Lack of financial knowledge is one of the main things that prevent people from reaching their goals. There are plenty of good opportunities on the market, but many people are unable to take advantage of them simply because they are not educated on these matters. If you want to learn how to increase your income and decrease your expenses at the same time you need to approach your finances with a learning mindset. Here are useful tips that will help you reach your financial goals.

Budget

To achieve your financial goals you need to budget. If you ask professionals, whether it’s West Sussex financial advisers or New York financial advisers, they’ll tell you this is a very important step and once you accomplish it, the others will be much easier. Start by creating a list of all your expenses and income sources and start keeping track of them on a daily basis. What it means here is that you should include every little thing: grocery shopping, haircuts, car repairs, etc. That way you will have a complete overview of your current situation and you’ll be able to work with real data when planning your next steps. Then, once you have this budget plan in place it’s time to review it thoroughly. It’s important to say that not everything on the list is bad or needs to be cut, but there are certain expenses that can be reduced. Try to find places where you can save money without sacrificing comfort because the ultimate goal here is not depriving yourself of basic needs completely, it’s all about finding a balance between spending and saving.

Create Short-Term Goals

Now that you have learned how to budget it’s time to create short-term goals. These are the things that you need to accomplish during the next week or month. Start by writing down all of these goals and then divide them into two categories: must do and would like to do. This way you will know what needs to be done first before moving on to less important stuff. If you set long-term goals without dividing them into short-term ones it will be very difficult to stay on track.

To illustrate a short-term financial goal, you might want to get into the habit of saving a certain amount of money. For example, how about creating a goal to save $50 each week? Once you accomplish this mission you can move on to the next one and in no time you will see your savings grow.

Invest in Yourself

An investment is an expenditure made with the hope that it will eventually bring back earnings. In order to achieve your financial goals, you need to start by investing in yourself. Investing in yourself is the key to success because it will enable you to increase your income and ultimately acquire more savings. For example, taking a cooking class with the aim of improving your skills is one way of investing in yourself. Getting a degree from a top institution, such as the University of Oxford or Harvard University is another. You can also invest in yourself by betting on your business and trying to boost your profits for example by expanding to new markets.

To illustrate the importance of investing in yourself, you might want to look at Apple. The company was founded by Steve Jobs and his friend Stephen Wozniak. They only invested a few hundred dollars in the business but it has turned into a multi-billion dollar corporation worth hundreds of billions of dollars.

Build An Investment Portfolio

One of the most important tasks that need to be accomplished when you are trying to achieve your financial goals is building a solid investment portfolio. If you don’t pay enough attention to it, you might end up with nothing left in your savings account. The moment you make some money, take at least 10% and invest it wisely in long-term strategies.

Some good investment options include:

1. Real estate. When it comes to real estate investing, the first thing you need to do is find a property in a good location. Make sure to choose a place that’s going to be in high demand and rent prices will continue growing over time.
2. Cryptocurrency. Cryptocurrencies are becoming increasingly popular these days. If you want to make money with cryptos make sure to invest in one of the top 10 currencies. This way your bet will be much more likely to pay off in the long run.
3. The stock market. Buying stocks is another solid long-term investment that will help you achieve your financial goals. There are two ways to use this strategy. The first one is investing in a company’s stock directly by buying it online or visiting the stock market yourself. Another option is to buy shares of an index, which are packages of stocks for all companies listed on the exchange.

There’s no doubt about the fact that achieving financial goals and becoming financially independent is not an easy task. However, if you believe in yourself and follow these tips, you will soon see them as a piece of cake. Just keep in mind that setting high targets and trying to achieve them is always better than playing it safe and settling for less.

The post Useful Tips That Will Help You Achieve Your Financial Goals appeared first on MoneyMiniBlog.

When you reach your 30s, you can start to make some pretty significant financial changes. Unless you came into a cash windfall in your 20s, such as from a car accident settlement or inheritance, you probably worked during that decade to slowly save money.

You might have also used your 20s as a time to pay off a portion of any significant debt, such as your student loan debt.

This is a time where you’re more likely to make major decisions in your life, like whether or not you’ll get married, where you’d like to live long-term, and what your career is likely going to look like. You might have hopped around in your 20s, but your 30s are the time when you can start to commit to more stability, including financially.

You may decide whether children will become part of the equation for you and if you prefer to buy a home or be a renter.

While everyone might have different goals and make varying lifestyle choices, the following can serve as a general framework for financial goals you should work to meet in your 30s and tips to help you get there.

Reevaluate Where You Are

Before you can figure out where you want to go in your 30s, you need to know where you are. You might not have evaluated your financial situation or goals in a while, but this is a pivotal decade, and it’s important to take an honest look at where you are.

Some things to consider include how much money you have coming in versus going out and how much money you’re saving every month.

Consider your investments and your retirement goals.

If you don’t already have a budget, that’s fundamental to meeting any financial goals, so work on that now too. The budget you perhaps followed in your 20s may no longer suit your needs or lifestyle.

You may have accumulated some assets, so try to understand your net worth. You don’t have to be rich to calculate your net worth. To come up with a figure, add up all of your assets. Your assets are any money you have in any accounts, and material things of value you own, like your home or jewelry. Then, subtract liabilities which are debt you carry.

What you’re left with is your net worth.

A lot of financial experts highlight three general objectives for your 30s when it comes to money.

The first is financial protection. To achieve this goal, you should have an emergency fund that will cover your expenses for anywhere from 3 to 12 months if something happens.

The second general goal is financial security. You’ve achieved financial security when you can cover your mandatory expenses for the entirety of your life without the income from your job. That would mean, for example, that you’ve developed passive income streams, like investing in rental properties.

The third goal is financial freedom. Financial freedom is a point that will come later, when you can live the life you want, without having to work actively, at least as much as you might be right now.

Are You Bringing In Enough Income?

When you evaluate your financial picture as it stands currently, you may realize you have too much going out and not enough coming in to meet your goals. You can fix this by cutting your spending, but it can be better to increase what you’ve got coming in.

Think about your job and whether or not you could potentially find a new job or role that fits your skills and that would pay more. If you’ve become stagnant in the same position you had in your 20s, you might want to consider how things could look different for you if you explored other opportunities.

