Three focuses of my blog are Financial Literacy/Money, Business and Entrepreneurship and Technology. Artificial Intelligence (AI) is impacting every aspect of life these days especially the business world. If you are running a business, you should think about incorporating it into your operations. The following contributed post is entitled, Introducing AI To Your Business.
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AI is developing rapidly, and it’s no wonder that many businesses are already embracing its capabilities. Others meanwhile, have a more cautious approach, with data concerns and a lack of in-house expertise among the hurdles faced by companies when implementing AI. While there are no hard and fast rules for implementing AI within your business, there are some steps you can take to help you figure out the best approach for your needs. Here are some of the things you can do to help introduce AI to your business.
Before introducing AI to your business, it’s important that you take the time to understand AI. There are many types of AI tools out there, and learning more about how they work and how they are being used within your industry can help give you more confidence. Some of the ways you can expand your AI knowledge include attending workshops and seminars, reading online articles, and listening to AI podcasts.
You could even start by using AI for your life outside of work. This YouTube video gives you the lowdown on the top free tools that provide the perfect introduction to AI:
AI can cause nervousness for a lot of people, but it also presents a lot of opportunities, so it’s worth exploring what it can offer your business – it may even help you navigate the challenges of running your business.
Research the best tools for your needs
With a better understanding of AI, you can then begin to work out which tools are the best for your needs. Identify some of the challenges your business is facing, and source AI-based tools that can help. Use AI tool reviews to help you explore the different options that are out there, including their features, pros/cons, scalability, and costs. Careful research can help ensure you choose the most suitable tools for your business needs, saving you time and money. Alternatively, you could work with an AI consultant to help you identify the best tools for your needs.
Consider starting a test user group
Introducing AI tools to a pilot group is an effective way of trialing AI tools before you roll them out to the rest of your business. A test user group can help you identify potential issues and how the tools can be integrated with the rest of your company. This may involve a small investment to get you started, but it will help you fine-tune your products before you invest further in rolling AI out company-wide.
Only roll out when you’re fully confident
While you may be feeling the pressure to roll out AI within your business to stop you from falling behind, rushing could lead to disruption. This is why it’s important to wait until you’re fully confident before you roll out AI. Carefully evaluate your pilot, and develop a clear implementation plan to help you manage successful AI integration amongst your teams.
Introducing AI to your business comes with many risks, but it also opens up the possibility of a lot of rewards. AI is constantly evolving, which means it’s important to continuously monitor AI performance within your business, as well as the latest developments to ensure you stay ahead of the curve. Start researching AI to see the benefits it can bring to your business, and get ready to take your company into the future.
Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Depending upon the type of business that you’re in, your showroom can be a critical aspect of it. Its design is thus critical. The following contributed post is entitled, Opening Your First Showroom: Conscise Design Advice.
We tend to think of business showrooms as those reserved for luxury products. For example, a car dealership will tend to place their best cards on display to make the store shine. A showroom also implies that goods are to be demonstrated, shown, and even tested before purchase, which implies they’re not going to be picked off a shelf and thrown into a basket before checkout.
The truth is that opening your first showroom can be a major step up for most businesses. It may even inspire the pursuit of a new type of client or customer. Perhaps you have a modest tech firm hoping to show off the latest televisions or curate a space for audiophile equipment on top of your studio spaces.
One question remains – how on earth are you supposed to design such a unique area? It’s not always clear. Thankfully, in this post, we can give you concise recommendations you can then use to expand your output, and benefit as a result:
Optimal Flow
A showroom can be exciting, but don’t stuff it to the brim with every impressive product you have in stock. Be deliberate. You don’t want it to feel cramped or confusing. Think about how customers might walk through the space. Maybe have a clear path that leads them past all your main products, with trimmings nearer the checkout or other areas. Allow space for your salespeople to shine and move, as well as private meeting areas where negotiations can take place. But don’t make it feel like too exposing – people should be able to wander off and look at things that catch their eye and talk among themselves.
