To help you set yourself up for a year-long journey of self-efficacy, we’ve provided you with 51 options for new year’s goals.

Also as a personal finance blog, we are listing up actions you can take to make sure you are positioning yourself for financial success. 

 Save this post,  and make notes.  We would also suggest you keep a  track of your new year’s goals by using a planner.

51 New Year Goal To Achieve In 2023

1. Make a budget

The key to achieving almost every other financial objective is budgeting. Making a budget is an excellent way to keep track of your cash flow and expenses. Sticking to one helps you with planning what you would do with the surplus. Using budgeting software on your smartphone is one of the simplest methods to keep track of your earnings and outgoing costs. There are several cost-tracking applications on the Apple App Store and Google Play Store.

2. Make savings a priority

One cannot emphasize enough the importance of savings in achieving financial security. If you have just started earning and have no idea about what to do with your money rather than your expenses, just start with saving for this year’s new year goals  Be strict with your expenditure so that you prioritize savings more than impulses.

3. Pay off a loan

When creating a financial strategy for the year, consider including debt settlement as one of the objectives. Start with a short-term loan that you can pay off without it getting cumbersome 

4. Increase your credit score

One of the most crucial figures pertaining to your personal finances is your credit score. Consider your credit score as a grade that demonstrates to lenders how responsibly you handle debt. This figure is taken into consideration by lenders when determining whether to lend you money and the interest rate at which to do so. Banks are more inclined to lend you money or issue you a credit card if your credit score is higher. Moreover, raising your credit score might help you save money since it can get you a reduced interest rate.

Related: How To Improve Your Credit Score

5. Open up a credit card 

Get yourself a credit card for this year’s new years goals if you do not have one, even if you do have one you can apply for a 2nd or a 3rd. Credit cards can quite be advantageous in your financial journey as you do not have to carry cash. Secondly, it boosts your credit score making money easier and cheaper to borrow.

Related: How To Pick The Best Credit Card From a Thousand Cards

6. Start saving for an emergency fund

 Investopedia states emergency funds are a financial security that creates a safety net around your family. An emergency fund is intended to serve two functions. First of all, it can aid in covering any unforeseen costs. Second, if you lose your work, it could be able to temporarily replace your income

Uncertain about the amount to save? As a general guideline, you should set aside between three and six months’ worth of spending. I personally do and recommend an 8 months’ worth of expense

Related: What is Emergency Fund, Do I Need One?

7. Buy Insurance

If you still did not buy insurance this is your sign to decide on the insurance that you want to buy. Even if insurance is based on a probability factor, this is one tool that will protect you from financial losses

Your lifestyle will determine the kind of insurance coverage you need and how much coverage you require. Health insurance, life insurance, automobile insurance, renters’ insurance, house insurance, and disability insurance are the most prevalent forms that most individuals have.

Related: Investing as a Form of Insurance

8. Decide on asset allocation

The process of allocating your investments among various assets, such as stocks, bonds, and cash, is known as asset allocation. Asset allocation analyses a portfolio to try to strike a balance between risk and return. The choice to allocate assets is a private one. Depending on how long you have to invest and your risk tolerance, each stage of your life will require a different allocation strategy.

9. Plan of investing if you aren’t already

If you have not planned about investing, start now. As intimidating as it might sound to a beginner here one cent at a time I make your investing journey as easy.

Note: It’s critical to assess your risk tolerance and choose investments that can help you achieve higher risk-adjusted returns and inflation-adjusted returns.

10. Prioritize spending money on experiences rather than a thing

Materialistic gains might give you joy, but this year try spending on experiences. Go out on a date with your partner rather than buy that sneaker you’ve been eyeing for a while.

11. Plan on your retirement

If you are in your twenties and thirties retirement might sound like a joke to you now. But thinking about your retirement objectives and how long you have to achieve them is the first step in retirement planning. It takes decades to get to the position of financial cushioning that will lead to a fun – comfortable retired life.

12. Improve your financial literacy

When it comes to making prudent financial decisions, increasing your financial literacy is a sensible step that is sometimes disregarded. Financial literacy plays a major role in your capacity to handle your money effectively. Its objective is to assist people with a fundamental grasp of finance to have a better awareness of the complexities of budgeting, tax minimization, and investment

13. Explore  a side hustle

With all the financial goals on the list like saving, investing, and paying off a debt does it not become overwhelming for your current paycheck? Here is where a side gig comes into play. A well-researched side hustle can ease you off with an extra source of income

14. Nurture an interest

Remember that wish you had while in high school to be able to play a stringed instrument? Start it this new year. 

15. Learn a new skill

Constantly upgrading yourself will help you boost your confidence and your self-worth. Try learning a new skill, be it related to your career like upgrading your excel skills, or something very different like baking.

16. Make a vision board

Have visual interpretations of all the goals and intentions that you wanna achieve this year as a vision board. Save that up as your screen saver in your digital devices so that you can take a look at it daily and be reminded of your goals.

17. Practice mindfulness

When our mind wanders, we get disconnected from our present selves and quickly become preoccupied with compulsive thoughts about the past or worry about the future. And it stresses us out. The ability to be completely present, and aware of where we are and what we are doing,  is mindfulness. This year start practicing mindfulness in everything that you do.do it in the present, with no intentions of the outcome, no worries about the future

18. Start journaling 

Journaling is a great way to keep track of the time that is passing. If not every day, journal about the days that were a highlight in the week. Keep a record of the day you had a good experience and also the day you felt you could no longer move forward

19. Get into a discipline 

Discipline is very important to keep the good going. Without discipline, no amount of life coaching can pave way for your well-being. Whatever you decide to do, you have to keep on doing it. Day one it is the motivation that strikes the match, rest discipline is what keeps it going

20. Start making to-do lists the day before

Did you ever realize how much time you just took just to decide the tasks that you have to accomplish for the day? Make this habit a thing of the past by making up your to-do lists the before.

Related:101 Ways to Beat Procrastination and Increase Productivity

21. Have a task timeline ready for about the upcoming 6 months

Have a detailed timeline of the major tasks you have to take over in the period of 6 months to a year. Use a calendar app for this purpose.

22. Think less

Life is gonna be as it will be, no given amount of thinking can change certain things from happening or not happening. Effective planning can make the curve lot smoother but uncertainty is always one step ahead. So this new year make it a point not to think too much and spiral into the web of feelings just to degrade your own mental health

23. Reward yourself

Reward yourself for every little achievement that you do. It always doesn’t have to be extravagant. Had a long predictive day, reward a cozy night and Netflix and chill to yourself 

24. Brush up your soft skills

Be it the professional aspect of your life or the personal, soft skills are what make you stand out from others. This year brush up on yours. 

25. What do you not want to repeat? 

In a list of what are the things that you want to achieve this year also have a column of things that you do not want to repeat. For example, avoid a bad financial decision you took or a certain diet that did not work out for you.

