Almost everyone dreams of financial freedom where they can afford to purchase what they want without worrying about living expenses and mounting debt. A recent survey shows that 67% of Americans want financial freedom. This freedom is attainable, but it doesn’t happen overnight.

Your current decisions, choices, and, most of all, your habits can affect your financial future for better or for worse. Consistently cultivating good financial habits can secure your finances, ensuring you are debt-free and can afford the life you have always dreamed of.

If you want to enjoy a debt-free and financially secure future, then perhaps adopting the following habits in this article is worth adopting in the present.

No. 1

Live below your means

This is probably the most basic and redundant point you’ve heard over and over again. But as simple as it sounds, many people fail to practice living below their means. It simply means spending less than you earn and avoiding unnecessary expenses.

Start by understanding your current financial habits and determine unnecessary expenses that you can do without. Next, create an effective, cost-saving budget and stick to it. Practice frugality by distinguishing between luxury wants and essentials or needs.

Of course, that will require a lot of financial discipline. But don’t end there; look for other ways to cut back on your spending and re-channel the extra money into paying off debt and saving for emergencies.

Try to be content with what you have instead of comparing yourself with others. This way, you’ll not be tempted to invest in unnecessary things simply because someone else has them. This habit will allow you to save and invest for your future while providing a financial safety net for emergencies.

No. 2

Drop all the unhealthy habits

Health is wealth; you’ve probably heard it said several times. The two reciprocally affect each other. For example, the healthier you are, the less you’ll likely spend on expensive medications and medical processes.

Also, staying healthy means you will be strong enough to work, earn, save, and invest. It’s almost impossible to have financial stability if all your savings go into health-related expenses in the future. So, you might want to start dropping all those unhealthy habits.

Things like smoking, heavy drinking, and substance abuse can easily take a toll on your physical and financial health. If you’re struggling with substance abuse and addiction, start seeking treatment as soon as possible.

Thankfully, addiction recovery and rehab centers like the Numa Recovery Centers can help you detox and rehabilitate, eliminating your financial barriers to treatment. Also, consider preventive practices like regular exercise, eating a balanced diet, getting enough rest, and going in for regular health examinations.

No. 3

Learn as much as you can about financial literacy

Financial literacy will play a key role in your ability to make the right money moves or investments. You can successfully live below your means and save money, but the wrong investment can ruin all your years of sacrifice.

To navigate complex financial landscapes, it is advisable to expand your financial knowledge by reading books, listening to finance podcasts, attending seminars or workshops, or seeking personalized advice from experienced professionals. Engaging with experts who provide tailored investment strategies can protect and grow your assets. They will equip you with the insights to make informed decisions and avoid costly mistakes.

Takeaways

Achieving financial freedom is a goal that requires discipline, planning, and perseverance. It is not just about having a large bank account but about having control over your finances and being able to pursue your goals and dreams without being hindered by monetary constraints.

Living life on your terms includes discipline, which is the cornerstone of any achievable goal. By adhering to a budget, saving diligently, investing wisely, and living below your means, you can set yourself on the path to financial freedom.

Remember that financial freedom looks different for everyone, and the journey will have its ups and downs. Stay focused, stay committed, and keep working towards a future where your finances support the life you want to live.

Starting and running a small business is a fulfilling yet challenging journey. Success in this endeavor requires more than just a great idea or product; it involves strategic planning, financial wisdom, team building, risk management, technology adoption, and effective marketing.

In this article, we explore crucial strategies to help small business owners build resilience and navigate the path to success.

No. 1

Navigating the Challenges: Strategies for Overcoming Common Small Business Obstacles

Small business owners often face a variety of obstacles, from financial constraints to market competition. Overcoming these challenges starts with thorough market research to understand the needs of your target audience and the dynamics of your industry.

Effective cash flow management is critical; always prepare for lean times by saving during peak periods. Additionally, differentiating your business offerings by emphasizing quality, customer service, or innovation will help you stand out in a saturated market.

No. 2

Financial Health: Key Financial Management Tips for Emerging Businesses

Maintaining financial health is paramount for any small business. Start by creating an LLC, setting clear financial goals, and budgeting meticulously in the following ways:

1. Expenses - Keep personal and business finances separate to ensure clearer financial oversight.

2. Accounting Software - Invest in accounting software or services to manage your finances accurately.

3. Financial Statements - Regularly review your financial statements to identify trends and make informed decisions.

4. Emergency Fund - Establish an emergency fund to provide a safety net that helps your business weather unexpected financial storms.

No. 3

Building a Strong Team: Hiring and Retaining the Right Talent for Your Business

Your team is the backbone of your business. Attracting and retaining the right talent involves creating a positive workplace culture where employees feel valued and part of the business's success.

Offer competitive salaries, benefits, and opportunities for professional development. Foster open communication and encourage feedback. Recognizing and rewarding your employees’ contributions will also boost morale and loyalty.

No. 4

Risk Management: Protecting Your Business from the Unexpected

Unexpected events can significantly impact your business operations and financial stability. One key area of risk management for many businesses involves vehicles. Whether used for deliveries, sales visits, or other business needs, they must be protected from liabilities.

