Money

The Game Of Money: How Hobbies Can Make Finances Fun

Life’s pretty ridiculous, isn’t it? In fact, the whole thing just feels like one big game sometimes, which kind of got me thinking: What if finances were a game? A video game, to be precise! After all, many people find it hard to engage with stuff like saving and budgeting, and an off-the-wall approach might be exactly what it takes to get them involved. So, here’s a few ways that managing money is just like playing a game.

(This could work with any hobby, but I’ll go with gaming because that’s my thing.)

The Fire Dragon

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Whether it’s slaying Skyrim’s dragons or buying designer shoes at the mall, our goals are what keep us motivated. Sadly, they’re not always simple to achieve! Everyone wants to vanquish the dragon, but you can’t do that until you find its lair. You can’t find its lair until you get the map. You can’t get the map until you visit the temple. You can’t reach the temple until you visit the blacksmith, and so on.

Similarly, those sweet Converse won’t just appear on your feet. You can’t buy the shoes until you save up the cash. You can’t save the cash until you cut back your spending. You can’t cut your spending without making a budget. You can’t make a budget until you learn how. Sure, it all sounds tedious, but it’s merely the means to an end. Always keep the goal in mind, and you’ll be amazed at what you can slog through to get it.

Random encounters

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Games and life both like to throw curveballs every so often. You never know when some goblin might score a critical hit and wipe you out, just like you never know when your laptop might crash or your energy bill might spike. Put money aside each month and consider it your backup save file, ready to step in and save the day if you take a nasty hit. A gamer will tell you that saving is the best way to counter unexpected mishaps, and a financial adviser will tell you the same!

Big, mean boss fights

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Sometimes the phrase ‘curveball’ doesn’t quite cover it. If your car dies, your ceiling collapses and your wallet goes missing all in one week, you might face bills that even your savings can’t handle. It’s life’s version of an unfair boss fight, and you’ll need a hand getting past it. This is where a loan may become necessary.

The loan you choose depends entirely on your situation. Make sure you do your research and don’t rush into anything blindly. A larger loan over a longer period is useful if you’re buying a house, but a short-term company (like New Zealand’s Pretty Penny Loans, for example) is the better option if you need cash right away.

It’s like heading to the tavern to hire help for the boss fight. Bloodsquisher the Monstrous may have a cool axe, but a closer look at Jane the Plain reveals that she can lethally exploit the boss’ biggest weakness. Be smart and informed, and you’ll do fine.

Anyway, this is all light-hearted, so don’t take it too seriously. It’s only meant to illustrate how a fresh perspective can make your finances seem more approachable. Much like backtracking through a level, you never know what you might’ve missed the first time around!


Debit cards can make you vulnerable to fraud – Safeguards you should be aware of

Although credit card fraud garners all the attention for cyber threats and data breaches, the actual weak link lies in your wallet, your debit card. Debit cards are tied directly to your bank account and hence if there is any kind of fraud, your money will vanish immediately and you may have to wait for too long to recuperate the money. This may mean missed payments, hours lost on the phone and fees. Moreover, if your PIN is stolen, be ready to expect more hassle.

When you see credit card fraud, you alert the lenders, you don’t pay the bill and hence there is no cash out of your pocket. This is why experts recommend you to make non-cash purchases with a credit card. Nevertheless, if you don’t prefer credit cards for various other reasons and prefer using debit cards, ensure following the below mentioned safeguards to avoid a drainage of your account.

#1: Never tie your emergency savings with your checking account

You might feel tempted to link your savings account which holds the emergency savings to your checking account so as to avoid overdrafts. But this is always considered as a big ‘No’ from experts as a single incident of identity theft or fraud could simply wipe off your entire savings. Therefore it is better to keep your emergency fund in a different online account. Instead you may consider putting a CD at your bank as they tend to work differently.

#2: Make sure you change your PIN quite often

The perfect nightmare scenario would be when an identity thief gets hold of both your debit card and your PIN. If you want to avert such a dangerous situation, make it a habit to change the PIN every month. Majority of the banks allow you to do so through the ATM and you may even do it over phone.

#3: Set up text and mail alerts

Irrespective of how careful you remain, you may still be subject to identity theft. You therefore need to stay proactive by setting text and mail alerts so that you’re immediately notified once things go wrong. Get alerts for every single transaction. This might seem annoying but that will also mean that you’ll know immediately if anyone makes a fraudulent transaction. You can catch the thief soon if you have the perfect alert strategy.

