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Financial Stability - Complete Controller

While most responsible adults have steady bill-paying jobs, many don’t have savings or a budget, leaving them financially unhealthy. Understandably, working Americans live paycheck to paycheck, but they don’t have to, even if their income is not that of a millionaire. Here are six easy steps to financial stability. Check out America's Best Bookkeepers

No More Excuses!

We all do it; make excuses for every failure we have in life. Financial matters are no exception. Often there are excuses you are making that are hindering you from financial stability like you don’t make enough, or the cost of living is too high, or a budget doesn’t work for you. The solution is to stop making excuses! It would help if you sat down and budget to see where your money is going and where the deficits are in your income. Once you stop making excuses and use that energy to make a budget, you can make the changes to put you on the path to financial stability.

Stop Putting the Entire Paycheck in Your Checking Account!

Having a checking account is necessary to pay bills and have a central location for your money to be held safely until you spend it. But you should take advantage of direct deposit and have a fixed amount or percentage of your paycheck put into savings or investments. Another way you can save without even trying is to use apps that are for spare change investments. Micro investments can add up, and they are an excellent place to start before moving to more significant investments. Check out America's Best Bookkeepers

Cut Unnecessary Expenditures Now!

Cutting unnecessary expenditures is a no-brainer, but amazingly we all fail to do it over and over. There are entertainment apps, delivery apps, coffee shops, and impulse buys at the grocery store that tempts us to spend money on things we don’t need. The truth is, if we had the budget in place that was mentioned earlier, we might curb these expenses or at least have them at the forefront of our mind when we pull out our cash or debit card. When you complete your budget, divide it into necessities and non-necessities and decide those expenditures you can cut.

Set Financial Goals Like It’s Your Job!

Throughout life, we set goals. When we are young, it is to finish school, maybe to go to college. As responsible adults, our goals may change. Our goals could be to get married, get a better job, or have kids. But many people, while having personal goals, lack financial goals to get them on the path to saving for the future or even for a car or a house. If you are having difficulty setting financial goals, you may want to consider hiring a financial advisor. A professional financial expert will help you figure out what you want regarding money and your future. These advisors will further help you layout the plan to reach every goal. Check out America's Best Bookkeepers

Don’t Be Afraid to Invest!

Understandably, many people are afraid of investing. When people think of investing, they imagine the stock market and find it confusing and even a little scary because of the risks. However, with some professional advice and risk tolerance assessment, anyone can find ways to invest that they will be able to withstand. Many investment options are low to almost no risk.

Say NO to Credit Cards!

The best way to avoid credit card debt is never to get a credit card. If you have good credit or are a student, the credit card offers come pouring in with immediate activation. Avoid the temptation! But, if you decide to get a credit card for emergency purposes, make sure you get one with low interest and truly only use it for emergency purposes. When you do charge something to your card, pay it in full immediately. Payments, especially at the minimum amount due, generally only pay towards the interest and not the principal.

Conclusion

You can become financially stable quickly if you take these easy steps. If you stop making excuses, save some of your paycheck, cut unnecessary expenses, set goals, invest, invest, INVEST, and say no to credit cards, you will be financially stable in no time!

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

Financial stability and success are something every individual looks forward to achieving. It is a point in life where a person achieves peace of mind; they need to spend their life with ease.

Financial investing is one of the many routes to achieve financial stability. The investing step comes after savings. It is a smart strategy to save an emergency fund equal to one’s six month’s income and then step into investing. With this approach, an individual can secure their financial position because investment does not always work!

There are numerous ways one can begin investing, but the right one must be chosen only after carrying out thorough research.

  1. Company Shares:

One of the most common types of investing is purchasing shares of a company. If the company invested in, performs well and generates high profits, the price of the shares rises and can make way for a high return if sold at the right time. On the other hand, if the company’s performance is subpar, it can be a significant loss for the investor. As the risk factor in investing in the corporate bonds is high, the return as compared to other bonds is higher! Check out America's Best Bookkeepers

  1. Cash Value Life Insurance:

It is an insurance technique through which a person can secure the future of their family members after they die. Along with a death benefit to a person’s beneficiaries, the cash value life insurance with an investment portion in payments allows accruing the values. The value accrued cannot be imposed with tax, which is another added feature of this investment technique.

  1. Forex:

Forex or the Foreign Currency Exchange is a type of investment that is not suitable for beginners as it involves high risk. To earn high returns from this type of investment, an individual needs to have the ability to predict patterns and the buying power of different types of currencies. Much care must be taken while going for Forex. Without having a sufficient understanding of the currency patterns, jumping into this investment type can expose an individual to huge losses!

  1. Real Estate:

Investing in real estate is a very common investment technique. A person who is too much into real estate knows the location, their values, and about properties must be the one opting for this investing technique. With sufficient knowledge about the trends in the price of property can be highly lucrative. A common practice is to buy homes, work on its condition, improve it, and then sell it for a higher price. Also, these properties can be given off on rents. It is a long-term investment that has the potential to provide high returns over time!

