of their business ultimately depends upon them. Self-employment in an inherently risky venture, although few things worth having come with ease.

The Potential for Income Growth is Limitless

In most cases, individuals who work as employees generally receive paychecks. Upon being hired, there is usually an agreed upon salary or amount of hours to be worked. Employees generally stick to these hours and for the most part, the ability to significantly increase income from the aforementioned stream is difficult, if not impossible. Workers can ask for a raise, but there is no guarantee that an employer or boss will agree to it.

The game is completely different for self-employed individuals. Income surges are readily attainable, so long as the person at hand is willing to take the proper steps, market themselves accordingly, or offer new products or services. For instance, a freelance writer who wishes to increase her monthly income can do so by taking on various styles of writing, working with a wider network of clientele, or even increasing her current rates. Conversely, were that same freelancer working as an employee 40 hours per week with a set salary of $15.00/per hour, growing her earnings may be a more difficult feat.

When an individual works for someone else, their income is greatly dependent upon the person who employs them. However, when someone works for themselves, their earnings are determined by their quality of work, ability to market themselves, and make lucrative business decisions. While self-employment is not for everyone, those who are serious about growing their income may find this economic route to be beneficial.

The Options For Tax Deductions Are Plentiful

Most employees’ taxes are automatically deducted from their paychecks prior to reception. While tax season may be easier for traditional workers, easier does not always mean economically fruitful. A full list of self-employed tax deductions can be found and read on Quickbooks; some of the most common deductions include marketing tools, home office expenses, meals with clients, wages paid to employees, etc.

In some cases, self-employed individuals may be able to write off so much that the government actually owes them money. That money can then be saved, invested, or otherwise used to grow one’s business.

A Final Word Regarding Self-Employment

Success in the self-employment field takes work, dedication, and the willingness to work hard, never give up and continue growing one’s business. In current times, every working individual should be striving to increase their economic capital. Living expenses are surging and financial emergencies can occur at any time. Opportunities to grow one’s income and decrease owed taxes are two of the most productive ways self-employment has and continues to transform lives.

Authored by: Gabrielle Seunagal

Learn 10 Exclusive Money Habits To Improve Your Financial Portfolio

Are you being your own best adviser? If you are then you have to be one of many proactive Canadians asking yourself just what your doing on a daily basis to help your income become larger? Also, you might be dedicated on researching ways to gain higher interest on your savings at your bank. Developing some new money habits is important when you are attempting to transform your financial portfolio. It takes time, but it is well worth the effort.

Canadian consumers have heard, or read that their daily decisions regarding money have a huge impact on their long-term financial health; and this is very true. Just as you should take care of your body by eating healthier and getting in exercise daily, you should tweak your finances and stay on top of money coming in and money going out. You should have a financial plan in place. Now, there are specific money habits that can keep your budget neat and trim; and which eventually lead to you establishing a good amount of wealth too. If you want to live comfortably one day, without worrying with how much something is, or some kind of emergency coming up, the following below habits can whip you into shape.

What Can Canadians Do Daily to Reach Wealth by Retirement

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It doesn’t even have to be when you retire. If you start controlling how you spend money now and setting up a proper budget habit then you can achieve a secure financial status far before you retire. However, you have to have the income. If you are short on funds that will help you save then you need to consider finding new ways to bring in extra money. Sometimes you have to work more to succeed later–that’s life! Great things just don’t happen overnight. Many Canadians have to work harder than ever to achieve financial success, but that is okay too. It’s a great goal, and it’s an admirable one.

Need to spend less than you are earning

This is not a new one at all, it is certainly a habit that needs to take priority. If you continuously have more money going out than you do coming in this can present a problem. But, if you control your spending and develop new financial habits you can gain control here.

Always make sure you budget for all those little extra expenses

You don’t want to get caught with your wallet empty! You never know when something might come up, so being prepared is the smartest financial decision you can make. You want to have more than just the basics as well. Remember that the little expenses can add up. Sometimes you need to learn when to say no to that Chai Latte at Starbucks! Those little things really do deplete a budget fast, as do other unnecessary expenses.

Write down everything you spend

This might feel tedious, but it is the only way your going to be able to keep up with your finances. Carry a little notebook with you everywhere and right down even the smallest expenses. You’ll soon be able to see exactly what you’re spending money on.