Commercial auto insurance is essential for protecting your business against the financial consequences of auto accidents, theft, and other vehicle-related risks. This insurance not only covers repair costs but also protects against liability claims that could arise from accidents. Investing in comprehensive commercial auto insurance ensures that your business can continue operations with minimal disruption, even when faced with unforeseen events.

No. 5

Leveraging Technology: Tools and Technologies to Streamline Your Business Processes

Technology plays a pivotal role in enhancing efficiency, reducing costs, and improving the overall customer experience. Small businesses should leverage tools such as:

1. Cloud Computing - Provides easier data access and storage.

2. Customer Relationship Management (CRM) Systems - Manages customer interactions.

3. E-commerce Platforms - Expands market reach.

4. Automation Software - Frees up time from repetitive tasks to focus on strategic growth initiatives.

No 6.

Marketing Your Business: Effective Strategies to Reach Your Target Audience

Effective marketing is essential for attracting and retaining customers. Start by identifying your unique value proposition and understanding your target audience. Use a mix of online and offline marketing strategies to reach your audience where they are most active.

Content marketing, social media, email marketing, and SEO are powerful tools for building online visibility. To enhance your digital marketing efforts, it's crucial to stay updated with the latest SEO practices. Implementing effective SEO strategies can significantly boost your online presence and attract more potential customers.

In addition, do not overlook the value of traditional marketing methods like networking events, local sponsorships, and word-of-mouth referrals, which can also drive significant business.

Takeaways

Building a resilient small business requires a multifaceted approach. From navigating challenges and maintaining financial health to building a strong team, managing risks, leveraging technology, and implementing effective marketing strategies, each element plays a vital role in the journey to success.

The real estate market presents enticing opportunities for investors in 2023. Regardless of where you live in the world, properties are displaying a substantial profit margin for both old and new investors.

The opportunities to invest in the real estate market hoping for lucrative returns are plentiful, and with the proper strategies and decision-making processes, there is much success to be achieved.

Singapore, for instance, has a large immigrant and youth population that is constantly on the lookout for great opportunities for investment.

While it is possible to make booming profits from rentals, leases, and resales, knowing where to put your money is essential. Achieving a fool-proof investment requires a strategic and well-informed approach.

In this article, we will explore seven essential tips to help you navigate the real estate market with confidence and increase your chances of a successful investment.

No. 1

Define Your Investment Objectives

Clearly defining your investment goals is paramount. Are you aiming for long-term appreciation, rental income, or a balanced combination? By establishing precise objectives, you can tailor your investment strategy accordingly and make choices that better align with your goals.

 No. 2

Conduct Thorough Market Research

Before delving into real estate, it is crucial to arm yourself with comprehensive market research. Stay abreast of the latest trends, market conditions, and local factors that influence real estate prices.

If you plan to invest only to rent the property, speak to agencies about mortgage rates singapore and what homeowners can expect. This knowledge will empower you to make informed investment decisions and capitalize on favorable opportunities.

No. 3

Emphasize Location Selection

The significance of a location cannot be overstated in real estate investment. Consider factors such as job growth, amenities, schools, and infrastructure development. Investing in areas with high growth potential can significantly enhance the value of your investment over time.

No. 4

Conduct Thorough Property Analysis

Thoroughly analyzing the properties you are considering is essential. Evaluate their condition, the potential for value appreciation, and rental demand. Seek properties that align with your investment goals and have the potential to generate favorable returns.

No. 5

Establish a Realistic Budget

Prudent financial planning is fundamental to a fool-proof investment. Set a realistic budget that encompasses not only the property price but also additional expenses such as maintenance, taxes, and potential renovations. This will help you avoid financial strain and ensure a more stable investment.

No. 6 

Explore Financing Options

Exploring various financing options is critical to optimizing your investment. Research loan programs, compare interest rates, and evaluate down payment requirements. Identifying the right financing option that suits your needs will enable you to maximize your investment potential while effectively managing your financial obligations.

No. 7

Seek Professional Guidance

Never underestimate the value of collaborating with experienced real estate professionals. Engage knowledgeable agents, brokers, and attorneys who can provide expert advice, guide you through the process, and help you make sound investment decisions. Their expertise will prove invaluable in ensuring a seamless investment journey.

Takeaways

Investing in real estate in 2023 offers promising prospects, but it demands a strategic approach to maximize your chances of success.

While this article can be a great resource to understand how you can avoid the most frequently-made investment mistakes, you also must understand the local market.

Arming yourself with knowledge, exercising prudence, and taking confident strides forward will guide you toward securing a prosperous future through real estate.

Marianna Hewitt celebrating International Women’s Day with Oak and Fort, a modern lifestyle brand which is not only woman-founded but also led by women. Since the launch of her flagship product, the Jet Lag Mask, she has been a great force in the wellness and self-care movement, inspiring others with her success.

Operating a new business can be an exciting, but daunting adventure, with several factors to consider before leaping. Statistics show that more than 50% of all small businesses collapse before their fifth anniversary.

Before opening your doors for business, there are various critical stages, from drafting a business strategy and collecting money to building a brand and establishing operations. A detailed checklist ensures you cover all the crucial bases and set yourself up for success.