Audience Matching
Your showroom should feel right for the people you’re trying to attract – there’s a reason jewelers or Apple stores try to look as simple and refined as possible – so the impressive inventory speaks for itself. For more everyday products, a warmer, homier feel might work better – think about how specialist candle stores will want to decorate almost like the most pleasant, welcoming living room you could ever enjoy without being too informal. Also think about how that extends into the wider space, for example, if you’re a tech-based showroom, then integrating an electric vehicle charging network in your parking area could attract the right people.
Window Displays & Natural Lighting
A showroom can be many things, but if you think about those that impressed you, they likely implemented great artificial and natural lighting. Moreover, a great window display is like a free advert for any showroom and can draw people in, especially if you’re not appointment-only. It’s Changed it regularly to keep things fresh and show off different products. Just be careful about sunlight fading or damaging products – you might need blinds or UV film on the windows such as if you have fabric or sofas in your mock living room spaces. Some places use artificial lighting that mimics natural light for soft glow, especially as the lighting shifts during the day. Your showroom should feel like the ultimate display, and often subtle effects like this have more of an effect than picture-perfect placement.
Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Any business must be kept secure, but especially home base businesses as they may not have the thorough security measures found with large corporate businesses. The following contributed post is entitled, How To Improve The Security Of Your Home Business.
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Security is important to your home and to have it in place provides a peace of mind feeling that is worth the investment. When you’ve got a home business however, it’s even more important to have security measures in place that protects anything and everything that’s part of the business – including yourself.
With that being said, here are some helpful tips to improve the security of your home business this year.
First and foremost, be sure to put in a security system. This is imperative when it comes to your home because if there’s any one who is looking to break into the property, the security system is going to pick it up straight away.
It’s very important to avoid any potential harm coming to you or your belongings, so identify what security systems may be appropriate for your property. Based on the budget you have, will determine what degree of security you have in place. The more you have, the better it protects your home.
Look at window tinting options
Window tinting is a great option when you don’t want people looking into your home, especially if your home is in an area or spot where it’s easily viewable. You never really know who might be looking into your property, which is why window tinting is a good alternative or addition to blinds and curtains during the day.
The best DFW security solutions are worth exploring when you want to add that extra bit of privacy to your home. Window tinting can be great for many homes where home businesses exist. This could also be applied to garden houses if your home business is located outside of the main property, for example.
Identify any weak spots around the home
Are there any weak spots around the home? It’s good to identify any vulnerabilities around the home that would make it an easier target for the person or persons to get in. From weak door frames to windows where the latch or lock has broken off, are the prime areas of vulnerability that you should be looking out for.
These weak spots are putting your home at risk, so it’s good to take home maintenance into consideration when improving the security of your home business.
Lock away valuables
Valuables are something that you don’t want to have out on display at all times. These should ideally be locked away or at least out of sight when it’s not being used.
For example, if you have a desktop computer close to a window, consider putting a cover over it to make it look less like a computer. Put any keys or work phones in a drawer that’s lockable.
Remember to protect your WIFI too
And lastly, don’t forget about your internet security too. Protecting your WIFI is also important and something that you should consider when it comes to making sure your home security system is as strong as it can be.
Know what you are up against
Knowing what you are up against when it comes to running your business is also key. This is because you’ll then be able to take proactive measures to protect yourself (and your business) from any threats, keeping your customers happy while doing so. For example, you should make sure that you can identify the signs of data abuse so that you can take extra measures to protect your customers’ data moving forward. As this plays a key role in establishing trust and loyalty, it is not something that you should sweep under the rug, especially as they will be unlikely to give you a second chance in the future if a leak does take place.
Improving your security is paramount, so make sure you look after your home business with these tips.
Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. The travel business is typically always lucrative no matter what’s happening in the greater economy. Is this sector for you? The following contributed post is entitled, Should You Go into the Travel Business?
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If you are debating starting your own business but have no idea where to begin then you’re not alone. So many people are in the same position as you are right now, but if you pinpoint the type of business you want to run, things will become easier. The travel sector is one of the best industries for you to explore right now, due to its high level of growth and unlimited earning potential.