Career changes are risky, and they aren’t always appropriate if there’s room for growth in your current employer, but it’s something to think about.

Your 30s might be when you start to develop new skills and hone the ones you already have so that you can open up new opportunities for yourself. Become an expert in your field and someone who’s in demand for your skillset.

Make Adjustments to Your Insurance

Often we don’t think about insurance as part of a financial plan, but having the right kind of coverage is a big part of achieving stability and avoiding unexpected scenarios that could derail other financial goals.

Think about the coverage you have, such as car and home insurance. Do you need to change those policies at all to reflect where you are versus where you were when you purchased them?

Do you need life insurance? If you have a family, you do.

Planning for disability is something you should do in your 30s if you haven’t already. If you get hurt or sick and you can’t work for a period of time, you’re going to need to have a plan in place to replace some of your lost income. Then you can avoid taking money from your savings.

Your employer may offer short- and long-term disability insurance, but when it’s offered through your employer, it may only cover half of your income. You can also buy it on your own, and you may be able to find more coverage.

Start Strategizing To Grow Your Wealth

By the time you’re in your 30s, you should no longer feel as if you’re treading water financially. You should be in a position where you can begin to strategize to grow your wealth rather than just keep up with your debt. If you aren’t there yet, you should start with some of the above steps.

If you are relatively comfortable financially, you can begin to learn how to manage good debt versus bad debt. This helps you prioritize as far as your balances and which should be paid first.

Finally, you should also, if you haven’t already, begin investing and saving for retirement.

The post Setting Financial Goals for Your 30s appeared first on MoneyMiniBlog.

Have you started chasing a goal but given up halfway? It happens to all of us.

When you begin, you’re all geared up to achieve what you set your eyes on. But as time goes by, the enthusiasm starts to dip slowly. For some reason, the target does not appear as awesome as it once did. What seemed like a delicious chocolate sundae seems like plain vanilla over time. Finally, when your motivation dies, so does your dream of achieving the goal.

So, how do you keep yourself high on energy to chase your goals? The answer is: introduce adventure.

How Adventure Makes a Difference

Try to recall the most recent vacation you went on. How did you feel when you left your house to get into your car for a road trip or on a plane to get to that distant city. You felt a tingling sensation in your body you couldn’t explain, didn’t you?

Take a step further and analyze some of the adventurous activities you did on the holiday like hiking up a steep mountain or attempting sky diving or bungee jumping. Was fear lurking somewhere in the back of your mind? Sure, it was. But you were on your toes that morning with goosebumps all over your skin thinking how the experience would turn out.

Can you guess the reason why that happens? It is because adventure gives you something to look forward to.

In his best selling book, Drive, Daniel Pink explains the 3 key factors behind intrinsic motivation. They are mastery, autonomy, and purpose. As human beings, we yearn to get better at something or the other and we’re more inclined to do things when we have a reason behind it which resonates with our heart.

So why not introduce adventure into your goals as well? Wouldn’t it be awesome to wake up from your bed each morning excited for the things you have to accomplish that day? You might consider that as a page torn out of a fairytale story, but it’s much easier to make it happen in real-life than you think.

3 Steps to Introduce Adventure Into Your Goals

You can add some adventure to your goals in 3 steps…

Step 1: Gather Information

Most people aim for a goal purely looking at the outcome. Planning to start a business is one such example many employees working at a 9-5 job have. With all the rags to riches stories floating around the internet, entrepreneurship seems like the easy way to enjoy life while making loads of money.

The truth is, most entrepreneurs go through years of hardship only to fail. No one hears about them because only the success stories get the limelight. I am not saying everyone should stay away from entrepreneurship. Rather, it is important to know what the whole process entails and not just consider the fanciness of the outcome.

Irrespective of the goal you’re chasing, you must find out what the entire journey looks like. The simplest way to do that is to talk to people who have attempted chasing a similar target before. You’ll get a better picture if you find out both sides of the story. Therefore, do not only get in touch with people who succeeded. You’ll gain far more valuable information by hearing the tales of those who failed trying.

Once you understand the ground reality of the path to your goals, you can ask yourself if that is something you’d mind enduring to reach the outcome. Not everyone enjoys the struggle involved and that’s OK. You can make a compromise or choose a different goal altogether.

For example, if your goal is to have chiseled 6-pack abs, you’d assume you need to work out and control your diet. But if you talk to those with ripped abs, some will tell you that they had to starve for it for weeks. Maintaining them is another struggle altogether. If that’s not your cup of tea, you can aim for a muscular body with a flat tummy instead.

Step 2: Incrementally Challenge Yourself

What happens to a person who attempts to run a 10K marathon without having any prior experience? I am sure you can guess how that’d end. Unfortunately, most people try to achieve their goals with a similar approach by making drastic changes. For example:

• Trying to workout 5 days a week without having any habit of exercising before
• Attempting to save thousands of dollars each month being a spendthrift for life
• Hoping to work 12 hours a day after being lazy for years together

You might have read an article where someone pulled off exactly such a feat, but those are anomalies.

Mihaly Csikszentmihalyi explains in his book, Flow, the feeling of happiness when you’re working on a task that is at the right level of difficulty. The right task will challenge you such that you feel excited trying to accomplish it. At the same time, it isn’t so difficult that you give up right away.

Whatever your goal is, take it one step at a time and stretch yourself little by little out of the comfort zone. When you use that approach, you’ll lose track of time because you’re enjoying yourself while getting things done. That’s exactly how I am feeling writing this article.

Let’s look at those examples again from an incremental perspective:

• Aim to work out in 30 min sessions 3 days a week
• Try saving a few hundred dollars a month to begin
• Find ways to pull off 2-3 productive hours in a day to kickstart your dreams

Such changes are easy to make because your mind and body have a far easier time adapting to the change curve. Once you’re comfortable with your new style of life, increase the difficulty a little more. Keep repeating the process as a lifestyle.

Step 3: Use the Feedback Loop

If you were on a trek, how would you approach your climb to ensure you reach as per schedule? If you were running late, you’d attempt to go faster and if you were ahead of schedule, you’d allow yourself a breather. Simple, isn’t it?