01

Knowledge or ability

Obtain the required skills and knowledge necessary to succeed in your chosen industry once you decide on the type of business you want to establish. Although it will take time and work, you will have all the information you need to launch your business idea from scratch.

Since it is critical to have a business plan, gathering all of the pertinent reseach will make it that much easier to compile all of the data you need. By creating a business plan, you will determine if your service is in demand and if it is worthwhile to pursue the idea in the first place.

If you have the appropriate expertise, create a business plan independently. Alternatively, you can always seek the assistance of an experienced business consultant.

02

Staffing

Your staff can either grow or destroy your business. Without competent human resources, no company can thrive. Therefore, you must enlist a team of knowledgeable staff who plan to attract the right talent for you company.

Additionally, consider collaborating with a recruiting agency to fill your openings with competent people. Furthermore, several websites make it easier to find the right type of candidates you are looking for.

Enlisting help from a staffing agency might ease your work and save you money. So, it is worth the extra step. You must also factor in training in addition to hiring the right people, so keep this in mind, too.

03

Start-up costs

Estimating your start-up costs is one of the most important variables when starting a new business. It would help if you calculated the whole cost of starting and running your business. For instance, the start-up costs for a manufacturing unit you want to create might be high.

Consider the cost of the land or building, the industrial setup, the acquisition of machinery and equipment, the investment in furniture and office supplies, and a variety of other assets that will require funding. Similarly, a retail business will have start-up costs for construction, interior remodeling, and showroom design.

Once your business is formed, you must consider the operating capital needed to keep it running. You must examine the inventory you maintain on hand, the credit you can provide your customers, and the credit you may receive from suppliers.

However, you should not constantly rely on credit from suppliers, especially if you are a newcomer to the sector. Avoid company debt in excess when you start funding your business as this may hinder your growth in the future.

04

Legal licenses, permits, and insurance

Addressing the legalities of running a business is not the most enjoyable aspect of beginning a retail business, but it is necessary. You must decide on your business structure, ranging from single proprietorship to corporation.

It is typical for merchants to form limited liability corporations to reduce personal risk, but make sure you receive legal counsel before deciding on the best business structure for your specific circumstances.

Before opening a retail business, you should also extensively investigate what licenses and permissions are necessary for your area. Verify federal, state, and municipal government requirements because regulations vary. Some applications take a long process, so start as soon as possible.

05

Competitors

Look into the companies that provide comparable goods or services. You may learn about their target markets and the places they serve.

If they serve a comparable demographic, consider opening stores further away from them or focusing on a different market. You might also join a local chamber of commerce or entrepreneurial group to meet individuals working on similar projects.

06

record-Keeping

Before establishing your company, devise a method for tracking your sales, income, expenditures, and operational costs. With the help of an organization, you may track your expenditures and file your taxes. Consider hiring an accountant or studying software options that can automate some tasks to help you with this.

07

Payment processing systems

Installing payment processing hardware is essential. Buy payment processing equipment such as credit card readers, POS systems, or mobile card readers. Be certain that the equipment is compatible with your payment processor.

There are numerous types of credit card machines, each with its advantages. Countertop, mobile, virtual, and integrated point-of-sale (POS) systems are some of the most frequent credit card terminals. Mobile terminals are ideal for companies that sell on the move, such as during trade exhibits or events.

Takeaways

Starting a new business can be challenging but achievable by implementing the right strategies from the beginning of its inception. Consider adopting this checklist to achieve the best results for your particular venture.

With so many resources available online, you are sure to gather the best tools and resources available. Take advantage of the many advances in technology that will allow you to automate common tasks and processes. This will allow you to free up your time to focus on your business strategy, growth, and expansion.

Likewise, Hello Lovely Living is here to support you with your business endeavors, so feel free to reach out to us for a free consultation on the many graphic, web, and digital marketing services available.

Have a pricing guide to present to your clients that showcases all of your services and payment terms.

Running your own marketing business can be a gratifying way to earn a living on your terms doing something you love, but it can be pretty stressful at times, especially when you are struggling to get a client to pay you on time.

There is nothing worse than when a client will not settle their invoice. You spend too much time chasing them and stressing about what you will do if the money does not come through. The good news is there are several things you can do to ensure your marketing business gets paid on time.

01

Send prompt invoices

Using software to send payment invoices automatically when a job is complete is an excellent way to get paid on time because the sooner you send the invoice, the sooner it is likely to be actioned by the client. It does not always work out that way, but as a good first step, immediately sending out your invoices is helpful, and it is simple to do with an automated system.

02

Create clear terms and conditions

Right from the start, when working with a client, no matter who it is, you should ensure that you have a written contract with transparent terms and conditions around every aspect of your time working together, including payment timescales.

By creating a detailed contract, you will ensure that both parties know what is expected of them, and you can ask for payment at a specific time. You can also create a clause that lays out the fees you will charge for late payments and what will happen if a payment is not forthcoming so that you have legal recourse should the worst happen and the client refuses to pay despite you holding up your end of the bargain.

Have a company profile to present o your clients. It includes a pricing guide so that all bases are covered prior to you working together.

