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September 1, 2020, 8:08 am

5 Ways to Make More Money in Your Current Job

by: The Financial Blogger    Category: Career,Personal Finance,Uncategorized

There aren’t many people who can say they would turn down more money if it was offered to them, especially if it meant they could stay in their current jobs and save themselves the trouble of searching for something new and having to start all over again. However, the problem that many people face is that they just don’t know how to do both; they don’t know how to keep their current jobs and get more out of it. After all, if they continue doing what they are doing, why would they be able to get more money for it? If nothing has changed, why should their salary increase?

In reality, there are many reasons why this might be the case, and if you can find out what those reasons might be and take the time to really work on them, you may well be able to make more money doing the same thing you’re doing now. Read on to find out how.

Ask for a Raise

The simplest way to make more money in your current job without having to change anything at all is to ask for a raise. Don’t wait until your employer offers you more money, as this might never happen. Instead, make a list of all the reasons why you deserve a raise and call a meeting to give them this information. The reasons could include:

Ideally, you will want to have a specific amount of money in mind to ask for, and this is why research is crucial. Start a little higher than you might realistically be expecting (but not too high) and you can negotiate down to an amount that suits both you and your employer. The worst that can happen is they say no, at which point you can decide whether you want to look for work elsewhere or you’re content to stay where you are on less money than you feel you deserve.

Ask for a Promotion

Something that goes hand in hand with a raise, although isn’t always necessary to achieve the former, is a promotion. If there is an opportunity to rise to the next level in your current job and you want to take it, then that is what you must do. Take a look at your resume and make sure that it includes all the skills you have learned over time, mentioning specific projects where necessary. Your employer should already know about these things, but it is a good idea to remind them, and show them the value they have in you.

Even if there isn’t a specific opening available, you can always tidy up your resume and present it to your employer speculatively. They might realize just how important you are and create a role just for you.

Keep Learning

No matter what career you have or what level you are currently at, there is always going to be more to learn, and this is something that can increase your chances of earning more money. Always be aware of any additional opportunities to improve your education and yourself, and to gain extra qualifications in whatever field you work in. Pediatric acute care nurse practitioner programs are just one example of something you could specialize in if you are already in a nursing field, for example. Or you might want to go back to school part time to obtain your masters, or a PhD.

Anything more than you already have is going to look good on your resume, and your employer should be impressed by your dedication, passion, and knowledge. If they aren’t, these extra qualifications would certainly impress a different employer in your field, so don’t limit yourself; if you want to make more money and you have spent time and effort learning more about your career, sometimes it is necessary to move on to make the most of the knowledge and experience you have.

Build Relationships

If you want to improve your lot in life and make more money in your current job, it’s a good idea to build relationships both in your department, and out of it. You are going to generally need supporters and cheerleaders if you want to make more money and create something exciting out of your career; the more people you know who will be willing to be a reference or put in a good word for you when necessary, the more chances there are of you getting what you want.

This is why you need to make sure you treat everyone, no matter what position they hold, with respect. By building good relationships across the company, there is always going to be at least one person who will stand up for you and fight your cause alongside you when it comes to ensuring you are paid fairly for what you do. Plus, you never know what opportunities being kind and respectful to people right now will open up to you down the road.

Be Indispensable

If you can make yourself totally indispensable through your hard work, your experience, your willingness to help, and your character, you will stand more chance of making more money in your current position; no right thinking employer is going to want to run the risk of losing you to the competition by not offering you more money to ensure you stay where you are.

It won’t take much to ensure that your boss doesn’t want you to leave. Be kind, courteous, helpful, honest, adaptable, and as positive as possible, and this will all help. So too will the additional learning that we mentioned above. Although you don’t want to necessarily take on any extra work to show just how useful you can be, and you certainly don’t want to be taken advantage of, going just far enough is going to be a useful way to make more money in your current job.

