5 money moves to make in your 30s

         Some of the basic financial rules stay the same as you get older (i.e., pay off debt and keep saving), but there are some steps that are more important at some some stages than at others.For 30-somethings, it means paying off more debts as your income grows, reevaluating current spending habits, and diving head first into adulthood by updating your insurance coverage.Taking care of these responsibilities is essential to making sure you're on stable financial footing.Below, you'll learn why each one of these steps is important to tackle before you move on to the next stage of life.

• 1. Increase retirement contributions Here's what the median retirement savings amount is for all Americans (hint: it's not great) between 1989 and 2013, which is the latest data available from the Economic Policy Institute (EPI):As you can see, 32- to 37-year-olds had a median savings amount of just $480 in their retirement savings in 2013 (yikes!), and that number was down from $1,123 in 2007. EPI notes that the median savings numbers are so low because nearly half of Americans don't have any retirement account savings at all.These numbers show just how important it is to not just start a retirement savings account, but to keep funding it as well.If you already have a 401(k) at your current job and save a specific percentage of your income then great! But now is the time to slowly raise that percentage. Consider bumping up contributions by 1 percentage point as a first step. If you can handle more that's great, but the point is to start putting more money aside. If you can't swing an increase in contributions right now, then consider doing it the next time your employer gives you a raise.Also, if you're not taking advantage of your employer's matching 401(k) contributions, then start with that first. Make sure you're contributing enough money to your 401(k) to get the full matching amount from your employer. Remember, in 2017 you can max out your retirement contributions at $18,000.If you don't have a 401(k) through your employer, then make sure you've set up an individual retirement account (IRA) for yourself, and that you've automated your contributions.

• 2. If you're not investing, start now Adding to your 401(k) and IRA is one thing, but 30-somethings shouldn't overlook investing their money in other ways as well.Investing in stocks can be a great choice, but if you're not into picking individual stocks then selecting a low-cost (and low maintenance) index fund is also a good choice. A Vanguard 500 Index Fund has an expense ratio of just 0.14%, and the company's overall index fund expense ratios are 71% lower than industry averages.This fund tries to match the returns of the S&P 500, and has historically achieved annual returns of about 10%.In short, you'll be well diversified right from the start, and the low expense ratio means that the vast majority of your gains can go straight back into reinvesting in the fund -- instead of a fund manager's pocket.

   

• 3. Evaluate your insurance needs This one isn't all that exciting, but it's still very important. If you've gotten married, had kids, bought a house, or made any other major changes in your 30s, you should take a good look at your insurance needs and make sure you have the proper coverage.For example, if you don't have any life insurance then buying a good, inexpensive,term life insurance policy is a smart way to ensure that your family receives money for a mortgage, your family's living expenses, etc. if you die. There are lots of different options for these based on what your payout amount would be and how long you want the term to last for. The most important part, however, is just making sure that you have a policy in place.It's also smart to look into other types of insurance you may need as well, such as disability insurance, an umbrella policy to extend your renter's insurance or homeowner's policy, and health insurance. Just remember not to overspend on insurance you don't need.

• 4. Re-evaluate your budget and pay off debt You may still be spending money in the same carefree way you did when you were in college, but your financial responsibilities are likely to grow in your 30s. That's why it's a good time to reevaluate your spending habits.I occasionally go through my own finances to see if there are any services I'm paying for that I don't really use, or places I'm spending too much money and need to cut back on. The idea isn't just to trim the fat, but to also take that money you're spending and apply it to any existing debt, like student loans.According to the latest data (from 2015), 30-somethings account for a larger amount of student loan debt than any other age demographic, with $408 billion owed.If that's you, or if you've racked up credit card debt, then it may be time to take a look at your budget and how you can reallocate some of your spending to paying off debt.