Unfortunately, we fail to apply the same logic while chasing our long term goals. One set of people relentlessly chase their target as per their original plan. Another set of people procrastinate their goals for the future.

The right balance is to start small and measure your progress frequently. Watch your actions and results stepwise to adjust your course accordingly. That way, you’ll try new things and keep your adrenaline high.

You’ll find yourself thinking, “Will this work? If not, what can I attempt next?” Such deliberate changes will provide you the answers you’re looking for and you’ll inch closer to your goal, one step at a time.

Final Words

Adventure does not necessarily mean chasing audacious goals like scaling Everest. You can introduce adventure even for a desk job if you challenge yourself the right way.

So, find out about the hardships of achieving the goal beforehand, start small and take it one step at a time. Challenge yourself and give your body and mind an opportunity to grow. Not only will you get the job done, but you’ll also relish the journey in the process.

About the Author:
Maxim Dsouza is a self improvement blogger. He has been a part of multiple failed start ups and learned the hard way. On his blog, Productive Club, he provides unique tips and tricks on productivity, time management and entrepreneurship from his real life experience. 

The post Why Adventure Should Be a Key Part of Your Goals appeared first on MoneyMiniBlog.

We hear time and time again about the importance of setting financial goals — those specific, time-bound milestones we aim to accomplish that align with our larger hopes and dreams in life. Effective goals consider not only what we want to achieve, but also exactly how we’re going to get there.

Saying you want to “save more” tends to be less effective than setting a goal like “wanting to deposit $50 twice per month into an emergency savings fund” or “wanting to deposit five percent of each paycheck into a travel fund so I can go to New York City next summer.” The difference here is that one is very broad, while the others covers the how and why.

Naturally, your financial goals will vary depending on your priorities and personality. But they’ll also change with age, as your money management approach adapts to the needs of the various stages of life.

Here are a few common financial goals worth considering for each age group.

Money Goals for Your 20s

It’s never too early to start building your financial foundation, which means your 20s are a time to start setting yourself up for the short- and long-term future.

Build Credit: Opening up one or more credit cards and managing them responsibly can help lengthen your history and boost your score over time.

Establish Financial Independence: Getting on your feet means taking over the payment of bills like insurance premiums, cell phone, health insurance, car payments and more.

Start an Emergency Fund: Start depositing a portion of each paycheck into a designated emergency account until you have at least three months’ worth of living costs tucked away.

Start Working Down Student Debt: If you’re one of the many Americans who graduated with loans, start paying them down as soon and assertively as possible.

Start Retirement Savings: Establish a retirement fund, whether it’s a 401(k) through your employer, a Roth IRA or another type — then deposit 10 to 15 percent of your income each month (or as much as you can while still affording living expenses and other savings).

Learn to Budget: Practice makes perfect when it comes to budgeting, but today’s plethora of apps do make it easier to get in the habit of tracking spending and optimizing your habits.

Money Goals for Your 30s

Working to establish independence in your 20s sets you up to thrive in your 30s.

Save for Upcoming Life Milestones: This is around the age when many people get married, have kids, pursue graduate degrees, buy their first home, etc. Each of these goals should become a line item in your savings plan.

Expand Emergency Fund: Many experts recommend working your way up to six to 12 months’ worth of emergency savings.

Eliminate All Debt Besides Mortgage: Make it a priority to become as debt free as possible, whether you streamline your spending to tackle outstanding balances, consolidate your debts, try credit counseling or enroll in a debt relief program.

Money Goals for Your 40s

You’re at the halfway point between starting work and ending it, which brings up a few new goals.

Establish an Estate Plan: It’s time to start thinking about your assets, specifically what would happen to them in the event of your passing. With the help of an estate planner, now is generally a good time to write a will (if you haven’t), set up trusts, setting beneficiaries, getting life insurance and more.

Plan for Your Children’s College: If covering some or all of your children’s college is a priority, get your finances in order to be able to shoulder this expense.

Money Goals for Your 50s

Retirement is in sight, but still a decade or so off in your 50s.

Maximize Retirement Contributions: Take stock of where you stand in terms of retirement savings, then do what you can to maximize your saving efforts now.

Money Goals for Your 60s

You’re nearing the finish line of your career, but there’s still work to be done before you can kick your feet up and relax by the beach — or fulfill whatever your vision is for retirement.

Pay Off Your Mortgage: Wrapping up your mortgage before retirement will take a huge expense off your plate. You may also want to consider downsizing to more affordable living accommodations.

Decide When to Take Social Security: You can start taking it at 62, but your monthly payments will be higher the longer you wait. Only you can decide when to start taking Social Security.

Diversify Investments to Minimize Risk: Reallocate your retirement investments to reduce risk, like opting for bonds instead of potentially volatile individual stocks.

There are many different pieces of the puzzle you have to put together — spending, emergency savings, retirement, debt and more. Breaking down goals by age can help you get on track and stay there throughout your working years, all the while keeping in mind what’s most important to you.

The post Financial Goals by Age: 20s, 30s, 40s, 50s, 60s & Beyond appeared first on MoneyMiniBlog.

Living life without setting goals is pointless.

Goal setting gives our lives a sense of direction to travel. It adds a meaning to our living and inspires us to achieve something in our lives to make it purposeful. There are many who are keen for setting goals, but in reality, only a few people can achieve the goals they set for themselves. This is because of the goal setting obstacles that prevent them in the path of progress towards the goals.

A path without obstacles is not possible, and therefore, one needs to know how to maneuver them to be consistent in their progress and reach the destination. The following is the list of the common goal setting obstacles and how you can maneuver them. Only those who do not get hindered by the obstacles are the ones who make it big in life.

1. Overconfidence

In goal setting, overconfidence is determined by the validation of the goals one has set for him. There is nothing wrong in dreaming big and setting exceptional goals to achieve. But while setting and strategizing them, you should not be too overconfidence to consider your effort and time investment to make them successful. It is only midway through that overconfident people realize that they have set too high goals for them and they could never dedicate enough time and effort to make them a reality.

