Everything You Need to Know About Credit Tradeline and How They Impact Your Credit Score

Tradelines can improve your credit rating, ensuring that the accounts on your credit report are all in tip-top shape before creditors and lenders review it. Tradeline happens before any action is done on your credit report. Instead of mitigating the effects of a damaged credit score, tradeline companies make sure your accounts are credit-worthy.

To help you understand how credit tradelines work, here is some valuable information.

What is Tradeline?

Tradeline is the term that credit reporting firms use to refer to the credit accounts listed in a company or individual’s credit report. For every account, a separate tradeline is provided with information on the owner’s creditors and debts.

Revolving tradelines include lines of credit and credit cards. Installment tradelines, on the other hand, include the owner’s loans such as personal loans, student loans, auto loans, and mortgages. Aside from identifying the owner’s debts, tradelines also include the following:

  • Name of the lender and his address
  • Account type
  • Partial account number
  • Current status
  • Date of account opening
  • Current balance

Aside from these, the lender’s credit limit, monthly payment, payment history, and recent balance are also indicated. All these pieces of information allow you to check the details of your credit accounts. Lenders provide tradeline information as they collate the most recent info on your accounts.

Remember, however, that each lender has a different way of reporting this information, so it’s reasonable to see variations across tradelines. 

What are the Uses of Credit Tradelines?

All the essential information in your tradeline is considered to calculate your credit score. Since your credit score is merely a glimpse of your creditworthiness, lenders can also check your tradelines to get more information.

If you have unpaid payments on your accounts, lenders can check your tradeline to find why such an account is delinquent. If your score dipped because of your credit card’s high utilization rate, your creditor could check your credit limit against the account balance. This is to determine whether or not you are a real credit risk.

What Will Happen If You are Removed from the Tradeline?

If you’re the primary cardholder or an authorized user of a credit card, you may remove your name from your account. In that case, the tradeline will not be included in your credit report anymore.

If your tradeline is full of positive information that boosted your credit score, removal of the same can adversely affect your credit rating. On the other hand, if your tradeline has payment issues or high utilization rates, removing it can help improve your credit score.

If the tradeline was fraudulently created, you could request its removal. In that case, removal can be useful for your credit score since it got rid of any negative credit information attached to it.

If you have a poor credit score, you can always ask for help from reputable credit boosting firms. Likewise, if you need help fixing your tradeline, you can also work with the credit tradeline professionals. Through this, you can highly improve the credibility and creditworthiness of your accounts before they even reach the hands of lenders you want to partner with.

Selling vs. Keeping Your Mortgage Note

Wise money managers know that investing in mortgage notes can be a very lucrative endeavor. Property values tend to increase, and it is one of the best ways to create long term wealth and help with retirement expenses. If you are holding mortgage notes, you may be unsure if you want to keep them for the long run, or to sell them as the price increases and reinvest. Commercial note buyers often buy and sell notes in the short term so they can take advantage of the rise and fall of the market price.

Keeping Your Notes

There are plenty of great arguments for holding onto your mortgage notes. Many people count on their mortgage notes as a way to see them into retirement. The income from the monthly payments can be beneficial in budgeting for your monthly expenses. It allows you to supplement your existing pension and social security and hopefully give you a little extra for fun things to do. 

Another thing to consider is the rising property values. As property values increase, so will your mortgage note. If you are unsure how much your current property is worth, you can consult sites like Zillow. Zillow can give you a rough estimate of current pricing. However, if you begin the sales process, you will get a more precise selling value quote. Other factors may compel you to hold onto your note, such as the buyer’s credit score increasing and payment history improving. Both of these have a direct impact on the value of your note.

Selling Your Note

Selling your mortgage note has many benefits. Many people grow tired of collecting payments from buyers. It can be especially tricky when the buyer is a slower payer or even falling into default on the personal loan. The stress this causes sometimes will move people to want to sell the note. It is essential to know that payment history does affect the value of your mortgage note. The other thing to worry about is whether the property taxes and insurance have been kept up to date. This is critical to you protecting your investment.