• 5. Add more to your emergency fund and savings account And the last but certainly not the least money move you should make in your 30s is to make sure you're properly funding your savings account. According to a recent Go Banking Rates survey, more than half of Americans have less than $1,000 in savings, and this includes many people in their 30s.A good goal to shoot for if you have little-to-no savings is get your account to $2,000. That's the amount the Federal Reserve Bank of New York says it will take to overcome an average-size financial emergency. That is, of course, just a starting point. Ideally, you want to have enough in savings so that you can cover three to six months of living expenses in case you lose your job. But don't be overwhelmed with getting to that point. The best way to increase your savings without thinking about it is to set up automatic monthly withdrawals from your checking account to your savings account. This will help you jump start the savings process and keep it on autopilot as your build up your account. Some final thoughts Getting older usually comes with more responsibilities, and that includes setting personal financial goals. It's easy to feel overwhelmed about getting your finances in order, but just remember that any steps you can take to save more, spend less, and pay off debt will help you achieve your goals. If reading through all of these money moves make you nervous, then start tackling one of them and focus on that first and then move onto the next step. Any progress is better than none.

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12 criteria for starting a successful business, if you want to get rich

Starting your own business sounds good and great. But what is the ideal set up for a company?

Founders of a company often make decisions that determines the ultimate success or failure of an enterprise. However, a few decades ago investment strategist Richard Russell already listed twelve criteria for the "ideal business model".

If you consider starting a new business (or know someone who wants to do that), consider the list below carefully. You’ll find out meeting all twelve criteria is extremely difficult. yes' The suggestion therefore would be to meet as many criteria as possible of the 'ideal business model'.

Of course, whatever business model you choose, the first years require hard work and perseverance. But by electing a strong business model, your chances of success increase considerably.

For many young people in search of jobs, starting your own business should be considered as a serious alternative.

These are the 12 criteria:

1) The ideal business does not only sell to a local community, but have an unlimited global market .

(2) The product of the ideal business is characterized by an "inelastic" demand. People want your product so badly, they are prepared to pay high prices.

(3)Moreover, the product can’t be easily substituted or copied.

(4) The labour input for the ideal business is limited. So, basically you have an office with executives. Production, marketing and distribution are all done by other companies.

(5) The overhead cost of the ideal business is low. It does not depend on an expensive location, large amounts of energy input, expensive employees or a large inventory.

6) The ideal business has no need for large investments in equipment. Therefore capital is not tied up in the business.

7)Cash generation is strong, so your company does not depend to much on credit arrangements.

8) Government regulation is not interfering with your business a lot.

(9) The ideal business can be moved easily to other locations.

(10)The ideal business inspires you intellectually and makes you happy.

(11)The business leaves you with free time. Ideally, it allows you to spend time improving the company, rather than being a person working in the company.

(12)Last but not least: your income is not limited to your personal output, a problem hairdressers have for example. On the contrary, selling to one person or a million customers basically makes no difference for the ideal business.

Source: https://amp.pulse.ng/bi/strategy/12-criteria-for-starting-a-business-if-you-want-to-get-rich-id7392930.html

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5 helpful business tricks for small businesses

It’s unfortunate that a lot of small businesses don’t survive beyond the first few years of their existence, but this mainly happens due to a lack of knowledge and understanding of what needs to be done to help sustain a small business.many run into business because the profit is attractive,but after some years the story is not the same. this is a general problem for all businesses either large scale or small scale but here are the 5 helpful business tricks that can help to sustain your business.

• Remain Abreast of Your Cash Flow

This is very important, especially for small businesses. It is important to have a good and accurate idea of the daily, weekly and monthly financial needs and trends of your organization, and to also keep informed of your current cash flow. When you have a good idea of your financial situation at every point, it makes you financially prudent in your business decisions, which help to improve your sustainability as a business.keep proper records of your daily, weekly, monthly expenses and income,this will help to determine the profitability of your business.

• Set Business Goals

This can also be refers to as the business targets which in return help to achieve business goals. The fact still remains that, small scale businesses need to work with targets if they intend to remain in business in the long run. Setting business goals and objectives and developing targets/ways to help meet goals and objectives stated is essential for business success, because it serve as a ‘planning tool’ that help keep your business to stay focused, and ultimately helps to move your business forward in the long run.

