Author: anwaryusef

Anwar Y. Dunbar is a Regulatory Scientist. Being a naturally curious person, he is also a student of all things. He earned his Ph.D. in Pharmacology from the University of Michigan and his Bachelor’s Degree in General Biology from Johnson C. Smith University (JCSU). Prior to starting the Big Words Blog Site, Anwar published and contributed to numerous research articles in competitive scientific journals reporting on his research from graduate school and postdoctoral years. After falling in love with writing, he contributed to the now defunct Examiner.com, and the Edvocate where he regularly wrote about: Education-related stories/topics, Science, Technology, Engineering and Mathematics (STEM), Financial Literacy; as well as conducted interviews with notable individuals such as actor and author Hill Harper. Having many influences, one of his most notable heroes is author, intellectual and speaker, Malcolm Gladwell, author of books including Outliers and David and Goliath. Anwar has his hands in many, many activities. In addition to writing, Anwar actively mentors youth, works to spread awareness of STEM careers, serves on the Board of Directors of the Friends of the David M. Brown Arlington Planetarium, serves as Treasurer for the JCSU Washington, DC Alumni Chapter, and is active in the Dave Ramsey Financial Peace Ministry at the Alfred Street Baptist Church. He also tutors in the subjects of biology, chemistry and physics. Along with his multi-talented older brother Amahl Dunbar (designer of the Big Words logos, inventor and a plethora of other things), Anwar is a “Fanboy” and really enjoys Science-Fiction and Superhero movies including but not restricted to Captain America Civil War, Batman vs. Superman: Dawn of Justice, and Prometheus. He is a proud native of Buffalo, NY.

7 Simple Ways to Improve Your Finances This Year

My blog focuses heavily on Money/Financial Literacy. Money is something a lot of people struggle with in any financial environment. If you want to win with it, there are a couple of key things you must focus on. The following contributed post is entitled, 7 Simple Ways to Improve Your Finances This Year.

* * *

Source

Life can have its ups and downs. But nothing beats feeling like you’re on track and have it all under control. As much as we might all want this to be the case at all times, that doesn’t always happen. We get thrown curveballs from time to time and it often means we need to change direction or try and get things back in line. The problem is, when that happens, we can tend to feel stressed out and a little stuck. So we don’t always know what we need to do to change things. As much as this can apply to just about any area of your life, it always feels so consuming when it affects your finances.

We all need money to live. We also need money in order to finance our goals and create the lifestyles we want – no matter what they are. So, when we find ourselves in a less-than-perfect financial situation, it can feel really stressful. When this happens, the best thing we can do is take control and make the tweaks that will take us in the right direction.

If you have noticed that your finances have taken a tumble recently and you’d like to get them back on track, you’ve come to the right place. In this blog post, we’re going to run through seven things you can do right now to get your finances back on track.

1. Start Tracking

First of all, the most important thing for you to do here is to become more financially aware of where you’re at. If you’re not tracking your finances, you’ll find that it’s hard for you to make any adjustments or improvements. So here, you’ll want to begin by keeping track of all your income and expenditure. From here, you can then make the right decisions to support your finances going forward.

2. Create a Budget

When you have more visibility around what money is coming in and what’s going out, you can then start to budget a little more accurately. Having a budget is a great way to funnel and guide your money in the right direction. It also helps you to have more control over your money too.

3. Pay Down Debts

When you’re more aware of where you are financially, one of the first things you might want to consider doing is paying down your debts. It doesn’t matter how much you owe and what the debt payments are for, you’re likely to feel more on track as you start to pay them down and get yourself feeling more secure again.

4. Set a Savings Goal

Next up, as you’re starting to pay down debts, you’ll also want to make sure that you’re looking at what you can save. When you have savings behind you, it can feel so much more reassuring. Then, if there’s ever an issue again in the future, you know that you have money to fall back on. Here, you can consider setting a savings goal to work toward. Having a target might make you feel more on track and accomplished when you reach it.

5. Buy a Property

As you start to get your finances back on track, you may want to consider buying a property. This might be your first property ownership experience or it could be that you want to move to a more suitable family home. Either way, you’ll want to get organized here. Not only do you need to organize your finances, but you’ll want to make sure that you have a civil attorney in place too. That way, you can be ready to make your purchase but also budget out all the legal costs that go along with it too.