Unlimited Earning Potential
One reason why you should think about going into the travel business is because you have unlimited earning potential. You get out of it exactly what you put in. Earning a commission every single time someone books a holiday means you can bring in a lot of money in a short space of time. You can sell flights, but you can also sell cruises, guided tours, airport parking and even attraction tickets. You will earn a commission based on all of this too, so it’s a good idea for you to explore this. If you want, you can even start a side hustle by offering some tours yourself, if you live in a high-demand area. If you shop boats for summer adventures, then you will find that you can take people out onto the ocean and expand your business idea, which is always a good thing.
Flexibility
Another great benefit of starting your own travel business is that you have a great deal of flexibility. You can work part-time if you want, or you can work full-time as a travel consultant. As long as you have a phone with you and as long as you have a solid internet connection, you should find that you can travel the world freely. Having the flexibility you need to create a lifestyle suited to you is always a good thing, and you would be surprised at how much positivity it could bring you moving forward.
Another huge benefit of being a travel agent, or starting a travel business is that you can travel more. The more you travel, the more you can share with your customers and this will encourage people to book with you. You can also increase your knowledge of different destinations too. You can become an expert on a certain country type or you can even embark on new adventures. This can give your life way more fulfillment and you’d be surprised at how many memories you can make by just pursuing different avenues like this. With so many opportunities available for you to explore, and the chance to earn while on holiday it’s no surprise that this is one of the best sectors for you to venture into if you want to start a business.
So as you can see, going into the travel business is one of the best things you can do right now, and if you have a solid plan, then there’s no reason why you won’t be successful when you decide to launch.
Three focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. SEO is a critical aspect of all our lives in this digital world. Business owners who understand this area are more likely to thrive in today’s business environment. The following contributed post is entitled, Common Struggles Many Business Owners Have With SEO.
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SEO, or search engine optimization, has quickly risen to be one of the most valuable digital marketing tools in the hands of someone who knows how to use it well. However, getting to that stage isn’t always easy. There are a lot of issues that newcomers to the practice can find, and here, we’re going to look at them, as well as what you can do about them to unlock the full potential of your SEO efforts.
Ignoring local SEO can significantly hinder a business’s online visibility and growth. Local SEO focuses on optimizing a business’s online presence to attract more customers from relevant local searches. Many business owners underestimate the importance of local SEO, which can lead to missed opportunities in their immediate market. To alleviate this issue, businesses should claim and optimize their Google My Business listing, ensuring that all information is accurate and up-to-date. Incorporating local keywords in website content, obtaining local backlinks, and encouraging customer reviews can also enhance local SEO efforts. By prioritizing local SEO, business owners can attract a more targeted audience, increase foot traffic, and ultimately drive sales.
Spending Too Much Time On It
Spending excessive time on SEO can divert attention from other crucial aspects of running a business. To mitigate this, leveraging AI and automation tools can streamline SEO tasks, saving time and effort. SEO automation tools can offer much more accessible solutions for keyword research, PR link building, and performance tracking. Additionally, AI-powered content generators can assist in creating optimized content efficiently. By automating routine SEO activities, business owners can focus on strategic decision-making and core business functions while maintaining a robust online presence. Delegating SEO tasks to specialized tools not only enhances efficiency but also ensures that SEO efforts are consistently aligned with current best practices.
Keeping Up With Algorithm Changes
Staying updated with frequent algorithm changes can be daunting for business owners. Search engines like Google continually update their algorithms to improve search result relevancy, which can impact a website’s ranking. To alleviate this challenge, subscribing to reputable SEO news sources can provide timely updates on algorithm changes and industry trends. Engaging with online SEO communities and forums can also offer insights and practical advice. Additionally, conducting regular website audits and staying adaptable in your SEO strategies can help mitigate the impact of algorithm changes. By staying informed and flexible, business owners can maintain their site’s performance and visibility despite algorithm fluctuations.
Writing Compelling Content
Writing compelling content is crucial for effective SEO but can be challenging for many business owners. High-quality content not only engages visitors but also improves search engine rankings. To address this, businesses should focus on understanding their audience’s needs and interests and creating content that is informative, relevant, and valuable. Utilizing keyword research tools can help identify popular search terms and topics. Incorporating multimedia elements like images, videos, and infographics can enhance content appeal. Additionally, updating existing content regularly ensures it remains current and accurate. By producing engaging and optimized content, businesses can attract and retain visitors, thereby boosting their SEO performance and overall online presence.