Another reason people may want to sell their mortgage note is when they require a large sum of cash. Selling your note is a fast way to secure your money to make that large purchase or pay down unexpected debt. It is much wiser to sell your note rather than borrow money and pay interest when you have the funds available to you. Also, if you have higher interest rate credit card debt, selling your note is a great way to pay your way out of that expensive debt. You can then reinvest into notes to rebuild.

Conclusion

Some people opt for a combination of selling and holding. People who need to generate some liquid cash may elect to sell off a portion of their note to raise the capital necessary. They then retain a part of the note and will continue to collect their monthly share of the payments the buyer makes.

How to Save Money on Your Next Child

Financial planning and budgeting are crucial for a family. Budget first for the essentials then see what monies there may be left for non-essential, recreational activities. The road to a healthy financial foundation is a marathon. Whether you have a little or a lot, budgeting and saving a portion of your income is paramount.

According to a report carried out in 2015, one may spend approximately $233,610 to raise a child. 

The report also documented the expenses involved in raising a child such as food, housing, education and childcare. As a parent, you will want only the best for your little one.

So, how do you save money for your next child? When planning to start a family or even expand it, good financial planning is necessary. For some, solutions such as bad credit loans may also help deal with past financial planning problems. With careful planning and financial management, you can make ends meet, and even flourish as a young family.

To answer this question, below is a list of seven tips you need to know:

A standard stroller

First things first- once your baby is born, you will require a baby stroller. Consider buying the best baby stroller that matches your lifestyle as a parent. But what do you do if the baby stroller you have always admired is a bit too expensive?

When looking for a baby stroller for your baby, it is crucial to go for that which is within your budget. Have a look online for a quality second-hand stroller that is still in excellent condition. 

If you buy a quality pram for your first child, chances are it will still be in great condition for any additional children you may be blessed with.

A car seat

Now that you have already settled on a standard stroller for a baby, you will definitely want a newborn car seat. You will have to install a car seat for your baby correctly, according to state laws. 

However, remember that there are several models of car seats in the market. Ensure you get one that best suits your car and baby.

Cost-conscious clothes

When buying clothes for your baby, do not buy them too far in advance. Nowadays, newborns tend to experience a sudden growth spurt, hence may outgrow clothes within a short period of time. 

Ensure the clothes you buy are season relative. No point buying a cute jumper for your baby to wear if it is going to fit them during the summer months.

It might not cross your mind that your next child could be a boy or a girl. Hence buying unisex clothes will help you save on buying more clothes should the gender of your baby be different.

Accept hand me down clothes gratefully. What a great way of recycling clothes, when friends pass clothes onto you their kids have outgrown. Be mindful to pass yours on when you kids no longer need the clothes they have been wearing.

Baby nappies + supplies

On average, newborn babies can use up to 75 nappies every week. This translates to about 320 diapers each month. Add this to other baby supplies such as lotion, baby soap, and nappy rash cream. Your monthly expenses are likely to be extremely high. 

However, you can save on these expenses by buying diapers in bulk online. This can help you save up to 10 %.

The other option is to use cloth nappies. The initial outlay can be expensive but in the long run, they can save you a lot of money.

Baby gear

Of course, being a new parent, there is a likelihood that you are not sure about which baby products to invest in. 

If you are not sure on the exact amount you need to pay when shopping for your baby gear, ask the experienced mums or the experts which type of gear is worth splurging or saving on.

As a mum of four, after your first baby so will soon know what is useful and what is not. Do not overbuy on baby products, especially those that seem a bit frivolous. Chances are you can pick up a lot of items second hand or in your local op shops for a fraction of the price.

Crib

As a majority of parents would agree, buying a less expensive crib model is just fine so long as such crib conforms to the set-out safety standards.

Breast pump

According to most parents and lactation experts, breast pumps are considered a “wait-and-see item.” Therefore, the exact amount you will require to spend on such an item would entirely depend on how your breastfeeding goes and how regular you will need one.

This is definitely one to hold off on. If you do want to use one, then ask around friends to see if any of them have one sitting around you can use.