6. Look into Investments

As things starts to get a little better and you have money in savings, the next port of call is to consider investments too. Savings rates will only do so well for your money – so considering investing in stocks, bonds, and shares might just help you to get a better return.

7. Increase Your Income

Finally, you may want to think about the ways you can increase your income here too. Because when you’ve managed to get your finances back on track, you may want to make sure that they stay there. Only having one income can put you at risk and if you do start to create some investments, that will certainly help. However, from there, you may also want to consider some side hustle ideas that will help you to add more money into the pot and have additional income streams to rely on.

Why Do So Many People Struggle With Money? The Hidden Traps Explained

My blog focuses on Financial Literacy/Money. Like politics and religion, personal finance can be and often is a controversial topic as it touches all of us. Some people do better with money than others and there are reasons for that. The following contributed post is entitled, Why Do So Many People Struggle With Money? The Hidden Traps Explained.

* * *

Pexels – CC0 License

Have you ever wondered why so many people struggle with money? Why is it, for instance, that more than half of people living in the US are doing so paycheck-to-paycheck, without being able to build any savings?

It’s a deep question. But part of it comes down to hidden traps. People simply don’t understand money enough to manage it effectively.

Fortunately, this post is here to help. It explores the real reasons for money struggles and how they emerge. Here’s what you need to know:

No Savings

The first trap is the issue of savings. These are necessary when unexpected expenses arise, but many people believe they can live without them, only to discover later that they can’t.

Poor saving skills are often what leads to debt spirals getting out of control. Cash runs out but bills need to be paid, so people take out credit to cover the difference. Interest rates mount and then individuals become dependent on debt. Eventually, it becomes a rolling theme, costing more every month.

According to the CEO of National Debt Relief, Alex Kleyner, mastering credit management is essential. Debt can prevent people from achieving their financial goals, he says, and even experiencing a sense of freedom in their lives.

Behavioral Issues

Another common problem is behavioral issues. Many people get into trouble simply because they approach money in the wrong way.

One problem is the so-called “present bias.” This is the idea that what happens now matters infinitely more than what happens in the future. It’s a tendency to view short-term rewards as being superior to long-term gains, reducing the propensity to save.

Another serious issue is the idea of “mental accounting.” Here, some people compartmentalize their spending, telling themselves that it’s okay to put all their money into entertainment because it’s fun.

Then there’s just outright procrastination. Many people dislike dealing with finances and don’t want to interact with them.

Social Media Influence

The fear of missing out (FOMO) is another massive reason people struggle with money. Many individuals believe they have to keep up with the lifestyles of ultra-rich and successful individuals, including buying nice cars and jetting off all over the world.

Of course, the reality is that for most productive people, going away is something that happens once or twice a year. It’s not a weekly event.

Comparison culture on social media also plays a role. People want to play the status game, and that often involves spending vast quantities of money on conspicuous consumption, like trips to Flannels.

Economic System Issues

Pexels – CC0 License

Of course, it’s not just a matter of personal responsibility. The economic system as a whole creates issues for people.

The cost of living, for instance, can rise dramatically in some cities, often over the course of a few months. Added demand can put pressure on housing stock and local resources, putting prices up.

Stagnant wages are also a factor. While wealthy people keep adding to their cash hoards, ordinary citizens are struggling to get by. Globalization, immigration, and unfriendly labor practices are all issues.

Limited Financial Literacy

Then there’s the problem of limited financial literacy. Many people simply don’t understand money and how it works.

To be fair, the number of people who really know their finances well is limited. That’s because it is a tricky topic, especially when you start including things like the stock market.

However, many individuals weren’t taught simple money management and accounting skills in school, setting them up for a life of challenges. For example, in today’s culture, we see a massive reliance on credit. People stick payments on their cards, shifting payments off into the future, neglecting to consider rates and fees. These practices can then lead to more debt that becomes hard to escape.

Hardly any children get an education in investing either. Then, when they become adults, they wind up making poor financial choices because they don’t understand how the underlying market works.

Then there’s the absence of goal-setting, also critical for financial planning. Overspending is much easier when all that matters is right now.

Emotional Spending

Finally, many people spend money for emotional reasons, not practical ones. Shoppers might use retail therapy to splurge on items they don’t really need to cope with stress, boredom, or other uncomfortable emotions they might be experiencing.