#4: Use only bank ATMs

Often it is seen that it is easier for preventive devices to go unnoticed when you transact through random ATMs in a mall or in some convenience store instead of an ATM located in the bank branch. The bank owned ATMs which are situated far away from the branches also pose a huge risk. They are not always monitored at the best level as the ATMs which are attached to the branch. Hence always transact from the bank branch ATMs.

#5: Utilize pre-paid card for online payments

One of the riskiest things you can do is use your debit card online. If you strongly stay away from credit cards, you may get a reloadable pre-paid card and use it for online shopping. You will keep away thieves from your bank and also maintain a safe distance from the temptation of over-using credit cards.

#6: Never note down your PIN in your phone

It is enough tempting to put your account number and PIN in your smartphone when you tend to forget. But remember that the biggest reason why thieves run after phones is not because they can sell them but to grab your personal bank details which you’ve stored there. If they get to know your PIN and they successfully steal your wallet too, you can be sure that your account will be drained.

Hence, if you don’t want to lose your hard-earned dollars which you have been saving for a long time, make sure you follow the above mentioned precautionary measures. Always keep checking your text message inbox and mail for notifications and take immediate actions.

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Dodge These Job Issues That Could Cripple Your Finances

Dodge These Job Issues That Could Cripple Your Finances

It should come as no surprise that your job can and will affect your financial situation. The two go hand in hand with one feeding into the other. If you don’t have a job, your finances are going to take a hit. However, there are certain financial issues caused by careers that people simply do not see coming. Due to this, they never have time to deal with them effectively. These are the issues you need to watch out for and how to stop them putting you in a crippling financial situation.

 

Long Periods Of Unemployment

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Leaving university this year, you may remember two words above all else. One year. That’s how long professors now believe it will take students to find a job in a permanent position. A job that is within their chosen industry that they studied for. Sure, there’ll be outliers and someone’s got to get the worm early. But for many, that one year will be the norm, and that’s a problem. However, when you’re young, it doesn’t matter too much. You can take other jobs until you find a career that you enjoy. You don’t need to settle into a permanent position just yet. It’s when you’re older that a long period of unemployment can become an issue. You see, a long period of unemployment is like a house that hasn’t sold. It looks terrible because it seems that no one is interested. This is exactly what happens to you after a long time of being unemployed. Employers start to assume you have nothing to offer. To avoid this scenario, you need to keep training and keep learning new skills. This will make you highly employable even if you are made redundant.

 

Unpaid Work

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Granted not quite as serious as redundancy, but this will have an effect on your finances. It’s always disheartening when you realize that you haven’t been paid for your work. Usually, this is because your overtime hasn’t been accounted for. Interestingly, there’s a confrontation in Hollywood about this right now. Workers on the film Sausage Party are complaining many were not paid for the work, nor did they receive accreditation. It’s unclear whether these claims are true but both sides are currently throwing punches. If you’re in Hollywood, this story will attract media attention. Due to this, any wrongdoing will most likely be resolved without legal action. In a typical work industry, there’s no such luck. Instead, you’ll need to contact an employment lawyer for unpaid wages. They should help you get what you are owed and keep your finances in the green.

 

Unfortunate Accidents

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In the UK, the government is doing it’s best to get AI lawsuits abolished completely. AI law has become a huge multimillion dollar industry with lawyers profiting every day. Unfortunately, these lawsuits tend to put immense financial pressure on companies. What about the workers, though? Without these lawsuits, an employer may not feel obligated to pay if an employee. Even if they are left unable to work. There are thousands of people off work right now and not receiving any compensation. Again to right this wrong you need to contact a lawyer. Only they can help you get justice and ensure you are paid when you are unable to work.

 


Hidden Secrets to Saving for Retirement

Hidden Secrets to Saving for Retirement

Gone are the days where you worked for a certain number of years and had nothing to worry about when it was time for you to retire. Now, in order for you to have a nice-size nest egg, you need to start saving for your retirement as soon as you start working your first job. The average person doesn’t give much thought to their retirement when they are just starting out. However, that doesn’t mean that it is too late for them to start today. Here are some tips and tricks that can help anyone save for their retirement so they can live a comfortable life, not an impoverished one.