Therefore, one needs to form a powerful yet realistic strategy taking into consideration the magnitude of effort and the amount of time one can invest. Besides, a person needs to continuously revision the strategy as per the conditions faced in the journey of reaching the goals.

2. Demotivation

Goal setting is the first step, and it is all about planning and strategizing to prepare a complete roadmap to reach the destination. But when you get started with the journey, you will come across a lot of things that you could never imagine. One of such unexpected thing is the failures. Those who can fight the failures can continue and reach the destination. There are many who get demotivated even at the small failures and panic as they could not see it coming.

The momentum of the journey either slows down or gets killed completely. Failures are like checkpoints in the road where you get to introspect and review your plans and strategies and rework on them before continuing as before. The path of success will never be memorable without failure and failures test a person’s character. Therefore, be ready for failures and be strong to bounce back.

3. Lack Of Tracking

There are so many things that go on in our lives that amidst all the chaos and confusion, our progress can get hindered unknowingly. Therefore, one needs to be conscious of where they are and where they are supposed to be as per the timeline of the plan during goal setting. One needs to be dedicated and determined that they should progress in their journey towards the goals regularly irrespective of everything else going on in their lives.

4. Lack Of Milestones

Tracking your progress becomes easy when you create milestones. Milestones are nothing but smaller goals which together make the big goal you want to achieve. It is absolutely necessary to plan milestones during goal setting because the big goal may seem to be too overwhelming to even try and achieve. Creating milestones is an approach to break the big goals into small goals, and after achieving each of the milestones you set, you can track your progress with the timeframe and feel encouraged to go for the next one. Milestones give you the psychological advantage in comparison to a big goal and therefore, you will get motivated to achieve them one by one.

5. Toxic Environment

To achieve something big, you need to get the surrounding environment conducive. You cannot dream big in an environment where people are easily satisfied with whatever they get. Those are the people who will pull you down and break your courage to dream big. You need to surround yourself with ambitious people who are not afraid of setting big goals. However, those people should not be overconfident but logical in their approach. They will motivate you to do better than you expected from you and that is how you can progress towards your goal faster and smoothly. So, get rid of the negative people or grow a thick skin so that their opinions do not divert you from your path of glory.

6. Lack Of Guidance

Since we are walking on the path towards our life goals for the first time, there will be a lot of situations where you will get lost and hit a lot of blind spots. This is exactly why having a proper guidance from the professional coaches can make your journey smooth and help you achieve the goals faster. You can verify your roadmap and strategies from them so that no point is missed out and you can get to know the common goal setting obstacles and their remedy beforehand.

7. Over-Satisfaction & Complacency

When a person achieves the first few milestones smoothly, a sense of over-satisfaction or complacency grows from inside. This leads to taking things casually, and the effect is noticeable in form of slow momentum. The hunger slowly dies down, and they may have to settle for the next alternative to their goals. Therefore, one needs to be hungry and driven and have the same energy level to achieve the subsequent milestones one by one until the ultimate goal is reached.

Go ahead and set the goals that you dream yourself reaching. Plan it out in details and make effective strategies for every milestone. Be ready for the obstacles and failures. Surround yourself with the right people and self-motivate yourself. Get a professional coach to guide you throughout the journey to make the journey easy and smooth!!!Every human deserves to set and achieve massive goals and the points above definitely can act like a catalyst for the same.

About the Author:
Harrish Sairaman is a well-known motivational teacher in India, helping many to achieve which once seemed unachievable like increase motivation, leadership, Corporate Performance, decrease stress etc. through Leadership training programs , Corporate training , Entrepreneur Coaching and Individual Coaching to name a few.

The post 7 Common Goal Setting Obstacles and How to Maneuver Around Them appeared first on MoneyMiniBlog.

I started writing this for fun, because it’s my birthday, and I always write a fun list with 24 items on my birthday (see the full list at the bottom).

But halfway through writing it, I realized this could be the blueprint for any financial future.

I really like this idea, and I’ve added a few things to my financial bucket list after coming up with this.

In no order whatsoever…

1. Become Debt-Free

This is going to be on any financial bucket list… list, but there’s a reason for that.

The feeling of being completely free of all debt is unmatched.

I’m just talking consumer debt, and maybe student loans. That alone is enough to take loads of stress away.

To get started, read through our free online guide to getting out of debt.

2. Give an Insanely Large Amount

If you’re not giving anything, this could be $1,000. If you give monthly, this could be $10,000 or $100,000.

Whatever you consider a large amount.

Similarly to becoming debt-free, this will change you. And it feels amazing.

You could give this to your church, or find a great charity.

3. Create a Scholarship

This sounds daunting at first, but it’s really as simple as giving a certain amount of money to a certain amount of students each year.

It’s really this simple:

1. Set your amount
2. Set the criteria
3. Review the applicants
4. Watch it grow each year

There are organizations to help you, but you can also do it on your own.

As it grows, you can bring in other sponsors and increase the scholarship, or you can keep it at what you set originally.

You could also just do a one-time scholarship if you don’t want to maintain it over the years.

4. Fully Fund Your IRA for a Year

Right now it only takes $5,500 to fully fund your Traditional or Roth IRA for the year.

This is easier than you think. You can afford to contribute $100 a week.

You can open one with TD-Ameritrade (yes, for free) here, in about 15 minutes.

Why not start today, and fully fund this year? One bucket list item knocked out.

5. Fully Fund Your Work Retirement Account

Once you’ve funded your IRA, move to your company’s 401k, 403b, SEP IRA, TSP, or whatever they offer.

This year, the limit is $18,000+, depending on which type of account options you have.

You may not be able to do it this year, but write it down and do it at least once in the next 5-10 years.

6. Own Your Own Business

I think everyone should own a business of some sort at some point.

It could be as small as a blog like this one (see our guide to starting a blog), or a multi-employee company.

Whatever idea has been stuck in your head, make it happen.

Get your business plan together, and at least get started.

7. Read a Set Number of Finance Books

10, 50, 100? Whatever is challenging yet realistic for you.

I set a goal to read 50 books each year, and I have hit it every year since I started the goal. Typically about 1/3 of those are finance books.

I wouldn’t read only finance books, but if you haven’t mastered your finances yet, finance should be a big piece of the pie.