03

Track payments

One thing you should always do as a small marketing business is to track the payment patterns of your regular clients. Doing this is one of the best ways to reduce the risk of your company not being paid on time or, even worse, not being paid at all.

If you track payment patterns and you find, for example, that X company always pays a month late or that you have to endlessly chase Y company to pay at all, then you can make decisions about firming up their contracts so that they settle their debt in a more timely manner. You could also opt to refuse to continue business with them at all if it is too time-consuming and stressful to chase them. This will put your business in a much better position from now on and reduce the odds of you losing money in the future.

04

Offer incentives

If you are struggling to get paid on time, then take a leaf out of the marketing playbook and offer your clients incentives to pay just like you would create incentives for customers to buy products from your clients.

If you offer, say, a 10 percent discount for early payers or a freebie for clients who pay on time when it comes to them making their next order, you will find those slow payers suddenly become prompt at paying off their invoices., and everyone wins. Of course, only do this if you can afford to do so, and it is built into your business plan, but if it is viable for you, it can be very effective indeed.

05

Offer more payment options

Something else that can help your marketing business to get paid on time is offering multiple payment options--from Paypal to credit cards to bank transfers. By providing a wide range of options, you are making it easier for your clients to complete the transaction, which means they are less likely to hold off on doing so until they can find a convenient time in their window.

It has never been easier to set up numerous payment options, so there is no reason not to do this if you want to get paid on time and have an easier time planning your company's cash flow in the future.

Not getting paid on time sucks, but you can vastly reduce your chances of having it happen to you by simply incorporating some or, even better, all of the strategies above into your business model going forward. If you want to be paid promptly, these changes will help.

The List

Money

✔️

Chime

Chime is a new approach to online banking that doesn’t rely on fees, gets you your paycheck up to 2 days early with direct deposit,  and helps you grow your savings automatically.

Their mission is to make financial peace of mind a reality for everyone. They are doing that by changing the way people feel about banking.

Chime’s business was built on protecting its members and making managing your money easy. “We’ll never profit from your misfortune or mistakes, and everything we build is focused on improving our members’ lives.” - Chime

Earn $100 when you join Chime and receive a qualifying direct deposit.

✔️

Moneylion

Earn up to $60 when you use code $hellolovelyliving when you join MoneyLion.

This month, Marianna Hewitt and Lauren Ireland celebrated their 5th birthday celebration at Upside Pizza in NYC. They have been successful in understanding their customers’ needs since the launch of their flagship product, the Jet Lag Mask, and have since launched many other products. Their nostalgic pop-up events like this one with a Self-Care shop incorporate the iconic Summer Fridays branding to achieve a memorable experience for their customers.

01

Understand Your Customers’ Schedules 

Many freelancers paid by the hour must abide by time clock rules. This often means they are responsible for logging their working hours and dedicating a set amount of time each day to a project. Understand your customer schedules and how it corresponds to your routine. Ensure you are fulfilling your contractual obligations, especially when it is tied to whether you get paid.

02

Stick To A Routine

As a freelancer, you are largely responsible for managing your time. We all have routines, and you know what works best for you. But basic rules like the time you get up, eat, and sleep will help you stick to a routine and avoid you working unusual hours that leave you feeling run-down. Try to work a set amount of hours each day, take regular breaks and create a schedule that will help you stay consistent.

03

Set Boundaries With Clients

Make it clear to your clients when you are available. If you are working with clients outside your time zone, try to find some overlap in your working day where you can connect if needed. Respect your boundaries and ensure your clients know exactly when you are and aren’t reachable. This will also help establish a good working relationship with your customers and give you a clear work-life boundary.

04

Seek Financial Advice

Seeking financial advice can directly tie into the hours you work. If you are having cash flow problems, the earlier you know, the quicker you can explore new avenues for business growth and regain control of your time. The more money you earn is directly tied to the hours you work as a freelancer, so keeping on top of finances avoids spiraling hours to make up for financial losses in the business.

It is also best to pay attention to common personal and business expenses that can easily be prevented by choosing a bank that has no monthly fees, no overdraft fees, and free ATMs. These common expenses can add up, so this decision will be very important to avoid unnecessary expenses down the road. We are impressed with Chime because it checks off all the boxes and makes banking smarter. Earn $100 when you join Chime. Learn more.

Social media template and theme planning and scheduling tools can automate daily tasks that are often time-consuming.

05

Use A Project Management Tool

A project management tool like Asana can help you organize your time and meet your schedule and deadlines. When you are extremely busy, a project management tool can help keep you on track and ensure you can complete your projects to deadline and budget. Project management tools can help you break down large tasks into more manageable ones so that you can be more effective with your time.

06

Make Sure You Switch Off

Managing work-life balance as a freelancer can be challenging. Nonetheless, switching off is an essential part of being effective. Make time for yourself, whether protecting your hour lunch break or ensuring you finish at a reasonable time in the evenings. Do what helps you switch off best, whether that’s playing a video game or going for a run. 

Get social media templates and themes, scheduling tools, and graphic design support to help you be efficient with daily marketing tasks.