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July 10, 2020, 11:39 am

Three Crypto-Market Trading Strategies

by: The Financial Blogger    Category: Personal Finance

When we think about the most well-known use-case for the cryptocurrency and blockchain space we tend to think about things such as cross-border international payments. However, by far the largest use-case for the cryptocurrency space right now is: trading. We all remember Bitcoin’s monumental rise to the $20,000 mark, and this was fuelled by the increasing numbers of traders and volume sizes. Bitcoin’s volatility is great for traders, because it creates trading opportunities that can result in big returns. Navigating the cryptocurrency market first begins with have a solid strategy in place. Here are a few trading strategies that you could be using to gain an edge in the market.

1. Fundamental Analysis

The first trading strategy on this list is fundamental analysis. This strategy is used very often in traditional markets such as stocks and bonds. The idea behind fundamental analysis is to find companies/assets that are undervalued by the market. This is often reflected in the price of the asset with it trading at a lower price point compared to other companies/assets. A trader using fundamental analysis would look to take a long position when an asset is undervalued and then make gains on price appreciation as the market recognises the value of the asset.

Traders will use a number of metrics to help them determine the underlying value of an asset. For example, when finding the underlying value of a company’s stock, the following metrics are often used:

Fundamental analysis and metrics cannot be used in the context of cryptocurrency given the fact that cryptocurrencies such as Bitcoin are a fundamentally different asset class. For example, Bitcoin and Ethereum are not companies that generate cashflow. Despite this however, there are metrics that are being used in the space to help in determining the value of various cryptocurrencies. For example, the following metrics can be used:

2. Swing Trading

The swing trading strategy is well-known and has its origins from the traditional markets of stocks and commodities trading. Swing trading looks to generate returns off the upward or downward price swings of an asset. This strategy is particularly great for the crypto market given its volatility. It’s not unusual to see the price of Bitcoin swing upward or downward by over 20% in the space of a few hours. To use this strategy properly, a trader will need to be able to accurately call when an upward or downward swing is in play, which can be tricky. Swing trading is best executed using an automated set-up. Crypto bots and signal groups (e.g. Binance signals) are good starting points in better executing the swing trading strategy.

3. Arbitrage

Another feature in the cryptocurrency market is the fact that there is often differences in the price of cryptocurrencies such as Bitcoin across cryptocurrency exchanges in the market. For example, the price of Bitcoin might be trading at $10,000 on Binance and $10,100 on BitMEX. The idea behind arbitrage trading is to profit off the price differentials that exist between various cryptocurrency exchanges. You will need to be fast in order to execute this strategy effectively, so an automated set-up might be useful when using this strategy.

Conclusion

Being a trader in the crypto market is exciting, given the huge number of opportunities that exist for traders. Having a solid trading strategy will set you on the right path to consistently and reliably generate returns when trading. These strategies are just a few that you can get started with, but it’s important to find a strategy that works well for your own trading style.

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June 17, 2020, 8:02 am

Dealing with unexpected bills

by: The Financial Blogger    Category: Personal Finance

No matter how diligent you might be when it comes to your finances, the risk of an unexpected bill is ever-present in the background. Perhaps you moved home many years ago and there was an error when settling a cable account but you’ve not received the correspondence. Or maybe you’ve been hit by an unexpected need to replace an essential item, such as a phone or a laptop, following accidental damage that cannot be repaired.

Whatever the root cause of your new-found unexpected bill, it’s vital that you respond to it and make sure it doesn’t morph into a more pressing concern. But how can you do that if you haven’t planned for the expense? This article will share some top tips on how to help tackle a financial curveball as it comes your way.

Reduce your outgoings

The simplest way to open up more cash is to reduce the amount that you’re currently spending. In some cases, this might be simple yet painful. If you now spend a significant amount of cash on eating out or picking up lunch while on the go, for example, you could consider cutting out this luxury and replacing it by taking a meal from home. You could then put the cash you will save towards paying off an unexpected bill.

