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Life Tips for Personal, Financial and Business Growth

Finance

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Tips For First Time Home Owners in 2018

There is no more exciting time in your life than buying your first home. Although it is a big commitment, it marks a major milestone and gives you somewhere to call your own. Whether you plan to move in by yourself or with your partner, it really is a wonderful time.

Of course, as a first-time buyer, you have not been through the whole process before. This can make it all seem a little confusing or overwhelming. If you feel like you need some help in making that first move, read on.

The best tips for first-time buyers in 2018

With so much to think about, it is always worth getting a few tips on how best to approach buying your first home. The below should give you just the helping hand you need:

  • Think about location – This first tip actually is for before you buy your new home, but it’s worth factoring in anyway. Be sure to fully consider the location of any home you buy and what amenities it has close by. Also, be sure to check how easy it is to get to your work and any transport links available. All this will make sure you own your first home in an area that is suitable for your needs.

 

  • Get to know your neighbors – In fact, it is great to get to know as many people in the local area of your new home as possible. Not only will this help you settle into your house but also help you integrate into the community. It will also mean that there are plenty of people to call on for help or advice if needed.

 

  • Choose a home warranty – Ideally, you should try to take out a home warranty as a first-time home owner. These warranties are to cover against the repair or replacement of the major appliances and systems in your home. It is much safer and easier to budget for than suddenly getting a huge bill when your boiler or central heating system fails in the winter months.

 

  • Think about your finances – Making sure to really think about your finances when you become a home owner is key. This is especially important for first-time buyers who might not have a lot of savings left in the bank to fall back on. These considerations should start before even buying your home, by asking yourself the question ‘How much home can I afford?’ and using this formula of 28% of your gross income to be sure. Once you are settled into your home, make sure to devise a budget to keep yourself financially stable.

Owning your own home is fantastic

There is no doubt that owning your own home is amazing as a first-time buyer. While there are lots of things to think about, both before and after the move, you will love having your own sanctuary to relax in. Take the time to think about the above tips and you will be able to look forward to a blissfully happy time in your new home.

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How Can You Balance Risk And Reward When Investing

Investing can be overwhelming for a lot of people. This is especially true for younger people who might not have a lot of experience, or for people who have been burned in the past.

New investors constantly hear that they have to balance risk and reward, and have an equal amount of both in their portfolio. There are so many concepts to think about within that larger idea of balance, however.

For example, there are options that range from highly safe but with low returns, all the way to trading penny stocks, which is risky and speculative but can create big rewards.

What is the right mix of risk and reward? How do you combine taking risks that could pay off, with protecting yourself against potentially big losses?

Three of the main considerations to keep in mind when it comes to balancing risk and reward are the horizon, personal objectives, and risk tolerance. For example, if you’re saving for the long-term, you might take more risks with your investments because you have longer to shoulder the burden of losses in the short-term. Of course, these are just the initial concepts to keep in mind.

The following are some things to know about striking a balance between risk and reward when it comes to investments.

Know the Risks of Investment Categories

First and foremost, there are different asset categories, and they have different levels of risk. One of the lowest risk actual investments you can have are government bonds. They have a small annual return, but they provide security and peace of mind.

Next on the scale are corporate bonds. The annual return is slightly higher than government bonds, but still not massive. From there are equities. The riskiest options are small-cap equalities and biotech explorers.

Even just knowing how assets break down regarding risk and reward can be a good starting point, because it can help you create a framework for balancing your portfolio.

Understand the Types of Risks

Different types of risks occur within financial markets, and these are important to understand as well.

For example, market risks are things that don’t have anything to do with the specific company you’re investing in. Market risks are things like inflation or market conditions. Changes in public and economic policy heavily influence market risks.

There are company risks as well. These may not just be specific to the company, but maybe the entire industry it’s in.

Then, there is financial risk which is more related to you at the individual level.

When you’re thinking about personal risks, ask yourself your reasons for investing, the time you have to invest, returns you hope to make, and also your general level of risk tolerance or aversion.

If you’re someone who doesn’t want to take on a lot of risk in your investment strategy, you’re going to have to think about the fact that you’re returns are going to be lower. In this instance, you’re going to have to invest more or invest for longer.