Get smarter reading strategies, and you’ll be surprised at what you can accomplish.

Need ideas? Here are my top 75 finance books.

8. Get a College Degree

This may not exactly be a “finance” thing, but it typically requires you to spend a lot of money and sometimes it helps you earn more money.

I’m not totally sold on the idea of college, but I’m getting a degree for the experience of going to college and getting a degree.

I think it’s a good experience and a great sense of accomplishment.

And you may actually learn something.

9. Sell Something You Created

How can you creatively contribute to the world?

Here are five quick ideas:

1. Write a book
2. Create a piece of art
3. Create a course
4. Build furniture
5. Write a song

Whatever you’re good at making, make it, and sell it. At least once.

10. Become a Millionaire

This isn’t purely a financial thing. Jim Rohn says it best:

“Become a millionaire not for the million dollars, but for what it will make of you to achieve it.”

Start by setting a goal for the next $100k net worth mark and keep going up.

Think of what you could give with a million dollars. If you’re already a millionaire, why not keep going?

Having a $1,000,000 net worth is much more achievable than it used to be.

11. Earn Passive Income

You should know what it feels like to earn money from something you don’t have to actively work at.

This could mean real estate, blogging (which isn’t always passive), owning a business, or something else you dream up that puts money in your pocket while you sleep.

12. Make a Large Purchase With Cash

Determine what you would consider a large purchase. Save. Buy.

This should be something you really want, if you’re going to spend that much.

You may spend as much time deciding what to buy as you do saving for it, and that’s fine.

13. Buy Someone Else’s Groceries

Once you have the extra cash, buy someone’s groceries.

Wait until you see someone who really looks like they could use the help. A single mom, large family, or elderly couple works well.

I haven’t done this yet, but it’s definitely on my bucket list.

Be prepared that they may not let you. If so, try again with someone else.

14. Take a Sabbatical

This requires a lot of preparation.

If you’re self-employed, it likely just means setting up your job to be without you for a given time period, and having the money to be able to take off.

If you work for a company, it may be more complex. Save the money first, and then work it out with your employer. It may even be worth changing jobs if you can’t get the time off.

How long does a sabbatical have to be? I see anything 4 weeks and greater as a sabbatical. Anything less is more of a vacation.

Remember the entire point is to not work, so you can’t take your work with you. That’s not a sabbatical.

Use the time to think, plan, and be creative.

It will be one of the most productive things you ever do.

15. Achieve a Perfect Credit Score

This isn’t always possible, but it’s fun to try, or at least get close.

Set a certain score goal, like 820, 830, or possibly the elusive 850.

As soon as any one of your credit scores hit the goal, you win.

If you need help improving your credit score, read this.

16. Take an Expensive Vacation (Debt-Free)

Go on a cruise, visit Disney World, or take an international trip.

Whatever you’ve always wanted to do. Save the money, and then make it happen.

Just make sure you don’t go into debt to fund it. No loans or credit cards.

You don’t want to ruin your life financially while you’re having the time of your life.

17. Plan a Charitable Event

Small scale or large scale.

This is a lot of work, but well worth it. You can get people to help you, and make it as large as you want.

Here is a good guide to get you started. It’s actually pretty simple, but it’s not easy.

It requires a lot of hard work and time.

18. Live in Another Country for 90 Days

If you’re from the US, 90 days is the longest you can live in most European countries (except the UK) without a specific visa.

But 90 days is a lot of time.

Find a way to make it happen between jobs, or get the time off.

I’ve learned more in a couple years living abroad than I could’ve learned in a lifetime at home.

You’ll get the culture, experiences, new friends, and you’ll likely get some good business ideas.

19. Go a Month Without Spending Money

Yes, this is possible.

I’m not talking about not paying the rent or utilities. Try cutting out everything other than the mandatory expenses.

For example, keep paying:

• Rent/mortgage
• Utilities
• Car payments
• Any previously due bills
• Tithe/giving

Stop paying for:

• Groceries
• Entertainment
• Clothing
• Fuel (if possible)

You’d be surprised, but I bet you can do it for a month. We did it for several months.

It’s an eye-opener for sure.

20. Get a Job in Sales

You don’t have to transition to the sales industry, but try a second job in sales.

Sales is important for every business and job. It’s true that you’re always selling something: products, services, or yourself.

Try it for a few months, and for a few reasons:

1. You’ll know what it’s like to be on the other side of the sale
2. You’ll learn a lot about the art of persuasion
3. You might actually like it

You’ll learn more than you might think.

21. Give $100 to a Stranger

This is an easy concept, but it can be awkward at first.

After you do it once, it gets addictive. It’s good to be uncomfortable sometimes.

Find a homeless person, a struggling parent, or someone with a smile on their face.

You don’t have to tell them anything other than “I’m giving this to you because I want to.”

Or just throw it at them and say “You’re Welcome!”

22. Build a 6-Month Emergency Fund

This is an important part of any healthy financial foundation.

Emergency funds should be fully funded after all debt other than the mortgage is paid off.

Fully funded means 3-6 months, but I would challenge you to shoot for six.

It’s a great security blanket. Here’s how to get started.

23. Pay Cash for a Vehicle

We already talked about paying cash for a large purchase, but this is special.

When you walk into a car dealership, or up to someone selling a used car, and you have the cash, you have a lot of power.

Make the car payments to yourself until you have enough and then go buy it!

Of course, be smart with the cash. Don’t flash $20,000 to a stranger you met on Craigslist, but you get the idea. Oh yeah, and read this to get a great deal.

24. Pay Off a Mortgage

This is the ultimate piece of financial freedom for many, while others still think it’s dumb to pay a mortgage off early.

There are some great arguments for investing instead of paying off your mortgage early, but it’s not just a mathematical thing.

First off, a mortgage is still debt you want to get rid of. Second, you will free up a ridiculous amount of cash flow if you pay off your mortgage.

The decision is up to you, but if you want to pay off your mortgage early, and quickly, here are three powerful strategies.

Be sure to share any items I missed in the comments, and check out the other “24 series” articles below.