  1. Bonds:

Bonds such as Municipal, corporate, and US Savings bonds are moderately risky investment techniques. It is an excellent way of investing for beginners. It is a perfect investment strategy for those who wish to minimize the tax exposure on the profits earned as these returns are exempted from federal income tax. It is one of the safest investment techniques to choose from.

US Savings Bonds, like the Treasury Inflation-Protected Securities, are backed up by the Federal Government of the United States of America. Like the municipal bonds, these bonds are the most stable investment techniques available.

  1. Mutual Funds:

A mutual fund is a group investment technique that is professionally managed to pool the money of all the investors. The pooled money is then used to buy securities. With this type of investment, an individual can invest in a broad portfolio of bonds and stocks. Also, it is a safe way to invest money, and it is a less expensive technique. Choosing a mutual funds company is the right way to invest and earn a good return.

  1. Bank Bonuses:

Many banks in the United States of America offer bonuses as an incentive to the customers for signing up. To earn rewards from banks, a customer must keep their money on deposit for a minimum of 18 months. It is among the safest investing methods as not a single penny can be lost in the process!

  1. Annuities:

Annuities are a riskier form of investment and must only be opted after discussing it with an expert financial advisor. It is a sophisticated technique that needs to be fully understood before a person puts their hands in it. The annuities are backed up by insurance companies and not the federal government. In some cases, investors get a fixed return, which posses the least risk, and in some cases, the return is variable. In both cases, a return is guaranteed!

  1. Peer-to-Peer Lending:

People looking for short-term investments can choose the peer-to-peer lending technique. The working of P2P is simple, but it can be very risky if the screening of loans is done poorly. By selecting the best-rated loans and through a thorough screening process, a good return can be expected.

  1. High-Interest Savings Accounts:

An excellent way for beginners to invest is through the high-interest savings accounts as it is free from all risks of loss. Just keeping an amount in the accounts, an individual can expect a small amount of interest. In terms of strategy, not many efforts are required.

If done right, investing can provide high rates of return. It takes a lot of understanding and research to invest in the right place to generate incredible profits. The best way is to either research the way into investing or take the help of experts to make the best out of this technique to get rich!

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

Everyone wishes to have a decent job that helps pay the expenses and manage a decent life without having to worry. People spent years wondering and exploring the right profession for themselves; one that helps bring in the bacon and is of interest to them. Who doesn’t love a stable job? After all, half our lifetime is spent studying, whining for grades, and competing with millions of others in the job market, and demands a result in the form of a stable job. Let’s explore the advantages of a stable job!

Management of Expenses

People are always worried about payments and expenses! Some people work two shifts to provide for their families and some are still unable to even though they work tirelessly. A stable job means that one has a clear idea of the monthly earning; therefore, knows the resources available for the month. The employee knows how much can be spent, how much needs to be saved for the next month, how to manage the year-end payments, and more. There is a constant pattern of earnings which allows one to manage the expenses accordingly. If savings and expenses are balanced well, one can effortlessly deal with unexpected situations such as a sudden party!

Lesser Stress, More Fun!

Having a stable job means that one is doing well in fulfilling the basic needs of life, providing for the family, and is satisfied with the work. On the contrary, an unstable job lays pressure on the employee to vigorously look for another job, adds to the frustration, and deteriorates the health of the employee. Several studies have proven that financial constraints lead to anxiety and depression while work stress is known to be the major reason for depression. A stable job allows one to enjoy life, spend time with his family and friends, experience adventures, and live life to the utmost, without worrying about money.

More Employee Benefits

People who add value add to the company with their skills, hard work, and enthusiasm; their worth in the organizations grows exponentially. Employees who enjoy stability in their job are the ones who have positively contributed towards the profitability of the company and are valued in the organization. Such employees are likely to receive more benefits like paid holidays, salary increments, annual bonuses and appraisals at their jobs. Since they have developed a credibility in the organization, they are not micro-managed. The company is lenient towards them just in case they get late to work or don’t show up on one of the days.

Opportunity to Take Investment Risks

A person is able to take risks and explore different opportunities when he is sufficiently meeting the basic needs of life. A stable job interprets that one is doing well with the expenses and needs of life, and is most likely to have some money in the form of savings. Such individuals are able to invest in different short-term and long-term projects to increase the sources of earnings. Some investment opportunities include starting a business of interest like a small café, buying stocks, investing in an on-going project or more. However, one must take calculated risks and carefully invest the hard-earned money!

Opportunities for Professional Growth

Stability in a job is achieved through professional excellence. Employees are stable in a job when they have performed well, have tirelessly worked to deliver their best performance and have added value to the company. Such employees have a competitive edge over others and have more opportunities for professional growth within and outside the company. Their current employer wouldn’t want to let them go while other employers would like to welcome them into their company. This gives employees a leverage to choose from a range of opportunities and diversify their skills by exploring new roles.

A stable job offers peace of mind and provides a stress-free life in terms of finances. It allows one to experiment with different things, take calculated risks, and enjoy life to the utmost without any pressure!

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file, critical financial documents and back office tools in an efficient and secure environment. Complete Controller’s team of US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. With flat rate service plans, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.