SEO isn’t just a one-and-done activity in your marketing schedule, it’s an ongoing effort that has to be maintained. Keep that in mind so you can allocate it the focus that it deserves.
Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. No matter what concept you have as an entrepreneur, your customers are looking for specific things. Identifying what that is will be critical to the success of your business. The following contributed post is entitled, What Are Customers Looking For From Your Business?
Whether working in B2B or B2C environments, customers have the casting vote on whether your business succeeds. Therefore, understanding what they expect from a modern company should be one of the top items on your agenda.
By putting yourself in the customer’s shoes, you will be better positioned to build a brand and business that they respond to. Focus on the following factors and you won’t go wrong.
A Great First Impression
Prospective clients will begin to form an impression of your business within seconds. While setting a positive vibe doesn’t necessarily guarantee a sale, a negative one could end your hopes. A growing percentage of consumers now discover brands online. So, a well-designed website and strong SEO strategy will be vital. Not least because it boosts brand awareness.
When meeting prospective clients in real life, good body language is essential. However, you can aid your cause with a host of materials. You should print business cards with premium designs and materials to make a lasting impression. Meanwhile, the right outfit and personal styling can make a significant impact. People judge you as well as the business.
Whether online or offline, customers interact with thousands of businesses. Make yours stand out with a great first impression to boost your hopes of success.
Clients also need to have 100% trust in the business. To secure their trust, you must show legitimacy and professionalism in every step of the process. After all, prospective customers now have more choices than ever before. So, if your company falls short in its bid to build a brand that consumers can have confidence in, sales will fall.
Customers are concerned about privacy, which is why safeguarding customer information is vital. However, you also need to provide excellent client care underpinned by quick responses. Chatbots and live chat facilities can transform online interactions. Similarly, automated messages during order fulfilment help too.
Accolades and business memberships can highlight your credentials. When supported by testimonials and reviews, consumers will have every reason to trust your firm.
Value
You need to provide value to the customer. This begins with creating quality products and services that they can rely on. Without them, nothing else you do will save your reputation. Of course, customers want value for money, which is why affordability is key. Still, most will happily pay more for better products and customer experiences.
Value doesn’t only come from the products, though. It can also be created by association to your brand. Using greener packaging can be a great way to connect with the desire to adopt a responsible lifestyle. Meanwhile, running membership programs and loyalty schemes can work wonders. Making customers feel more valued will increase repeat conversions.
Flexible repayment plans, ideally with 0% APR, will also be appreciated by customers. Given that it can open your brand to a whole new audience, the potential impacts are huge.
The Final Word
Building a business that appeals directly to the customer will always boost your hopes of success. Finally, then, you should ensure that everything is geared towards your demographic while also connecting with them on an individual level.
As long as your business operations are under control too, success should follow.
Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. When you are partnering in business, trust is critical. A part of that trust is protecting customer information. The following contributed post is entitled, The Responsibility of Safeguarding Customer Information.
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Safeguarding your customer data cannot be underestimated. Organizations of all sizes and industries owe it to their customers to safeguard their personal information, both legally and to build trust and maintain positive business reputations.
When we refer to “customer information”, we mean any data that can be used to identify an individual. Including names, addresses, phone numbers, emails addresses and payment data gathered through customer interactions. Given its sensitivity, businesses must treat customer data with great care and consideration.
Protecting Customer Information through Robust Security Measures
Effective security measures are key components of safeguarding customer data. Companies should invest in advanced encryption technologies that protect both in transit and at rest. They can employ multi-factor authentication, update software regularly and conduct vulnerability assessments as key elements to bolstering their organization’s security infrastructure. Businesses should also educate their employees on recognizing and avoiding common cybersecurity threats like phishing attacks.
Establishing Transparent Privacy Policies
Crafting clear and transparent privacy policies is important to communicating your commitment to data protection to customers. They should detail what data is collected, used, protected and managed as well as the rights of your customers with regards to their data. Furthermore, reviewing and updating them periodically with ever-evolving regulations and best practices helps maintain ongoing compliance while building customer trust.