26. Be grateful

Be grateful for what you now have, where you are in life, and for whatever you made out of yourself. and who you are at this time rather than stressing about what you could be.

27. Travel bucket lists

This year have a bucket list just of places that you want to visit.

28. Try  a new restaurant each month

Try out a new restaurant each of the 12 months of the year.  Explore different cuisines from all over the world 

29. Self-care

Self-care and self-love in this era of distracting and misleading social media are so important to keep the mental equilibrium in place. Take care of yourself, love yourself a little more than the past year, cut yourself some slack, and take it easy

30. Eat healthily

This new year aim to eat healthily. Include more greens and fiber for good gut health. Cut off processed and packaged food and switch to organic at-home prepared meals.

31. Make your own breakfast 

Ditch the habit of ordering takeout whenever you’re hungry. Start prepping your own meals starting from the most basic like breakfast. Not only will it reduce the cost of meals but also is a lot healthier option

32. Cut down on caffeine after sunset

Avoid intake of caffeine after sunset for more ease in falling asleep

33. Commit to a healthier sleep cycle

Get your circadian rhythm straightened, sleep by 11 pm max, and try to get up early.

34. Practice body positivity

With all the pressures from society to look a certain kind, fit a certain box be kind towards yourself. Be positive about how your body looks and be grateful for its functions so complex for your life processes

35. Get into motion

With all the sedentary lifestyles that we are leading it isn’t a surprise we develop lifestyle diseases at such an early stage of our lives. Take out time each day to be in motion.  Target to walk 5000 steps daily, do some freehand exercises first thing in the morning, stretch out, do strength training, take the stairs, etc.

36. Make meditation a way of life

Try guided meditation to manage stress and focus better

37. Don’t neglect your dental health

Though you might be reluctant to do your health screenings at regular intervals, dental health awareness is really not as par. This year resolute not to neglect your dental health. With regular brushing and flossing, also make it a point to visit the dentist’s office once in a while

38. Dedicate some time each day to cleaning  chores

Assign 15 minutes each day to cleaning. Cleaning each day contributes to a clutter-free space. A clutter-free space reflects a clutter-free mind. 

39. Cut down on screen time

Apart from your what’s a necessity try and cut down on screen time. 

40. Reduce your waste

Go for sustainable living by reducing waste. Cut on the packaged food and shift to fresh foods that are home-cooked for better health benefits and also reduced plastic consumption

41. Avoid the negative influence

Stay away from people and environments that have a negative influence on you, make you worry, and make you feel any less. 

42. Relax 

Find time to unwind. Relax 

43. Constantly learn

Keeping yourself open to learning lifelong elevates you as a person. This year make it a point to keep a receptive mind so that you constantly learn something

44. Get more organized

Planning ahead and organizing your work will increase your efficiency and productivity. You may accomplish significant goals and objectives by maintaining good organization and creating successful strategies.

45. Get better with stress  management 

Without proper stress management, your body could be on high alert all the time without it. Chronic stress can eventually cause major health issues.

46. Do an electronic declutter

Once in a while go through your electronic devices and make them free of any united files applications. Not only will it save up space but also lets you manage and access files on  your devices better 

47. Focus on relationships

This year focus on relationships a bit more than usual. Put your phone to good use by calling up your friends and family. Make time for each. Value the importance of family in your life.

48. Inculcate a reading habit

Reading gives you life lessons. It sharpens your thinking and increases your creative ability. This year aim to finish off one book each month

49. Set intentions rather than tangible goals

A number-oriented goal is what leads to pressure and therefore anxiety and fear in case it is not achieved. This year try setting intentions like you want to get healthy and not burn a certain number of calories. It is a much more holistic approach

50. Renovate

 This year plan to renovate your study space or your kitchen. Give it a new look and a new feel to your old self.

51. Revisit your goals list to tick off

And lastly, keep on revisiting this list to tick off the goals you have achieved on the way. Be proud of your accomplishments.

The post 51 New Year Goal Ideas For 2023 appeared first on One Cent At A Time.

To start with, there are four distinct, independent ways for you to become rich:

• Monetarily Rich – Determined by your monetary assets.
• Spiritually Rich – Very difficult to attain, and monetary richness may seem insignificant once reached.
• Emotionally Rich – When your soul feels rich by how you conduct yourself. We constantly feel it, but we must work on ourselves to keep experiencing it. Here’s one of my previous takes on emotional richness.
• Socially Rich – When you have significant social influence in society.

Maintaining good health is one crucial component of being wealthy that covers all four criteria.

Why is maintaining good health the source of all riches?

• Because getting sick costs money.
• Because most people are sick to death of something or other, healthy living is a virtue.

An illness frequently makes you socially awkward and keeps you from taking in your environment. Your sickness robs your family of you. It keeps you from leading a meaningful life.

If you’re not feeling well, neither will your soul. In exchange for money, many illnesses can be treated. Most diseases can be avoided by exercising caution and adopting healthy lifestyle habits. By taking good care of our bodies, we can reduce the severity of many old age syndromes.

According to a report from Kaiser Health Foundation, in 2009, per capita expenditure on health in the US was more than $8,000 per year. That’s a lot of money! About a million dollars in your lifetime.

As the saying goes, “Health is Wealth”. It is imperative to stay healthy in your endeavor to become rich. This motivates you to work hard and increase your work-life span.

On the other hand, if you start taking care of your physical body simply by starting easy exercises at home, you will not only be able to reduce the cost of health care but also have more time to enjoy your money, see places, and to do things that usually require a certain level of physical fitness.

According to my salary statement, I spend close to $200 of my biweekly paycheck on health insurance, for a total of $5,600 yearly. Our Aetna plan includes a $2,400 yearly deductible; a 10% co-pay is required after it is met.

As a result, we pay more than $7,000 yearly for health care. With each year, it’s going to be much more.

Some diseases are costly, and all insurance companies maintain a maximum lifetime coverage. That implies that your entire savings are at stake if you get one of those diseases.

Even at 10% (after the deductible is paid), an extended hospital stay may significantly deplete your or my savings.

De-stress yourself to live a rich, healthy lifestyle

Stress is a significant factor preventing people from living prosperous and healthy lifestyles. Stress can cause you to make poor decisions, and it’s been shown that stress can lead to various health issues, including heart disease and depression.

One of the easiest ways to de-stress yourself is by exercising regularly. This not only releases endorphins, but it will also help you get into the habit of eating healthier foods. If you’re looking for more ideas on de-stressing yourself, check out this article: Manage Stress In Your Life.

What did people learn from COVID-19 concerning living a healthy, rich lifestyle?

