Boost Your Financial Life By Creating A Reverse Bucket List

Whether you want to lead a simple life or an extravagant one, having financial goals gives you direction. It steers your focus on the things that you want to achieve at a particular time-frame. It has the power to make you more hopeful about the future.

However, having financial goals may not work for everyone. You see, others can get frustrated upon seeing the milestones that they have not achieved yet. Do not worry! There is a solution. Look at the brighter side of your financial life by creating a reverse bucket list.

What is a reverse bucket list exactly? For starters, it is a list of goals and achievements that you have already met. Apply this ideal to your finances to reap its benefits.

REVERSE BUCKET LIST HIGHLIGHTS PATTERNS

Creating a reverse bucket list gives you an opportunity to pinpoint your spending and saving patterns. Use your observations to improve your financial circumstance.

For instance, you may notice that most of your spending falls under skincare and cosmetics. Consider signing up for Sephora’s loyalty program to maximize your discounts. Alternatively, you may indulge in the affordable homegrown products brought by Shophouse Sixtyfive and Katfood. Shophouse Sixtyfive sells handmade lip balms infused with essential oils, vitamin E, and plant extracts. What’s more? These balms, such as Sir Stamford (S$9.80), have a local twist too.

Now, let’s move on to Katfood. Its playful name says a lot about its interesting background. You see, Katfood aims to create beauty products out of ingredients that you can actually eat. Everything is handmade with no preservatives and are infused with organic and raw elements. Its Cuckoo For Cocoa Dry Shampoo ($13.90) includes ingredients such as coconut flour and cocoa powder.

REVERSE BUCKET LIST MARKS YOUR MOTIVATION

Whether you like it or not…setbacks happen. You cannot be fully in control of your finances all the time. This is where motivation comes in. Motivation propels you to continue on this journey.

Seeing the list of financial achievements you have cemented will transform your motivation into manifestations. You will remember where it happened, why it happened, and how it happened. Making this list will enable you to see your financial situation realistically.

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As I said, you will experience some obstacles along the way. These obstacles do not reflect your financial capabilities or intelligence. Instead, these are merely challenges that you need to learn from. Keep moving forward!

Source: Wisebread

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How To Make Money While You Sleep

What is your idea about passive income? For most people, passive income provides an opportunity for freedom and independence. It gives an escape from our 9-5 jobs that occupy most of our week.

There are different ways to generate income while you are “sleeping”, here are just some of them:

START A BLOG

If playing with words comes naturally to you, you may find passion in writing. Establishing your own blog is quick and easy to do. Simply purchase your own domain or create your own website at no-cost thru website builders such as Wix.

Equipped with your glistening blog, you can either sell your stuff or share your expertise to earn some legitimate cash on the side.

CONSIDER P2P LENDING

Let’s face it! Banks do not lend money out of sheer kindness. They do it because it is profitable. Get a taste of the action by joining P2P websites, which allow companies from around the world to loan money from private people.

P2P Lending is highly attractive to both the borrowers and the lenders. Firstly, P2P Lending loan qualifications are more relaxed than that of given by the banks. On the flip-side, lenders can reap the benefits of up to 20% per annum.

INVEST YOUR MONEY

If you have money to spare, consider investing your funds to grow your nest. Let the company work for you as you receive dividends from them. Directly owning a stock in a company or through a fund enables you to receive dividends. A dividend is a cut of a portion from a company’s profits.

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The amount of money you receive depends on how much stock you own and how much profit there is to divide. Ultimately, the rewards that you will receive are decided by the board of directors. Do prior research before committing to a company.

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How To Deal With 3 Divorce-Inducing Money Issues

In the hustle and bustle of the city life, Singaporeans are exposed to the high economic pressures. What makes this concrete jungle thrive? Money, of course. Putting matrimony into the mix makes things more complicated.

Managing money is a complex task fraught with emotion. It is natural that conflicts can arise from time to time. To keep your marriage and finances in tact, open communication and teamwork are essential. If only more couples are having regular conversations about money issues before and after walking down the aisle then, we will less likely to have divorces.

MONETARY IMBALANCE

What will happen when there is a massive earning gap between partners? Or, when a spouse comes from a wealthy family and the other came from humble beginnings? More so, living in a single-income household is not uncommon. Sometimes, the imbalance between two people creates power play.

When power play occurs, the person who earns the most dictate the spending habits of the other. He or she will have personal spending priorities in mind. The other partner simply complies.

Handling this situation is tricky. You can either make a pre-nuptial agreement or open a joint account. Nonetheless, marriage should be founded by cooperation in all aspects.

OPPOSING PERSONALITIES

In the list of reasons why couples divorce, money is among the top answers. Friction brought by money can be due to the opposing personalities of two people. Personality towards money plays a vital part in a couple’s marital bliss or the lack thereof.

Imagine living 24/7 with a hoarder when you are a spender yourself. Or, living with someone who is a risk-avoidant when you are a risk-taker yourself. To the extreme, you may live with someone who believes that the person who dies with the most money wins. These opposing personalities can be mediated by empathy. Walk in the other person’s shoes to understand where he or she is coming from. You may also adopt your spouse’s money habits for a month to see how it works. Paying attention to money habits before and during matrimony can be beneficial. Talking about your financial views and feelings can help put both of you at ease.