07

Invest In Automation

Automation can help you win back vital time as a freelancer. You might invest in social media planning and scheduling, automated email marketing campaigns, or prompts to potential customers that leave their cart on your eCommerce site. You can look at opportunities to automate tasks like sending invoices or payment follow-ups to help you win back time you can spend on other areas of your business.

08

Define A Reminder Schedule For Payments

Spending valuable time chasing your invoices? Setting a reminder payment schedule is vital to appearing professional and saving time. Following up on overdue invoices is stressful and, when done manually, can eat into your working hours. Setting clear reminders and payment deadlines is vital to saving yourself time as a freelancer.

09

Get To Grips With tracking your time

Do you know how long it takes you to complete tasks? An accurate picture of your tasks can help you manage your working hours and get the right project timelines. It also ties into your payments. Recording your timelines ensures you set accurate prices for your goods and services. Underestimate your hours, and you risk getting both underpaid and working extra hours to complete pieces of work.

10

Block Off Time

Blocking off chunks of time to focus on specific tasks can help you get into a flow state and manage your workload better. A flow state refers to becoming fully immersed in whatever you are doing. It describes when people achieve their best work with focus and clarity. Giving yourself allocated hours to focus on specific tasks can help you achieve a flow state and make the most of your time. Physically block off hours in your calendar to complete your projects.

11

Document Everything

Document all your workflows and processes. Identifying your business operations can help you identify where you can streamline and template your work. It is also great when your mind is blank, as you can refer back to something you have drafted previously as a prompt. Documentation is great to review as your business scales, as it can be used to train new employees or collaborators quickly and effectively.

12

Give Yourself Buffer Time

Even if it takes you three hours to complete a task, it doesn’t mean you should only give yourself three hours. Buffer time is essential as a freelancer. It protects you on days you feel tired and ill, days your boiler breaks or your internet goes down. You don’t need to cram your working days with constantly focused work. Give yourself some buffer time to protect yourself against life’s unforeseen events. 

If you are questioning the value of buffer time as part of your hourly rate, it is still essential. You and your clients would be much happier if you built in time for fact-checking, proofing, and project revisions.

Takeaways

It can be tough to manage your time as a freelancer. Fortunately, resources like project management software and financial advice can help you manage your time as a small business owner. Sticking to a routine, setting clear client boundaries, and managing your timelines are important resources for working effectively. There are also many chances to automate and save time, including drafting documentation, setting reminder schedules, and investing in automation. Try these tips today and see how it helps you manage your freelance business.

@hellolovelyliving in downtown San Diego, CA

Starting afresh in a new city is an exciting prospect for young professionals, but the idea may be scary if you have a family. You may have qualms about finding a lucrative job, logistical challenges, and settling down in a different location. Lawyers are in a good place career-wise because the American legal landscape is thriving, so opportunities abound everywhere. You can consider relocating to expand your horizons, join your partner, or unlock better education for your kids. Let us share a few practical tips for lawyers looking to start afresh in a new city.

Start with mental prep

The first step is to start with mental prep for relocation, and it is all the more crucial if you have a family in tow. Moving to a new city means cutting your professional and social ties in your current location, which is easier said than done. Your spouse and kids may be apprehensive about the move. Moreover, plan for the financial aspects of relocation as it may cost a bit. Once you are mentally ready, you can proceed with your journey.

Research the job landscape

Researching the job landscape of your destination city is crucial. Think long-term because relocating often is not the best outcome. Even if you have a job offer, ensure you review other enticing opportunities and growth prospects in the area. Fortunately, the legal industry is well-placed in the US, so you will probably not struggle much in this context. However, you must explore all of your options and be wise about your final decision.

Connect with local recruiters

Another valuable piece of advice for lawyers looking for a move is to connect with local recruiters to find dream opportunities. After all, collaborating with legal recruiters that know Austin is the best thing to do if moving to Austin, per se. Likewise, you must do it for any part of the country. The sooner you contact a recruiter the better because landing a job beforehand always alleviates much of the burden of making a big move.

Set a realistic job search timeline

Although a local recruiter can help you get a good start, you cannot be too sure about sealing a job offer before relocating to your destination. It may happen, however, relocating before you close on a job offer is not ideal. Setting a realistic job search timeline enables you to stay afloat financially and emotionally. Build a financial buffer to cover at least a few months' expenses so that you need not have to jump on a random offer.

Invest in good networking

Good professional networking can help you get a dream start in any part of the country. Maintain positive relationships with your current employer because their recommendations and referrals can be valuable. Also, connect with legal professionals and recruiters at your destination through professional networks like LinkedIn. Starting early is a good idea because robust networking can speed up your job search prospects. Moreover, you may end up finding some friends in the new location.

Takeaways

Relocation is often a wise career move, but you cannot do it on the fly. Taking the necessary steps for a smooth process well in advance will help to alleviate the stress and anxiety that comes with making an advantageous move. The goal is to gain a new position that propels you even further in your career while aligning you with your personal goals as well. A few things that could be at the forefront of your mind are moving to a better environment for your family and/or substantially increasing your earnings. Whichever reason it may be for the big move, follow these simple steps to be better prepared to land that dream opportunity at your desired destination.