People learned that a healthy lifestyle is not only about looking good but being happy. It’s about eating in moderation, exercising regularly, and getting enough sleep. COVID-19 forced people to focus on their health because it was no longer about vanity but about staying alive.

Covid taught us a lot about our healthcare systems as well:

1. It taught us that we should always be suspicious of our food and its preparation. We can’t take anything for granted anymore and must be vigilant about what we eat.
2. It also showed us how important it is to have an effective healthcare system. We must identify problems early on and treat them before they become too serious.
3. We learned that we couldn’t rely on governments or other organizations to handle everything for us; we must also do our part as individuals. When something like Covid happens, we have no choice but to rely on ourselves for survival.

How has COVID-19 impacted people’s mental health?

COVID-19 has had a significant impact on people’s mental health.

We have seen a 20% increase in hospital visits for mental health issues since the pandemic’s beginning.

This is likely due to a combination of factors, including stress caused by the fear and uncertainty surrounding COVID-19 and its effects and anxiety about family members or friends being infected or becoming ill.

The Centers for Disease Control and Prevention (CDC) recommends that people take steps to maintain their mental health during this time. These include:

• Eating healthy foods and getting enough sleep
• Avoiding alcohol and drugs, which can worsen symptoms or make them worse
• Reaching out for support from friends and family members if needed

How can we ensure healthy living?

The best way to ensure a healthy us is by following the five steps below:

1. Cleanse your soul, stay happy 

If you want to have a healthy body, you have to have healthy thoughts and emotions. Just as it’s important to avoid toxic chemicals, it’s important to avoid toxic thoughts. This is easier said than done, but it’s a must that you need to change your thoughts and learnings.

No one is good or bad. It’s perception and circumstances that make us good or bad. Once you start loving all alike, you sure feel a lot richer yourself.

Be positive and think positive. It makes a lot of things more accessible in our lives.

2. Exercise regularly

This is a no-brainer. Regular exercise controls weight and reduces the chance of high blood pressure.

Regular physical activity improves muscle strength and boosts endurance. Exercise and physical activity deliver oxygen and nutrients to our tissues and help the cardiovascular system work more efficiently.

Physical activity stimulates various brain chemicals that may make you happier and more relaxed. As a general goal, aim for specific minimal physical activity every day.

3. Eat healthily, eat well

Don’t overeat. Stop when you are full. Don’t keep a lot of time gap between two meals. Eat fruits and green vegetables.

Cook your food most of the time, avoid outside food, set your diet, and control your calorie intake.

Eat balanced food containing protein, fiber, carbohydrates, and vitamins. Don’t skip breakfast; eat at least 3 hours before bed.

4. Take rest and sleep well

It’s essential to give your body and brain a break. Studies suggest that an adult body requires a minimum of 7 hours of sleep. I am guilty of violating that lately, to be fair with you!

Too little sleep can make you have memory difficulty and depression and weaken the immune system.

5. Take care of Dental needs

Often we ignore our dental care for the regular physical sickness and diseases. It’s, in fact, our teeth that are affected most by our negligence. Most of us often do not visit the dentist for routine teeth cleaning.

I admit one of my teeth is almost broken, and I still don’t go to the dentist for fear of getting hurt. Taking good care of your teeth and perfecting that smile with braces can have a far-reaching impact on our long-term journey of becoming rich. What is the use of money if you don’t even have a million-dollar smile? 

Doing all these can boost your self-confidence and make you an easier person to talk to.

Precautions

• We all get sick or injured. The chances of getting a disease increase with age. If you get something that doesn’t get better on its own soon, don’t neglect it. See a doctor. Sound practices are not enough to cure all illnesses.
• When working out, never over-exercise. If you know your body needs rest, take rest.

The post How To Be Rich? Stay Healthy appeared first on One Cent At A Time.

I am talking about setting accurate goals and having proper plans to achieve them. your attitude will determine if you’re going to make it rich one day. It’s the mindset and attitude that differentiates a millionaire and a non-millionaire.

Have you seen Donald Trump and the words that he speaks? Even in a presidential debate, he could boast about taking advantage of tax laws to evade taxes. That’s actually a billionaire mindset. That’s a smart money decision.

(Disclaimer – I am not politically favoring Mr. Trump. My political views are private)

I believe in having right money attitude that’s absolutely essential for accumulating wealth. I like to write about them I believe and strive to become rich emotionally, spiritually, mentally and of course monetarily. So far I have talked about becoming rich by creating value, by taking care of your health, by effective time management, and by having an obsession.

I also showed, with calculation, how saving 1 hr of wage daily can make you rich over time.

Here, I will touch upon human attitude and mindset that clearly differentiate a rich from a middle-income earner.

We know about people with a tremendous potential ending up a mediocre.

I don’t want to live a mediocre life long, I want to make it rich one day. I earn six figure income and 5 figure side income. But I want to have more wealth. I want to have so much that I can provide my family till I live and give back to the needy and poor.

While I want to enjoy life, want to wear latest brands, want vacations in exotic places, I also don’t want to forget my modest and lower-middle-class upbringing in India. I have seen poverty so, I want to do something for the poor there.

I want to continuously grow richer in every aspect of life. I am working on my attitude ever since I realized that attitude makes a lot of difference in our lives.

While attitude and mindset make one richer, however, on the other hand, attitude makes one fall from richness as well.

We hear stories of one-day millionaires, broke sports persons and homeless lottery winners.

They capitalized on the something they didn’t know and spent all their earning foolishly. They didn’t know how to handle the wealth and opulence.

Their attitude prevents them from keeping their money safe, their attitude makes them blind to the fact that one day their income potential would cease.

Remember this, your money alone won’t make you rich, but it is your attitude that will push you up the ladder of prosperity.

It is having the appropriate perspective on finances that will make your money grow and continuously growing.

How can just a change in attitude can make you rich?

There are really two ways to make it rich. One, by opening larger income stream(s) – by having extra income or by reducing your expenses while trying to increase salary. I’ll state why attitude is important in both the ways.

Remember the parable of the talents in the bible?

One of the slaves just put the coin into the soil and wait for the master to come. Meanwhile, the other slave used it so it will earn double, triple, and quadruple. The master was impressed with the slave who invested his money but disappointed to the one who just keeps the coin in the soil underground.

An attitude to have patience, where you don’t go after every phone upgrade or do not trade in your car every 3 years is an important factor in how quickly you can accumulate wealth.

An attitude to work smarter plays an important role, does your quest for money starts at 9 and stops at 5? What productive work you do outside of regular work hours? An attitude to put money to work and make it grow by taking calculated risk determines how quickly you can make money.

If you start a business, an attitude of creativity, taking care of customers and creating value for them make your business thrive.

Need I say more?

Having the right kind of attitude will make you rich

No matter what status you have in your life now, it is time to have a shift in attitude if you think you are losing you a way to being rich. Here are some points to consider so you can move up to the ladder of success.