Ethical Use of Customer Data
Ethical considerations play an essential part in how businesses handle customer information. Businesses must use customer data responsibly, avoiding practices which might be perceived as intrusive or unethical. Consent must always be obtained prior to collecting or using personal information, with customers given an opt-out option available if applicable. Openness around how data usage occurs helps build trust while showing respect for privacy concerns.
Getting ISO 27001 Certified
Acquiring ISO 27001 certification can be an enormous undertaking, but using an ISO 27001 Documentation Toolkit makes the process significantly more manageable. This comprehensive toolkit offers a structured approach for establishing an information security management system (ISMS) compliant with ISO 27001 standard requirements. Information security documents come equipped with customizable templates, guidelines, and checklists that make documentation simpler while covering all necessary aspects. Businesses using this toolkit can systematically address the standard’s various controls and speed up their journey towards certification. Furthermore, this resource can provide ongoing maintenance and continuous improvement of an ISMS that helps protect information assets effectively.
Building Trust Through Accountability
Responsible treatment of customer information involves being accountable. In the event of a data breach, prompt and transparent communication with affected customers is critical. Companies should have an incident response plan in place which includes notifying affected customers promptly and offering assistance where needed while also taking immediate steps to mitigate the breach. When companies demonstrate accountability by taking responsibility in such scenarios it can build customer trust and confidence more quickly than competitors can.
Continuous Improvement and Adaptation
Data security is ever-evolving, so businesses must adjust to stay up to date of emerging threats with continual adaptation of measures to secure customer data. Regular audits, staying informed of security trends, and gathering feedback from customers all form part of an adaptive continuous improvement strategy that ensures effective data protection strategies remain efficient against emerging challenges and opportunities.
Conclusion
Safeguarding customer data requires an all-encompassing effort that includes strong security measures, clear privacy policies, ethical data usage practices, getting ISO 27001 certified, accountability measures and continuous improvement strategies. Organizations that prioritize these aspects not only comply with legal requirements but also create strong, trust-based relationships with their customers.
Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. An important component any business activity is capturing certifications and transactions. Notary services are thus critical. The following contributed post is entitled, 4 Reasons to Use Notary Services for Your Business.
When it comes to starting your own business, there are likely to be lots of situations, forms, signs, and legal documentation you need to work through to ensure your company and its activities are legal. You will also need to be able to act on your own if something untoward happens.
When making significant business decisions, such as signing paperwork, creating contracts, or making investments, it’s wise to have these actions witnessed and signed by a notary public. This step adds an extra layer of validation to your business decisions.
A notary public, a state-appointed official, is a key player in securing your business. They not only verify identities but also witness signatures on crucial documents, thereby ensuring the legality of your actions, partnerships, and purchases. This level of protection can instill a sense of security and confidence in your business decisions.
Let’s look at some of the top benefits of using a Notary public.
Fraud Prevention
In an era where fraud is a growing concern, a notary public plays a pivotal role in ensuring the authenticity of signatures and identities. By using government-issued identification and a physical presence, a notary public can provide the assurance that you are dealing with the right people, thereby instilling a sense of trust and protection in your business transactions.
To Ensure Compliance
Consider a scenario where you’re updating your will to accommodate what you want to happen to your business if you are no longer able to run it or you unexpectedly pass away, and you want to prevent your decision from being contested. A notary can serve as an impartial third-party witness at the signing of the will, ensuring all parties are aware of your sound mind and capability to make changes and that no one is being coerced. This same level of assurance can extend to business loan repayments from investment partners, verifying that everyone is in full compliance with their obligations and no one is being pressured into unwanted actions.
To Preserve Documents
If you’re making business decisions that you want to be upheld now and in the future, notarizing them can help ensure their legal validity and future adherence. When establishing your business, it’s crucial to set the foundation for how things should be and have the correct policies and procedures in place. Notarizing your documents can reinforce these requirements and preserve them for future reference.