Depending on your circumstances, however, this could require a more creative approach. If you are already in a situation where your outgoings are extensive, but your income is tight, it may feel like there is no room to deal with an unexpected bill. If you can, it may be worth considering some frugality tips – such as batch cooking meals, splitting dishwasher tablets into two or three to make them last longer, or turning off the heating during colder spells and wearing more clothes instead. Measures like that can seem extreme at first, but often they are what is needed to help tide you over when an unexpected expense occurs.

More time on offer?

Depending on the nature of the bill, it may well be that you can get extra time to pay it off. It’s certainly worth calling up the institution in question if you can and asking them to consider giving you a payment holiday or at least developing a payment plan that can help both parties. After all: it’s in their interests to ensure that customers pay up eventually, and if they have room in their cash flow to allow for this, then they might well permit it. There are no guarantees, but it’s worth trying just in case.

Ask for a raise

In some cases, it makes more sense to look for the money you need to save by working with what you’ve got. And that’s especially true if you’re currently in work and have a paycheck landing in your bank account every week, fortnight or month. Depending on where you work, there might be no obligation for your employer to provide you with a pay rise. But there’s rarely anything to lose by occasionally and politely asking for a raise – and if they say yes, it could well solve your worries about the unexpected new outgoing.

Making money online

Some people also look into making money online, too. It can be a helpful way of raising income if your usual job does not offer much in the way of salary progression, and it can be done flexibly around childcare and other commitments. If you have skills in finance, say, you could look into online trading – although be sure to learn from experienced traders by taking some courses. Alternatively, those with marketing skills could look into flexible work like content creation or copywriting. Whatever you can do, there is likely to be some flexible work that suits you available online – and as a temporary stopgap to deal with that pesky new outgoing, it could make all the difference between financially surviving or going under.

Overall, there are many different options available for somebody who needs to contend with a bill they did not expect. As well as asking your creditor to extend your repayment terms, it’s also possible to focus either on cutting your current spending or increasing your current income. Not all methods work for all people, though – so it’s important to carefully assess your options and ensure that you choose a mode of money management that works for you and for the nature of the unexpected bill you have to pay. 

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June 5, 2020, 6:51 am

What To Do When You’ve Paid Off Your Mortgage

by: The Financial Blogger    Category: Pay off your Debts,Personal Finance

People work for decades to pay off their mortgages, so it’s no wonder that when people finally reach that milestone last payment, they ask “what next?”

So, what do you do when you’ve paid off your mortgage and suddenly you have extra disposable income? Well, it’s a nice situation to be in, and here are some options you might want to consider.

Image by Vinzent Weinbeer from Pixabay

Treat Yourself

When you take out a mortgage, the end goal is to pay it off and end up owning your own home outright. After you’ve made your last payment you’ve achieved this goal, and you deserve to celebrate.

Each month you’ll have an extra chunk of cash staying in your bank account, so use it to do the activities that you enjoy. Take the odd holiday, visit friends and family, hit the golf course, whatever it is you love, take the time to enjoy it.

We work extremely hard for large chunks of our lives, and one of the bills that’s always there is our mortgage, so when you finally pay that off, it’s a cause for celebration.

Help Your Family Out

Now that you’ve got a little extra spare change it’s the perfect time to help your loved ones with their finances.

Paying off your mortgage gives you a lot of extra flexibility, and you can use it to enhance the lives of those around you. There are so many ways in which you can use your money, but few are as rewarding as helping the ones most dear to you.

Invest the Extra Money

Why not make the extra money you have at your disposal work harder for you by investing it?

There are lots of different ways in which to invest your money, so make sure you’re seeking the help of professionals and following a well-set-out strategy. Crypto is a very popular option these days, but like with any investment, there’s risk involved, so make sure you’re following the best bitmex signals.

Make Your Savings Work Harder

Not all savings options are the same. Interest rates are low at the moment, but that doesn’t mean there aren’t better options out there.

Make sure you shop around to find the savings account that offers you the convenience and interest rate you need. If you can get an interest rate over 1% rather than the average 0.06% it’s going to make a massive difference.

