10 reasons why accountancy is a great career

 You've taken the first step and committed to changing your future but might be wondering what will happen after you qualify. 

You should feel confident in knowing that you’ve chosen a career that’s in demand with opportunities to work in a variety of roles or become your own boss. Here are just some of the reasons why accountancy is a great career.

1. Employers always need accountants

According to a report by recruitment company Robert Half, finance and accounting skills are in short supply. In the survey, 92% of finance managers and directors said they found it difficult to find skilled staff.

2. Salaries are increasing

The same survey found accounting salaries are increasing across the board, and part-qualified candidates are being offered salaries at the same level as fully qualified accountants – a sign that companies want to nurture new staff.

3. Accountancy is a great choice if you’re changing careers

AAT training provider Kaplan asked 14,000 people how they got into accountancy. Of the respondents, 55% said they started in a different career before making the switch, primarily for the career prospects offered by accountancy.

4. Accountants are a happy bunch

Of those career changers surveyed by Kaplan, 80% said they were happier working in finance, while 83% said they’d recommended accountancy to their friends and family. “I love my job,” says Georgina Pluck (pictured), who works as a commercial accountant,  providing analysis to ensure each division of the business is performing efficiently. “Every job I’ve had in accounting I’ve absolutely loved. I’ve moved into different areas with each job, but I love it no matter what I’m doing.”

5. Accountancy is at the heart of everything

What do Disney, London Fashion Week, Glastonbury Festival and Claridge’s have in common? They all need accountants. In fact, large or small, every organisation needs accounting expertise. Shandrae Sampson works at the British Fashion Council in the finance department. She loves the element of glamour in her job. “Part of my job involves going backstage and helping make sure models turn up and designers are happy. It gets me out of the office and connects me with what the organisation is about.”

6. Accountants can fight crime

Ever heard of forensic accounting? Essentially, it involves investigating financial crimes such as fraud, money laundering, weapons trading, and even terrorism. If you want to make a really positive contribution to society through accountancy, this could be the route for you.

7. You can change careers, within your career

Working within the finance industry gives you the opportunity to work in a diverse number of positions for a variety of employers. You could work as a management accountant or a financial director, within a start-up or a Fortune 500 company, work for yourself or work part-time – the options are endless. Did you know a quarter of FTSE 100 bosses are qualified accountants? Finance is an incredible foundation to take you in any direction you like.

8. Accountancy is so much more than numbers

Today’s accountants have a more diverse role than ever, working as business advisors shaping corporate responsibility, ethical decision making and business development strategy for their clients. While you may be working with numbers, it’s people that you will have the biggest impact on.

9. Accounting gives you the skills to run your own company

Lindsey Dove runs her own business, making and selling candles from home: “When you are a one-man band looking to set up your business with limited resources, the costing aspect can be make or break. Having accounting skills enabled me to keep my own records without having to pay someone, and that goes a long way.”

10. Your boss might pay for your training

In Kaplan’s accountant survey, 60% of people got financial support from their employer or training provider when taking an accounting course. So you could gain a qualification and get paid for it.

Written by: Mark Rowland 

http://www.aatcomment.org.uk/10-reasons-why-accountancy-is-a-great-career/

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8 Questions Your Financial Statements Won't Answer

Our CPA firm teaches free training classes to Napa Valley Winery owners and their teams. We just completed a class called Making Sense of Winery Financial Statements in which we asked attendees to review the above (red neck winery case study) financial statements. This was done at the beginning of class, before we gave them any instruction.
We asked them two questions:

What can you learn from these financial statements?

What do you need to know but can't answer from these statements?

Based on our decidedly unscientific survey, there is more information missing from the financial statements than appearing on it. These business owners, like many others we have trained over the years, struggle to make sense of our main deliverable, financial statements. They want more context around their business results. They had unanswered questions like: Why I am making less profit than last year? Is this good? How are others like me doing? What should I be producing in gross margin? What should I spend on marketing? What is the average cost of farming per acre in the Napa Valley? What changes should I make to improve my results? Do I need to hire more employees? Would a banker lend me money? For us, the most critical question for a business owner was "What would you do differently tomorrow based on the information provided on these financial statements? " Other than cutting expenses and firing all of the staff, there was consensus among the group that no obvious actionable strategies could be gleaned from the financial statements themselves.*

Financial statements are not enough. Business owners need different information. They want visual data, benchmarks, what-ifs and information presented in plain English. They want to help their teams understand the connection between their individual actions and financial results. And mostly, they want to work with accountants (both inside their organizations and outside) who know how to provide this information in a way they can understand. In class, we shared key ratios and walked through different tools and dashboards (like Fathom, $COPE It! ™ and the Profit Equation Planner™ from Mentor Plus.) We also shared our own BDCo scorecard using normalized data that we compile and deliver to our top customers. All of these tools are designed to provide insights that lead to changes in behavior, new actions, and improved results.

