Transform your family into a financial dynasty

Transform your family into a financial dynasty

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Businesses and entrepreneurs often write down what they hope to achieve in the future. It’s a reminder of why they work so hard towards their goals, and it’s seen as perfectly normal. But when family members try to do the same thing for their kin, all of a sudden it seems weird. Families are supposed to be informal, so adding a layer of official paperwork goes against the grain.

It turns out, however, that families that adopt a business mindset tend to do better. They are more explicit on what they want to have in the future, and how they want to get there. And they have a sense, financially, about how they are going to achieve it.

When Robert Kiyosaki wrote Rich Dad, Poor Dad, he intended to educate the leaders of families on wealth acquisition. When whole families work together toward the same monetary goals, they often end up getting there more quickly.

So what can you do to improve your family’s prosperity and turn yourselves into a financial dynasty?

Allocate Time And Workload

Have you ever wondered why people today are so much wealthier than people who lived in the past? Although technology played a role, most of it comes down to specialization: people doing the same tasks over and over again at high efficiency.

You can apply the same principles to your family. Think about where you should focus your family’s resources for maximum return. Could you, for instance, benefit most from putting money into your children’s education? Would you be better served giving capital to your offspring so that they can start their own profitable businesses? How about paying a bit more money to live nearer to an industry in which you have significant skill?

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Don’t forget to treat the process as you would any project in business. You’ll need to keep track of important milestones to make sure that you’re achieving your goals in good time. And you’ll want to track your financial return over time to figure out whether you made a good investment decision.

Many families want to stick with their old routines. But doing so can be counterproductive, especially when an opportunity comes knocking. Only families who are prepared to break out of the mold make genuine progress in their quest for wealth. Just doing the same thing over and over again is unlikely to lead to a breakthrough.

Set Goals Together

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For financial transformations to work at the family level, each person needs to feel as if they have a say in the direction. That should include children as well as parents.

When businesses discuss their plans, all of the owners discuss them together. They work out what they want to produce, who to sell to, and how many people they need to employ. Families also need to go through a rigorous process to discover what each person wants.

Remember, it’s not always about just acquiring wealth. As any wealthy person will tell you, money doesn’t make you happy, and nobody gets rich by just focusing solely on their bank accounts. Moreover, it’s about the process: having a passion for what you’re doing and doing it well.

Families, therefore, need to concentrate first on what is important to them and then money afterward. Often money is the result of serving others, and so if your family become useful in the world, then it will generate piles of cash as a byproduct.

Make Timely Investments

One of the reasons that services like OnlineCash4Payday® are so popular is because they give families the flexibility to use capital as they please. Many families are financially conservative with their resources and miss out on opportunities to magnify their wealth.

Let’s go into a little more depth. The average family tends to save money by depositing it in a savings account with the bank. Because interest rates are so low and banking fees are high, the actual interest returned is often in the region of 1 to 2 percent, and sometimes less. But savings account, although easy and secure, are by no means the best way to generate significant capital for the entire family.

Take corporate bonds for instance. These are widely considered to be relatively safe because even if a company fails, it’s the bondholders who get paid off first, not people who hold shares. In most cases, companies repay the loan and interest, but even when the company fails, many bondholders get their money back. What’s more, interest rates are in the 5 to 7 percent, meaning that there is genuine scope for compound growth, year after year.

Shares are the highest risk, but families could do even better here. A family that invested $1,000 in Netflix ten years ago would have more than $60,000 in their brokerage account today. Finding these opportunities can be difficult, but it’s well worth it. What are your children and their friends interested in right now? There’s a good chance that the company behind it is one to buy for the future.

Put Values Front And Center

Top businesses often talk about the value of “company culture.” Company culture, however, is just a euphemism for values: things that the company won’t do in pursuit of profit. Families need to apply the same concept: what are they prepared to sacrifice in pursuit of wealth, and what are they not?

Most families, for instance, are unwilling to sacrifice time together purely to get more money. What is the point of money if you have no time to enjoy it together? Some families will also avoid taking opportunities that involve moral compromise.

The key here is to make sure that there is an open dialogue between all family members. Ensure that values do not conflict and find out how each person wants to share the wealth when it comes. Often discussing values leads to new inspiration and understanding of one another.

Create A Mission Statement

The vast majority of companies have mission statements. Most are uninspiring. They merely describe what the company hopes to achieve. The most interesting, however, are those that invoke values or describe a vision.

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The Blue Diamond Gallery

Take Alibaba, the Asian rival to Amazon. Their mission statement is “to make it easy to do business anywhere.” Forbes, the online news site, says that they want to challenge people with exciting and new ideas every day. Finally, Sony doesn’t want to sell you new electronics; they want to fulfill your curiosity.

Mission statements can be powerful when done correctly. So which mission statement should your family choose?

Perhaps the best mission statements are those that contain an element of gratitude. Yes, you want your family to be financially successful, but you also want to bring them closer and be happy together. Gratitude is an excellent way to do this. You could be grateful for your good fortune, and the opportunities you now have that you didn’t get in the past.

Writing down your mission statement and displaying it prominently can also make a big psychological difference. It doesn’t have to be overbearing, just something in the background that reminds all members of your family what you’re striving to achieve every day.

One Final Point …

Becoming a financial dynasty is a challenge. It’s not something that every family is cut out to do. But with persistence and determination, your family can work together to achieve its financial goals. Being wealthy is about more than budgeting properly or getting a promotion: it’s about having the right vision and working together with other people to achieve it.