Financial avoidance is another common phenomenon. Here, individuals deliberately avoid looking at their bank accounts because they worry about what they might show. Overdue bills cause them stress, so forgetting about their overdraft often seems like the best short-term tactic.

How To Make Your Restaurant Business More Attractive

My blog focuses on Financial Literacy/Money and Business/Entrepreneurship. If you have a restaurant, one of the most important parts of it is its entrance. The ambiance and appearance are arguably just as important as the food. The following contributed post is entitled, How To Make Your Restaurant Business More Attractive.

* * *

When it comes to starting your own business, first impressions are absolutely everything. People will judge both the food you have to offer and the service you give purely with a thirty second glance at the exterior of your business. You want your restaurant to take off, and luckily, there are plenty of ways to make sure that your restaurant opening is a success from day one.

A restaurant is not an easy business to run. Not only will you have local competition on either side of you – especially in a busy area – you need your food to appeal both on presentation and taste. For success, presentation is EVERYTHING and so in this article, we’re going to show you how you can launch a beautiful restaurant that nails it every time:

Image source: Pexels

1. Improve your furnishings. The fastest face lift that you can give a restaurant involves upgrading and changing up the look of the space. From the furniture you buy to the layout, having something fresh, something that stands out from every other restaurant in the street, is what will count. New furniture is easier to arrange, easier to clean and is easier on the eye than old furniture that is worn out.

2. Offer beautiful tableware. It’s not just about the food, remember? We already talked about the fact that presentation is everything so looking at Restofair RAK tableware and fine dining ware is going to help you to bring in those exciting reviews. Tableware and cutlery is essential as part of the dining experience, so upgrading your silverware and coordinating your tableware with the rest of the restaurant theme can make it far more cohesive.

3. A lick of paint. This doesn’t just pertain to the inside of the restaurant, but the exterior, too. Your restaurant is going to stand out for all the right reasons with a fresh look. Older wallpaper can be stripped back and brightened up with a much cheaper, easier lick of paint. The best thing about a paint job is that you don’t necessarily have to hire and pay an interior designer – you can do this one yourself.

4. Add a little life. Well, for a restaurant to be a success you want to add a LOT of life! You want people chatting and laughing, good background music and great ambience and a good way to achieve it is with beautiful greenery. Find a local florist and work out a great deal on fresh flowers and plants to add actual life to the space. Romantic dinners are not complete without the waft of a fresh rose and it’s one of those things that will make your business an overnight success.

5. Comfortable seating. Seating isn’t just about the tables and chairs that are littered through the restaurant. What about waiting spaces for those hanging on for a table, or bar-seating for those who are coming in for a drink? Whatever you choose, it should be a significant part of the restaurant design phase!

    Launching a restaurant is not an easy thing to do, but once you figure out the little things that pull customers in, you’ll have the most attractive one on the block.

    Don’t Make These Financial Mistakes When Running a Business

    My blog focuses on Financial Literacy/Money and Business/Entrepreneurship. There are keys to succeeding in business and there are things that will hurt your prospects for success. The following contributed post is entitled, Don’t Make These Financial Mistakes When Running a Business.

    * * *

    If you want to make the most out of your business, then you have to make sure that you avoid these top financial mistakes. If you don’t, you will struggle to get the result you want out of your profit and you will also struggle to break even when you have had a rough financial year. If you want to find out more about the top financial mistakes people make when running a business, then all you have to do is take a look below.

    Ignoring your Budget

    One of the biggest mistakes that people make is ignoring their budget. If you operate your business without a budget then you may find that you don’t have any kind of financial roadmap to work from and this can result in you overspending. You may also find that you end up experiencing financial instability which is the last thing you need. If you want to do something about this then one thing you can try and do is develop a budget that encompasses every aspect of your operation so you have a financial roadmap to work from. If you don’t do this then you may find that you end up running your business into the ground when in reality, all of this could be prevented.

    Source: Pexels

    Poor Documentation

    Another critical mistake would be not documenting your records properly. Inadequate record-keeping will affect your ability to make decisions and it will also stop you from being able to track your expenses properly. If you want to do something about this then you need to use accounting software. If you’re torn between Venmo vs Zelle, then find software that tracks both, or update your system as a whole. You also need to make sure that you have a clear financial overview. If you don’t have anything like this then you may find that you end up struggling to get the result you need.