• Learn How to Use Low Budget High Impact Marketing

Small businesses cannot afford to waste money on ineffective marketing, so as a small business, if you must spend on marketing, you need to ensure that what you are spending on will have the needed impact. One way to do this is by testing marketing tactics for effectiveness before adding them to your campaign or marketing mix. Also, be sure to invest in low budget marketing options like social media and content marketing.

• Monitor Business Trends

For some reason a good number of small businesses fail to do this. No business operates in a vacuum, and small businesses need to be particularly sensitive to business or industry trends because they bear the brunt of even the slightest change in these trends. It is important for small businesses to remain current on trends and issues happening in their industry and local community, and if possible, go a step further to predict possible future trends likely to occur. This way, it is easier to develop a response or reaction plan to quickly adjust to the changes before they negatively affect the business (if large corporations are doing this, it only means small businesses need to do this even more if they want to survive).

• Motivate Your Staff

As a growing small business, you need your staff to remain motivated and ready to give their best to the growth of your firm. You might not have the resources to keep your staff happy in monetary terms, but you can figure out other incentives to help keep them motivated and encourage higher levels of performance.

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Simple steps to spend smarter as a student

Often times people refer students as rich people,believing in their own understanding that students can afford to buy what their parents cannot buy. yes, while that may be true in some instances, the story is not the same to others,because they find it difficult to manage their finances as a student.

Many students come to me and complain shortage of cash, then I ask them a question "HOW WELL DO YOU MANAGE YOUR MONEY" this is a serious problem that everybody faces just that cloth has covered it to some extent, both young and old, working class or students must make a genuine decision on managing one finances.

After my review and study, I came out with some causes and possible solution to the listed problems believing that it is strictly adhere to.

SOME CAUSES DISCOVERED

1 lavish spending/over spending

2 lack of savings

3 show offs

4 confusing wants and needs

5 compulsive shopping

6 going with the crowd..

The above listed may not apply to some students whose parent are extremely rich, I could understand they can afford it with ease, but if they can key to the provided solution I guarantee, you will become richer than before.

FOUR GOOD STEPS TO SPEND SMARTER

STEP 1. ADMIT YOUR SPENDING MISTAKE

STEP 2. REVIEW YOUR SPENDING HISTORY

STEP 3. CREATE YOUR SPENDING PLAN

STEP 4. STICK TO YOUR SPENDING PLAN




Watch out for part 2, advice on overspending and other possible solutions
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Pls drop comments, add to the causes and provide your own solution. Thanks

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WANTS VS NEEDS

     Knowing the difference between these two concepts will help your finances and know exactly how you spend your money by asking yourself whenever you want to buy something “is this really my WANTS or NEEDS”

NEED is a “must to”, it is something you have to have. Basically there are four basic needs for survival which are good food, clothing, shelter, basic health. Food is a must for survival, you might not need a lot of food but you must eat something, wear something, and be sheltered somewhere. NEEDS ARE NECESSITY.

WANT otherwise is something you would like to have, not that without them you are nothing, but something it will be a good thing to have, extra of whatever you have before is your  want, they are not absolutely necessary for you to have. Example: some people refer music as a need, because they believe they can’t do without it, yes that may be true but you don’t need music to survive. Try 3 days without music and 3 days without food.

NOW, confusion may arise because I generalized the word “food”→any substance… but, note some food can be a WANT also. You need all these classes of food e.g. protein, carbohydrate, vitamin etc. for growth and healthy body. Ice cream, yogurt, meat pie etc. are your wants, they may do your body good, but you don’t need them for survival therefore they are wants.

IN CONCLUSION

NEEDS:                something you have to have

WANTS:               something you would like to have

In actuality you just need four things

• ·         A roof over your head
• ·         Enough food and water
• ·         Basic health care
• ·         Clothing

Everything apart from those things listed above are your wants- a big house, Gucci cloth, fancy food, a new car, latest phones etc.

Advice, life is meant to be lived, not survived. Treat yourself to some wants along the way, but do so when you can best afford to, and enjoy those wants as the extras that they are. Be careful when satisfying your wants.

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