The Employer’s FAQ Guide to Workers’ Compensation in Massachusetts

Workers’ compensation (WC) coverage is not just another expense for your business and company that you pay to keep your operations running. It is a statutory policy that safeguards employees in case of work-related illnesses and injuries. But is it essential?

All employers must guarantee that the working environment in which workers spend their time is secure. Accidents can happen even within the safest places of employment. WC insurance offers financial help to staff who encounter work-related injuries or complications for the reimbursement of health care expenses and lost income.

Are you required to have a Workers’ Compensation Insurance?

Even if your Massachusetts business only has one staff, even part-time, you are still required to have WC coverage. An exception will only apply for domestic service staff working less than 16 hours a week. Employers, including limited liability company members, sole proprietors, and joint partners, are not obligated to be protected by WC coverage. They also have the freedom to purchase WC insurance for themselves if they want. In taking full advantage of the WC Massachusetts insurance, the employee will have a limited capacity to sue for additional damages.

Who oversees the Workers’ Compensation Insurance?

The Department of Industrial Accidents (DIA) of Massachusetts, an extension of the state Department of Labor, is the principal state agency responsible for WC insurance reports. Much of this compensation legislation is from the Massachusetts Employees’ Compensation Act (Chapter 152 of the Massachusetts General Laws).

Where can you buy a Workers’ Compensation Insurance in Massachusetts?

Private Massachusetts insurance companies provide compensation coverage for employees. There is also the option of self-insurance. However, it may not be helpful for smaller firms, since it requires that a great deal of money be allocated to compensate for potential claims.

What if the insurer denies the claim?

Your WC provider can either cover the worker’s claim or deny coverage. If the provider refuses to acknowledge the claim, the employee may file a Form 110, Employee’s Claim for a Conciliation. Conciliation is an unofficial meeting between the insurance provider and the employee and their lawyer. Employers rarely attend conciliations.

Unless they reach a deal during the conciliation, the next move is a conference, which is an informal proceeding carried before an administrative judge. If there is still no agreement, the case goes to a tribunal, a more structured trial before the same administrative court. From there, the case can proceed to the Board of Review. Beyond, it is also possible to refer the matter to the Massachusetts Court of Appeals.

What if you do not have a Workers’ Compensation Insurance?

If you do not have a WC insurance, the DIA will impose a suspend-work order forcing the company to cease operations. The company will be liable to a minimum fine of $100 a day from the day they served the Stop Work Order to the day you get insurance coverage. But when  you appeal the Stop Work Order, the minimum daily fine increases to $250. If you are found guilty, you will be subject to criminal charges, along with up to one year in county jail and a fine of $1,500. Further, the DIA will push in collecting the benefits to pay the injured employee directly from your company. Most of the fine provisions are in Section 25C of the Massachusetts Workers’ Compensation Act.

WC insurance offers substantial benefits to employers and employees alike throughout Massachusetts. It is a no-fault policy, so it provides benefits regardless of who is at fault.

Preparing for Retirement

According to a Gallup report, Americans are planning to retire by the age of 66. If you are in your 40s, that may seem like a long way to go.  However, we all know that time runs fast.  Before you know it, you are in your 50s already. 

The best time to ask yourself, “Can I retire yet?” is today. 

Start planning for your retirement!

Meet Your Retired Self

Try to imagine yourself as “retired.” What will be your concerns? 

Some of your questions might be:

  • Can I live comfortably on my retirement income? 
  • How will I spend my free time?
  • Are there any hobbies I want to pursue?
  • Are my children ready?
  • Can I still live independently?

Now, go back to the present.  What can you do to address these concerns today?  These will answer your question, “Can I retire yet”?

Can I live comfortably on my retirement income?

Review your current budget.  What are your monthly expenses?  Will you be having the same amount when retired?  Try removing any unnecessary costs and create a new “retirement budget.”

How about your current income?  What would replace your regular salary when retired?  Is it enough to sustain your retirement budget?   

Prepare by reviewing passive income opportunities that you can start now. 

  • Start publishing that book now.
  • Convert these properties into apartments to get monthly rental income.
  • Explore future opportunities as a consultant in your field.  Build a network now.
  • Start training to get teaching credits. 
  • Try a side gig related to your business idea today.