    Inaccurate Pricing

    If you can, you have to avoid poor pricing. Incorrect pricing can compromise your general profitability and it can also affect your ability to get new clients. If you run a new business then you have to make sure that you are analyzing the costs you have while getting a good idea of what your competitors are charging. You also need to make sure that you align things with your business goals. If you don’t do things like this then you may find that you end up struggling which is the last thing you need. Make sure that you are always aware of what you are charging and why. You don’t always need to lower your prices, but you do have to make sure that you are not making a mistake by charging more than your competitors without realizing it.

    On top of this, you may find that you are not managing your cash flow consistently. This is a major issue at the end of the day, so make sure that you are doing what you can to make sure that you are using software and that you are also using the right tools to run your operation.

    How Should You Assign Staff To Specific Jobs, Tasks Or Projects

    My blog focuses on Organizational/Management Discussions and Workplace Discussions. As a manager, one of your most important tasks is to properly assign work to your staff. The following contributed post is entitled, How Should You Assign Staff To Specific Jobs, Tasks Or Projects.

    * * *

    Pexels – CC0 License

    It’s not always easy to manage staff even if you have a fantastic workforce ready and raring to get started. Staring at a list of tasks that need completing and a roster of available staff, trying to figure out who should handle what, it all feels a bit like if you make one choice, you’re by implication not picking the perfect one.

    Of course, some employees excel at certain tasks but struggle with others, while some are great all-rounders who could slot in anywhere. But it’s also important to consider avilability, skill levels, and those tricky personality matches to consider – perhaps your two best people don’t work with one another that well.

    The real secret here is to make sure whoever you assign are applied in a way that keeps both your clients and your team happy. While your team knows they have a job to do and are contract-bound to do it, poorly matched assignments don’t solely affect the quality of work, they can make an employee into someone who dreads coming in each morning.

    Now, your workers are here to work, and so it’s important not to dance around the idea of assigning it to them. But doing so with intelligence takes a little time. Let’s see what that might mean:

    Balancing Strengths & Preferences

    Everyone has those tasks they naturally gravitate towards, as some people love the detailed, methodical work that would drive others up the wall, while others appreciate the variety and new challenges. Cleaning company software like this can help track these preferences and successes over time, showing you exactly who excels at what, assigning teams to disparate outcomes each night, or planning more intensive work when it’s needed and splitting that into segments. It’s amazing how much smoother operations run when you tap into these natural strengths.

    Building Balanced Workloads

    Throwing all your complex tasks at your best performers might seem logical, and perhaps it would be in a video game where it’s only about resource management and control, but this is a quick route to burnout. If you can spread larger jobs in a way that challenges people without overwhelming them, like assessing how many people it will take to cover a site properly, that can help. You can also mix easier tasks with more demanding ones – such as making sure kitchen staff closing the kitchen down don’t have to perfect all the washing up in kind.

    Managing The Human Element

    That odd truth is that sometimes the perfect person for a job on paper turns out to be completely wrong in practice, as maybe they clash with other team members, or perhaps they just don’t click with certain clients. Paying attention to these less obvious factors, like personality fits and working styles, often matters more than pure technical skill. Now, that doesn’t mean a staff member should not work for a client just because they don’t like them – the criminal defense field wouldn’t exist if that were the case. But still, consider affability, connection and care, especially if assigning a team member to a long-term staff member. Maybe a hairdresser has a real rapport with your elderly clients, for instance.

    With this advice, we hope you can create more effective task assignments that work for everyone involved.

    Benefits of Obtaining an EIN for Your New Business

    My blog focuses on Financial Literacy/Money and Business/Entrepreneurship. If you’ve started a business and it is ready for the next stage, you will want to acquire an EIN number. This will allow you to unlock the multiple financial benefits of a business. The following contributed post is entitled, Benefits of Obtaining an EIN for Your New Business.

    * * *

    Image credit

    So you’re starting your new business, doing your due diligence, and wondering if you need an EIN. Your EIN is your employer identification number, and you know this. You know what it’s for but are unsure if you need one.

    The IRS has strict rules around who does and doesn’t need an EIN, and not all businesses need one, especially solo proprietors or single-entity LLCs. However, obtaining an EIN can bring several benefits, even if you’re not legally required to have one. It can enhance your business’s credibility and trustworthiness, and it can help you access credit when needed.
    Why? This post will look into some of the reasons you need an EIN.