You shouldn’t underestimate the importance of your personal comfort. A lot of people want to go so far in one direction or the other when it comes to investing, that they’re ultimately not comfortable with their strategy and portfolio. You don’t want to feel anxiety about your investments, so try to remember that as you’re making specific decisions.

Mixing Investment Strategies

One of the only real ways to balance risk and reward when investing is to have a diversified and well-balanced portfolio. No matter your comfort level with risk, if you have a balanced portfolio, it’s the best option.

Diversify across not only companies but also sectors. Look at different options from low-priced stocks that are highly risky but could bring strong rewards, to safe, steady bets.

Along with diversification of the actual stocks and asset classes you invest in, you might want to think about mixing what is described as aggressive and defensive strategies. Aggressive strategies allow for maximum returns even over a long investment timeframe, while defensive strategies minimize risk.

Finally, as you look to strike that ideal balance between risk and reward, the best thing you can ultimately do is educate yourself. The more you learn, the more readily able you’ll be to design a strategy that works for you financially and personally.

You can learn not only about the broad terms and concepts related to investing, but also the more specific elements and niche concepts. Take courses online, read guides and try to educate yourself on as many investment options and strategies as possible.

 

 

 

 

 

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Big Marketing Tips To Put Into Action

If you aim to attract brand new customers, it’s well worth putting new marketing strategies into action. If you’re interested, simply continue reading to discover a few big marketing tips, which will increase your customer base and your profit margin.

Big Marketing Tips To Put Into Action:

1. Reward your past customers for their business by offering exclusive gifts or offers

One way to convince past customers to spend their money with your business again is to send your past customers free samples or to send them an email, with an exclusive percentage discount off their next purchase.

2. Offer free gifts with purchase

You may want to run an advertising campaign, which promises customers a free gift with every purchase over a minimum amount. As most individuals can’t resist a free gift. If you’re interested in this particular idea, you may want to advertise your free gifts on social media sites such as Facebook, Twitter, and Instagram.

3. Consider paying popular social media influencers to promote your goods or services

If your business’ social media accounts have a limited amount of followers and likes, you may want to consider reaching out to popular social media influencers, who will be able to promote your business, in exchange for a one-off payment. Just be sure to pick influencers such as bloggers and vloggers whose personal brand fits your brand.

As an example, if your business is an online boutique which sells trendy clothes, jewelry and accessories, it’s well worth reaching out to fashionistas who boast tens of thousands of Instagram, Twitter and Facebook friends and followers. As if they post photographs of your products on their popular social media accounts, your products and business will be exposed to an audience of thousands of potential new customers.

If you’re keen on this particular idea, you may want to give your chosen blogger a unique code, which they can give to their followers. Which will give their followers a small 10% discount on their first purchase.

4. Hire a booth at an applicable trade fair or expo

One way to promote your business to book a booth at a local trade fair or expo. As an example, if your business sells jewelry, you may want to book a booth at a wedding expo or at a women’s expo. Whilst if your business sells travel related products such as luggage, you may want to attend as many travel expos as you can, in order to expose your products to new customers.

Also make sure to provide booklets which feature your top selling products as well as business cards, so potential customers can make their first online order at their own convenience. As in today’s day and age most individuals will want to conduct their own online research, before making a purchase.

5. Consider giving your website an overhaul

One way to encourage visitors to your website is to pay for a professional web designer to overhaul your primary website.

So if you’re interested in overhauling your marketing strategies, make sure to implement at least a couple of the fool proof techniques listed above.

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5 Ways To Invest Your Money

Unfortunately, if you leave the bulk of your money in a long-term savings account, you’re likely to make 2% interest per year on your bank balance. So if you’d like to find more lucrative ways to double your money, continue reading to discover 5 smart ways to invest your money.

5 Ways to Invest Your Money:

1. Consider purchasing shares in reputable index funds

If you’re looking to invest funds in a low to medium risk form of investment, you may be interested in purchasing shares in index funds. Index funds purchase shares from a wide variety of companies, which decreases your risk as if one or more companies experience a crash in stock price, you won’t lose all of your investment. So if you’re looking to dabble in the stock market for the first time, it’s well worth experimenting with investing in reputable index funds.