The dream of homeownership is becoming harder and harder to achieve for many people. According to a recent real estate report compiled by Homelight, agents are starting to see that many first-time home buyers are either pausing their home search or giving up entirely. The report also reveals that this segment of homebuyers is making this decision based on the increasing costs of homes and the higher interest rates. But there is another trend that is emerging for such distressed home buyers. Instead of qualifying for homes alone, some potential buyers are teaming up with friends and family, finding a real estate agent, and making the American dream work through co-buying a home. Keep reading to learn more about this emerging trend. 

What is Co-Buying?

If you find yourself in a similar predicament and having a hard time purchasing a home in this current market, co-buying or getting a small home like a DADU may be a great option. But what exactly is co-buying? Traditionally, most home purchases have been completed by people who are spouses. However, for nearly a decade, the emerging trend has been for homeowners who aren’t married couples to purchase a home together. The pandemic and recent interest rate hikes have continued to spawn this trend as middle-class homebuyers are finding it more challenging to buy a home on their own. As a result, friends, partners, and multi-generational family members pool their money and credit together to qualify for a home they can share. They are finding this to be a much more affordable solution than renting which has soared to between 11.3 and 40 percent in some regions of the U.S. 

Why Is Co-Buying Trending?

According to a recent article by U.S News, people purchasing homes with different last names soared 771 percent between 2014 and 2021. Some believe this trend is because housing is becoming less affordable, especially for millennials. Additionally, many homeowners aren’t getting married as young or at all as the previous generations. On top of this, many new home buyers carry much more student loan debt than previous generations. With no other solutions on the horizon, friends and families decide that the best option for attaining the American dream of homeownership is to purchase a home together. Either they are buying existing homes or qualifying for newly built homes. 

Tips on Co-Buying

Although many potential homebuyers are waiting to see where the market goes over the next year, you may want to consider co-buying. Here are some valuable tips to consider if you wish to purchase a home with friends, family, co-workers, or a life partner. 

• Ensure that everyone wants this long-term

• Decide who the principal applicant and the co-applicant are when applying for a loan

• Get a real estate attorney involved

• Try to get a home with people who are financially responsible

• Determine how things will be handled if someone dies

• Figure out how to handle a roommate who refuses to pay or can’t pay bills due to job loss

• Determine how much everyone is responsible for in terms of the mortgage, insurance, bills, etc. 

Takeaways

Co-buying isn’t much different than renting with roommates. The advantage is that you and your co-habitants can build equity in the home that you purchase. The equity can be split upon the sale of the house to help each other get a start on homeownership. This could be an advantageous way to navigate the present roadblocks to ownership until the current market rebounds for buyers.

With more than half of the world’s population now online in these current years, data privacy and internet services have become major talking points. That's why it's no surprise a tech giant like Google introduced an initiative called Chrome Privacy Sandbox. It is due to the concerns about privacy protection and accessibility of internet services in specific regions of the globe.  

Naturally, this has led to an increase in VPN usage. A virtual private network is a service or tool that encrypts your connection and keeps you hidden while surfing online. It offers many attractive advantages for online users looking to better their internet experience. Nevertheless, it can come at a considerable cost as there are also drawbacks to this network choice. For this reason, if you’re considering using this service for yourself or your organization, you’ll need to know what to expect.  

And so, we have gathered some benefits and risks of using VPNs. Read on to know them.

VPN benefits

Accessing Geo Blocked Services

One of the main reasons internet users opt for VPNs is to gain access to websites and online content that is blocked in specific locations. It usually happens with popular media streaming services to protect copyrighted material and intellectual property and implement contractual obligations.  

In this case, a VPN can bypass this geo-blocking by hiding your Internet Protocol or IP address. It is the digital signature that indicates the location of your device. The bypass works best when using VPNs optimized for your region, such as Thailand VPN for users in the country. Therefore, with your location obscured, you’ll be able to access the content you want.  

Keep Your Network Anonymous 

Data privacy has been a topic of consumer rights debate over the past decade. Fortunately, this has led to updated policies where websites need the authorization to collect information about your online activity. They use this information to target specific ads towards you while improving your experience interacting with websites.  

However, many internet users still prefer using VPNs to remain completely anonymous and prevent their browsing history and habits from being tracked and analyzed for advertising purposes. Thus, VPNs provide you the freedom to visit your favorite websites without leaving traces or cookies, and you won’t have to worry about being bombarded by ads in the future.  

Private Data Protection 

Another benefit of using VPNs is that they can hide your private and financial information. This security feature is particularly advantageous for people who use the internet for online shopping and e-commerce websites.  

They protect data from being stolen by hackers who could use your credit card details, banking passwords, and impersonations to swindle your money and identity. VPNs do this by using encryption to scramble your sensitive data into an unreadable code.   

VPN Risks

Malware Threats And Cyber Attacks 

While VPNs are valuable security tools for data protection, they are still vulnerable to malware and cyber-attacks such as phishing and DDoS Attacks. These attacks disrupt your network functionality by overloading it with data so hackers can commence their criminal activities. It is especially the case when using VPNs for financial solutions such as online lending.  