What will I do with my free time?

Currently, you follow a schedule for everything.   However, during retirement, you will be responsible for planning your own time.   

What will your future schedule be?

  • Start disposing of unnecessary things.  Organize whatever is left. 
  • Start reading blogs on retirees who have already done this.
  • Seek older people and find out how they make productive use of their time.

Are there any hobbies I want to pursue?

Find out if a hobby can be converted to a source of income.  Start building your skills and researching the market.

  • If you love reading books, you can be a book reviewer or even start a bookstore.
  • You can self-publish your book.
  • Create a blog and earn from ads.
  • Crafts can be sold online. 
  • Cater or sell your baked goods. 

Are my spouse and children ready?

Prepare your family to be independent, both financially and emotionally. 

If you have been too busy at work, reconnect with your spouse and children.  Discuss any “unspoken” issues and forgive each other.

You can look forward to enjoying precious time with your family.

Can I still live independently?

The status of your health will determine if you can still live independently.

How will your health be in later years?  One clue is to look at medical histories – your own and your parents’.  Most diseases are inherited while some develop because of our lifestyle choices.

Start taking regular laboratory tests.  Do your best to reverse the onset of diseases.  Eat nutritious meals, exercise regularly, meditate, and pray.

Keep your mind healthy by exercising your brain starting today.  Take courses, read, and discuss exciting topics.  Do puzzles and memory-building exercises. 

Build your spiritual faith.  Start getting involved in church activities.  Read the scriptures and faith-building books. 

The key to enjoying your future retirement is to start planning today. 

As Patrick Foley said, “Retirement is a blank sheet of paper.  It is a chance to redesign your life into something new and different.”

5 Cities Booming with Finance Jobs

1. New Jersey

Several big finance jobs are popping up in and around New Jersey. New Jersey has always benefited from its proximity to the financial center of New York City. Businesses that want to be close to the Big City but do not want to pay the taxes associated with that state set up shop in New Jersey. This means that there are jobs paying just as well as in New York that need MBAs to fill them. The general atmosphere and proximity to New York make job hunting in this state worth doing.

2. Salt Lake City

Utah’s capital ranks high in professional opportunities and quality of life. Salt Lake City’s strengths were income growth, unemployment rate, and millennial newcomers. With the fourth-lowest unemployment rate in the nation, Utah has a good, stable economy. They also have the fourth-most “diverse” economy in the nation. Utah boasts that its residents are “highly educated and skilled,” which also contributes to its booming economy. Salt Lake City Homes for Sale is pretty new, which states that the majority of homes still standing were built in the decade 2000-2010. So there’s certainly a good chance of not just finding a home here, but finding a brand new one, at that.

3. New York City

New York City is typically considered the finance capital of the world. Many of the largest investment banks, including Goldman Sachs, Morgan Stanley, and Merrill Lynch, are headquartered in New York City. So too are several large banks, including Citigroup and JP Morgan. Nearly every large global financial institution has a presence in New York. The city lost a large number of jobs during the credit crisis, but Wall Street is still the place to be. The city that never sleeps is a hot spot for culture and nightlife with Broadway plays, fine dining, music and museums, clubs and bars, and sporting events.

4. Pittsburgh 

In once-gritty Pittsburgh, financial services are now the largest contributor to the regional GDP. Long seen as a backwater, the area has begun to lure the kind of highly trained workers used by financial firms. Financial employment there has grown by nearly 7% since 2009. The strongly reviving local economy spans everything from energy to medical technology.

5. Washington, DC

The Washington, DC, metro area is home to one of the most affluent and educated populations in the United States, so it won’t come as too much of a surprise to learn that the nation’s capital is also a booming business hub. Washington is one of the highest-ranked cities for open positions in business and finance. Washington, DC, also boasts the nation’s highest median hourly wage for business grads at $42.74, making it a great place to get a return on your educational investment.

5 Reasons to Invest in Real Estate

As you think about how to best set yourself up financially for the future, investing should definitely be something you consider. Investing has many benefits, and is a great way to make any money you’ve saved actually start working for you. 