OVERWHELMING DEBT

From school loans to shopping addiction, many people come to the altar bearing a financial baggage. If one partner has an outstanding mountain of debt and the other does not, this situation can spark a conflict.

In such situations, people often take solace in knowing that debts are not carried over thru the marriage. However, it is understandable to share the responsibility over housing and child care debts.

Knowing what you are getting yourself into can help you decide how to deal with it. Both partners have to be honest and non-judgmental when discussing about their financial habits and bad records. Apply several payoff strategies soon after. And, seek professional help when needed.

Sources: 1 & 2

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Money Motivator: Its Pros And Cons In The Workplace

Faced with a target in my head, most of my decisions as a head are calculated. The coveted reward at the end of the rainbow is the bucket full of gold.

While motivating employees with money has its significant advantages, it is not the only way that employees can be truly motivated.

MONEY IS UNIVERSAL

There is a reason why many hip-hop artists rap to the tune of money. It is a universal motivator that drives people of all walks of life. Without money, how can we survive?

Its universal nature is one of the advantages of using money as a motivational tool for employees. You see, most people see bonuses as a means to purchase material possessions or personal experiences that they have been putting off for a long time. While the monetary increase is the same for each employee, its uses vary. That is what makes money fit for all!

MONEY IS COSTLY

It comes as no surprise that money is costly. A huge drawback of using money to motivate your employees is that it adds to your overhead costs. You have to give up a portion of your profit for each time you offer a bonus or a raise.

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What is even costlier? Some employees may expect to get consistent monetary rewards for each time they exceed their performance expectations. The terms of the reward should be discussed clearly to your employees.

MONEY PROVIDES STRUCTURE

Monetary rewards can be quantified and structured, unlike its counterparts. A business owner may come up with a starting point and an end point. Incentives can be achieved once the end point has been reached. Sales programs usually structure money incentive through commission or quota-based sales. These two are individualistic.

On the other hand, you can fuel up the teamwork by creating a percentage goal. Reaching a certain percentage goal at the end of the year can equate to a certain bonus. This fosters teamwork where everyone is motivated to help each other.

MONEY BREWS CONFLICTS

Last but not the least, money motivator can cause conflicts within the group and the self. It can be demoralizing for some people to consistently fail in getting a certain reward. More so, comparing your bonuses to others can brew conflicts. Some team members may resent others when they do not automatically get their slice of the “cake”.

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As a leader, understanding your team is far greater than any monetary incentive. Know what is important for each employee and try your best to keep them happy and healthy. Find the best incentive program that will work for your team whether it involves money or not.

Sources: 1 & 2

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How To Teach Children About Financial Choices

As a parent, you must guide your children’s path to financial independence. Fortunately for you, there are available online tools that can help. Start knowing your teen’s financial personality through the Financial Identity Quiz. It is a research-based tool for teens and young adults aged 16 to 24.

After determining your child’s designated identity, you must discuss its advantages and disadvantages. Give some scenarios to help them decide better.

IDENTITY 1: THE PATHFINDER

As the name suggests, Pathfinders are committed to explore their own financial paths. This does nor mean that they do not need your guidance! From time to time, you must encourage thoughtful discussions about their financial goals. Where are they headed?

To give a distinct financial path, you must challenge your child to look for a positive financial model. It can be a professor, a blogger, an author, and so on. Discuss the steps taken by your child’s financial model. How does he or she plan to achieve the same path? Start by applying similar money principles as your financial model.

IDENTITY 2: THE NOMAD

Some people know their direct paths to success and others are still exploring. Not all those who wonder are lost, but the Nomad needs a little structure in his or her financial life. Help shape your child’s financial habits by finding an ideal financial path together.

Ask your child to do his or her research on a regular basis. You can train this by giving scenarios. For instance, ask what he will do if he showed up to an event without enough cash. Will he panic when faced with late fees via a credit card billing statement? Will he ask for your help when he missed a deadline for a school activity? Also, where will he buy gas when all the petrol stations are closed? These experiences can turn to teachable moments about financial obligations.

IDENTITY 3: TENDERFOOT

You may know a friend or two who has a Tenderfoot approach to money. A Tenderfoot has the most to learn when it comes to making financial decisions. You see, this type is so careful and conservative. This can be a good thing! However, being too careful can make you miss out on other opportunities. You need to take necessary and responsible risks along the way!

Help your children make their own financial decisions by asking what they will do when they are living on their own. Will they have a roommate or live with each other? What if they had an unforeseen medical bill or job loss? How will they raise enough money to survive? Discuss what they will do when help from a parent or a guardian is hard to reach. They have to take risks on their own.

IDENTITY 4: TROOPER

Last but not the least is the personality that echoes you the most – the Trooper. It is flattering to have your child follow in your footsteps. However, you also want to guide your beloved to make his or her own mark. What would be right for you might not be right for your child. Help your child to take ownership in money matters through discussions.

Image Credits:pixabay.com

Ask your child about the last time when he or she acted independently. How did it turn out? What was the problem and solution? How did he or she felt after taking the bold action alone? Then, make your child write down a list of personal priorities that he or she would accomplish alone. These priorities will be best accompanied by research. Help your child know which decision is the best one.

Source: smartaboutmoney

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