The secret to finance? Pay attention. Seriously, that seems to pretty much cover it if you’re willing to act according to your observations. For instance, take this article I just stumbled across. If millennials are just willing to pay attention (and adhere) to their budget, they will put away enough money to become a millionaire on retirement. For more information, please proceed to aforementioned article.
Millennials are time and time again accused of a lack of attention span, an inundation with technology and an obsession with social media. Yet, what is often neglected is that these very characteristics could be viewed as positive attributes. In fact, social media in particular presents a phenomenal opportunity for growing these young men and women’s career, enhancing their professional reputation, and cultivating their corporate/client relationships.
As Millennials trail-blaze their way into a professional future saturated with digital media and technology, here are a number of things they should keep in mind:
Focus on the long-term.
As they say, “content is king,” and cultivating a long-term relationship rests upon this very notion. By providing value to your digital audience, you are forming an organic relationship with what will be your loyal customer base. If you merely reach out to ask for referrals or advertise mediocre specials, you will lose the interest of your online following and thus reduce your potential customer base.
High-quality, informative and engaging content is what will naturally drive customers to your brand and is what will keep them coming back. Give your customers (or professional network) something they legitimately want to read, and they will keep returning to the source (you) for more.
Maintain professional social media profiles.
Just in case you haven’t already taken care of this, make sure you have created and are maintaining a professional online presence. LinkedIn and Twitter are both fantastic platforms for increasing your digital exposure and refining your professional brand. As you increasingly post informative and engaging content, you will be adding to your image as a ‘thought-leader’ in your industry, which will in turn bolster your overall image.
Keep your finger on the pulse of the online community to ensure you are writing about things and engaging with trends that have traction behind them. You can increase your digital audience by writing things people want to read, but the only way to write thing people want to read is to see what they are already reading somewhere else. Websites like Right Relevance and even the Google News add-on are wonderful tools for seeing what the internet is discussing, interacting with, and commenting on. Take advantage.
In today’s day and age, social media is a fundamental aspect of building, refining, and perfecting your professional image. There is no excuse to not grow your online brand along with your career. In fact, your career itself may very well depend on it.
American spending habits are being increasingly questioned as the saving rates of many citizens continue to plummet. In fact, the St. Louis Federal Reserve releases data every month on personal household savings rates. In 7/2016, the savings was a measly 5.7%. To put that into perspective, the rate just 50 years ago was literally double that.
Just as well, the vast majority of other industrialized nations have a higher personal savings rate than the United States of America. Considering the standard quality of life in America is significantly higher than many other developed nations, there is a clear disconnect between how much Americans are making and how much they’re spending. In this vein, it has come to light that although Americans should be saving between 10 and 15% of their annual income as a rule of thumb, an astounding 7/10 Americans have less than $1,000 in savings.
This sort of savings illiteracy is only becoming more pervasive and more impactful. Thus, we need to take a stand and reverse the trend. In order to do so, here are several helpful hints for living a financially responsible life:
Use the internet for budgeting—throw paper to the wind:
In recent years, the technological boom has molded nearly aspect of society, budgeting tools included. There is an abundance of free online tools men and women can use to plan their budgets, see where they can save, and form an easy-to-adhere-to savings plan. Generally, it comes up with a dollar figure based on the dollar amount you earn or the percentage of earned income you want to put away. In just a half hour, you could have the financial plan that will bring stability back into to your life.
Associate with other fiscally responsible individuals.
Jim Rohn said we are the average of the five people we spend the most time with, and our finances are certainly not excluded from this broad but accurate analysis. If your friends and family are also trying to put away money and are also invested in their own fiscal well-being, then you, by extension, will be more likely to save successfully.
To this end, if you live alone, I suggest meeting up with a group of others who are striving to save some cash. This way your goal becomes more attainable and you are able to witness others gain the budgetary discipline you want, which makes it more realistic, and thus, more achievable.
S.M.A.R.T. stands for:
Saving money is difficult, and it’s nearly impossible without having the proper goals in purpose. They need to be objective so you can hold yourself accountable, and the only way your budgeting goals can be objective is if they’re quantified and adhere to the above parameters.
Remember—the only person who suffers from a lack of savings is you. Take care of your future self the way you deserve.
Recently, there has been a lot of talk regarding China’s stock market and economy. China’s economy has been in a steady period of growth for years and now things are changing, which has caused people to be in a uproar. During the first week of trading in 2016, China’s stock market plummeted. It caused many concerns for people around the world. It made people think, what is going on? Is China going into a Recession? One of the reasons for this issue is that China installed market-wide circuit breakers into their stock markets. Circuit breakers are used to put a halt on trading when prices taking a significant drop. Once this occurs the whole training day closes. The circuit breakers have not been beneficial to the Chinese stock market so far in 2016.
Many people are concerned about China going into a recession. It is definitely normal for one to think this because of all that is going on right now. However, the answer is still unknown but the GDP growth rate is still not concerning yet. In 2015, the GDP growth rate was around 7% and it is looking to be 6-7% in 2016. However, some economists feel it will be about 3% in 2016, but this not mean they will be in recession discussion.
There are also some people who believe that some of the growth figures are lower than what the government is saying, which has led a spark for concern. Another important issue is that on Tuesday Monthly Industrial Production and Retail sales for China were released and with December numbers in coming worse than most people anticipated.
According to Kenneth Kim, a contributor who writes about markets and economy, believes that the United States does not heavily depend on China’s economy. He believes that the amount of sales that U.S has in China represent a small size our GDP, which is an interesting assessment. Only time will tell on the outcome on China’s economic dilemma.