Not all investments are equal, however, and each different kind of investment can be useful for different purposes. In this article, we’ll cover five of the most important reasons why investing in real estate should be something you include in your investment portfolio. Real estate investing can be daunting; the price tags on many properties can sometimes make even the most seasoned investor’s eyes water. But, with the right financing strategy, anything is possible.

Let’s take a look at the five reasons why you should consider investing in real estate today. 

1. The job market is strong. If you haven’t taken a look at the most recent jobs numbers, you should feast your eyes. Folks are working hard these days, any many people may soon be thinking of purchasing property. That has two implications for you: one, it might be smart to get in before the rush of new homebuyers starts snatching up all those properties, and two, if you do invest now, you’ll be able to take advantage of the coming high demand. Don’t miss out on a great opportunity to capitalize on the economy’s great performance. 

2. There are spots that are booming right now. Cities like Austin, Denver, Las Vegas, and Salt Lake City are all experiencing huge economic growth as startups set up shop in these vibrant cities after getting priced out of expensive hubs like San Francisco and Boston. Plus, as they grow, the hospitality and tourism companies will certainly grow too. While these cities have certainly grown a lot in the past five or so years, there’s definitely more potential to grow there. Getting involved purchasing residential or commercial property can be a great way to see your investments’ values multiply in the coming years. That’s definitely a train we’d like to get onboard!

3. Investing is easier than ever. With the rise of financial technology, investing is now easier than ever before. Commercial property platforms and online brokerage firms mean that you don’t have to worry about waiting until the end of the month to see how your investments are performing, and you don’t have to even travel to a city you’re investing in because all the info you need is available online! That means that, if you have the capital, distance does not have to be an issue. You can invest from the comfort of your couch using a responsive and visually pleasing platform to keep track of all of your assets.

4. The longer you’re in the market, the more likely you are to profit. It’s simple economics. The longer your time horizon, the lower your risk, and the more likely you are to see massive gains in your investment. This is in part due to the power of compound investing: basically, as your money makes money, the amount of money that you’re gaining interest on increases, which increases the amount of interest you get. Property is a good way to rapidly build up capital for later investments, and if you get started now, you could have decades of growth ahead before you decide to sell. That’s a wise investment strategy.

5. Passive income is a great way to bump you budget. The final reason we’ll offer is that real estate is one of the best ways to ensure a monthly passive income. If you decide to rent out your property, you’ll be likely to receive rent checks in the mail every month. That kind of passive income can be an excellent way to put cash in your pocket. Not only does this help repay your mortgage for the property you’ve purchased, but if you price it well, you can have extra cash for whatever it is your heart desires! This is a huge draw for many property investors, and can certainly be a cushy addition to your income portfolio.

We understand: investing can be nerve-wracking. However, with the right plan, and by considering the right reasons, it can be done wisely. Don’t deny yourself the chance for a lucrative investment and passive income! Consider property investing today.

How to Finance a Used Car

A common misconception that first-time buyers have is that you can only purchase a used car with cash. However, it is possible to finance one. This is good news, especially in today’s economy, where buyers who can put down thousands of dollars to purchase a car outright are far and few between. Financing can also help you improve your credit score.

But is it a good idea? It should come as no surprise that financing is going to subject you to interest and additional fees that might end up costing you more than the total value of the car. However, this is largely down to your due diligence. If you don’t shop around, you run the risk of paying higher interest rates and down payments on shorter terms.

So, what can you do to ensure that you’re financing your used car in the safest and most affordable way possible? Read on to find out.

Start with Your Credit Score

Before you look into your financing options, you should take a moment to ensure that your chances of being approved in the first place are as high as possible. Pull your credit report and determine whether it’s accurate.

If you find any errors, contact the agency reporting the error to get it rectified. You should also contact the credit bureau. This will ensure that any delinquent information gets fixed. Try to avoid applying for financing when you still have late payments. The less outstanding debt you have, the more likely you are to get approved.

Determine What You Can Afford

Take a look at your budget. How much room do you realistically have to pay for a car? Ideally, it shouldn’t exceed 10 percent of your net income. This way, you’ll have more room for insurance, fuel, maintenance and other related expenses. You can use a car affordability calculator to make this easier.