    Hiring Employees

    The first and most obvious answer to the question, ‘Why do I need an EIN?’ is that you are hiring employees. You are becoming an employer, and as such, you need an employer identification number so the IRS can identify your business via this unique number. If you don’t have this number and are hiring employees, you’re not just breaking the law but also putting yourself and your business at significant risk. This risk is not something you can afford to ignore.

    Opening Business Bank Accounts

    Opening a business bank account requires you to have an EIN, as does obtaining business credit too. For instance, having an EIN can help you secure a business loan or a line of credit. Even if you’re not taking on employees, this number is more than just a requirement. It legitimizes your business, making it more credible and trustworthy. It can help you remove any barriers to obtaining credit to operate for your business. If you need help doing this, you can use an ein filing assistance service to help you make sure you’re applying correctly.

    Filing Business Taxes

    If you file certain taxes for your business, such as employment, alcohol, tobacco, or firearms, you need an EIN, even if you don’t have employees. There are few businesses that are exempt, but even for those, it’s necessary to have something other than bypass it altogether.

    Retirement Plans

    Even as a sole proprietor, you need an EIN if you are looking at building a retirement nest egg via a Keogh or a solo 401(k). This allows you to access the federal tax plans concerning both structures to avoid future complications.

    Other Structures

    If you’re going to be setting up any of the following, then you need an EIN to ensure you are meeting your legal obligations, and these include

    ● Trusts
    ● Nonprofits
    ● Estates
    ● Real estate mortgage investment conduits
    ● Plan administrators
    ● Farmers cooperatives

    While you might not, in the first instance, understand if you need an EIN or the benefits if you’re not hiring employees, it can be worth doing a little bit more digging to uncover the benefits of having an EIN and why you need one. The more informed you are, the better the decisions you can make and the more mistakes you can avoid making.

    7 Career Moves You Might Be Interested In

    My blog focuses on Career Discussions. Careers are dynamic and evolving things. You likewise always want to be mindful of how to advance your career. The following contributed post is entitled, 7 Career Moves You Might Be Interested In.

    * * *

    If you are tired of the daily grind that is your nine to five then you may be considering a career move. It is never too late to change the path you are on, so don’t be afraid to try new things. You might have always wanted to do something but never had the time, money, or confidence to do it. You don’t want to have any regrets in life, even if it means going back to school to get new qualifications. If you need some inspiration on career choices then take a look below.

    Pexels CCO License

    Realtor

    One thing you might have always wanted to do is become a realtor, selling houses and meeting new people each and every day. Having a property portfolio and growing a successful real estate company takes time and a lot of commitment from you. Once you have grown a list of clients and they are happy with your services then they will always come back to you. Doing your research can go a long way when becoming a realtor, reading about creating a successful business from people like Aby Galsky can be extremely helpful.

    Doctor

    Do you love helping people? If so, why not retrain and become a doctor. There is always a huge need for doctors as nobody is training these days. Without doctors, people won’t be able to see anyone when they really need to. You might not know this but once you qualify, you can choose your own field to work in. When you are training, you can gain experience in all the different parts of surgeries and hospitals. There might be areas that you absolutely love, and you could always study more to become a surgeon if that’s what you want to do.

    Sports Star

    If you love all things sports related and you are good enough then you could become a sports star. If you don’t want to play the sport itself then how about you commentate on your favorite sport instead? Sports writers and commentators get great enjoyment from their jobs and always leave with a smile on their face. If you want to look forward to going to work and doing something you love then this is the one for you.

    Lawyer

    Helping people can be very rewarding and a lawyer can do exactly this. If you have been a victim of crimes yourself then you know exactly how people can feel. However, there are always two very different stories to tell when it comes to law. You are either going to be on the side of the victim, or you are going to be against them. Being against them can get you a bad name so you need to have a tough skin for that. However, helping innocent people get off crimes they didn’t commit can also be rewarding.

    Vet

    Animals need help too and their owners need reassurance that they are in good hands. Training to become a vet is hard work but that work pays off in the end. Take a look at world famous vet Noel Fitzpatrick, he now makes bionic limbs and other body parts for animals in need. This could be you in years to come if you put the work in.