To Facilitate International Business
When conducting business with internal companies, there can often be a lot of red tape and hurdles to jump to get the deal done. Suppose you want to speed up the process. In that case, you can have your documentation checked, verified, and signed by a notary to help you avoid delays and legal implications that might arise if things haven’t been inspected by another person with no interest in the business deal and relationship and who is legally responsible for ensuring compliance and legal credibility.
A notary can be extremely useful for business owners who want to add production of documents and business agreements and ensure that the transactions are all legal and above board.
Hello. Thank you for clicking on this link, and I hope you enjoy this essay. Writing a book was the genesis of my blogging and becoming a video content creator. I have published part one of my book project entitled, The Engineers: A Western New York Basketball Story. It is currently available on Amazon in eBook, hardcover, and paperback formats. Shortly I will be selling signed hardcover and paperback copies on my online store entitled Big Words Authors. You can place an order now if you want a signed copy. There is also a page discussing the book. Please consider visiting it to learn more about the project and see promotional content I’ve created surrounding the project. And now on to our feature presentation.
I Don’t Like Your Financial Messages!
“I’ve seen some of the financial writings you post on Facebook Anwar and I don’t like them,” an acquaintance I’ll anonymously call Jenny told me at a social gathering in upstate New York. Jenny was a lawyer who I knew for years. We were in school at the same time at a highly prestigious anonymous university.
We weren’t what I would consider close but her words surprised me and were worth capturing. I knew Jenny well enough to know why my financial writings would cause her heartburn. My writings encouraged smart money management and planning which some would consider being frugal. Frugal is a word that is often confused with being cheap. I wrote an essay about that years ago which you can read at this link.
Jenny’s words surprised me because as a print and video content creator, you never know who is consuming your content until they say something. One of the podcaster Chris Williamson’s guests in fact stated that less than 10% of viewers openly interact with your content. The majority are ‘lurkers’ who watch and observe but don’t say anything. Jenny lurked and revealed her disapproval of my frugal messaging when I least expected it. Jenny will appear towards the end of this essay and will help me finish it up, so stay tuned.
My Financial Team’s Surprising Assessment
If the title of this blog post sucked you in, it was meant to. This is not clickbait though I can assure you. This piece was inspired by real life experiences like many of my writings and it is certain to touch someone. The principle of wealth building being boring is something I’d heard about several times up until now, but this particular experience made it stick in my mind and craft this essay. This happens a lot in life.
“The fact that you don’t have any major financial hiccups or issues or news to report is a good thing,” a member of the anonymous gentlemen I refer to as my financial team said. “Wealth building is supposed to be boring and unexciting,” the other member continued. “Keep doing what you are doing Dr. Dunbar. You are doing well.”
The Era of Consumption
Wealth building is supposed to be boring? I was surprised but not surprised to hear them say this. They were both two financially savvy men who were well versed in the markets and trends. They were further not the types to follow the crowd and societal trends in terms of consumption and spending. It made sense that they would make such comments and conclusions.
Their words were in direct opposition to the mass marketing we’re all bombarded with which emphasizes consumption above all else. Being a content creator compels me to spend time on social media, more than I admittedly should at times. Regardless of the platform, I see the consumption and the excesses, some of which makes you wonder how people are paying for the things they’re doing. Take a peek into the world of Instagram to see what I’m talking about. Also look up ads from companies such as Temu. That said, you see similar things in real life too, so consumption and overspending are not restricted to cyberspace.
Boring Habits
“What are you having for dinner later on?” An acquaintance from the church I attended asked me about the remainder of my day after service one Sunday.
“Oh I’m going to have some leftover beans and rice (Emiril Lagasses’s recipe),” I replied, feeling good about my cooking skills.
“That’s boring. That’s boring,” she playfully jabbed at me, but also partially being serious.
I didn’t know what to think when she said this to me. Eating leftovers was a part of my lifestyle growing up that stayed with me over the years. It made sense to me to make large quantities of a meal and then to continue to eat it in the future. It was very cost effective too and ‘stretched’ dollars out. I also understood in hindsight that this habit could be seen as boring to individuals who solely eat out and who can’t cook or both.
