Tips to build wealth

Woman with coins in jar

There’s no doubt that building wealth is one of the most important things that everyone must learn from an early age. No matter how dogmatic your approach to the subject of money is, sooner or later, you will have to accept that it does play a large role in helping us to lead a happy and fulfilling life.

Here is a list of tips that can help you build wealth, no matter which age you are at:

#1: Put a hold on marriage

Perhaps one of the most important financial decisions that you will make in your life is when you decide to get married. Putting it off for a few more years until you become financially independent, free yourself of debt and make suitable investments will go a long way of avoiding the frustration that stems from not being able to make ends meet in a marriage while you adjust to each other.

#2: Avoid Debt like the plague

If you’ve ever been in debt, you’ll understand that it will give you sleepless nights as you remain enslaved to your creditor until you can pay off every last dollar. If you can acquire whatever you would like without owing a single penny to anyone, you’ll understand what financial freedom truly is.

#3: Pick a profession you love, and the rewards will follow

There’s nothing more tragic than being in a profession that you hate when you have to wake in the morning and tend to your responsibilities. Perhaps it would be harsh to say that you only have yourself to blame if you followed the advice of your parents or grandparents in finding a dead-end job. However, the truth is that if you do work in a profession that you are passionate about, you will never work for a single day of your life. And you can be sure that the rewards will follow!


Dos and Don’ts for small business finance

As a small business owner, you will have to learn the basics of funding, bookkeeping, and building relationships with lenders and investors. Here are practical do’s and dont’s that will help small business finance themselves.

Focus on the meaning and not money – Speak to your investors about your company and what you are passionate about. It is important that your product or service fulfills an important need, that is unique.

Your team defines your business – Investors like to invest in people that they feel can build a business. Gather a team of people who have experience in your industry and can bring different viewpoints to the table.

Choose investors that care – Your investor is going to be an ambassador of your business and they are going to represent you. Therefore, your investor should share your values and motivation to grow your business.

Use technology to reduce high startup costs – Today businesses can start up with a minimal budget, due to many online services, marketing and management tools available. Try your best to automate your business using social media and use services like Freshbooks, Paypal and Stripe.

Stay Hands-On with your Finances – Spend time understanding your business’s finances and pay close attention to numbers. It is important that you monitor financial reports and cash flows regularly.

Budget every dollar – Use budgets and realistic sales projections to plan and run your business. Make sure budgeting is included in hiring, travel and all expenses incurred for running the business.

More Options: How Credit Cards and Currency are Changing

You may have heard that digital wallets are beginning to catch on as smartphone adoption rates rise. This is a good thing for consumers and businesses, because it reduces the risk of fraud and unauthorized access to sensitive account data. Due to the multiple layers of security used in such transactions. That’s why some digital wallets are accepted in over 100 countries.

Increasingly, credit card processing companies are making hardware and software compatible with these new developments. Getting all of these services to “talk” to one another, in order to exchange financial information for a customer’s account to complete the purchase, has been a challenge up till now. Today, there are more ways than ever to pay for something in line at your local department or grocery store, and several advantages to all of them.

Basic Security

When sending payments over the internet, the purchaser needs to relay his or her information to the merchant’s bank. This information includes account numbers, as well as the amount to be transferred. All of this data is first encrypted before it’s sent anonymously through a payment gateway.

On the consumer side, you sign up for an account. This account trakcs all of your data, so you can imagine that this account’s credentials are basically vouching for your bank account.

This is a good thing overall because accounts don’t really vanish. If you were to lose your wallet, you might lose your credit cards for a while, and will definitely lose the cash inside that wallet. With digital wallets, you can simply log in from another device and continue as usual. You’ll still want to report your phone lost or stolen, but your device has additional security that prevents hackers from gaining access to it.

Modern phones use NFC chips to store financially sensitive data. Even if the hacker gains root access to your phone, it would be quite difficult to gain entry into this chip to steal the data inside.

What Changed

According to, one of the fundamental shifts that occurred was the move to digital. Today, nearly everyone has a cell phone and that cell phone contains personally identifying information like your bank account. Companies that process transactions at the register have ample experience working digitally, which translated well to brick and mortar stores. Today, you’re just as likely to swipe something on your phone as you are to swipe your card.

6 Sources of business financing

Baker in Shop Doorway

Baker in Shop Doorway

The way you finance your business, can have a substantial impact on your business’s success or failure. It is a good idea to have a number of different financial sources to gather capital because financing this way can save you money and prevent bankruptcy. Here are 6 sources of business financing that will help you get the funds you need to start your business.

Angel equity – If you are looking to get your company started it is a good idea to look for an industry executive who is interested in investing. On top of the capital investment, you can benefit from the advice and networking opportunities that an investor can bring.

Smart leases – Leasing a fixed asset is a good way save your cash for working capital.

Bank loans – Banks will provide provide short-, mid- or long-term financing. They can also finance different business needs from capital, equipment or real estate.

Local and state economic development organizations – These institutions provide low interest rates, compared with a bank. In some cases development organizations will provide extended terms to assist payment.

Customers – Advance payments from customers, can assit you to keep your business growing. This is possible when you have a strong relationship with your customers and when they truly believe in your product or service.

Friends and family members – Your loved ones will be the most willing to offer you business support. Just remember to be clear on the terms of interest and the repayment period.