Design an all cash type of lifestyle

Discover Tips To Improve Your Finances In As Little As A Day

Yes, you can improve your finances in as little as a day when you apply the right strategies, but it all starts with YOU! If you take a little bit of time everyday to go over your finances and plan you’ll begin to make progress. It might involve removing debt a little bit at a time or it might involve making progress toward a future goal. In just 10 minutes a day you can transform your financial portfolio by developing ways to stay more accountable and pro-active with this essential part of life.

It’s not so much those big things as it is the little things that interrupt an individual’s ability meeting financial goals!

There are going to be times where some financial tasks are extremely nerve wracking and items that are often dreaded. However, you can’t run from your financial woes and approaching them in a positive manner can help you get control over your debt in a more constructive way. Just think, answering that collection call is better than avoiding it and not having peace of mind, don’t you think? Canadian consumers need to handle their dilemmas before they cost them far more in the long run.

Tips to Manage and Improve Financial Habits in One Day

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  1.  Purge recurring expenses before you forget about them and they just keep sucking your money away. Do away with any that you absolutely have no need for such as: magazine subscriptions, tanning membership; etc.
  2. Contest fees that you feel you didn’t deserve. Banks are bad for slapping on overdraft fees, even when you get your deposit in. Because many banking systems are automated you have to call in and tell them your deposit was made. Don’t sit back and pay fees like these for no good reason–this just costs you more money.
  3. Make an extra debt payment. Whether this is towards a car loan or a mortgage, it doesn’t matter. If you can pay extra on your debt every month then you’ll soon have it chipped away to a far more affordable amount and be that much closer to having it paid off.
  4. Place yourself on a spending fast. You can slowly build up a cash reserve and finally stay on top of your bills, while saving time and money.
  5. Set a money goal and start devising a plan. Choose something that you have been wanting to do, purchase or go to for some time and set that goal. When you have something to look forward to you’re more willing to save, it’s a fact!
  6. Go for refinancing. If you have been working hard to restore your credit and have earned a possible lower finance rate, go for it! You can really save and be rewarded with lower interest that can then help you pay off your debt faster.

Are You A Poor Money Manager?

We would all like to think we are good at managing money, but unfortunately–many of us are not! Good money management is a process, it’s not something you are just good at. Now, even if you want to become proactive and become a good money manager, you’re going to have to do more than just read a bunch of articles. You have to be willing to take accountability and take that responsibility.

You shouldn’t wait until your drowning in debt to begin to be a responsible money manager either. If you don’t begin to pay attention to your habits and especially, your spending habits–it’s easy to end up in a nightmare situation you can’t get out of fast enough! So, how do you know if you are a poor money manager? Well, there will certainly be signs.

Let’s examine some of the characteristics of a poor money manager right now and see if we can find solutions to correct these traits.

How You Can Avoid Becoming a Poor Money Manager

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  1. Not keeping or maintaining a budget is a sure sign you’re a poor money manager and this will always set you up for failure. Setting a budget and managing it well is the only real way you can begin to take control of your financial life. Also, don’t think because you have few bills you have more reason to spend. The wise thing to do is save your money and plan for the future. Here is a fact–if you don’t know how much money you have how can you properly establish and set up a budget? You can’t! So, get smart and start making a plan for your money today.
  2. You don’t have to buy everything new, but there are so many Canadians who fall into this trap. You also don’t have to buy name brand either. If you visit a second hand shop, you’ll see the quality is still there. You don’t want to go broke trying to keep up with every new gadget or clothing fad that materializes. So, don’t! New items do cost more, and staying in this bad habit is just no good!
  3. Stop spending more than you make! Too many Canadians use credit for personal expenses and other unnecessary spending. You don’t need to try to pretend you’re something you’re not and then end up financially blind-sided down the road. Be happy with what you have and start enjoying life without endless shopping! You’ll be far happier and live with minimal stress too.
  4. Are you saving for emergencies? This is also an area that many people don’t pay enough attention to. Emergencies arise at one point or another in life–the question is “Are you ready?” Being financially prepared for the unexpected really demonstrates proper money management!

If you follow just one of these tips you can improve your financial situation and become a better money manager as well. Don’t follow the crowd and end up with the same problems. Be independent and be ready to make a difference in your financial life! As you grow older you’ll be glad for making those smart choices now!