In fact, the main aim of many spoofing and phishing attacks is to spread malware. And once this happens, the entire network can be compromised. Fortunately, some modern VPN providers do offer antivirus and malware protection. However, their effectiveness is still being tested.  

Dubious Privacy Policies 

As mentioned, one can use VPNs to circumvent online activity tracking of third-party websites through anonymity. However, this still depends on the VPN provider, as some have intentionally vague privacy policies. It is the case with many free VPN services as the providers may store VPN logs of your data to sell to advertisers, defeating the purpose of VPN altogether.  

This circumstance presents a significant threat to your data ending up with hackers and cybercriminals. It also doesn’t help that VPN providers aren’t bound to government legal policies in some countries, so there are limited solutions to prevent this.  

Account Suspensions 

Many online services such as streaming sites and e-commerce stores have become aware of VPN usage to gain entry to geo-blocked content. Due to this, they have warned consumers not to use them, while other stringent companies have banned VPNs completely. In those situations, it’s to observe legal licensing terms and protect their network.  

And so, using a VPN under these circumstances risks your online accounts being suspended or terminated in the worst cases. Once this happens, you lose access to your account and all its data and assets. You could also face being barred from using the service in the future.  

Takeaways

The benefits and risks of using VPNs revolve around privacy, protection, security, and anonymity of your data. The provider should be the deciding factor in whether your chosen service can minimize the risks while having a reputation for ensuring the benefits.

Most cyber security experts recommend using VPNs with reputable providers and being cautious with free versions shown on web browsers. Ultimately, it’s your choice to decide whether the risks are worth it to gain the benefits.

Here on the blog, I like to discuss topics around financial health. I believe it’s just as important as any other wellness topic because it does have a huge impact on every area of our lives.

Today, we will be specifically talking about reverse mortgages. It’s a mortgage option that I am just now learning about, and I can assume it is something that many of us aren’t aware of.

This is something great to be aware of if you are currently a homeowner or have plans to become one in the future. It’s so important to be prepared for anything that may arise over the course of your home ownership. It’s a huge purchase and commitment that spans a great part of your lifetime, so the ins and outs are very important to understand. 

I hope that this article is informative and offers some insight into a possible safeguard down the line. We can’t always expect to know what the future will hold, but being informed and prepared for anything that comes our way will ease the stress that is sure to come with any huge life event.

Retirement age may seem like a lifetime away for many of us, but thinking about it when you are young is very important. It’s a day that will come, and if we aren’t prepared, it can be a time of discontentment and fear. It’s much better to anticipate the challenges that will occur during that transition beforehand and to make sure that you have a back up plan if anything comes up.

Losing the income provided by full-time employment can be difficult, no matter how prepared you think you are. Anything can happen, including medical or family emergencies requiring financial resources you may not have. A reverse mortgage is an option that can potentially help you deal with such issues and maintain your financial independence while getting the most out of your retirement when that time comes.

Whether You Need to be Retired to Get a Reverse Mortgage

Technically, you do not have to be retired to get a reverse mortgage, but you do have to be of retirement age. The age minimum is typically 62 for reverse mortgage qualification. The reverse mortgage loan model was specifically developed to help retirees live comfortably and avoid losing their homes. It began in New England in the state of Maine in the 1960s.

How a Reverse Mortgage is Actually Reversed

When you think of a home loan, you probably envision making monthly payments on that loan for several years. If you chose a traditional mortgage, that is exactly what would happen. If you are already feeling financial pressure, that added bill might be more than you can manage. A reverse mortgage allows you to avoid that issue because you do not have to pay any of what you borrow back for a long time. Additionally, you can set up monthly payments from your lender to you. Therefore, it is somewhat like replacing part of your lost monthly income for a period of time.

Qualifications for a Reverse Mortgage the Home Must Meet

To qualify for a reverse mortgage, the home must meet certain requirements. One is it must be valuable enough for the calculated equity available to borrow to be worth actually borrowing. A small home, one in a state of disrepair or one that is otherwise low in equity may not qualify. That is because a proprietary reverse loan calculator must determine enough equity is available. The calculator is an online tool for reverse mortgage calculationthat uses pre-programmed algorithms to calculate the amount available for a lender to loan to you. The formulas are necessary partially due to government restrictions regarding the percentages available to borrow.

Not every home qualifies for a reverse mortgage. That is even true if a reverse mortgage calculator tool would determine the equity is high enough. For example, a home can only qualify if you, as the loan agreement signer, are living there on a regular basis. It cannot be a home you only use as a vacation getaway. You also cannot get a reverse mortgage on most larger apartment buildings. However, an apartment building with four or fewer units may qualify, as long as you live in one and own the property.

The Flexibility of Borrowing with a Reverse Mortgage

As mentioned earlier, you can set up a reverse mortgage so you receive equal amounts monthly while funds are available. However, one major benefit of a reverse mortgage is flexibility. That flexibility extends to how you receive your money. If for some reason you do not want monthly payments from the lender, you can ask for other loan terms. For example, you might want to borrow only what you need when you need it. If so, a home equity line of credit is the solution. Alternatively, you might have one large unexpected expense to deal with. In such a case, you can request one large up-front payment.