Previous 24-Item Birthday Articles

• 24 Things That Are More Likely to Happen Than Winning the Lottery
• 24 Stupidest Things the U.S. Government Spends Money On
• 24 Things I did to Pay Off $24k in Debt by the Time I Turned 24

The post 24 Financial Accomplishments to Add to Your Bucket List appeared first on MoneyMiniBlog.

Stop making goal setting so complex!

I’ve seen charts, tables, checklists, and journals for setting goals. They take you through an entire process of figuring out your goals and getting super specific.

Those are great, but they’re also intimidating. If you’ve never set goals that you’ve actually achieved, something is wrong. And it’s probably your process.

I set goals quarterly, and I have a few right now. So I’m going to quickly walk you through my process.

Simple Goals

Literally all you have to do is write down a few things you want to achieve. That’s it.

Figure out the most important area or two (or maybe three), and set some goals.

I decided that my most important areas for this quarter were health, learning, and writing.

This is what my goals look like for this quarter:

1. I will weigh 230lbs by 30 Jun 18
2. I will read 25 books by 30 Jun 18
3. I will finish my book’s first draft by 30 Jun 18

I know, I’m missing some important areas like marriage, finances, parenting, blogging, social, blah, blah, blah. I’ll set those goals, but not right now. For this quarter, these were my top three areas.

I wanted to share my system with you, but I also chose specifically to do it at this point in my life to show you that you’re not always going to reach your goals. let me explain my situation…

Things Change and Goals Suffer

I set all of these goals a few weeks before this quarter started, and then I got a short-notice deployment.

I’m not talking about a deployment to one base for X months, this is a deployment to different locations all over the world. I’m constantly traveling on military aircraft from one place to the next. If there’s one thing I’m not not good at, it’s sticking with routines while I travel.

Because of that, I have not hit any of these goals, but I did make a lot of progress on all of them. Because I didn’t overwhelm myself with too many goals.

How am I doing? Well, I’m pretty close to my weight goal, but I have about a month before I’ll hit it. I’m only four books away from my second goal, and I’m a few chapters short of my third goal. That’s not too bad considering the situation I’m in.

I’m about to set Quarter 3 goals, and now that I’m deployed, I can factor that in.

But I can’t stress the importance of only setting a few goals. If I had set more, I likely would have been even farther from hitting any of them.

Stop Setting So Many Goals

The only reason it’s worked out as well as it has is because I only set three goals.

So back to the question earlier: “what about goals in marriage, finances, parenting, social, etc.?”

I have a few things to say to that:

1. I still have systems in place, such as writing everyday and sending loving texts to my spouse as much as possible.
2. This isn’t the quarter to work on goals like financial and social, because I can’t do much in those areas right now.
3. I don’t have goals set in all of those areas, but I’m still improving them by my daily habits and routines.

I used to feel guilty for leaving out important areas of my life in my goal setting, but I realized that I can only effectively work on a few areas at a time. That doesn’t mean you stop working on the other areas, it just means that for this quarter, you’re focusing on a few specific things. And that’s ok.

Goals Are Really This Simple

You want to set some goals right now? Do this:

1. Decide the duration (monthly, quarterly, annually) – I prefer quarter goals
2. Decide the most important areas for you to work on right now – maximum of three
3. Write down what you want to accomplish in the given time frame
4. Read your few, short goals every single day

That’s literally it. Once you’ve been doing it for a while, if you want, you can groom your goals to your liking and change up the process.

But to get started, see the above list.

Write them down as something you can achieve, so you’ll know when you hit the goal. But other than that, just get them on paper. Don’t worry about S.M.A.R.T. goals right now, just write something achievable down. Once you get used to the process, you can get more specific.

It’s really that simple. Set some goals. Today.

The post Suck at Setting Goals? You’re Making it Too Complicated! appeared first on MoneyMiniBlog.

Welcome to 2018!

As you get older, you realize that each year goes by faster and faster.

That just means you have to push harder and harder to mold your life into what you want it to be.

I have big goals for 2018 (I’ll share them in a moment), but first, I want to give you my commitment for 2018.

My Promise to You

A lot of this will be getting back to my roots. Many things have changed since I started MoneyMiniBlog in 2013, and I’ve gotten away from some things…

• More Content – My goal is to publish an article every day in 2018. I did this for most of the last half of 2017, so it’s definitely doable. I understand that every article doesn’t apply to everyone, so I want to give you plenty of options between my articles and all of the guest authors I have writing for me. Day one, going strong.
• Better Content – I pour myself out into every article I write, but I have had a lot more guest authors writing for me lately. I typically publish one out of every five articles submitted, because I screen them strictly. I am going to be even more strict. I plan to only publish articles that I would want to read in full.
• More Writing – I have written less and less, and now sometimes weeks go by without a single article from me. That was never my intent. I love writing. Since my guides are all finished now (two more will be published soon), I can focus on writing articles again. I’m also working on a book, so maybe that will see the light of day this year.

I’ve always been big on listening to my readers. Please, please, please contact me if you have any ideas for what I should write about going forward.

My Plans for 2018

After doing my year-end review, which I highly recommend, I’ve set some goals for this year. I’m setting quarter goals, also known as the 12-week year, to hit these, but I have them written out as annual goals so I know how to break them down into quarters. I don’t want to share them all with you, but here are a few:

• MoneyMiniBlog – I will publish one article a day, for the entire year.
• God – Stick with daily Bible reading. Take one month for each book, going through the New Testament. Never miss two mornings in a row.
• Travel – Visit Austria, France, Greece, Switzerland (one per quarter). Visit Germany again to see Berlin and some of the Holocaust sites.
• Language – Be conversationally fluent by the end of the year (I’m getting closer).
• Reading – I will read/listen to at least 50 books this year.

I’ve found that systems work better than goals, so these are more like “Habit Goals.” I have a lot of new things going on, and I want to share one of my main focuses outside of MoneyMiniBlog.

My New Blog

I now officially own KalenBruce.com and ProductiveChristian.com. They both take you to KalenBruce.com. This is a blog dedicated to becoming more productive as a Christian.

There is a lot of productivity advice and financial advice out there about becoming monetarily successful and making as much money as possible.

You guys know that I don’t really care about money that much.