Calculate Your Needs

You need to have a realistic picture of how much it is going to cost for you to support yourself once you retire. Don’t assume that if you stick with your employer long enough that you are automatically covered. Take a look at your retirement savings and do the math. Don’t forget to account for the cost of living and inflation. Ideally, you should expect to save up enough money to replace up 60 to 80 percent of your pre-retirement earnings.Brush up on your financial knowledge by readingbooks and surfing the internet on how to start planning for retirement.Fisher Investments Plan Your Prosperity by Ken Fisher lays out what to consider you should consider when planning for retirement. On the internet, Business Insider has a list of the best online financial websites. You can’t do too much research!Don’t forget to check out other sources of information as well.retirement

Check Out What Your Employer Offers

Many employers offer their workers a 401(k). This type of account can be a significant source of your retirement savings if you utilize it properly. Since most employers match a percentage of their employees’ contributions, increasing your own contributions can really pay off. You are essentially getting free money to improve your quality of living in the future.

Many entrepreneurs, independent contractors, and self-employed professionals do not have a 401(k). However, there is an alternative that they can still take advantage of: IRAs. There are two types of IRAs:traditional and Roth. Just like 401(k)s, you can contribute money to IRAs and watch the money grow without being offset by taxes. Just stay mindful of the limits and rules that govern IRAs. For example, the maximum contribution anyone can make to their IRA for 2016 is $5,500. Anyone who is 50 or older can contribute up to $6,500 a year.

It is also possible for you to have a 401(k) and an IRA. If you do, plan your contributions so you can enjoy all of the advantages and increase your retirement savings significantly.

Mutual Funds

Learn what you can about mutual funds, especially target-date ones. Target-date mutual funds can be great investment tools if you utilize them correctly. For example, the “target date” mutual fund uses the date you plan to retire and adjust risk. Once invested, the mutual funds regularly invest into products with consideration to your situation in life.

Social Security Is Extra

Think of social security as dessert. Since you don’t know how much of it will contribute to your monthly income, it is best to leave it as a possibility, not a complete certainty.

Investment Options

There are other sources of retirement income available; however, most require you to make an initial investment. Many of these options do not pay right away. In fact, many of them offer a bigger return on your investment if you are willing to invest for longer   periods of time. Talk with a financial adviser to learn more about your options. Investing for retirement is not as hard as it sounds. With the right amount of knowledge, guidance, and options, you can grow your retirement savings while you sleep. p>

Don’t Touch Your 401(k) and IRAs

If you switch jobs, you may be tempted to cash out your 401(k) or IRA. Not only is this a bad practice, it is one that can hurt your retirement savings efforts tremendously. Instead, a much better option is for you to roll your 401(k) over to your new employer so you can continue what you’ve started to avoid having your hard-earned money taxed at 10 percent and penalized by the IRS at 7.5 percent. IRAs also have age restriction rules that you need to be aware of.

Save Your Windfalls

Every now and then you may receive a bonus from work, a raise, or even win the lottery. While that extra money can help to increase your comfort and financial situation now, they can be more beneficial if you add them to your retirement savings.

Once your retirement savings reach $75,000, you’ll find that increasing it is much easier. Plan your savings decisions wisely and you’ll be able to reap the benefits when you retire.


4 Reasons Why You Are Living from One Paycheck to the Next

4 Reasons Why You Are Living from One Paycheck to the Next

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In today’s economy, many people are living from one paycheck to the next. It seems like they cannot get ahead as financial opportunities are hard to come by. No matter how much they try, they are tapped out financially, bills keep coming in along with unexpected expenses. If you are one of these people, you know the struggles all too well of trying to find your way out of the financial hole that burdens so many people today. There are a number of things that could be causing you to struggle just to make it from one paycheck to the next. Check out some of the common culprits below.

What used to be a luxury is now a need.

If you were to take a look around your home, you could probably find a number of different things that you don’t need. These luxuries can drain your bank account quicker than you realise. Things like cable or satellite television, eating out at your favorite restaurant and buying a fancy pair of pumps are all things that you can do without. Unfortunately, many people are so into the habit of having these nice things that they cannot seem to break free from the circle and put an end to their problems once and for all. You need to realise what things are necessities and what things are luxuries. That will help you reorganise your finances fairly quickly.

