Tag Archives: financial advice

How to Avoid Financial Scams

Financial scams are more prevalent than ever in today’s world. With the rise of the internet and other forms of technology, dishonest people are getting more and more crafty in their maneuvers to steal money from hardworking, unsuspecting individuals. For this reason, awareness of red flags and warning signs has never been more imperative.

Unfortunately, there are many individuals who have fallen victim to certain scams and fraudsters who were only after their money. The only bright side to this reality is the fact that other people can learn from them. Therefore, knowing what to be aware of, what not to click on, and who not to share personal information with can save hundreds, if not thousands, of dollars.

Know the Basics

Although the specifics of scams vary from fraudster to fraudster, they usually fall into certain basic categories. U.S. News explains that the majority of financial scams pertain to at least one of the following issues:

  • IRS
  • Taxes
  • Investing
  • Credit cards
  • Banks
  • Online dating
  • Charity
  • Ransomware
  • Real estate
  • Emails
  • Seniors

Individuals who are in the business of laundering money from other people regularly employ scare tactics or otherwise prey on the perceived vulnerabilities or weaknesses of their targets. This sometimes occurs in the form of posing as an IRS official or tax collector, conning people into investing in phony charities, or even emailing forms and asking targets to fill in their personal information.

In other scenarios, scammers may form insincere relationships with targets via online dating websites and then ask for money. Senior citizens are also prevalent targets of today’s fraudsters since they are likelier to lack certain knowledge about technology.

Take Precautions

The ability to pinpoint certain scams is important. Choosing to be proactive and take certain precautions is also of equal, if not greater, importance.

First and foremost, if something sounds too good to be true, then it probably is. Secondly, always be especially cautious about what you choose to click on. As previously stated, many scammers and hackers employ ransomware as a means of gaining access to someone’s critical files. These people usually then demand to be paid a fee in exchange for returning the aforementioned information.

At the end of the day, scammers are becoming more and more crafty. This is why researching agencies, being wary of sharing personal information, and thinking twice before downloading certain attachments can amount to a world of difference.

A Final Word

Financial scams are all around us. Countless people have fallen victim to them and many others will likely follow suit as time passes. However, by knowing some of the most basic strategies of fraudsters and taking the appropriate precautions, you can save yourself from a world of grief and simultaneously protect the money which you have worked hard for.

 

Authored by Gabrielle Renee Seunagal

How to Advance Your Career

The ability to advance one’s career is a critically paramount factor of success. However, depending on an individual’s given occupation, furthering their career is often easier said than executed. This is largely attributed to the fact that the nature of different careers maintain considerable variations; moreover, each person has certain responsibilities, brands, and tasks which contribute to their current occupations.

Despite the various differentiating factors of careers, there are still some overall tips and strategies which virtually all working individuals can apply for the sake of professional advancements. Therefore, continue reading to learn how you can take your career to the next level…starting today!!

Always Seek Out New Opportunities

Sometimes opportunities naturally and effortlessly come to people; in other cases, people must actively and aggressively seek out opportunities. Both principles are especially applicable in business. The Muse explains that networking with other people, communicating with colleagues, and taking initiative during times of crisis can be some of the best ways for working individuals to seize opportunities and advance their careers.

Connect with a Mentor

Connecting with a mentor or professional role model can be another excellent way for ambitious people to advance their careers. The Balance affirms that coming into contact with the right mentor can help workers avoid mistakes within their professions and learn how the mentor reached their current position within the given business.

Take Your Career into Your Own Hands

Sometimes people have to take matters into their own hands for the sake of advancing their careers. In certain situations, this might take place in the form of moving across the country for the sake of a new opportunity, taking an applicable class, or even switching from one career to the other; it all depends.

However, when going to considerable heights for the sake of career advancements, people should beware of the cynics and critics. Make individuals have been conditioned to do what’s safe or otherwise comfortable. Unfortunately, this mindset often holds people back from success and truly reaching their full potential. Do not become discouraged or otherwise fearful of reasonable, calculated risks.