Money saving tips all mamas can use this summer

Money saving tips all mamas can use this summer

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Source: Pexels

With vacations, days out, and much more, the summertime can really break your budget. You end up overspending on groceries, entertainment, and things your family doesn’t even need. As well as that, you tend to spend more money on energy, as you try to keep your children happy and your home cool. However, as the Bible teaches us, it isn’t wise to spend more money than you have. This can be dangerous, getting you into debt and causing unnecessary stress. If you want to save some money this summer, here are eight things you can do.

  1. Look For Free Activities

When school is out, and your children have a lot of free time, keeping them happy and entertained can seem like a near impossible task. Thankfully, you’re not the only one who knows how bored kids can get, which is why there are usually a variety of free activities your children can take part in every single week. Check with your local library, cinema, and stores and see if any of them have any sort of summer programme or club your kids can get involved in. This is a great way to get your children out of the house, without breaking the bank.

  1. Avoid Using Your Oven

Everyone knows eating at home is much cheaper than eating out, but using your oven throughout the summer isn’t ideal either. The heat your cooker produces can force your air conditioner and fans to work overtime, leading to a much larger energy bill. To avoid this, you should try using a microwave oven, slow cooker, pressure cooker, or roaster instead. You can also invite your family and friends around for a barbeque, and ask that they each bring a dish or drink with them. This saves you money on food and means you won’t heat up your house.

  1. Switch Up Your Windows

Throughout the cold winter months, your windows are the barriers that keep the cold air out and the warm air in. However, what many people fail to realize is that they’re supposed to do the opposite in the summer. Unfortunately, without proper insulation, your windows won’t keep your home cool, costing you money on air conditioning. To avoid this, you should consider installing some new high-quality wood windows to insulate your property better. You should also make sure to keep your windows and curtains closed throughout the hottest parts of the day.

  1. Cut Out Phantom Power

Even with the glorious weather outside, you and your children are still going to spend a fair amount of time inside your home. This means you’re going to be using electricity to watch television, light your home, charge any number of devices, and much more. Although you can try to cut down on the amount of electricity you use each day, it’s much better that you limit the amount of phantom power you waste. To do this, you should make sure that you switch off lights and plugs when you’re not using them and get your children in the habit of doing the same.

  1. Change How You Wash

Whether we’re talking dishes or laundry, there’s no need for you to be washing with hot water. It wastes a lot of energy and doesn’t clean any better than warm or cold. With that in mind, you should make sure that you turn down the temperature every time you put a load of laundry in your washing machine. This is also useful, as it causes less damage to your clothes, making them last longer. You should also make sure that you only use your tumble dryer on really cold and rainy days and that you hang your clothes outside to dry as much as you possibly can.

  1. Plan A Fun Staycation

Summer is the time most families head off on vacation, as the kids are off school and the weather is lovely. Unfortunately, because of this, flights, accommodation, and tourist attractions tend to cost you a lot more during the warmer months. Instead of wasting thousands of dollars on a week away, you should plan a fun staycation for your family instead. Switch up the rules in your home, plan entertaining activities and days out, and take the time to explore your local area. This will cost only a fraction of what a vacation would but will be just as fun regardless.

 

No matter how old your children are, the summer can be an expensive time for families. To keep costs low and save some cash, make sure you remember the money saving tips listed above.

 

Easy ways to make extra money for your family FAST

Easy ways to make extra money for your family FAST

If you have been stretching your household budget for a while and need to cut back on your spending to sort out your finances, you might think about a side hustle to improve your life. You don’t have to make huge changes in your lifestyle to have more money left to pay off debt or to save up for large expenses. A few hours a week is all it takes to improve your finances for good and live the life you want to. Find out more below.

Buying and Selling Used Goods

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Image via Peterson Air Force Base

One of the easiest side hustles to set up is buying and selling used goods. Ten years ago, you had to look through the listings of Craigslist and other local classified ads sites to find bargains and sell them at a profit, but now there are large pawn shops in every city, and you can find items on Facebook Marketplace, too.

Dropshipping

If you are not keen on handling and storing items, you can still sell them online. Becoming a drop shipper of an international or local company can be a great way of earning a share of the sale price without doing much. You can learn how to become a drop shipper through online resources, as well as experience. Choose a product type that is rare, easy to market, and you know a lot about.  

Affiliate Marketing

If you don’t have time to create a business model and your own product, you can decide to sell other people’s products and recommend them to your friends and blog readers. You can learn affiliate marketing through free training and resources, and choose a profitable market that will give you some extra money to get your finances back on track and earn a residual income.

Dog Walking

If you only have a couple of hours after work every night, or the weekends to work extra and get more money, you can also choose to do simple jobs, Dog walking can be a good way of chilling after a hard day at the office and earning some extra cash, without having to work long hours. You can place an ad in your local paper and learn some basic animal care skills online.

Tutoring

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Image via PxHere

Whether you are an expert in accounting, business, plans, or languages, you can offer tutoring for people in your neighborhood, or even around the world. Thanks to the advancement of internet technology, you will be able to hold one-on-one lessons from your home, without having to visit your students. From fitness and nutrition to school subjects, there are plenty of things people are looking to learn online.

 

If you would like to earn some extra cash, you don’t necessarily need to reinvent the wheel. Working an extra few hours a week can provide you with some extra cash to feel more comfortable about your budget and enjoy life without worrying about your finances. Choose the side hustle that matches your schedule and skills, and see how far you can stretch your budget.