You aren’t making enough money – poor cash flow.

One of the main reasons why people are forced to live from one paycheck to the next is because they aren’t making enough money to make ends meet. Whether it be that you are underemployed or you simply aren’t looking for better paying work, you need to take a step back and reevaluate your financial situation from a realistic perspective. Stop and really think about what you need to make each month to be comfortable with where you are in life.

Taking advantages of benefits is another way to increase your monthly cash flow. Getting subsidies on certain bills can make a huge difference to the budget. Avoid taking out high interest loans for emergencies and look for alternative assistance like advance benefit payments or other government or non-profit sponsored loans.

You are stuck in your ways.

Many people get to the point in life where they just assume that they are stuck in their current situation and there is nothing they can do to change it. However, that isn’t anywhere near the case. You don’t have to deal with the struggles you are. You have the power to put an end to the credit card payments and car payments. You can choose what you want and what you want to kick to the curb.

You have to do something new to change your situation, more education or ask for more responsibility in your current role.

You are spending too much.

Countless individuals spend more money than they bring in each month. You need to be the one to put a stop to your spending and gain control of yourself. You need to look at what you are spending and how you are spending it. Planning ahead and coming up with some plan of action can go a long way in controlling your bad habits. You should never spend above your means.

By identifying the main reason why you are living from one paycheck to the next, you can begin doing something about it and changing your financial situation around for the better.


Responsible for a Cybersecurity Budget? Top Notch Ways to Spend Your Money

Responsible for a Cybersecurity Budget? Top Notch Ways to Spend Your Money

Last year was a bad year for cyber crime. In the UK alone, there were more than 5.1 million incidences of online fraud and 2.5 million cybercrime offences. And one of the primary victims of all this crime is businesses.

Protecting your business against cybercrime has never been a more pertinent issue. Your company could be the next target for criminals. Right now there are multiple channels through which cyber criminals are targeting businesses. First of all, there are the social engineers. These are the people who dream up schemes as a way to get valuable information from people. They’re creative types, and hard to predict. Then there are the hackers. These people don’t bother coming up with some elaborate con scheme. They look for exploits in your business IT system that they can leverage to gain access to your data. Finally, there are the programmers. These guys are in the business of writing viruses to bring down company servers and systems.

Because the threat from cyber criminals has never been greater, companies are looking for ways to protect themselves. According to the Wall Street Journal, big business is investing billions into the effort. If you’re responsible for a security budget, here’s where to spend your money.

Setup A Phishing Experiment

Phishing is a popular way for criminals gain access to sensitive company information. Phishing is very much like any other con trick. It seeks to convince people that it is a legitimate communication. And then it builds up enough trust for them to start giving out sensitive information. Clearly, this is dangerous for companies who care about the integrity of their data.

One of the biggest entry points for sensitive information is your business’s employees. This is something that JP Morgan recognised after had a data breach earlier this year.

JP Morgan decided to respond with a phishing attempt all of its own. It sent out a quarter of a million fake phishing emails to its employees to see what they would do. To its surprise, the firm found that employees opened a phishing email about 20 percent of the time. The company declined to say how many employees responded to the emails. But it was a severe enough demonstration of security failing that the company took immediate action.

After the experiment, employees were banned from using their work emails for personal use. And the company decided to invest a further $500 million into its online security apparatus. The phishing experiment revealed that the company was vulnerable through its employees. It served as a call-to-action to the board of directors and got security to the top of the agenda.

Employee Training

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Many companies have employees who use social media. Professional social media sites should be about networking and growing businesses. But they’re also a big target for hackers. The problem is that many employees don’t realise just how much information they give out. Information comes out in dribs and drabs, not all at once. So it can be deceiving. And yet, all this information can quite easily be collected by hackers and pieced together. Hackers with a fuller set of information can then use this to their advantage to hack company IT systems.

Employee errors are no small part of the business cyber security picture. Recently the Association of Corporate Counsel found that almost a third of data breaches are the fault of workers. And it’s usually because staff simply don’t know how what they’re doing affects security. Often it’s the simple and innocent things that have the biggest detrimental impact. For instance, employees who send sensitive information on home networks without the same level of security. Or employees who access client data and then take those data home with them. (This recently happened to Morgan Stanley).

Training, therefore, helps employees see some of the non-obvious ways their behaviour impacts security.