What is your goal?

As I said above about my goal of accumulating enough wealth to give back to the society, it’s my goal. What is your goal?

Why do you want to be rich?

If you can’t find a definite answer, then you need to work on your mind and attitude. Having a clear objective is necessary, it gives you the sense of speed and direction. So, work on your goal a bit.

See why and how much you need to make. Some people develop a habit of making money. But I think they initially start up with a goal in mind and then the continuous persuasion towards the goal makes this a habit.

An aimless attitude leads you to make money mistakes—unless you learn to adopt better money habits. By money mistakes, I meant spending it foolishly and failing to grow your money to its potential.

Start on Yourself

How organized are you? Are you good at managing your money? Do you keep track of every item on your credit card bill? Can you identify the expenses by looking at it?

If you want to start a business to earn money quicker, start by asking these questions to yourself. Gauge how prepared you are to manage your business successfully.

Financial advisers will ask, “What will you do if someone gives you $1M at this moment?” Sad to say, many failed to answer in speed after they were asked about this question.

Some just shrugged their shoulders, some laugh with unbelief, and some took time before they were able to answer.

These gestures are just indicators that you aren’t ready to be rich.

Make sense?

So if you haven’t contemplated on this question yet, now is the time. Make a list today, what you’ll do if given $1M now. Once you answered, have a look how many of those are about spending the money in a depreciating asset and how many are investments towards an appreciating asset.

Now, let’s say you want to make it rich by having the same day job, now ask you yourself – Can I make 5% more by next year? Can I go one level up in another 3 years?

Can I switch job and earn 10% more than what I was earning?

Do I need to get further education to move a level up?

Now based on the answers, chart a plan of action then stick to it, take expert advice, get a mentor at your work who’s at least one level higher than you.

Adapting the Attitude of the Rich and Famous

No wonder Warren Buffet lives in a home built in 1960’s. Many celebrities are penny pinchers. If you research on rich and famous lifestyles, you’ll be surprised. These people are the ones who do not spend even a cent if not needed.

Millionaires live within their means that’s why they have a lot of savings. They are not greedy spenders and they think a thousand times before they buy something. These rich and famous people are usually the

They are not greedy spenders and they think a thousand times before they buy something. They won’t clutter their home with unnecessary things. After all, they are rich because they are good at keeping their money and not spending it away.

Another significant trait of rich is the exceptional knack of investment. Thinking long-term is the key.

If a spend can potentially increase future earnings, they won’t mind spending it either.

Look at house flippers. They spend money to buy a home, they spend more to make it better. They spend money on staging it for sell. At the end, they make a tremendous amount of money from home sells. Spending money to earn more later is an art. This requires money awareness.

If your attitude is to show off your car or your home or even your clothes, you probably take better care of the cars, the home and the clothes you wear and make them look nice and clean, rather than replacing them before they die a natural death.

Did you replace your last smartphone because there was a newer model in the market or because your old phone needed a replacement?

You see what I meant?

Invest Money Wisely

Again, it is not only to invest; it is to invest wisely. Taking time to study the financial market is a good strategy. You will have knowledge where to invest your money and how to make it grow.

If your attitude is to only keep the money safe, then you can park all your money in a saving account or a CD. But, in the long term, you’ll lose money to inflation.

Invest with a proper goal in mind, have patience, do not react in panic. Do not short sell your investment, just because there’s a gloom in the market.

This requires a change in attitude where you become a risk taker instead of playing it safe.

You can’t become rich quicker without taking risks. Do not be reckless either, you need to have balance.

Are you satisfied with the current rate of wealth accumulation? or in other words, are you happy with our investment rate of return?

I know you are not, nobody is, actually. So, in that case, can you increase your net worth 10% by next year?

Ask yourself. If you can, then set a goal and make a written plan to achieve the goal.

At least start with knowing your money, how much you get, how much you save and how much gain your savings have. You do not have to lookup everywhere and use a calculator, you can get it from free online tools like

You do not have to lookup everywhere and use a calculator, you can get it from free online tools like Personal Capital. They will show your net worth as well when you link your financial accounts to it.

Now, see how many change it attitudes the plan requires. It’s a not one task or a set of jobs that you’ll need to do differently, it’s about the whole attitude that needs to be changed.

Invest in yourself

Learning new skills, spending to groom your body and spending for preventative care are all examples of investing in yourself.

You should earmark a portion of your income towards self-development. When you develop your skills and better your health, you actually are positioned for a raise.

If you’re a business owner, marketing or customer management lessons may bring in more money to your business.

The more you know – the more you earn and as an added advantage, you also get more humble and a better human being.

With better health, you can do a lot more in any given time. You get more energetic. Exactly the qualities a millionaire possesses.

Reading is another investment of time you can put in. Reading gives you knowledge, perspective, a sense of responsibility and purpose. Reading makes you a better person in many ways.

Conclusion

To earn and keep the money you need to bring right attitude and mindset. First work on having a purpose, a goal to use the money. Then determine how much you need what you want to do to meet the goal.

Take care of your finances, stop foolish spending and invest it wisely. Invest in yourself, improve your skills and grow your trades. Remember, you can shape your future and destiny. Having a right attitude will help you all the way.

Readers, thanks for reading and trying to have a right attitude. Add your thoughts and leave valuable comments.

The post Have the Right Attitude To Become Richer appeared first on One Cent At A Time.

I’d like to think a rich person is someone who is not worried about his family’s financial health if he is to lose his regular income right now.

We migrated from India, been living working and saving in the USA for the last 15 years. We now have enough money to live retired life back in India. So, if we go back to India now, we will be called rich.

But we do not have enough savings yet to retire in the USA.

By this definition of being rich, let’s start today’s blog.

You can be rich in various ways, by winning the lottery, by working hard at multiple jobs, by virtue of a marriage with a rich person, inheriting an estate, etc.

But the best way and the sure-shot way is to grow your wealth over time. Time and discipline alone will make you rich one day.

The discipline part is the habit of saving a part of your income. The discipline is to constantly work towards earning more income and investing in better assets over time.

Saving one Hour Per Day

You can be rich by just saving 1 hour of your wage every day. Spend the rest of the income as per your wish. I want to thank David Bach for guiding me towards this simple calculation.

The average hourly wage in America is $18.5 and by all means, I will assume your hourly wage is more than $20. For calculation’s sake, I will assume your wage to be $20 per hour.

Now use a compound interest calculator.

A compound interest calculator determines the value of your future wealth. Compound interest is described as ‘interest over interest’, calculated using A = P(1+r/n)(nt), where ‘A’ refers to the formula for compound interest. ‘P’ refers to the amount of principal investment; ‘r’ refers to the interest rate (decimal); n pertains to how many times the interest is compounded per period. 