I care more about being successful in every area of life: Spiritual, Marriage, Family, Social, Financial, Health… you get the point. It’s easy to get rich, but it’s tough to do it happily.

That’s why I started my new blog. I have a few articles up. Go check it out and let me know what you think.

What are you working towards in 2018?

Share some goals below if you’re comfortable with that.

The post My Commitment to You in 2018 appeared first on MoneyMiniBlog.

Merry Christmas! I hope you’re enjoying the day.

I just wanted to post a quick reminder to let you know you don’t have to wait until 2018 to get started on your goals.

Start tomorrow.

Christmas is a great time to relax, eat a lot of food, and have fun. But tomorrow, it’s on.

So starting December 26th, 2017, you’re going to be hitting your goals hard.

Here’s a graphic to show why New Year’s Resolutions don’t work. Don’t wait for the new year.

Infographic: Confused.com

The post The Most Common (And Most Broken) New Year’s Resolutions [Infographic] appeared first on MoneyMiniBlog.

Should you focus on habits or goals? What do you think?

Both, right? Aren’t they both important?

Or maybe this is where the go-to internet answer should be used: “it depends.”

Well it really does depend. Both can be helpful, but both aren’t alway necessary.

As I pointed out in Goals Vs. Habits, if you had to choose one, choose habits. But here’s something even better…

How We Think About Goals

We’ve been taught to set SMART goals. You know: Specific, Measurable, Attainable, Realistic and Time-Bound (or something similar).

And SMART goals are great. In fact, if you’re going to set a goal, it should be SMART, because you’ll know exactly when you achieve it.

The problem with vague goals is that you don’t always know exactly when you hit the mark.

That means you don’t know what you’re aiming for. And it won’t take you far.

When you think about a goal, make it specific, set a date, and go after it. Of course, that’s easier said than done.

Sometimes it’s hard to figure out what a goal actually looks like. There is a way to make clear, concrete goals.

Your Goals Could Be Better

“Motivation is what gets you started. Habit is what keeps you going.” – Jim Rohn

We’re going to talk about “habit goals” in a moment, but first, a word on your current goals.

In fact, you’re super smart and this is a simple concept, so I’m just going to briefly explain it and then give you some examples.

I wouldn’t say that your goals are overrated, but if they don’t include a habit, they’re not as effective as they can be.

Don’t set small goals that affect you for a short time, set big goals that will change your life.

To quote Jim Rohn twice in one section:

“The major value in life is not what you get. The major value in life is what you become.”

Your goals should turn into habits that change who you are – preferably for the better, or you’re doing it wrong.

Creating “Habit Goals”

So what’s a habit goal? It’s exactly what it sounds like:

A habit goal is simply a goal to create a habit. That’s it. It’s not about accomplishing something one time; it’s ongoing.

Habit goals can be tracked by counting the number and watching the consistently. It’s pretty simple.

So here’s what that actually looks like:

“I will run on the trail beside my house for 10 minutes 3x a week, adding 2 minutes each week.”

It’s specific. It tells you exactly where to go and what to do. And it’s the foundation of a habit.

In a few weeks, you’ll be running almost twice as much, because you’re creating a habit.

If you want to be a runner: run. If you want to be a writer: write.

To do those things, you need to form the right habits. The best way to hold yourself accountable is to turn “forming the habit” into a goal.

Here are some more examples:

• Writing – Saying you’ll write a book this year is great, but breaking it down into how many words you need to write each day, and then writing that many each day, is better.
• Reading – Saying you’ll read 20 books this year is good, but breaking it down into how many pages you need to read, and then reading that many each day, is better.
• Lifting Weights – Saying you want to bench 300lbs is great, but breaking it down into how many times you need to lift each week, and then lifting that many times each week, is better.

So a habit goal would look more like: “I will ________ X times a ________.

Then you would have weekly and monthly reviews to measure your progress.

Doing Your Calculations

Of course, you need to know what you’re actually striving for, so it’s a good idea to keep the “standard” goal, such as “I will life X amount of weight by the end of the year.”

That’s where you’re going.

The key is in dividing the goal into a daily or weekly habit.

Figure out what you want to accomplish this year, and then figure out what you need to do this month. Then break it down until it becomes a habit.

Think about it. If you want to lose weight, set a small weekly goal. It’s fairly easy and very doable to lose one pound a week. Figure out what you need to do to get there, and how many weeks it will take you.

That will give you an end point. Here’s a final example of what I mean:

“If I eat healthy options, avoid liquid calories, and eat mindfully, I will lose one pound a week. That means I will lose 20 pounds in 20 weeks; therefore, 20 weeks from now, I will weigh 180lbs (assuming you weigh 200lbs now).”

It’s that easy. Set a big goal that breaks down into a small habit.

Let me know your thoughts in the comments!

The post You’ve Got Your Goals and Your Habits, But What About “Habit Goals”? appeared first on MoneyMiniBlog.

Everyone wants to be successful, but there are few people who manage to accomplish this.

Why is that?

Productive people share the same qualities and habits and manage to grasp the workload with the best possible outcome. Therefore, if you feel overwhelmed and are constantly struggling to get things done, you need to learn the daily routines of the most productive people in the world.

‘Bad habits are the thing that can hurt your success in life the most. These fester and turn into your lifestyle, which is why everyone needs to learn how to change their lives to accomplish the big goals’ –says Sean Turner, a content manager at Essayontime.

To help you do this, we are presenting five daily habits of productive people:

1. Write Down Your Goals

If you want to be productive, it is critical to have your goals written down. After all, you cannot succeed in anything if you do not know what you are aiming for.

When writing down your goals, think about the following questions:

• What are you trying to sell or produce?
• How long do you need to accomplish this?
• What budget do you need for your goal?
• How can you organize time and resources?

Once you have your goals written down, you can spread this across smaller periods. Having your goal written on a piece of paper will give you focus on the things you have to accomplish.

Tip: Make sure your written goals are specific. A specific goal will provide you with a deadline, which should push you to take the necessary action.

2. Plan Your Time and Actions

Getting off track is much easier when you do not have a plan. Without planning your actions, strategy and the following day, you are very likely to miss important things or lack the time to finish tasks crucial for your success.