There are better options out there for your savings account, you’ve just got to look around and find them.

Embrace the Freedom

Paying off your mortgage gives you such economic freedom. One of, if not your biggest monthly expense has gone, and this gives you many options.

Embrace that freedom and design your life how you want it. If that means scaling back your work, then scale back your work; if that means working even harder to achieve your next goal, then do that.

No more mortgage payments means flexibility and freedom, so use it to achieve the next goals you have in your life.

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June 3, 2020, 6:54 am

What to consider before dipping into retirement: JP Maroney of Harbor City Capital Investment reviews

by: The Financial Blogger    Category: Personal Finance

highway

In today’s uncertain financial times, many people are looking for ways to grow their money. There are numerous investment opportunities ranging from all types of stocks, bonds and mutual funds to unique and even obscure vehicles. It all depends on how much you want to invest, how comfortable you are with risk and what your anticipated outcomes are.

One of the surest bets to growing your money for the future is by investing in a retirement plan.  For example, a 401K plan allows you to defer money from your paycheck into a 401(k) account and invest it. The idea is that the value of the stocks and bonds you invest in will increase in value over the years you spend working.

Prior to the COVID-19 pandemic, investing in a 401K was common practice among many American employees, but now millions of American workers have had to file for unemployment benefits for various reasons.  Today, many people who have lost their jobs are finding themselves in desperate need of cash flow, and some are turning to their savings or 401K accounts just to stay financially afloat.

While it may be tempting to take money out of your retirement plan, you should probably think twice before accessing your funds, or you could trigger a host of unintended financial consequences.

Financial strategist J.P. Maroney, Founder and CEO of Harbor City Capital Corp., reviews that the current health crisis has actually made it easier to take out a 401K loan, with factors like the economic downturn and new government legislation in the CARES act all contributing to the ease of withdrawal.  Maroney’s company, Harbor City Capital, a global alternative investment group specializing in buying, building and monetizing digital assets, is always reviewing ways to help keep investors achieve safe, high yield returns in this and every other environment. 

JP Maroney urges people to consider these things before dipping into their retirement savings.

How much tax will you pay?

Although times are tough and some people don’t have a choice, Maroney says taking money out of their retirement savings should be a last resort.

“People have got to do whatever they have to be able to survive and I would look first to other things. Do you have anything that you could liquidate quickly? Maybe there’s a vehicle,” JP Maroney suggests.

One of the reasons it’s probably not a good idea to withdraw early from your 401K is because there is a hefty tax penalty if you take money out before the age of 59 ½.  In fact, you will need to pay a 10% early withdrawal penalty, in addition to income tax, on the distribution.

If you have to dip into your retirement account, make sure you know how much and which bills you need to pay immediately. Don’t use the funds on discretionary spending.

Find other ways to access money

Even if you are going through a rough financial period, it is best to find other ways to access cash rather than withdraw from your 401K.  Perhaps you could look into refinancing your home mortgage, take out a loan or borrow money from family.  If these are not viable options, consider only taking out the exact amount you’ll need to cover expenses. 

If you must take money from your retirement plan, only cash out the amount you will need to cover the emergency and keep the rest invested.

Talk to an expert

Making a financial decision that can affect your future and is not always straightforward can be worrisome.  Review your options, first.  Compare the urgency of your current situation with the ability to achieve your long term savings goals.  You may want to seek the services of a financial advisor who can help you go over your available options, like boosting your income in other areas or taking on a side job to cover any immediate expenses.

Educate yourself

Whatever the reasons may be for wanting to withdraw from your 401K plan early, it pays to be prepared and educated yourself for the financial consequences that could result from your decision.

“Let’s say you’re a millennial so in the last few years to start up a 401k, it’s a different mindset isn’t it?  I would be less concerned about the immediacy of decisions right, but I think that everyone still needs to try to educate themselves,” says Maroney.

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