I later found that part of the culture of the Washington, DC metro area, particularly among the black professionals, was eating out, eating out well and not a chain restaurants (Applebee’s, TGI Fridays or Ruby Tuesday for example). Many people proudly touted themselves as ‘foodies’. Sunday brunch after church services was more holy for some people than the actual morning worship.
What might be some other boring habits? The following are potentially boring habits:
● Regularly cooking as opposed to eating out ● Eating leftovers ● Bringing your lunch to work regularly ● Budgeting and planning out expenses ● Budgeting for and wisely planning out vacations ● Sticking to your budget ● Buying based upon your needs versus your wants ● Thinking long-term and setting spending goals/limits
Retirement Savings: Another Boring Wealth Building Habit
“If you’re not saving in your Thrift Savings Plan (TSP), you’re leaving money on the table.” Retirement savings is another boring wealth building habit. I did not understand my TSP when I first started my federal career. My financial team and others impressed the importance of investing in it early enough where it could be an asset to me in my later years.
There are in fact a group of people who are ‘TSP Millionaires’. These are self-made millionaires who gradually saved into their accounts and by the time they were ready to retire, they were literally millionaires. It wasn’t done in a flashy way as we often see in pop culture and on social media, but instead through methodical savings from every paycheck, budgeting and prioritization. It further involved choosing the right assets/funds within their accounts to take advantage of the Law of Compounding Interest.
As a disclaimer I received assistance on this latter aspect. If you’re able save money in a retirement account of any kind, but aren’t savvy in terms of where to invest the money, I recommend finding someone who has already successfully started and is willing to teach you. In other words you should find a trustworthy expert.
What is Wealth Building?
No. Wealth building doesn’t mean a boring life. It can actually be quite fun dodging the snares of creditors who are always on the hunt for more prey. It just means going against the grain of what we as a society are being encouraged to uncontrollably do which is to spend. When you think about wealth, think about your Net Worth which is the difference between your cash and assets and your liabilities. Debt is a very bad thing for financially minded people. They are careful about using it and seek to control the use of it at all costs. Visit the channel entitled, Savings Minus Debt on YouTube to get an outlook on debt that you’ve probably never heard before.
Proverbs 22:7 in fact says that, “The rich rule over the poor and the borrower is slave to the lender.” I have personally found that to be true as I got myself into some really deep debt trouble at one point in my life. It is a stretch that I will never forget as I never wish to go back there.
“The banks would call me a freeloader. I pay off all my credit card balances at the end of the month but I gladly use the airline miles they give me,” talk show host Bruce Williams said nightly on his broadcasts in the early 2000s, one of my favorites of all time. Bruce talked about the wise use of retail credit cards which involved paying off all of his balances every month but gladly accepting the benefits. Do you pay off all your balances or pay the debt every month?
Can You Afford A $400 Expense?
Another interesting finding as I learned about money was that many Americans can’t afford a $400 emergency expense. I think Rodney Brooks of the Washington Post wrote the initial piece about this phenomenon. If I can find it, I’ll link to it. Similar pieces have been written throughout the years though.
A surprising finding for me though was that there were quite a few members of the prestigious six figure club who couldn’t cover a $400 expense. How is this possible? Well first everyone’s situation is different but there are several explanations for six figure earners who can’t cover a $400 emergency expense. One is the afore-mentioned debt. Debt can cripple your finances even if you are a high earner.
The conclusion most come to is overspending and poor money management. Money management in itself does take work because you have to sit down, proactively do the math and stick to the budget, or spending plan you’ve devised. This is part of the conundrum though. Aren’t you supposed to be able to spend whatever you want to if you’re a high earner? What do you think?
Closing Thoughts
This essay was written with some subtle humor in case you didn’t pick up on it. I first heard about wealth building being boring from an anonymous individual on YouTube I’ll call Ra-El in a livestream discussion. He was another ‘money guy’ who was interested in this topic of wealth building. Saving and investing money versus spending it is a major point of contention between couples today for those who don’t know. I also want to acknowledge that in this summer of 2024, many people in the United States and around the world are grappling with their daily financial survival which is a separate set of considerations than retirement savings. If you’re fortunate to have resources where survival is not a concern, then this topic is something you should consider.