By using a compound interest calculator, you can plan an appropriate saving strategy. In this way, you can maximize your wealth. The compound interest concept adds the accumulated interest back to its principal sum, the interest earned over that interest. 

You are millionaires in 25 years.  (7% is a historical gain in stock index per year).

There is more fun to it, if you get a 2% yearly increment of wage, you can be a millionaire in 22 years.

Wait, there’s more to it if you invest this money in a 401(k) plan (retirement saving) and your company matches only 2% of your contribution. You can be a millionaire in just 17 years!

Set automatic withdrawal from checking account

Now, before you start finding ways to save $40 per day from household income, set the automatic withdrawal of $600 each month from yours and your spouse’s checking accounts.

Get it deposited in to pre-tax (401 k) plan. If you exhaust the limit and still have money left to invest, but it in IRA/Roth IRA.

I was thanking David for the guide below, to make you understand what you need to do to save 1 hour of your wage.

He talked about saving 10% of your income by setting up auto-withdrawal so that as soon as it comes to your bank account, it goes beyond your reach.

The moral of the story is it’s not hard to become rich, a disciplined life, coupled with restraint spending, will make you rich one day. How soon it will happen depends on how hard you want it.

Alternatively, if saving an hour of wage is not possible to accomplish every day, you may think of extending work hours by an hour or taking up a side job for a couple of hours.

You can start a home-based business as well. There are various ways of earning extra through online businesses. You can start a home-based business as well.

How to derive at the starting figure

The big challenge is, if you do not know your billing rate, then how can you determine what’s exactly your hourly wage.

The easiest is to divide your gross pay by 2080 if you work 40 hours a week. That is 40X 52.

If you work less or more hours (sometimes overtime is paid to the employees), you can multiple your weekly hours with 52 and determine the yearly hours.

If you make $100,000 a year, your hourly wage rate is $100,000/2080= $48

So you should save 48X30= $1,442 a month.

Finding Ways so save that much money

As we discussed above, automatic investment from your checking account is the best option.

Mentally adjust yourself that your pay is reduced and you have to live by the residual income. You need to also have buy-in from your family members.

The discussion will be tough, no doubt. Always remember the result of it all.

Other ways are to get involved in a second job or taking up some gigs in your otherwise ‘free’ time.

Extra income from a side hustle can add wiggle room in your budget.

The post How to Become Rich by Saving One hour Of Wage Per Day appeared first on One Cent At A Time.

Because business needs cash flow, correctly managed liquidity when you are setting up something new. Later, it might give you a lot back, but it needs cash in the initial stages or mid-stages.

From renting workspace, hiring staff, buying essentials, everything needs money, shaping your idea, and running your business.

Unless you have rich people backing your business or born with a silver spoon, then you need to think about raising funds for your business.

But many people consider that there is the only way to get funds, lending from the bank. Well, that’s away, there are some other ways too. Let’s explore them.

Crowd-funding

What is crowdfunding? This question might be ticking in your mind. It’s a way to get funding from a mass of people or organizations.

There are some pretty powerful platforms for startup aspirants or entrepreneurs to raise funds. Platforms like Kickstarter, Indiegogo, and Fundable doing a great job in the crowdfunding section.

But every fundraising platform has its pros, and cons like Indiegogo began offering fundraising campaigns without end dates while an end date is essential for business owners.

So it’s entirely based on the needs of the founder.

Business or Personal Loans

Companies like AMEX, Chase extends working capital credit to small business owners. For a brick-and-mortar business, this can be handy.

You also get a personal loan in your name but, I’d advise you to keep your personal finance and business finance separate.

Business loans are the most suitable way to go about securing funds for your business. To make the most out of it, use business loan calculators to compute your monthly payments and revise them according to your preferred budget.

Angel Investors

Angel Investors are the most reliable way to raise funds for your next idea or business. This kind of investor is always looking for new ideas to invest funds.

Angel Investors fund many tech giants in the world like Google, Yahoo, and some others in their early days.

Angel Investors not only give funds, but they also guide, provide resources, and many other facilities.

This type of investor shows interest in a business that has great potential but needs funds for rising.

Taking money from angel investors requires giving some of your business share to the investor.

And all the business transactions must be registered with the Securities and Exchange Commission.

Venture Capitalists

Venture Capitalist is very similar to Angel Investors. But they only invest money in the projects they find profitable for them.

Like Angel investors, venture capitalists also look for the shares and business percentage in return for money, but also they want to handle the voice in the direction of the company.

VCs are maybe a single person or a group of investors, but the concept of every VC is the same.

They feel growing a company in which they invested vast chunks of money needs to have some control over how the company gets managed.

Friends and Family Loans

This type of funds could be beneficial for your business.

Someone from your friends or family, seeing your success or well-maintained business, might show some interest to invest some money.

In most cases, they don’t look for many stakes, or a considerable percentage of interest if they lend you.

But it’s completely advisable to look for all the pros & cons of this type of funds for your business.

Contests

It is another best way to raise some early investment. Many contests organize where you need to pitch your startup plan and business plan, and you will win some cash.

Conclusion

There are many other ways also available to raise the required funds for your business. But choose according to your needs and business size.

Keep in mind that never compromise with your business plan ever for the sake of funding, if one rejects more five are here to listen to your project.

The post Ways To Raise Money For Business appeared first on One Cent At A Time.

With such little capital to work with, many people choose to avoid investing altogether and either ignore their impending retirement or work well into it to make up for the difference.

But working more is not the only way, or the best way, to make money. If you reinvest your small savings you could outpace your peers and put yourself on a path toward a relaxing and successful retirement, or buy that boat you’ve always wanted.

Check out these great investing tips for beginners and get started today.

1. Choose Stocks on a Long-Term Basis

Choosing stock options can be tricky for someone who is new to investing. You want to make a lot of money, but you don’t want to jump off a cliff with your risk.

To mitigate the chance of losing a ton of money on your first investment, choose a company with stocks that you believe will appreciate over a matter of years, not days.

The market fluctuates and although the instant gratification that appears in Wolf of Wall Street is the reality for some hotshot day traders, you need a lot of experience before you’re ready to start running with the big dogs.

2. Diversify Your Investment Portfolio

Putting all of your money in one place is never a good idea. It’s hard to know what may come years down the line.

By diversifying your investment portfolio and putting your dollars into various options like real estate, stocks, bonds, and mutual funds, you will help to protect yourself from one single investment performing poorly.

3. Start Now

Those who grow up very poor are at the disadvantage of not seeing their parents be able to invest in a variety of different ways making them less educated about investment opportunities.

Don’t let the overprivileged kids get any further ahead. Take investing into your own hands and start learning where to put your dollars right now.

With compound interest playing a factor, starting five to ten years before you are thirty can ensure you have the chance at a fulfilling retirement, potentially allow you to retire early, and save you thousands of dollars in the long run.