Be Sure that Your Skills are Up to Date

In this day and age, updated skills are especially paramount, particularly in the professional world. Sometimes, the best way to advance a career is via the most simplistic means. The right qualifications and business skills can attract opportunities and open up doors which would otherwise remain closed. Sometimes, connecting with mentors can also help ambitious people make professional advancements and take advantage of valuable and available opportunities.

A Final Word

There are a variety of ways in which people can go about advancing their careers. New opportunities, connecting with mentors, and sometimes taking matters into one’s own hands are some of the best ways for aspirational individuals to advance themselves in the world of business.

In this day and age, we are so fortunate to be living in a time where the internet provides so many opportunities to learn and grow in virtually any given field. With self-application, preparation, and consistency, people can create the life and careers of their dreams.

Authored by Gabrielle Renee Seunagal

How to Earn Passive Income

Virtually everyone has heard of passive income at one point or another. In essence, passive income is defined by Wikipedia as “income resulting from cash flow received on a regular basis, requiring minimal to no effort by the recipient to maintain it.”

In most cases, this passive income requires a degree of work in the initial phases before the ongoing payoffs. Many people would love to experience this type of revenue, but are unaware of how to lay the groundwork for it. Moreover, passive income is one of the critical components which well-off individuals use to earn and (especially) maintain their wealth.

Going forth are some particularly useful ways in which the average person can earn passive income, thus enriching themselves and increasing their net worth.

Get Serious about Investing

While there are a variety of passive income earning methods, investing is one of the best. According to The Motley Fool, stock dividends, real estate investment trust (REIT) dividends, rentals, and more can be great avenues for passive income. This is because each of these avenues come with ongoing income streams which continue long after the initial payment or purchase.

However, with rentals, there is a degree of work which has to be done. For instance, the property may need to be maintained, cleaned, and otherwise inspected from time to time. Picking the right tenants also makes a difference as well; the ideal tenants will take care of the property they’re renting and pay their monthly rent on time.

Start an Online Blog or YouTube Channel

Not everyone has the big bucks to invest in real estate or stocks. However, these are not the only ways to generate passive income. Online blogs and YouTube channels can be excellent avenues for earning revenue and moreover, they don’t require hundreds or thousands of dollars upfront. However, both online blogs and YouTube channels do require a degree of time before the passive income reaches hefty amounts.

Blogging through WordPress allows writers to put ads via Google AdSense on their page. When readers click on the ads, the blogger earns income. The only catch is the number of readers which view the blog. Ideally, the writer should have a sizeable viewership. The more people who view their blog, the more opportunities to earn passive income.

A similar principle applies to YouTube channels. Starting this year, YouTube mandated certain benchmarks which must be met in order for content creators to monetize their channels. However, after building up a sizeable following base, an online blog and/or YouTube channel can be quite profitable and become a lucrative stream of passive income.

A Final Word

One of the most important things to remember about passive income is that an initial investment is usually required in the beginning prior to the accumulation of ongoing revenue; that investment usually comes in the form of time or money. However, there are a variety of opportunities regarding earning passive income.

Different paths work for different people. For specific advice tailored to one’s own personal needs, consulting a financial advisor is recommended.

 

Authored by Gabrielle Seunagal

Financial Advice for Immigrants

Many individuals who immigrate to various countries have experiences and journies which differ from natives. This is not to say that immigrants cannot be successful and prosperous; however, the playing field is somewhat different. Having the right information and the proper financial awareness always comes in handy. There have been countless immigrants who have been successful in their lives and endeavors after moving to new countries.

The following financial advice will furthermore ensure that more and more immigrants get to continue on the same path as those before them.

Be Open to Working Multiple Jobs

As documented by Mint Life, many people who emigrate to new countries may not be able to sufficiently meet their needs with one, singular day job. Thankfully, in this day and age, there are many options for people who are looking to diversify their income and revenue streams. In addition to working a day job, immigrants may also benefit from marketing their other skills within the freelance and gig economy. Platforms like Upwork, Fiverr, and Freelancer are amazing and can be great for immigrants to supplement their income. Some people even become so proficient within the freelance market that they are able to quit their day jobs and work full time within the gig economy.