I further want to close this essay by stating that I am not a financial professional. I am a scientist, writer and storyteller. I am also a very effective budgeter. I am not an expert at investing. I rely on individuals who are smarter than me in those areas. I can tell you that investing correctly requires a level of financial budgeting, restraint and prioritization. But is that all there is?
My financial team further shared the basis for the follow up piece to this one with me. It was a piece of advice stating that those who have wisely saved and invested should eventually get to a point where they should enjoy seeing their investments grow. Furthermore, saving for the sake of saving is just suffering. It was a profound lesson for someone disciplined like me. Look out for that essay. Finally thank you to my folks for not raising me in a consumerist mindset and my financial team for your guidance and encouragement. Finally thank you to Jenny for inspiring me to write this essay in addition to my financial team.
The Big Words LLC Newsletter
For the next phase of my writing journey, I’m starting a monthly newsletter for my writing and video content creation company, the Big Words LLC. In it, I plan to share inspirational words, pieces from this blog and my first blog, and select videos from my four YouTube channels. Finally, I will share updates for my book project The Engineers: A Western New York Basketball Story. Your personal information and privacy will be protected. Click this link and register using the sign-up button at the bottom of the announcement. If there is some issue signing up using the link provided, you can also email me at [email protected] . Best Regards.
“The suppliers you work with play an integral role in your business growth. If they’re not able to scale with you as you grow, working with them could be restrictive.”
Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. When you own a business, in addition to keeping the profits rolling in, you also want to always be thinking about growth. The following contributed post is entitled, 3 Smart Ways To Fuel Your Business Growth.
Business growth is an integral part of seeing success as an entrepreneur. Without it, you mightn’t see the revenues or profits you’ll want to see.
You’ll have to fuel your business growth to actually see these. You’ll already know this, but you mightn’t know which strategies you should implement. Some mightn’t be as effective as you’d like, which is why it’s worth focusing on some of the more beneficial. They’ll help you more than you’d think. Three of these could be a lot more practical and effective than others, making them worth focusing on.
Fuel Your Business Growth: 3 Smart Strategies
1) Pick The Right Suppliers Early
The suppliers you work with play an integral role in your business growth. If they’re not able to scale with you as you grow, working with them could be restrictive.
That’s why it’s always worth picking the right ones from early on. Whether you’re using CurbWaste for waste management or another company for supplies, it’s worth focusing on this. While that could mean paying a little more now, it’ll help you more in the long term.
You can scale up your relationship with them when you need to, preventing any issues from coming up.
2. Use The Right Marketing Strategies
Marketing is an integral part of seeing growth, and you’ll need to invest in it. That doesn’t mean using any marketing strategies you can think of.
You’ll need to use strategies that actually work for your business. Some options can be much more effective than others, making them worth investing in. Content marketing and search engine optimization are some of the more notable. Focus on the options that offer you the best results possible.
They’ll be much more cost-effective, and they should help with your business growth a lot more than some alternatives.
Another way to improve your marketing efforts is by considering fractional cmo services. These provide access to expert marketing leadership on a part-time basis, letting you benefit from their experience without the cost of a full-time hire. They’re a flexible and cost-effective way to develop and implement strategies that work. With their guidance, you can focus on approaches that drive growth and deliver the best results for your business.
3) Personalize Your Approach
About 80% of people would buy from a company more if it offered a personalized approach to interactions. These increased sales could fuel your business growth quite a bit.
That’s why it’s worth offering personalized services as much as you can. You can do this in more than a few ways. Offering loyal customers discounts, recommending products similar to what they’re buying, and similar approaches can all be great with this. You should see more and more sales in time.
This should increase your profit levels and help you see more growth in time. You’ve no reason not to put the effort into it.
Fuel Your Business Growth: Wrapping Up
If you want to fuel your business growth, you’ll need to use the right strategies. You mightn’t be sure which ones to go with, however.
Thankfully, finding the right ones doesn’t need to be too difficult. Some of them can stand out much more than others, making them worth focusing on. Not only will they help with your business growth, but they should be more straightforward than you’d think.
With the benefits they offer, there’s no reason not to put the time and effort into them.