    Pexels CCO License

    Singer

    There might be one thing that you have always wanted to do but never been brave or confident enough to pursue. Becoming a singer is incredibly hard and you need to know some of the best people in the business to progress. However, thanks to social media it is a lot easier these days to get noticed. You can upload videos of yourself singing or creating songs to Youtube or even TikTok. You can gain a huge following and then the record labels will want to take you on, they need to know you are a fan favorite.

    Freelancer

    Lastly, if you like setting your own hours and working at your own pace then freelancing might be just the thing you’re looking for. If you have a niche skill then you can make a fortune offering your skills and services. There are many websites online where you can list your services, you can also set your own fees. One thing to remember, as a freelancer you will be self employed. This means you will be in charge of paying your own taxes and filing the correct paperwork. As a freelancer you can work absolutely anywhere, as long as you have your laptop and an internet connection. One minute you could be in the comfort of your own home, the next sunning yourself in a luxury location.

    The Big Do’s and Don’ts Of Running A Taxi Firm

    My blog focuses on Financial Literacy/Money and Business/Entrepreneurship. Taxi firms are important today, even with the advent of ride-share programs like Lyft and Uber. Taxi firms must be even more savvy today than ever. The following contributed post is entitled, The Big Do’s and Don’ts Of Running A Taxi Firm.

    * * *

    Unsplash – CC0 License

    Running a taxi firm can be a lucrative business. But getting it right the first time around is more challenging than you might think, and many operators make mistakes.

    That’s where this post can help. It runs through some of the essential dos and don’ts for anyone in this line of work, suggesting what to do and how to avoid disaster.

    Do Prioritize Customer Service

    As with any service-based business, you want to start by looking at how you treat your customers. Providing them with a positive experience is the most likely way to get them to come back to you in the future (instead of using a convenient ride-sharing app).

    The more you prioritize customer service, the more likely you are to get referrals and free customers. You are also much more likely to see repeat business where people come back to you every time because they trust you.

    Do Embrace Technology

    Just because you’re not an app-based taxi service, that doesn’t mean you should ignore technology. It can still help you and even make you competitive versus the competition.

    For example, you could use a car tablet holder to put screens on the back seats. This value-added measure keeps passengers entertained on long journeys.

    You could also use GPS tracking to see where your drivers are and online digital booking systems for easy trip organization.

    Do Make Yourself Available

    Unsplash – CC0 License

    Another pro tip is to make yourself available at the times of the day when your customers actually want you. One of the reasons Uber and Lyft are taking over the space is that they have people ready to collect passengers 24 hours per day, seven days a week. Meanwhile, many traditional operators insist on doing the rounds in peak hours online.

    Don’t Neglect Training

    At the same time, you want to avoid neglecting driver training. Just hiring staff and hoping for the best isn’t a good policy. Most don’t understand customer service basics.

    You also want to ensure your drivers understand safe driving. Knowing how to operate a vehicle through sticky situations on the road is essential.

    Don’t Ignore Customer Feedback

    Also, you want to ensure you’re taking customer feedback onboard. Don’t ignore complaints when you get them. Instead, use them to improve your services and retain more customers.

    If you do get a complaint, reach out to the affected party and ask them what went wrong. Often, if you correct an issue, the person involved is more likely to use you in the future, even if they leave a negative review about your services.

    Don’t Forget To Plan Financially

    A lot of taxi firms also neglect to recognize the importance of financial planning for their businesses. Many assume their operations will simply proceed without the need for intervention

    Unfortunately, poor financial management can get in the way of growth. Borrowing too much for vehicles can make it challenging to generate profits, even if your business is busy. Therefore, keep detailed records and use software that can manage your cash flow.

    The Best High Yield Investments To Save For Retirement

    My blog focuses on Financial Literacy/Money. Some of the biggest financial decisions any of us will ever make involve retirement. To properly plan for retirement, one has to plan early and wisely. The following contributed post is entitled, The Best High Yield Investments To Save For Retirement.

    * * *

    Image via Unsplash

    How long do you have for retirement? Ideally, you’re reading this post with a good few decades left on the clock. If your retirement date is a year around the corner, I’m afraid you’ve left things a little late! Saving for retirement is something you should do many years in advance of this moment. It gives you plenty of decades to prepare your funds and ensure you have more than enough money to live comfortably without a job.