They have Key Performance Indicators (KPIs) including financial and non-financial measures, (which for wineries include things like the number of visitors or the number of tours per day) which are usually leading (not lagging) indicators of future business success.
Using these tools we were able to offer our sample winery the following answers to the 8 questions above:
Why I am making less profit than last year? Your cost of wine sold has increased over last year by 2%, result in lower gross profit. At the same time your operating expenses increased, leading to lower net income. ($COPE It! and Fathom)

Is this good? How are others like me doing? You are showing a loss, while other Napa Valley wineries of your size are able to generate a bottom line profit of about XX%. (BDCo Scorecard). What should I be producing in gross margin? It varies by type of winery operation, but in general, your margins are lower than the industry average of XX% by 5%, but you are under-performing the industry's highest achievers by 12%. (BDCo Scorecard).

What should I spend on marketing? You should spend as much as it takes to drive the revenues you have planned for the current year. (You need to know the relative return on different marketing investments. We can help you make those calculations.) We are seeing smaller wineries spend around X% of revenue on direct marketing. (BDCo Scorecard).

What is the average cost of farming per acre in the Napa Valley? We are seeing costs of around XX for wineries like yours. Your costs exceed that by $200 per acre. (BDCo Scorecard).

What changes should I make to improve my results? In order to achieve positive operating cash flow, you must first generate a profit, which can be accomplished by increasing your effective price per unit, selling more wine, or reducing expenses. Once you have generated a profit, you also need to reduce your Accounts Receivable Days Outstanding and monitor the relationship between production and sales so that Inventory doesn't grow faster than sales. ($COPE It! and Fathom tools)

Do I need to hire more employees? If you keep the same number of staff, the same number of visitors to your tasting room, but increase the sales per customer by one bottle per day, you can achieve your revenue targets. (Profit Equation Planner by Mentor Plus as modified for individual wineries.)

Would a banker lend me money? No. Your debt to equity ratio and negative operating cash flow (which is on the Cash Flow Statement that no one ever reads) results don't bode well for a traditional bank loan. ($COPE It!) There is plenty of opportunity in our industry for accountants who look further than the financial statements, who learn new skills, invest time in finding the right tools, and learn how to communicate financial information in a way that works for their clients. Your clients have questions that need to be answered.
Are you ready to answer them? _______________ *We provided summary financials on purpose - we wanted to make a point. We explained the difference between financial statements that satisfy the basic GAAP standards, and those that provide meaningful managerial information with enough detail to drive decisions.

About the author :
Geni Whitehouse is the Countess of Communication at www.bdcocpa.com
About BDCo BDCo is a different kind of accounting and advisory firm. We live and work in the Napa Valley and specialize in wine industry accounting. But it goes deeper than our industry expertise. It starts with our beliefs : We believe customers have the best answers. So we listen to them.We believe employees have the best ideas. So we trust them.We believe Napa Valley is the best place to work, live and visit. So we work to protect it. We live to enjoy it. We savor the company.

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You may be busy, but you probably aren’t as productive as you think — and you’re definitely working yourself to death

How do we measure professional success?
Is it by the location of our office or the size of our paycheck? Is it measured by the dimensions of our home or the speed of our car? Ten years ago, those would have been the most prominent answers; however, today when someone is really pulling out the big guns, when they really want to show you how important they are, they’ll tell you all about their busy day and how they never had a moment to themselves.

With the use of modern technology, what we could once accomplish in the average 40-hour work week, we can now do in a mere 29 hours, yet statistically the average American is working more hours than ever before. We have created a society of “busyness,” both in the workplace and in the home. Since the introduction of technology, working professionals are expected to be available around the clock. In fact, France, in an effort to protect their workers, passed a new law barring work e-mail after hours, under the long supported notion by economists that: working longer hours does not result in increased productivity. However, even spouses who choose to stay at home are becoming increasingly busy.