4. Consider Investing in Real Estate

Investing in real estate is a great long-term option because it ensures you have a home when you retire and a potential income in the form of a reverse mortgage.

If at all possible, buy a home and pay off your thirty-year mortgage. The last thing you want is to enter old age without the promise of a roof over your head.

5. Take Full Advantage of Employee Benefits

It’s common practice in the United States for employers to offer their employees a 401K as part of their benefits package. And if you’re really lucky, they also agree to match whatever amount you pay into that kind of an account.

While most seasoned employees take these benefits seriously, sometimes those recently hired into a position with benefits will not be used to set money aside from their paycheck like that.

This could take a year or two to get comfortable with the idea of giving up any of their hard-earned dollars, especially if they have student loans.

If you’re given this privilege, you should take full advantage and pay in as much as possible every time. The more you save now, the more the interest will compound over your lifetime.

6. Control Your Emotions

Investing can be a very stressful and emotional process. It will bring you some of the highest highs and lowest lows you ever experience if you continue for long enough. Investors should learn to control emotions.

It’s important to never forget that the market fluctuates and that what goes up must come down.

Don’t let every dip and crest in your investment put you off or stress you out. You will be riding that roller coaster of doubt forever.

7. Don’t Get Too Confident Too Soon

Some people watch a couple of YouTube videos and think that all of a sudden they are Warren Buffet. But this kind of false confidence can be your biggest downfall.

Stay humble with your investing should you become successful. Remember that while there were thoughts and choices involved, much of your success came from luck and the right market forces blowing the winds in your direction.

Otherwise, you might start investing in riskier stocks and could lose it all.

8. Don’t Use Leverages

Leverage is an amount of money that an investment bank or company will loan you to add to your own investment capital. They can put up to fifty percent of the money up for you on a potential trade.

Many people like to use leverages because they give them the opportunity to earn a lot more capital, but they also put you at a lot greater risk.

If your investment fails, not only will you lose your own money, but you will have to pay someone back for the money that you lost of theirs.

When you are first getting started trading, you have no business using leverages. Without a well-trained mind and a lot of experience, the risk of devastation is too great.

More Investment Tips for Beginners

After reading these investment tips for beginners, you should have an idea of what it will take to build your portfolio. Always remember that savings and investments grow one cent at a time and use care and patience in your strategies.

For more helpful advice on getting rich, check out our blog today.

The post Start Earning More: 8 Investing Tips for Beginners appeared first on One Cent At A Time.

Although my husband and I do our best to be polite and gracious of his friendship and goodwill, we often wonder at what cost Tom does all of this, both financially and personally. Tom and his wife do well for themselves, this much I know.

But, even for them, the pace at which they accumulate and then give away makes me nervous. I worry for them even though I’m not invested in them in any way except through the care I have for them as a result of our friendship.

Growing Up Poor

Tom grew up dirt poor in Alabama, watching his mother try to scrape meals together for him and his four sisters on a nightly basis. As soon as he was old enough to work, he did so, contributing as much as he could to the family.

And just as he turned 18, he enlisted in the Army. Since then his income has steadily risen with the help of retirement at 38, a second career, and increased household income with his marriage.

To me, Tom seems to be a perfect example of how growing up in poverty affects spending habits as an adult.

According to many studies, including one published in the Journal of Psychological Science, “People who grew up in lower socioeconomic status environments were more impulsive, took more risks, and approached temptations more quickly.

Conversely, people who grew up in higher socioeconomic status environments were less impulsive, took fewer risks, and approached temptations more slowly.”

It Takes One To Know One

I’ve been there… where Tom is now. And, I admit it takes an immense deal of discipline to avoid succumbing to an irrational need to spend.

There were times in my childhood my mother would take us out to eat at restaurants I knew she could not afford, only to come home to no electricity in the house because she had splurged on dinner with money that could have gone to the utility bill.

The Spending Rationale

People like myself or my neighbor, who have grown up with scarcity, often feel a sense of urgency to spend when money comes our way.

I’m not saying everyone is like this. Some people react to wealth in a completely different way, hoarding it because they’ve been without it for so long.

But for the rest of us, the ones who feel the need to spend money to feel like we belong, to validate our own financial good fortune, our solid financial ground can become suddenly very slippery.

See The Signs

Growing up poor, or even a little strapped for cash is not uncommon. In fact, it’s a large part of the tale of the middle class. Many of us grew up in “paycheck to paycheck” households.

The problem is that in a culture of consumerism, the ease at which we are able to embrace spending prosperity by reacting to past scarcity leads to financial destruction and significant personal debt.

The best thing we can do to fight back is to recognize individual behaviors that are financially unhealthy.

Setting Goals

It’s okay to want things, no matter what kind of financial circumstances you come from. The difference is that people who grew up more financially secure tend to practice more restraint than those who grew up poor — on a whole.

A good way to make sure spending is done in the right areas is by setting a purchase goal.

If you’re dying to go on that much-needed vacation, but feel like you never have the airfare or hotel money you’d like because of your spending, create a financial goal and put it in writing.

Keep your new vacation goal on paper where you can see it. Every time you have the opportunity to spend, ask yourself if buying that item is worth not moving closer to your vacation goal.

Meanwhile research the best ways to achieve that goal while saving money – whether that be through capitalizing on airfare deals, following low cost vacationing tips, using the best credit card for airline miles, or considering a vacation home rental.

Debt Discipline

I know this is so much easier said than done, but if you know you’re one of those people like myself who struggle with spending, choose your credit cards wisely.

Instead of looking at them as lines of credit for a rainy day, or the next big purchase you don’t quite have the money for, use them as opportunities to make money.

Keep the number of credit cards you own limited and choose the best credit cards for travel rewards or cash back. Pay off your credit card debt every month — no exceptions.

Understanding the psychology behind the itchy “need to spend” feeling will help to say no to the next purchase a little easier.

Taking a pause before pulling out your wallet will help you keep impulse at bay. Setting goals will help you keep your spending goals focused.

As time goes on and your savings account grows larger, the security you felt by buying things you never had as a child will be replaced by having a nest egg you never even conceived of in your youth.

The Impulsiveness

Naturally impulsive people aren’t the only ones doing all the spending in American marketplaces, both brick & mortar and online.

Americans owe over $900 billion in debt, collectively. Those who grew up with nothing often feel a need to own more to fit in, or may be more likely to succumb to the desire to have something because they feel like it may not be possible to own it in the future.

Being aware that you’re feeling the impulse to purchase something, then consciously choosing to take a step back to ponder more on the purchase, is the first thing you can do to be more financially secure.

About the author: Kelly Berry is a blogger at JohnnyJet.com, a travel advice blog filled with plenty of personal experience travel destination stories, and tips and tricks for saving money while traveling all over the world.