Expert Consulting

Once you’ve convinced the board security is an issue, and trained your staff, what’s next? To bolster your existing systems, of course. But should you go about doing that? Every business is different. And, therefore, every business has different security needs. Some companies only need protection for their back-end systems: they don’t collect customer data. Others need vaulted servers to protect mission critical data.

Here’s where the value of technology consulting becomes obvious. For any business to have an effective security strategy, it needs expertise. Understanding the company’s strengths and weaknesses is imperative if the company is going to be viable.

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The first thing to discuss with a consultant is the type of threats your business is likely to face. If your business is high profile or controversial, it’s likely that you’ll face a threat from botnets. The idea behind botnets is to drain your company of processing power. Here your web server is pinged from multiple locations millions of times a second. As a result, it starts to lose performance. And in extreme circumstances, it can be brought down.

These denial-of-service attacks are designed to prevent your business from carrying out its operations. They can also harvest capacity from your IT resources, bringing down your productivity. And so it’s essential that they aren’t allowed to run their course. Proactive maintenance of systems by a third party is an excellent way to prevent attacks from getting out of control.

If your business has valuable data, hackers might try to use trojan horses. The idea here is to gain backdoor access to your business systems. Hackers will try to harvest your email lists, erase your data or get customer information. Here again, consultants can help you to identify the problem and point you in the direction of how to deal with it.

Focus On Improving Security In Non-Computer Devices

The latest frontier in the battle between companies and criminals is the internet of things. It’s not just computers anymore that are subject to hacking. According to the Cybersecurity Market Report, it’s things too. There are now whole sub-markets that are connected to traditional IT infrastructure. Things like smart and the industrial internet are new technologies. But they aren’t adequately protected by existing ecosystems. Hence, there’s now a significant risk that businesses in these sectors will suffer catastrophic breaches.

Companies need to spend more on making sure that smart devices are as secure as the rest of their network. Criminals will exploit any weakness in your smart device network.

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Hire Ethical Hackers

Investor’s Business Daily recently reported cybersecurity spending would balloon over the next half decade. It’s expected to top $1 trillion between 2017 and 2021. Driving that trend, they propose, will be a rise in businesses hiring hackers to test their own systems. These freelance hackers will be put to work, testing whether companies can withstand an attack.

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But the focus is, again, going to be on the internet of things. Industry tracker, Cybersecurity Ventures, predicts double-digit growth in the sector going forward. It also predicts that protecting the IoT will, ironically, fall to hackers.

The good news is that educational institutions have been training people to hack for years now. And there’s a large pool of ethical hackers for businesses to choose from. Hackers can be hired to do all sorts of things to help your company. But the most common use is for highlighting data protection issues. Hackers are usually assigned the task of breaching company data. Along they way, they help to expose weaknesses in company defences. And these shortcomings can then be targeted for improvement. Most of the time, weaknesses are on the employee end of the spectrum. But sometimes you’ll find fault with password encryption and server access.

Redesign Cyber Security Systems

Lastly, it’s time for a reality check. Companies are spending more money than ever on protecting themselves from cybercrime. And yet the average loss following a breach has risen to $7 million. That suggests that the industry is doing something wrong when it comes to spending their money. According to PwC’s cybercrime report, 47 percent of companies are putting money into new technologies. But far fewer companies are thinking about their cyber security strategies. The effect of this is that companies are putting their money into technologies that probably aren’t helping them. Too few companies are stepping back and assessing the risk that they face, and how those risks have changed.

So here’s how to spend your money. First, generate a risk-based cybersecurity framework that’s adaptable. Seek professional advice if you need to. Make sure that your company knows the specific risks that affect the sector. And find out what are the latest tactics being used by cyber criminals.

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Second, share knowledge with other companies about the state of your cyber security. Only 15 percent of enterprises told PwC that knowledge sharing was a priority for them. And so it’s clear that many businesses aren’t leveraging existing relationships.

Finally, involve all stakeholders in discussions of cyber security threats. Partners, outside experts and the board should all contribute to the process. Including everybody in your strategy helps you to avoid wasting money and resources.


The Worst Advice You Could Ever Get About Finance

The Worst Advice You Could Ever Get About Finance

We could all do with some financial advice at one point or another in our lives. But how can you be sure that the stuff you’re hearing isn’t a bunch of baloney? To help you make your decisions yourselves, we’ve collected some of the worst financial advice we’ve ever heard. So if someone tells you one of these points, don’t listen to them. You’ll certainly thank us later!