Economist Juliet Schor describes the increasing standard of cleanliness that has brought additional work to stay-at-home parents: from 1925-1965 the amount of time spent on laundry in the United States vastly increased; what was the contributing factor? The invention of the automatic washers and dryers. Tools like computers and washing machines, invented to save us time and energy, are actually taking up more of our time as standards of professionalism and cleanliness increase with capability.

Although this is a globalized problem, America is the poster child for busyness. I am a dual citizen of the United States of America and Italy, and have benefitted from the rigorous American work ethic and the relaxed Italian lifestyle. Italian workers receive 42 paid vacation days per year. A surprising figure, but come on, Italians are always extreme! However, Germany, a country known for its work ethic and efficiency, has 35 paid vacation days every year. How many do we receive in America? 12. We get 12 paid vacation days, and is anyone complaining? No! Because most of these vacation days go unused within the United States! In addition to our lack of paid vacation days, the United States does not benefit, like 185 other countries in the world, from paid parental leave. Instead we join countries like Papua New Guinea, Oman, and Swaziland with unpaid maternity leave, not to even mention unpaid paternity leave. So why do we do this? Does all this extra work make us more productive? Not necessarily.

David Johnson, a writer for Time magazine explains: “Mexico—the least productive of the 38 countries listed in 2015 data from the Organization for Economic Cooperation and Development (OECD)—has the world's longest average work week at 41.2 hours (including full-time and part-time workers). At the other end of the spectrum, Luxembourg, the most productive country, has an average workweek of just 29 hours. The United States ranks fifth, according to the OECD, contributing $68.30 to the country's GDP per hour worked, countering claims that Americans are the most productive workers in the world. America put in more hours—33.6 per week on average—than all four of the European countries with higher productivity rankings.” As I continued to research this topic I found that America was continually falling in the ranks of productivity while forever increasing their number of work hours. A 2016 study by YouGov Uk showed America to be the 10th most productive country in the world, while remaining the nation on the top ten list that works the most hours.The U.K. is taking a leading role in calling for change. YouGov Uk found that a “working day of seven hours or less would be most productive, and 44% of professionals agree that the work week should be less than five days. Denise Landers, a productivity expert, explains that relaxation time helps people manage their daily stress, acquire new perspectives on ideas, and find new energy.

Denmark is consistently rated the happiest country in the world by the UN and myriads of researchers, who make the study of “happiness” and “well-being” their priority. Denmark is not only deemed the happiest country due to its trust in their government, a minimum wage of $20, and an average of 33 hour work weeks, in addition to all that Danes use their extra time to involve themselves in extracurricular activities. When the OECD ranked nations based on work-life balance last year, Denmark came out on top.The work culture in Denmark is similar to that in the rest of Scandinavia. Flexible work schedules are common and paid vacation time is ample, with at least five weeks of paid vacation each year. CNN conducted a study this past year on the importance of happy workers. Happiness can make or break a business and “disgruntled, disengaged, unsatisfied workers” cost money. “We aren’t talking a few extra dollars here. Unhappy workers cost the U.S. between $450 and $550 billion in lost productivity each year, according to a 2013 report on the state of the U.S. workplace conducted by research and polling company Gallup. Americans are literally working themselves to death. Forced overtime, over scheduling, commuting, unpaid labor, housework, increased standards of cleanliness, church service, time cost, and media usage occupy so much of our day that no time is left for ourselves, and we glorify this.

We use our busyness to stroke our egos, we work all day and fill our free time with additional activities because we’re “important” and no one else can do what we do. Well this culture of busyness is creating an extremely unhealthy nation, both mentally and physically. CNN reports that health care costs will grow at an average rate of 5.8 percent every year until Nearly $1 in every $5 spent in the United States by 2024 will be on health care, and for a country where 1 out of 5 dollars is spent on healthcare, America is extremely unhealthy. For the past several years the U.S. has consistently ranked in the 30’s on the world scale of healthiest countries; however, just this past year we were bumped up to number 28 by Bloomberg.