I hope that this article was informative and that it provided some insight into your future financial health. Regardless if you choose to explore this route when retirement age rolls around, it is always good to know your options and have security in knowing that there are many available. We can’t predict how the future will be, be we sure can do our best to plan ahead and be prepared even for undesirable circumstances.

Welcome back to the blog! Today, I am bringing you another article on the topic of money and financial health. This topic has been at the forefront of my mind on a daily basis, and I’m sure it dominates your thoughts on the regular, too. It is so important for us to think long-term when it comes to our financial wellbeing. If we want security, we need to plan ahead and be very strategic about the choices we make. Sometimes, all it takes is a shift in mindset to achieve change. Here are ten steps provided by a Hello Lovely Living contributor that will help supercharge your wealth early in life. I hope these give you actionable steps that you can implement right away!

When you’re young, the priorities you have might not seem all that serious in the grander scheme of things. Sometimes you want a nice car, you want to find love, and you want to look great, too. When you graduate, it may even be that you think about finding your dream internship or starting job - and that’s about as serious about the future that you want to get. Most of the time, this is absolutely fine because your twenties are for living, for learning, and for having fun. Yet, sometimes, you absolutely want to think about trying to get a lot more serious about things that are further ahead. When it comes to your career and your finances, you are going to find that the earlier you start, the better. Yet, this can often seem overwhelming.

However, the world of building a lucrative career and growing wealth from an early age can be much simpler than you imagine because it’s the same with everything - the earlier you get started with it all, the easier and more efficient it’s going to be down the line. You know that it’s going to take you a long time to get to where you want to be in your career – especially when you’re in your twenties or early thirties, and the same goes for your wealth. You may not get to where you want to be overnight, but the earlier you start, the better. Let’s take a look at how this can work.

Be Responsible With Your Money

First of all, you just have to begin with being responsible. If you can master this, then any of the following nine points will be painless. Since you have to be financially responsible, you need to be able to manage your own money and not always be asking to borrow from others if you ever intend to be wealthy.

Budget

When you know that you’re ready to be responsible, and you actually want to grow your money, it’s time to create a budget. Take your monthly net salary and divide it up between everything that you pay for. Rent, bills, groceries, clothes, savings, eating out – all of it. By managing your money this way, you’ll have more control over it.

Set Goals

You need to make sure that you’re setting some financial goals because if you want to grow your wealth, you need to be intentional about it. Whether you want to start investing, buy a house, launch a business, travel - anything - you may need to set a goal and then align your financial attitude and actions towards that goal.

Live Within Your Means

For most people, this point seems really obvious, but that’s not always the case. You really do have to live within your means to be wealthy because it’s easy to spend on credit cards and feel as if you can afford everything, but you can’t. You really do have to make sure that you’re only spending money that you have, and this is why budgeting can be so important as it allows you to foresee all of your expenses and set restrictions on your spending.

Spend Wisely

Now, you know that you’re going to spend money – you’re only human - but when you’re buying clothes or groceries or anything else, just make your purchases count. If you are spending wisely and the things you buy are very conscious purchases, you’ll have much more money available to set aside.

Save, Save, Save

The flip side of getting your finances in order and spending well is to then to start saving. First, you’re going to want to start with building a safety net if you don’t have one already. When you have a regular salary, you may wonder why you need money set aside, but it’s important to have an emergency fund in place in case you need cash for any unforeseen expenses that may arise. Additionally, it can get you into a good habit of saving for much larger purchases down the road, like a house.

Plan For The Future

You’re also going to want to make sure that you’re thinking about your retirement. Sure, when you’re in your twenties, this is often the last thing you want to spend your money on because it seems so far away, and you’d rather spend on the here and now, but if you can put away for your retirement now, you’ll have a more lucrative life in old age.

Invest

When you’ve got your savings in place and your retirement covered, you might want to also think about growing your money with investments. You will find that instant access to savings may not give you the best return, so why not make a longer term investment? You could look at tying the money up, buying a property, looking for land for sale, or even other commodities. The idea here is to invest in something that will give you a higher return than instant access savings. If you want to manage your money or your investment income easier, be sure to check out Swissmoney.

Be Secure

Now, it’s important to invest your money early if you really are looking to grow it, but it’s very important to adopt a long-term strategy. Some people think that to invest, you have to bet big to win big, but you may find that the best strategy is to put your money into a reliable stock or bond for a long period of time for the best possible returns. Of course, if you start young, then it’s going to be much easier for you reap larger returns over a much more extended period of time.

Make Smart Decisions

Finally, there’s really nothing more important here than for you to do than just be smart about your money and your financial situation, overall. Always look to save, think about climbing that career ladder and earn more, maybe even consider starting your own money-making endeavors. You know the basics, so stick to them because the smarter you can be about your finances early on, the more financial success you will achieve, and that’s how you build real wealth.

That is it for this post! Thank you to our contributor for giving us very useful steps to get our financial health in order. The sooner we become disciplined about money, the sooner we can begin to benefit from the rewards of it. I look forward to covering more on this topic again soon.

Do you enjoy these types of posts? Let me know what topics you’d like me to cover below.