Avoid the Dealership

While convenient, you shouldn’t go straight to the dealership, as this will most likely be the most expensive route. Used car financing services are often a much more affordable option. They’re also more lenient when it comes to buyers with low credit scores. Be sure to take a good look at their rates, as these can vary from lender to lender.

Avoid making the mistake of assuming the lowest payment is the best option. The term often hides the true cost of the total payment. Shorter terms will mean higher payments, but lower interest rates. Once you have a suitable deal, get it in writing and take it to the showroom. This will serve as a valuable part of your negotiation tools.

Negotiate

Even if you’ve found a great financing deal, you should still try to negotiate the price of the car. Remember, the dealer will want you to take their financing instead, as they make a profit from financing deals. By not taking their deal, you leave them with two options – take the cash deal or beat the offer.

Finally, don’t feel pressured to buy the car if you can’t get it at the price you want. Chances are that there’s another car with your name on it around the corner.

How to Increase Your Company’s Profits

The purpose of every business is to yield the maximum amount of profit possible every year – this can be done in a multitude of ways and there are no rules when it comes to how to run your business. There are, however, tried and tested principles for ways to boost your income. From minimizing your expenditure to utilizing modern technology, there is almost a limitless quantity of ways for your company to boost annual profit. Here are some of the best ways that your company can increase its profits.

Hire a Freelancer

The hiring process is extremely expensive and there is always the concern that a candidate may look perfect during the interview process yet consistently fail to reach the expectations you held for them. One way that you can reduce the costs of hiring permanent employees is to hire freelancers on a temporary basis and if they impress your team, you can always offer them a permanent position at your company.

There are many roles that can be filled with freelancers, these include:

  • Writing
  • Digital marketing
  • Graphic design
  • Financial advice
  • Specialists
  • Branding experts

Freelancers are one of the best ways that companies can save money because although their hourly wage may be considerable, you will not be locked into long-term contracts.

Digital Marketing Strategy

The simplest way to increase your profits is to invest some of your employees’ time into creating a coherent digital marketing strategy. Many companies pour thousands of dollars into online advertising without thoughtful consideration in regards to what message they are sending to potential customers. A digital strategy requires a company to optimize all of their digital platforms, from Instagram to their website’s blog, to create a clear digital marketing message. It is recommended that you hire a brand consultant to help you get the most out of your digital marketing campaign and give you insightful tips into strengthening your brand across every platform.

Reduce Waste

Minimizing waste is not the most exciting discussion for business owners; however, it is one of the most effective ways to save money. Many companies are extremely wasteful with their resources, from computers being left on all night to paper being thrown into general waste bins. By generating less waste, you will also be positively impacting the environment. One simple way to reduce the amount of waste going to a landfill site is to purchase a baler from recyclingbalers.com – a baler will help to compress your recyclable waste into stackable ‘bales,’ saving your employees time and money when it comes to waste removal.

Improve the Working Environment

As we mentioned earlier, hiring staff is extremely expensive for any business, therefore retaining staff members for a long period of time will save your company a lot of money. One of the best ways to maintain your team of employees is to regularly improve their working environment and aim to adapt it to their needs.

There you have it: there are dozens of ways you can improve your company’s profits without spending a lot of money.

4 Ways to Bounce Back from Being Broke

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Seventy-eight percent of Americans live paycheck to paycheck, according to a study released from CareerBuilder. Further, more than half of the workers surveyed believed they would always live in debt. 

If this sounds familiar, and you find yourself broke and struggling to work your way out of it, you are clearly far from alone.  With a solid strategy and firm commitment, you can bounce back from being broke and go on to thrive. Here are four strategies that can help: 

1. Decide to Make a Change and Don’t Dwell on the Past

Everyone makes bad decisions in one aspect of their life or another, and it is easy to beat yourself up over it, but it won’t get you anywhere. If you neglected to save, or you incurred a heap of debt, it is important to decide to correct the situation as soon as possible, let it go and forgive yourself, and commit to a new strategy to improve your financial portfolio. 