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Use Your Student Loan For Everything

This point is mainly for all you students out there. If someone says that you should max out your student loan and use it for as much as possible, don’t take the advice. Sure, it may be great at the time, and you will be able to have a blast at university or college. However, it will come back to sting you in a few years time when you are desperately trying to pay it back. If possible, try and save up for your studies before you embark on them. This will give you some extra cash to play with!

Buy; Don’t Rent

These days, the property market is saturated with investors. Just take a look at real estate investor websites to see just how lucrative it is! However, if you are a first-time buyer, you might find it difficult to get your foot on the ladder. But, thanks to all the property investors, that means that there are plenty of affordable rental properties. Unless you are planning on staying in your next place for more than five years, it makes more sense to rent in the current climate. It also takes the pressure off from trying to save for a deposit right now if you can’t afford to.

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Get Your Life Insurance Before You Are Uninsurable

You might have heard that some insurance firms don’t like to give out life insurance policies to anyone who is uninsurable. How do you know if you are uninsurable? Many people think it is once you reach a certain age or suffer from a chronic illness. However, this simply isn’t the case anymore. In fact, some insurance salesmen will be so desperate to hit their commission; they will give a policy to everyone and anyone!

You Should Focus On Retiring Early

This piece of advice isn’t a particularly bad thing to tell people. However, as the years go on, it is becoming more and more achievable. These days, people have to work for longer so that they can afford to retire. So don’t try and work towards early retirement if it isn’t something within your reach. Instead of your end game being early retirement, you should focus on your investments. Think of an investment goal and work towards that.

Buy New Cars That Will Last Longer

It’s true that a new car will last you much longer than a used one. In fact, they often last for a decade. However, its value will depreciate in the first few years of owning it. So once you are ready to sell up after a decade or so, you might not get much money for it if you sell it second hand.


Four Clear Signs You’re NOT Ready To Buy Your First Home

Four Clear Signs You’re NOT Ready To Buy Your First Home

First home

Many of us follow traditional career paths. We go through the educational system, eventually concluding by jumping into the world of work. It’s during this period of transition that we start considering where we’re going to live. It’s time to leave the nest, but is renting or buying a home the best option? It all depends on the situation, of course. If you’re feeling confused, follow our tips to help make your decision!

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#2

You’re In Debt

This is an obvious one! If you’re in debt, you haven’t got the money to be spending on buying a home. Purchasing a house is a massive consideration and one that can easily leave you with more debt in the future. First, you need to banish those current repayments as quickly as possible. Consider researching the Obama loan forgiveness scheme, and find ways to repair your credit if it has been damaged. For now, this is the most important consideration.

Future

#3

You’re Unsure About The Future

When you leave the educational system, you might feel a little uneasy. Some people seamlessly transition into the next phase of their career, of course. However, others stagnate and grow disillusioned. It might be that you seek a totally different career path entirely. Alternatively, you might need to look further afield to gain employment in your chosen area. If the future isn’t clear, you don’t want to jump into a decision like this. Buying a house is expensive, and selling it can be extremely difficult. Until you know where your future lies, you need to wait.

#4

The Negatives Outweigh The Positives

Sometimes, there just isn’t a good reason to buy your first home. For those who live on their own, buying a big home with multiple bedrooms isn’t worth it. Alternatively, it might just be that the house prices in your area are unreasonable. You don’t know what’s going to happen in the future, so for now, wait it out. There’s no shame in renting a home until a better opportunity comes along. Write down a list of pros and cons. If the cons are the most prominent, save your home-buying ventures for another time.

#5

You’ve Never Lived On Your Own Before

If you’ve spent your whole life living with your parents, it’s going to be difficult making the transition to living alone. Quite simply, you need some experience before making the decision to buy. This is a massive financial consideration, but how can you make an informed decision when you’ve only ever lived in one place? Before long, that big home you bought might seem too large and overwhelming for your needs. For now, take the time to rent and get used to living away from your parents. As you develop more experience, you’ll get a better idea of what you want out of your first home purchase.

It’s important to remember that buying your first home isn’t a race! It’s a decision that should be thought about carefully, and there’s no need to rush into it. Make sure you’re happy before buying that all-important first home.