2. Consider purchasing cryptocurrency shares

In recent years countless investors have made phenomenal profits by becoming early adopters of high profile cryptocurrencies such as Ethereum and Bitcoin. If you’re not afraid of a bit of risk, you may want to consider investing a small proportion of your disposable income, into purchase cryptocurrency shares. If possible purchase your shares when the share price of your chosen cryptocurrency has taken a dip. As ideally, you’ll want to purchase your shares for a low price and sell them when they double in value.

3. Consider purchasing stocks in well known, international companies

Alternatively, you may be interested in investing your hard earned money in purchasing stocks from international companies who have performed well in the past 5 years. Examples of which include Apple stocks, Amazon stocks, and Ali Baba stocks. Before making a sizeable investment, just ensure to see how the stocks you’re interested in purchasing have performed over the past 2 years.

4. Think about investing capital in purchasing gold or silver

If you’d prefer to invest your capital into a tangible product, rather than intangible products such as virtual cryptocurrencies, which are kept in digital wallets, you may want to consider investing in gold or silver. As while gold and silver stocks occasionally take a price dip, in the long term gold and silver always increases in price as there is a limited, finite amount of gold and silver in the world. So gold and silver will become more scarce with each year that passes.

5. Consider becoming a stakeholder in a start-up business

If you have a knack for business and for calculating whether a business venture is likely to be profitable, you may want to consider becoming a stakeholder in a start-up business, which requires capital. Just be sure to choose a company whose vision you share and which boasts hard-working, innovative owners, who are determined for their business to succeed.

If you’re able to provide a business which you’re interested in becoming part of with valuable skills or advice, you may even be able to negotiate a higher percentage stake in the business, which you’re interested in!

So if you’re determined to use your savings in order to set yourself up for an early retirement, it’s well worth investing in some of the lucrative ideas listed above.

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5 Valuable Tips For Buying A House

If you’re interested in investing in a brand new property, continue reading to discover 5 valuable tips for buying a house.

5 Valuable Tips for Buying a House:

1. Tour as many properties as you can, in order to learn about the current state of the property market

While you may fall in love with the very first property which you come across, it’s well worth touring as many properties as you can. As the more properties you tour, the better idea you’ll get of what style of house, you can afford with your budget.

As an example, you may find that you’ll be able to make an offer on a 2 bedroom home in your ideal neighborhood or that you can purchase a larger 3-4 bedroom house in a neighborhood which is located further away from your dream area.

2. Consider bidding for a property at auction

If you’re interested in purchasing a property at a heavily discounted rate and are in no rush to purchase in a new home, you may want to consider bidding for a dream property at an auction. If you require a mortgage in order to purchase your dream home, just make sure to talk to your bank manager ahead of the first auction which you attend, in order to get

3. Ask yourself whether or not you’re comfortable purchasing a fixer upper

While many individuals are comfortable paying a premium, to move into a house which has recently been renovated and requires zero repairs, if you’re looking to purchase a house at an affordable, competitive rate, you may want to consider purchasing a fixer-upper.

While a fixer-upper may require a bit of TLC, you should expect your property’s house price to rise by a significant amount, after completing all of your repairs. As an example, if you spend $10,000 overhauling your kitchen and your bathroom, your house price may increase by $40,000. Which means that you’ll make a tidy profit if you ever choose to sell your property!

4. Consider purchasing one of the cheaper properties in a street or neighborhood

Another way that you can ensure that you purchase a home, which will increase in price over the next decade is to purchase one of the cheaper properties which may be listed for sale, in a street or neighborhood which you’re interested in relocating to.

5. Make sure to get an independent inspection completed, before signing a legally binding contract

If you find your dream house, your next step should be to hire an independent property inspector to complete a detailed report on the house which you’re interested in purchasing. As they may very well find faults, which should decrease the property’s asking price. As an example, while a house may seem structurally sound, it may, in fact, require expensive structural repairs, which you may not be able to afford.

So if you’re in the market to purchase a new property, it’s well worth keeping the 5 valuable property tips listed above in mind, when it comes time to search for the perfect property.