Stress and overwork are contributing to American hypertension, heart disease, diabetes, obesity, infertility, anxiety, depression, chronic undiagnosed pain, and sleep deprivation. On top of all that, we are experiencing a significant decline in social capital. We are not visiting with our friends and our neighbors like the happy Danes do and we aren’t volunteering nearly as much as our citizens have historically. We are even seeing steady decrease in the amount of voters and the amount of people who recycle.

Ariana Huffington, one of the most successful women in the modern world, recently published an article discussing what she would tell her 22-year-old self: "If I could go back in time, I'd introduce my 22-year-old self to a quotation by the writer Brian Andreas: 'Everything changed the day she figured out there was exactly enough time for the important things in her life.’” Huffington comments that had she heard this quotation sooner, she would have saved herself the expense of the, “perpetually harried, stressed-out existence [she] experienced for so long.” The editor-in-chief of the Huffington Post continued by calling American obsession with time a “personal deficit crisis.” She said, “Feeling rushed — or like we don't have enough time to accomplish what we want — which is also known as "time famine," has very real consequences, from increased stress to diminished satisfaction with your life.” Huffington adds: "As long as success is defined by who works the longest hours, who goes the longest without a vacation, who sleeps the least, who responds to an email at midnight or five in the morning — in essence, who is suffering from the biggest time famine — we're never going to be able to enjoy the benefits of time affluence.” Why do we glorify “time famine?” Is it in pursuit of the “good life?” Well let me tell you, you’re missing it! The good happens while you’re busy working.

Do you work hard so you can retire and sit on the beach with your kids and lounge without a care in the world? Well you can do that now! Use your vacation days! Take time to relax and de-stress. Clear your mind and your thoughts and give the world your best! When you are happy, well-rested, and relaxed your productivity will greatly increase, you will build more meaningful relationships and with others, and you will find that the “good life” has been within your reach all along.

By Benjamin Cardullo

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10 Ultimate Guides To Getting Out Of Debt

The Ultimate Guide To Getting Out Of Debt

Five years ago, when I was in my mid-30s, I opened my first adult savings account. I was attending a friend’s wedding in India and wanted to make sure I had enough money to go.

What I didn’t consider but later realized was that, at that time, I had $6,500 of credit card debt and $18,500 of student loan debt. Looking back, I can see that a more practical person would have said that going to India for three weeks might not be a prudent idea.

By the time I got back that August, the credit card balance had grown to $7,500. Panic gripped me. I had been in this situation before, in my 20s. The only difference was that, then, I had an okay excuse to fall into credit card debt: I was making very little money, and doing so irregularly. But this time around, I had a good, steady job, making decent money. I had nothing to blame but my own stupidity.

That September I took a workshop that, for the first time in my life, got me a budget. That step put me on the road to knocking out the credit card and student loan debt, saving up enough money to freelance, and then quitting and now earning more than I ever did in any full-time job — all in the span of four-and-a-half years.

If your bills give you anxiety and your debts are getting in the way of other dreams, it may be time for you to follow the path that I did. I’ve laid out a strategy based in both personal experience and my work as a personal finance journalist that will hopefully get you on the path to being debt-free.

(Simon Cunningham/Flickr)

1. Commit to getting out of debt.

This may seem like a throwaway tip, but it is one of the most important. Getting out of debt is hard. It takes maintaining discipline over a long period of time. It demands lifestyle changes. It also sometimes requires bucking peer pressure.

While you shouldn’t build a plan so austere that it would be impossible to stick to, you will have to make some tough choices. If you’re used to treating yourself to spa days or shopping sprees or wild nights out, you’re going to have to give up some of these tangible and expensive pleasures in order to obtain what right now seems like the abstract state of being debt-free. If you and your partner are collectively in debt, they’ll need to be on board as well. It’s not possible to do this on your own if your other half is still spending up a storm.

Before you embark on this journey that will last months, if not years, think about how sweet it will be to be debt-free and be able to pursue other dreams you have, whether it’s buying a house, taking big vacations every year, sending your children to college, or something else. If those goals are more important to you than nights out and wearing the latest styles, then you have the mindset to get out of debt.

For motivation, create a visual reminder of what you’re working toward, such as a photo of the kind of house you’d like to buy, or the destination you plan on hitting when you can afford it. Put the image in your wallet, on your computer — wherever you spend money — to remind yourself of what you’d really like to do with it.