Are millennials spending too much on technology?

Are millennials spending too much on technology?

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Understanding millennial money is very important. It is important for economists to understand the economy of a country and World Economy at large. It is important for businesses to figure out where their revenues are coming from (simply because millennials make up for a substantial portion of the working population with the purchasing power) and devise strategies in accordance.

Millennials and their money habits

Where do the millennials spend their money on – mostly? One answer which quickly comes to mind is technology. Various resources have shown that the millennials that have survived a Recession are very cautious with their spending habits. According to a Neilson and Pew research, these millennials are financially savvier than their predecessors (and even their successors in some cases). They resort to substantial research on deals and discounts before reaching a decision. Much against the Gen X and Boomer generation, they are not very likely to pay for cable connections or telephone lines.  However, our general increased dependence on technology inevitably sparks speculations- does this tech-savvy generation spend indiscriminately on the newer forms of technology? We will try to find answers here.

As per a report published in the Business Insider, the three spots where the millennials spend mostly are

  • Uber
  • Cell phones
  • Make Up

Thanks to James Cramer, we have been able to come across detailed opinions and observations regarding the same. As per a Harris Poll survey, the youth simply cannot do without a cell phone. Needless to say, they make for the crucial means of communication as far as millennials are concerned.

Documenting their every day experiences on social media is a dominant trend. The unprecedented presence of the digital media in the lives of the millennials is an established fact. In the recent past, it had been predicted that the Canadian millennials would go on to spend more than $62 billion on media content in the year 2015.

Uber sits pretty right at the top of millennial preferences as is noted by Business Insider. Jason Dorsey, the millennial expert (Center for Generational Kinetics) noted that millennials are in favor of spending their hard-earned bucks on experiences and technology. Uber, on the other hand, is a direct pointer to the millennials’ general aversion towards owning anything. Blame it on Recession or the Eurozone experience, millennials prefer sharing and bartering over owning something. Whatever, it is – it only spells a win-win situation for car rental businesses.

Thanks to Goldman Sachs and Teen Vogue, women aged between 13 to 29 years hailed MAC as their top make-up brand. And, they are spending substantially on make-up as well.


The Biggest Trends in Making Money Online We’ve Seen This Year

Making money on the internet is now big business. It’s a good option to consider whether you are in between jobs, or if you just need a bit more cash in your budget. So why not boost your earnings with some easy online money making solutions like the ones below.

Surveys sites

A popular way of making some money easily at them moment is to register with a survey review site. You get paid for completing questionnaires and giving your opinions on things. The more you review, the more you get paid. It’s that simple. Some sites pay in Amazon vouchers and others in cash. Be careful though as there are some scam site out there. Real sites he will never ask you to make a payment to them, and you can use this link to check out the best survey reviews online to get you started.

 

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Blog

Blogging is perfect for getting your company name out there, and you can monetize it as well. Be warned though this is not a quick process to is unlikely to provide any instant cash. It takes time to build up a good blog and a good reputation.

Blog about something that you have experience with or you are passionate about. That will help you stay motivated and find new things to write about. You can blog about anything really from travel to food to parenting. You may find similar blogs ask you to guest post; companies send your freebies to review or want to use your blog in the advertising campaigns.

Gamble

Depending on your moral view of this activity it may or may not be a viable option for you. If you are very lucky, gambling can bring in some quick income and help you with your career. The best approach is to check out one of the books out there on gambling systems and how to play the long game. They basically work on the law of averages, and so if you play the recommended play each time, you increase the probability of winning. In this way, you can grind up your winnings by playing roulette or poker online. Even this isn’t a quick fix I’m afraid. You have to stick to the rules though and stop whether you are losing or winning for the system to work.

Sell home made

Are you into arts and crafts? If so then you may be able to sell your homemade items on sites like Etsy and Folksy. There is a big market for one of a kind or OOAK items and homemade gifts at the moment. People like to know that they are getting something individual and are supporting independent sellers. Remember to factor in the cost of your materials and your time for your final product price. Otherwise, you will be out of pocket.

Teach

Are you a specialist at something? If so then , maybe you can teach it and get paid. Use Craftsy or Udemy. Make a video of you doing your thing with clear step by step instructions, then add to the site and people pay to learn that skill by watching your video. Simple.

 


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