Productive people spend a short period at the end of the day planning the goals for the following one. Even though you cannot anticipate everything, making a to do list will keep your project on track and constantly progressing.

Planning ahead is the best way to maximize down time. After all, even the most successful people have to keep learning and stay informed on the latest happenings, which is why you have to embrace this and use it for your future actions. Once you learn to plan your time, you can evaluate if the timeframe you set is too small or too big for the goal, which will allow you to make the right changes.

Tip: Split your final goal into several small steps and concentrate of accomplishing these within a set timeframe. Planning your actions ahead can help you finish the project step-by-step while allowing you to do proper risk management.

3. Make Healthy Lifestyle Your Priority

It won’t really matter how much time you dedicate to fulfilling your goal if you do not set your health as a priority. This is not only crucial for prolonging your lifespan, but you must take action to reset and improve your well-being for increased productive thinking.

Healthy lifestyle comprises of three things:

• Healthy nutrition
• Regular exercise
• Stress reducing

What you eat, drink and how you live will affect every area in your life, including your work. If you want to be highly productive, you simply must be in top-shape and have the energy you need to accomplish your daily tasks.

Tip: Start with baby steps to make the process easier. Switch those oily, unhealthy meals with several tasty, healthier options. Take the stairs to work or start exercising at least two times a week to get in better shape. And most importantly, do everything you can to get rid of the stress.

4. Work on Your Mistakes and Embrace Criticism

When feeling unfulfilled or disappointed by the way things went with your business, reflect by planning how to avoid these in future. Instead of worrying about what could have been, use this lesson to your advantage and improve the strategy. The best way to become more productive is by learning from your mistakes.

Nobody likes to be criticized, but embracing this will certainly make you a better person. Instead of dismissing criticism from other people, try to listen and understand other people’s perspectives. This can help you develop the best strategy for productive work and make you understand your mistakes before it is too late.

Tip: Even if you know the person criticizing is wrong or does this for the wrong reasons, try not to be anxious and confronted with negativity. Instead, always thank others for their opinion.

5. Take More Breaks

It is common knowledge that in order to be successful, you need to work hard and be productive. However, making your brain ache from long hours of work is never a good idea. The brain uses up the glucose and needs some time-off to keep working in optimal condition. For this reason, take more breaks to increase productivity.

A break does not necessarily mean that you should spend hours napping or get back to working after a significant amount of time has passed. Take short breaks to refresh and continue working to finish all daily tasks in time.

Tip: A good idea for a break is going for a short walk, grabbing a quick lunch, meditating or simply drinking a cup of tea. This will allow you to recharge and achieve efficiency.

Are you aiming to become more productive and use your time wisely? Start working on these strategies and turn your life into a success!

About the Author:
Brenda Savoie is a life coach, content marketer, and private English tutor. Writing her first romantic novel. Seeking contentment through mindfulness. Check her last article “Who Invented Homework and Why?” Find her on Twitter and Facebook.

The post 5 Daily Routines of Highly Productive People appeared first on MoneyMiniBlog.

There is a comfort in certainty, and unfortunately we don’t live in a very certain world.

Too many people I know left college and wound up not having jobs in their respective fields. Most of them went to college so they could set out on a career path, and now they’re stuck paying for it with low-income jobs and brutal student loan interest rates.

If this is you, first and foremost, I’m sorry. But let’s address the elephant in the room: you have to be careful with your money, and you have to minimize the damage.

Credit rules more of this world than you might think.

Start considering how your spending habits may hurt your credit and affect the amount of debt you have stacked up. Keep looking for a job, keep trying to find your next step. But start minimizing the damage as well. Here’s five tips for not going broke in this time.

1. Count Your Debt

Take into account your income, Then, make a list of all the debts you have, as well as all your monthly bills.

You have important debt that you are working on paying off, but, and you’ll still have additional bills every month.

So make a list:

• What is your debt outstanding?
• What are your bills?
• How much money have typically after paying everything?

Once you make this list, you need to separate your needs from your wants.

2. Separate Your Needs From Your Wants

I have some bills that I don’t need. I don’t need Netflix. I don’t need Spotify Premium.

At times I’ve lived close enough to walk to work and not have to spend money on gas.

But I need food – maybe not fast food though. Recurring wants and subscriptions might be on your bill list now, but perhaps they shouldn’t be.

If you’re really going to pay your debt off as soon as possible – especially now when you’re not being paid a ton – then eliminate what you don’t need. If you need help distinguishing between wants and needs, people have written up guides that may help. Then, readjust your goals with your extra money.

3. Make Goals

Okay! Now that the unnecessary expenses are out of the way, we can move on to making your goals.

Before you make your goals, make sure that all of your bills have been subtracted from your monthly income!

Then ask yourself: when do you want your debt paid off? Ask this for individual debts – you want your car paid off in X amount of years, and your student loans paid off in Y amount. Make sure everything you want is realistic and possible after the proper financial adjustments .

4. Make a Plan

Making a plan revolves around two questions:

1. When are you going to pay your debts each month?
2. How much from your income are you going to give to it?

This will involve more budgeting.

Make sure that when answering these you give yourself some room to save and pay for groceries.

I should say, with student debt specifically, I wouldn’t blame you for setting up a repayment plan. I’m not saying to do this for all of your debts, though you certainly can. It’s just that student debt specifically is most likely the biggest financial burden you have right now, and some structure for it specifically might help you to not get off track in paying it.

Overall though, make your ultimate plan meet your goals at your desired time.

If this isn’t working out, adjust it to meet your goals or your goals to meet reality.

5. Act

Just do it. This will take discipline, but with your new plan, you have a solid path laid out before you.

All you have to do is follow it. When putting your plan into action, make sure that you have some kind of accountability, because if you get off track, it can be very hard to get back on.

It’s like quitting a bad habit – making yourself give up some fun for some responsibility can be difficult. But I assure you it’s worth it. And when you’re done, you have the rest of your life to have fun and enjoy things.

What’s your experience paying off your debt? Let me know via Twitter @robolitious.

The post The Profit of Discipline: 5 Tips for Not Going Broke appeared first on MoneyMiniBlog.