    Unbelievably, most people don’t know how to save for their retirement. You may set a budget and focus on spending less money to have more in your savings, but you need to learn what to do with your finances. Popping your cash in standard savings accounts won’t help – you need high-yield investments with long-term gains that earn lots of money across the years. When the time comes, you can cash in on these investments and generate loads of money to fund your retirement.

    What sort of things should you invest in for high-yield gains? Check out two of the best options below:

    Real Estate

    Real estate investments are always the best for long-term profits. The property market trends upwards, meaning 99% of homes bought today will be worth more in a few decades. It’s a tale as old as time, so getting on the property ladder immediately helps you save for retirement.

    Furthermore, you should consider alternative ways of incorporating real estate investments into your life. Aby Galsky – the CEO of a prestigious real estate investment firm – suggests trying private equity real estate funds. He mentions you can invest money into these funds with other investors, and the funds then take this money and invest directly in real estate assets. It’s a particularly smart choice for higher returns if you want to commit capital for long durations – which is precisely the goal of saving for retirement.

    So, you have two approaches to real estate: go at it directly and buy properties or invest in real estate investment funds. The latter requires less upfront investment, while the former will generate larger overall returns.

    Precious Metals

    The next best option is to invest in some precious metals like gold or silver. Historically, these investments are used to hedge against inflation and economic uncertainty. They present steady gains over long periods, marking them as wonderful retirement investments.

    Just look at the gold price per ounce over the last 30 years. In 1994, you were getting under $500 per ounce for gold. Fast forward to 2024, and it’s now at just over $2,700 per ounce. That’s a remarkable gain, and evidence suggests it could continue that way in the next 30 years.

    So, a 30-year-old saving for retirement could invest in gold now and see it quintuple in value by the time their retirement age comes around. It’s a simple and steady investment with much higher yields than standard savings accounts.

    Of course, make sure you take advantage of tax-relief retirement accounts alongside these high-yield investments. You need a 401(k) or a Roth IRA to save more money over the years. The sooner you prepare for retirement, the longer you leave your investments and savings to do the work!

    Starting a Business in College? Here’s What You Need to Know

    My blog focuses on Financial Literacy/Money and Business/Entrepreneurship. Even when you’re in college, you can still think about starting a business. I may be an optimal time to think about starting one in college. The following contributed is entitled, Starting a Business in College? Here’s What You Need to Know.

    * * *

    Source

    There are many things that being in college can represent for you. It’s a great life experience, you can meet life-long friends, and find yourself in a position to create something new. Maybe a business idea sparks inside of you the opportunity arises unexpectedly, either way, if you’d like to launch a business while you’re in college, you’ve come to the right place. We’re going to run through everything you need to know.

    Create a Business Plan

    To begin with, you’re going to want to think about pulling together all of your ideas in one business plan. Writing out a full business plan is not only a great way to get everything out on paper, but it’s also a way of mapping out what you want to do. With this complete, all that’s left for you to do is put it into action!

    Test the Market

    Next up, you’re going to want to get proof of concept. It’s not always enough to just have an idea and launch the business – because if it’s not a viable idea, it could fail. To save that from happening, you need to test the market. This could be in the form of conducting market research or doing a focus group to test your idea. Any feedback you can get and evidence of demand will help you here.

    Do Your Paperwork

    One of the most important things for you to think about is the idea of being set up correctly and completely legal. This will work in two ways. Firstly, you’ll need to be able to have the business registered and have your finances and banking all setup and on track. But also, you’ll need to be vigilant with anything you do on campus with your sales and marketing. From getting permits and licenses to operate while at college and being aware of digital signage ADA compliance if you sell on campus, there’s a lot to consider. It’s important to do your research here.

    Get Funding

    Depending on what it is that you’d like to launch, you may find that you need to get funding in order to get started. For this, you might need to approach different investors and pitch your idea. It could be that you can get a small loan to get started, but if you need more capital it will very much be about you creating a business plan and getting your first funding round started.

    Make the Right Choice for You

    Finally, you’re then going to want to make sure that you’re doing the right thing by yourself. After all, you went to college for a reason. If it was to be in a position to start your own company, then you’re off to a good start. But if you wanted to go into another profession and you’re not feeling sidetracked or torn, you may need to put more thought into things and decide what you really want to do. It all has to be what’s right for you.