2. Increase Your Income

Ask for a raise at your current job or polish up your resume to look for a higher paying job, or at least one with greater earning potential. Another option is to look for a part-time job, which might include freelancing, dog walking, lawn mowing, house repairs, selling items on eBay or Craigslist, or pizza delivery. Anything that pushes you further into the black will help you start breathing easier.

3. Invest in Identity Theft Protection

As you continue to restore your financial health, perhaps adding a new credit card to the mix to boost your credit score, it’s critical to protect your identity from thieves. Investing in identity theft protection from an industry leader like LifeLock will help keep you safe throughout the process of improving your finances. Currently, you can get special offer for a LifeLock discount to help keep your identity safe without breaking your new budget. 

When using this limited time promo code for 30 percent off your first year’s fees, you can take advantage of the following features: 

  • Free credit scores and annual credit reports

  • Monitoring and alerts for SSN, credit and financial accounts

  • Scanning for identity theft and reduced junk mail

4. Cut Your Spending in a Variety of Ways 

You might be surprised at the number of ways you can reduce your spending. It doesn’t have to be painful; chances are you will appreciate it once you start seeing how much money you’re saving instead of wasting it at Starbucks or the local deli. Start by taking one category, such as entertainment or dining out, and give yourself a modest allowance. Take an honest look at what you spend on that category each month, then commit to reducing it to 25 percent of that each month. The next month, if all goes well, reduce it further. 

By committing to cutting spending, earning more, protecting your identity and giving yourself a break, along with several other strategies, you can clear the slate and enjoy a happier and less stressful financial future.

The Most Common Mistakes New Entrepreneurs Make

Starting your own business can be both exciting and terrifying at the same time. You’ll have an emotional attachment to it, and that’s not at all surprising considering that it’s you who germinated the idea in the first place.

However, one mistake that entrepreneurs make, and businesses that don’t succeed have this commonality, is that the owner takes on so much. They control every aspect of their business, and they refuse to listen because their way is the only way.

Part of it is the presumption that they’re going to be the next big hit. 

Those who’ve taken business finance will be the first to tell you that idea is only going to be 10% of your business. The 90% is all about hard work and the willingness to cover that extra mile even when you’re close to quitting. 

Failure Rate for Small Businesses

The simple fact is, the odds are stacked against you. 

According to the Small Business Administration, there are more than 30 million small businesses in the US and only fewer than 20,000 large businesses. In terms of ratio, small businesses make up more than 99.9% of the total companies in the country. 

Surprisingly enough, 8 in 10 small businesses survive their first year. But the rate of survival drops down to just 5 in 10 by the fifth year. Meanwhile, only about 3 in 10 businesses go on to survive their 10th year. 

Other Mistakes Entrepreneurs Make 

Apart from being overly controlling, some patterns and behaviors might also impede their success. Sometimes, it’s not always a significant event that can cause the demise of the company. It’s the little things that build up over time.

Here are some of the mistakes you should look out for.  

1. Failure of communication– Because they’ve developed an emotional attachment to their business, it becomes their “baby.” Then what happens is that they become very protective about it. Constructive criticism from the co-workers or supervisors, even if they come from the right place, is taken as an attack. They shoot down every suggestion because they want things their way. When you study business finance, you will understand the importance of communication in any business.

2. Thinking that your idea is a finished product– Another mistake they make is the failure to evolve. Don’t expect the first execution of your plan to be perfect right away. The reason why you see long queues at newly opened companies is that they pique the curiosity of consumers. If your product isn’t any good, you can’t expect to sustain the long line. 

3. Failing to institute feedback mechanism– The only way to improve is to know your shortcomings. Your main aim should be to enhance and evolve your product continually. And you can do this by listening to the honest feedback from your users.

Lastly, expect that somebody will be working just as hard or even harder than you. Don’t assume that your competitor will have the same work ethic as you. While you sleep, your competitor might be grinding. While you are out with friends or on vacation, your competitor might still be at work. If you can’t commit to making your business a priority on day one, you will only be wasting money. Entrepreneurship is about the hustle.