Get Financial Help This Spring with These Tips and Tricks
When thinking about personal finance, it can often feel like we are navigating around in the dark. The unprecedented events that have occurred over the past couple years have left many of us feeling less financially secure than ever. If you have been feeling stressed about your savings, bills, or debt, then we’ve got some tips and tricks that you can employ to improve your financial standing. Read ahead to discover some of the financially smart moves that money savvy people have been making this year.
Investments
When it comes to investing, you have a wide array of investment options to choose from. But with that being said, the real advice here is to just start investing. Because of the standard annual rate of inflation (not to mention inflation as it relates to the current state of the economy), you could actually be losing three to five percent of your savings each year if your money is just sitting in the bank. This is why investing is so important. The smartest thing anyone with money in the bank can do is find a way to grow that money to help prepare for the future.
Cryptocurrencies have been a popular way for people to invest their money since the inception of Bitcoin ten years ago. While it has been gaining significant traction recently due to its high growth potential, novice investors typically shy away from crypto due to its volatility. If you have the time to study and follow the trends, there is some serious growth opportunity here. But even then, some of the more experienced crypto users cannot fully predict when spikes and crashes will occur. Traditional stocks, while less volatile than crypto, lack the high growth potential that cryptocurrencies boast while still retaining a high degree of risk.
Investment properties have always been an airtight method of making passive income that is significant enough to generate a large amount of wealth. Although, when it comes to investment properties, you will need to spend some serious cash to be able to experience significant profit margins. Simply put, you have to already be fairly wealthy to make investment properties work for you. However, there is a way that you can invest in properties without serious capital. With passive vacation rental investing, you can start investing with as little as $100. Vacation rentals are known to generate up to 160% more revenue than a standard rental investment and is a fully passive process. So if you don’t have a lot to invest but would like to start growing your bank account, definitely check out passive rental investments.
Debt Relief
With the recent state of things in the world, people have been pushed further into debt than ever before. Being in debt can put an undue amount of stress onto you and your family and can easily make you feel like you’re drowning with no relief or end in sight. This does not have to be the case. There are services that offer debt relief solutions that can help you out of a financial hole. Debt relief services will help you reduce your monthly payments instantly to help relieve some of the financial pressure that comes with owing money. Rather than paying money directly to your creditors, your money will go into a dedicated savings account in your name. As your savings account grows, the debt relief service will negotiate with your creditors for a reduced balance. This works because when you stop giving the creditors money, they are more likely to accept a lower amount rather in lieu of receiving nothing at all.
Financial Advisors
If all else fails or you’d like to take a more hands off approach, then try enlisting a financial advisor to help you meet your goals. A financial advisor is an investment professional who can help you ensure that you are properly insured, that you are saving enough for future needs like retirement and will help you manage your investments. You can meet with an advisor one time to help set you up for the future, or you can advise with them regularly to ensure you are staying on track with your finances. If you are feeling any anxiety or stress about saving for retirement or unexpected occurrences, then you should absolutely consider consulting with a professional for peace of mind.
Business Finance
If you have a small business, here’s a couple bonus tips and tricks that will help you keep your company running as smoothly as possible. While financial advisors are also great for business as well as personal finance, there are a couple things you can implement at your company on your own to help you be as profitable as possible.
One of the smartest financial moves you can make as a business owner is to use a credit report service. A credit report service will help to take the guesswork out of working with clients, investors or lenders and give you the confidence you need to move forward with them. A credit report service aggregates data from numerous trusted credit sites so you can feel good about who you are becoming financially involved with.
If you do have a company, you are probably aware of the labor shortage at this point. If you are at a point where you are looking to maintain a competitive edge against other employers and want to increase talent retention, you need a good stock incentive plan. An employee stock purchase plan or ESPP gives employees the opportunity to purchase shares of your company at a reduced rate. This is one of the most popular incentive plans offered by employers and is a good way to motivate employees to want to work for your company.
The Path to Financial Freedom
No matter what kind of situation you’ve gotten into financially, there are solutions that will work for you. Whether you are $20,000 in debt or you’ve got $20,000 to invest, following these tips and tricks will help you improve your financial standing. Once you are in a good place financially, then you are one step further on your way to full financial freedom.