Do Not Spend More Money than You Actually Have

One of the most critical factors for success is economic security and prosperity; this is especially applicable to individuals who happen to be immigrants. Therefore, immigrants should proceed with extreme caution regarding credit cards or even borrowing money from institutions which will certainly expect a return on the borrowed funds (coupled with likely, subsequent interest fees).

The Luxe Strategist strongly recommends immigrants to live within their means and abstain from spending money which they do not currently have. This means that immigrants who are struggling financially should seek legal means of increasing their income and not apply for credit cards or borrow money from banks or agencies.

Always Keep a Watchful Eye Out for Opportunities

One of the greatest things about immigrating to a new country is the plethora of opportunities which come with hard work. Giving one’s best effort and getting the job done is always important; simultaneously, immigrants should also keep a watchful eye out for the opportunities which may be around them. Opportunities could manifest as a potential promotion at work, a new client within the gig economy, etc. The specific possibilities will vary for different immigrants, however, the opportunities are always out there.

A Final Word

Never underestimate the power and efficiency of hard work. There have been many immigrants who have worked their way up and created amazing lives for themselves and their families. Anything is possible with the determination to succeed combined with the will to put in the work. Moreover, immigrants will greatly benefit from working multiple jobs, living within their means, and always keeping an eye out for opportunities which may present themselves.

There will be good days and bad days. Never give up. Always keep pushing forward. When there’s a will, there’s a way.

 

Authored by Gabrielle Seunagal

Financial Advice for Married People

While many people are often given advice on how to manage their sole finances, the game somewhat changes after marriage. This change is not bad, but simply a reality of life. Therefore, learning how to manage, protect, and grow funds with one’s spouse can be invaluable. Every marriage is different and no two couples are exactly alike; nevertheless, the awareness and application of the forthcoming advice will certainly engender fruitful and properly managed finances.

Handle Money Both Separately and Together

When two people are married, the most common questions regarding money often pertain to bank accounts in one way or another. Chances are that both individuals maintained their own personal checkings and savings accounts prior to the marriage. After getting married, couples often wonder whether or not they should create a joint account or continue working with their current personal accounts. The correct and proper decision just so happens to be all of the above.

Marriage is a partnership. However, within said partnership, it is still important for both parties to feel as though they have an identity outside of one another. The Balance affirms that married couples should have a joint, shared account and then their own personal accounts. More often than not, the joint account can be used for expenses which both individuals in the marriage will incur. Examples of the previously mentioned expenses include (but are not limited to) rent, mortgage payments, utility bills, etc. The personal accounts which both spouses had outside of their marriage can now be used for individual expenses, such as going to the movies, dining out, shopping, etc.

Ensure that Both Parties are on the Same Page

Arguments over money are some of the leading causes of divorce and failures within marriages. In many instances, this problem can be counteracted prior to its inception; this happens via communication and ensuring that both spouses are on the same page regarding financial matters. Discussing financial goals, investments, accounts, and potential forthcoming purchases is extremely important in a marriage. Both parties should be absolutely clear on where money is going, how much money is leaving accounts, and how much money is coming in.

Moreover, both spouses should be comfortable with money and the associated feelings. Different individuals have different perceptions regarding monetary capital. Therefore, seeking out the services of a financial advisor may be a good idea if spouses are unable to come to similar terms regarding money, its management, or other associated issues.

Steer Clear of Debt

Maintaining joint and separate accounts whilst being on the same page regarding finances is all well and good. However, the benefits of the foregoing advice can quickly be counteracted if spouses fail to steer clear of debt. As the ultimate foe of financial prosperity, debt can wreak serious havoc on bank accounts and marriages.

This is why both spouses have the obligation to live within their means and be honest with one another and themselves. Sometimes, putting aside money and then paying for something in cash is a lot wiser than charging it to credit and then being unable to foot the bill when it comes due.

 

Authored by Gabrielle Renee Seunagal