The post How Growing Up Poor Impacts Future Spending Habits appeared first on One Cent At A Time.

Consider this: the typical person has one full-time job, which represents one source of income.  Let’s name this typical person Phyllis.  As long as she’s employed, Phyllis’s job serves as a stream of revenue.  Yet, Phyllis has far more uses of income than sources of income.  She has to pay for rent, utilities, groceries, insurance, etc.  These add up fast.

Her revenue stream is broader than any one expense stream, but, collectively, her expenses may run her revenue stream dry.  In other words, we have all kinds of expenses, while we’re heavily reliant on one source of income.

If we want to build wealth and avoid financial stagnation, we’re left with two options:

1. Reduce expenses
2. Increase income

To build wealth faster, you either have to limit your expenses or grow your income.  Both are easier said than done, but people often choose cost-cutting over increasing income.

Why?

Because people think in terms of what they can control.  It sounds easier to cut back on dining out than it does to get a promotion.

That’s because it is, at least in that scenario.  However, what people fail to realize is that they could increase income through new sources, not just their existing one.

Why side jobs can be challenging

Although additional sources of income sound really enticing, there is a downside.  At least, temporarily.

To be upfront and honest, side jobs take time and effort.  I know I’m stating the obvious here, it’s not like you can just snap your fingers and have additional income.  But I’d be doing you a disservice if I didn’t paint you a picture of how challenging it can be.

I currently work full-time as a financial analyst at an investment bank.  It’s a great job, but it’s a demanding job.  It often drains both my time and energy.

If you’re wondering if it’s hard to manage both a full-time job and freelance writing, the answer is yes.  It takes a strict routine and a lot of sacrifices.

Free-time that would have otherwise been used to relax is committed to writing – my secondary source of income.

Coming home after a long day at work and finding the mental energy to continue working can be a mountain of a challenge.  That’s why it’s important to choose something you enjoy or that you’re good at doing.

Why?

Because it’ll make it that much easier.  If you hate your side job, you’re going to burn yourself out.

Since I enjoy writing, it lessens the mental toll.  I get my second wind when my fingers hit the keys.

Why the challenge is worth it

Time is the most valuable resource on the planet.  Not money.

Alas, our society functions through transactions, so money is pretty darn important.  Consider money as a vehicle that can take you where you want to go.  That’s why it’s necessary to commit more time to developing and building multiple income streams.

It’s as much a time commitment as it is a mental adjustment.  If you work towards building your wealth now, you’ll reach a state of financial independence and freedom that will grant you more time than you can imagine.

Then you can spend that time doing what matters most to you.

Examples of side jobs

I’m not necessarily saying take a part-time job at a fast food restaurant, although that is an example of ancillary revenue.  But that type of revenue outlet does not provide much income relative to time expended.

Plus, there’s little flexibility or room for advancement.  I’d consider this an emergency option.

Ample opportunities exist for secondary income.  You can thank the internet for that.

Blogging

Believe it or not, starting your blog is easy and nowadays, you can even do it with less than $20. You are all set in as little as few minutes.

My second income source is this blog. I spend 1-2 hours of my time every day and over the years this blog is generating incremental income which is now almost equal to my day job wages.

Caution – blogging will, initially, take all of your free time. And you’ll have to wait at least 6 months to earn your first check.

Freelancing

You can’t spell freelancing without free.  Cheesy, yes.  But it’s the truth.

As a freelancer, you’re completely independent.  You decide what to do, who to work with, how much to charge, when you work, etc.

Most importantly, it can be a scalable revenue stream, meaning you can grow your business over time.

Here are a few types of freelancing:

• Writing
• Editing and proofreading
• Transcription
• Data entry
• Virtual assistant
• Online tutoring

Ridesharing

By now, I’m sure you’ve heard of Uber and Lyft.  If you have a car, enjoy driving, and meeting people, consider becoming a part-time driver for either of these companies.

You don’t control your rate, but you do control your schedule.

TaskRabbit

This is an online marketplace that matches labor with local demand.  If you consider yourself a handyman, this is a good option for you.  You control your services, rate, and schedule, so it’s completely autonomous.  Here’s a list of their more typical services:

1. General Handyman
2. Mounting and installation
3. Delivery
4. Moving and packing
5. Furniture assembly
6. Heavy lifting
7. Personal assistant

Dog-walking

Yes, there are actual apps for this.  Companies like Wag and Rover pair you with dogs that need to stretch their legs.  These apps function similarly to Uber and Lyft.

So if you’re a dog-person and want to make money spending time with some four-legged fluffy guys, this side job may be your calling.

The purpose of side jobs

To ensure this point gets across, I’ll say it again.  The key to wealth is building secondary sources of income.  The best opportunities hit the trifecta: scalable, flexible, and autonomous.

But it’s equally as important – if not more important – to enjoy what you’re investing your time in.  If you hate it and you’re not happy, it’s not worth it.

You’re allotted only so many hours a day, and it’s up to you to determine how you’re going to spend them.  But I promise if you commit free-time to developing different sources of income, your wealth will exponentially grow.

Consider it an investment in future-you. It’s a simple domino effect.

More sources lead to a wider revenue stream.  More revenue equals more savings.  More savings results in a happier future-you.

About the author: Carter is a professional freelance writer for hire, specializing in personal finance development. He offers blogging, article, and content writing services. Carter’s industry experience includes Private Wealth Management and Corporate Credit. For more information, visit carterkilmann.com or email him at carter@carterkilmann.com

The post How to Exponentially Grow Your Wealth: Side Jobs appeared first on One Cent At A Time.

Below are 10 great financial habits you must imbibe to get you to achieve the financial freedom you have always dreamed of.

1. Saving

If you cannot save you do not have the seed of greatness in you. This is a quote by one of the great men in history and he is right. Saving at least ten percent of your income will put you on a level of comfort where you feel safe.

Saving 1 hour of your income every day makes you a millionaire before you know it!

Of course, the financial gurus out there and many financial books will tell you to save ten percent of your income, I think, for the purpose of options and financial independence, you should have more than ten percent saved. Save at least twenty percent of your income so that you can get to your destination quickly.

What if you don’t have a destination to get to?

If you are just saving for the sake of saving or you don’t have any financial obligations to hold. (This applies mostly to young adults and students that are still single and have allowances from parents).

Are chances you will need money someday and isn’t it safer to already have a nest egg of cash somewhere you can get to easily?

Saving your money gives you options of a better life.

What is luck?

Answer: Luck is that intersection where preparation meets opportunity; and how right this statement is. When you have an opportunity to make a life-changing investment and you have the cash to do it right now, did you just get lucky or were you just prepared?

2. Budgeting

Lack of budgeting has ruined many families and marriages, not to talk of lives. Budgeting is when you allocate different sums of your cash for their respective reasons.

Why do you need a budget?

Budgeting gives you a higher level of control over your money. It helps you to delay short-term gratification for long-term benefits.

It also helps you to know exactly where your money is going. Many people usually end up spending all their cash and then wonder where all the money went.

I have been in this situation myself before.

But when you budget your cash, you know exactly where your money is going and you become more responsible with money.

3. Investing

Investing your money is a sure way to sustain your money and make it work for you over time. This can also be called passive income.

Although so many people have heard of investing, few actually take the time to invest their cash in the world of consumerism.

The best type of investing that gives a higher rate of return is investing for the long run. Why?

Because it helps you to master your emotions

Investing for the long run can be tasking on your emotions because of the ups and downs of the market but as you become more familiar with the market, you will realize that this is just part of it and it should not phase you a bit about the fluctuation of the market.

In the long run, the market wins.

4. Giving

This is characteristic of the multi-millionaires and billionaires of not only our time in the persons of Warren Buffet and Bill Gates but also in the time of Andrew Carnegie and Cornelius Vanderbilt.

These are the ones we usually hear of because of the large sums of money involved but you should also give in your own capacity.

In the law of the universe, giving will always bring success and money back to you. plus, giving helps the humanity.

5. Spending less than you earn

While making money is great, the thought of the things we can buy with that money is even greater. Many people usually spend way more than they earn and which keeps them in the constant state of debt.

Irrespective of what you make, you must spend less than what you earn and save the rest.

Better still, why not save some money first before the check even reaches you. You can make this arrangement with your company.

6. Avoiding debt

One sure way of going into debt is by trying to keep up with the Joneses. Stay in your financial lane. You have nothing to prove to anyone.

Trying to keep up with the latest fads and newest gadgets will put your financial life in ruins unless you are already a multi-millionaire of a billionaire. (if not, you wouldn’t be reading this right now).

If you are already in debt, find a way to systematically pay off all your debts. Meet your creditors and work out a plan for them to pay off your debt and keep it.

You will realize that in no time your debt will reduce and soon you will be debt free.

7. Know your financial net-worth

If you know your financial net worth, you will realize that you may be in trouble financially. Find a way to know your worth financially and also find a way to improve your net worth.

How do you calculate your net worth?

List all of your assets and minus the liabilities. If you realize that your liabilities are more than your assets, it means you have a negative net worth and you must begin to take action right now to solve that problem.

A better way, I have a free account with personal capital and linked my financial accounts to it. Within seconds I see my net worth, whenever I want to.

8. Have an ultimate financial dream

What will your future look like financially? How much do you have in the bank? What is the size of your assets? Do you have any investment in place making money for you?

What is your ultimate financial dream? You must have one if not you would be traipsing around spending all you have and realize that you are already old and have no nest egg to fall on, except maybe your pension.

Have an ultimate financial dream and write it down. Then begin to take proactive action to make those dreams come true.

9. Keep it simple

No matter what you do financially, keep it simple. Don’t overcomplicate your portfolio with so many investments that you cannot tract and please oh please, don’t invest in something you have no idea about.

There’s a saying that goes like this, “Keep it simple, stupid.”

If you know nothing about investing and creating a portfolio, get someone that has been in the game for long to direct you to a good CPA (certified public accountants) to advice you on what next to do.

10. Write down your financial goals

Just like having an ultimate financial dream, you should also have smaller financial goals for the day or the week and write them down. These will act as guides for your daily or weekly financial life and help you to spend your money more wisely.

It’s so important to write it down. A written goal gets ingrained in your mind.

Conclusion

These are the 10 personal finance habits you must have and they are not exhaustive, you should look to other sources also to find out how you can make your financial life healthy.

If this post has been helpful to you, you can leave a comment below letting me know how it has helped you make your financial life better.

About the Author: Maku Seun is a published author, speaker, serial entrepreneur, a blogger and the owner of www.makuseun.com from Abuja. He has a passion in equipping people with the mind-set to challenge the status quo and chase their dreams. Click here to visit his website.

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More than 1 billion people are starving in the world For the majority in the West, poverty is considered to be synonymous with hunger. As per the announcement by the United Nations Food and Agriculture Organization, more than 1 billion people are starving in the world.

But is this actually the truth? Are there truly 1 billion people who go to bed hungry every night?

They have collected data, spoken to the poor, what they eat, what they buy and they’ve even tapped into their wealth.

What they found out is that the story of poverty and hunger is way more complex than any other theory.

On the other hand, there is another world which is being measured by the number of millionaires and billionaires.

At yet another part of the same world, where more than a billion people go off to bed without having their portion of food for the lack of money to buy them.

There is a striking difference between the lifestyles lead by both these groups and as per the current economic state; there can even be no such way of bridging the gap between the richer and the poorer.

Giving or donating is a virtue which very few practice in today’s world. Why should we give? What is the importance of giving? Let’s take a look.

Importance of giving

• You facilitate encouragement: When you help someone or offer you help to some needy person, you actually facilitate a strong encouragement. In giving, there is kindness and compassion which can temporarily or even permanently uplift the person’s nature or his rough situation, which he is going through. Giving conveys a sense of strong faith and a spirit of ‘I believe in you’ which can act as one of the best sources of renewal for a person who is hurt.
• You set an example: When you offer you helping hand to someone who’s needy, you set a true example of kindness. If your children or anyone else see you helping the needy, they can learn a lot from you. So you become an example to your friends, family, and children.
• Sets a positive tone: When you give to others, it sets a powerful and positive tone for the entire day. Since you’re kind enough to others, you experience high levels of happiness and fulfillment and this radiates a sense of attractiveness which others are attracted towards. So, you can successfully set a positive tone for the entire day through such acts of kindness.
• Creates a rippling effect: When you offer money towards the charity and help others, this creates a profound rippling impact. You can never imagine how your single act of kindness can change lives in multiple ways than what you could ever imagine seeing you, there will be many others who will start following you.
• You make a difference: Lending your helping hand is perhaps the easiest thing that you can ever do your life to make a huge difference. This can definitely have a momentous impact on others lives and you will be rather proud of bringing about this change in the lives of others.
• Changes you in a good way: You grow when you give and when you become selfless. Selflessness and giving to the needy changes you in a remarkably good way which you might not get through any other way.
• It comes back to you: We are Hindus, and we believe in karma, we say As you sow, so shall you reap. When you bring a smile to others someone will pay it forward to make you smile in some form or other.

Have a budget for charity, have the heart to donate and be prudent to give where it’s needed most. check a charity’s credentials before giving to them.

You can find more information on the people starving at world hunger website.

So, are you intrigued by reading the above-mentioned points?

If answered yes, keep giving as much as you can to the needy and to the starved. Think twice before wasting your food as there are so many people who don’t get their regular portions of food.

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