2. In a spreadsheet, list all your debts, balances, interest rates and minimum payments — and find out the total of what you owe.

Both times I fell into debt, I didn’t know the total amount until I was pretty far along. Knowing the total will give you a rough sense of how long this might take. If you’re shocked by the number you see, just remind yourself that this is the highest the number will be. Within the next month, it will start to get smaller.

Knowing your minimum payments will help you budget, and having your interest rates will help you decide on your debt repayment strategy.

List your debts in order of highest-interest rate to lowest. Tally up your minimum payments so you know the minimum amount you need to put toward your credit cards every month.

Keep the list easily accessible and editable so you can refer back to it in the coming months.I

3. Try to make 0% balance transfers, get your APR lowered or refinance.

Now that you’re committed to paying down your debt, it would really help if it weren’t simultaneously increasing bit by bit. If you’re eligible for 0% balance transfers (you can search for credit cards on sites like Bankrate, Creditcards.com, Credit Karma, NerdWallet and others), see if it makes sense to transfer your credit card debt.

But beware the fine print. If the 0% offer only lasts six months, be sure you can pay that debt off within that timeframe. If not, you could end up paying higher interest than you were before — and it could even apply to the initial six-month period (look for the term “accrued interest” to see if this might happen). Also, calculate what the balance transfer fee is and make sure that even with the fee, you’ll still save money on the transfer.

If you’re not eligible for a 0% balance transfer or decide it doesn’t make sense for you, call your credit card company to see if you can negotiate the APR down. If your main debt is a mortgage, look into refinancing. And if it’s student loan debt, refinancing might make sense for you. If you have federal loans, be aware that they offer a lot of flexibility — you don’t want to later regret losing that. If you refinance a federal loan, you should be confident you have the financial capacity to pay it off. Also, if your desire to refinance your student loan debt comes from not being able to make your payments at all, refinancing won’t help you — your focus should be on not defaulting. (Work out a plan with your student loan provider.) If you decide refinancing might make sense for you, check out some of the new online lenders, such as CommonBond, Earnest,SoFi and Upstart, that have cropped up to help burdened graduates. Plus, also see if any credit unions available to you have appealing refi rates.

4. Start tracking your spending.

In order to pay down your debt, you’ll need to find ways to free up the money you already have. Knowing where your money goes will help you spot where you can cut expenses. A number of online resources such as LearnVest (disclosure: a former employer of mine) and Mint will pull the transactions from your financial accounts so you can start categorizing and seeing where to trim the fat.

Look for big expenses that don’t align with your priorities. If you’re surprised to see you spend $200 a month at Panera or Chipotle for work lunches, start packing PBJs. Also keep an eye out for expenses that you’re not utilizing — goodbye, gym membership! And note anything that was more expensive than it should have been, and get used to searching for coupon codes for online purchases and only shopping at in-store sales.

5. Do a first-pass at your budget.

Figure out your annual take-home pay — what hits your bank account after taxes and 401(k) retirement contributions. (If you receive a paycheck every other week, multiply the amount by 26, then divide by 12 to get the exact monthly figure.) Tally up your necessary expenses: housing, transportation (hold off on including discretionary cabs and ride shares for now), utilities and groceries. Try to come up with a reasonable amount for your monthly groceries that you can stick to and that isn’t so rich you’ll be filling your cart with fancy cheeses every week.

If the sum of your necessary expenses is greater than 50% of your take-home pay, it might be hard for you to pay off your debts in an expedient fashion. (If you have other necessary expenses like childcare, which allows you to work, then it’s fine to go over the 50% threshold.) Otherwise, if you’re exceeding the 50% mark, see if you can cut back on any of these necessary expenses in any way. Maybe your cell phone plan provides you with many more minutes than you need every month? If you are single, you may want to get a roommate to save on housing costs.

6. Work your debt and discretionary expenses into your budget.

Now, calculate what percentage of your take-home pay your minimum debt payments are. If your necessary expenses are 50% or less, aim to put 20% of your take-home income toward your debt.  If your minimum payments are less than 20% (say they tally $300 but 20% of your take-home is $600), you’ll be able to put more than the minimum toward your debt each month.

Finally, see how much you have left to live on each month. From your monthly take-home, subtract your necessary expenses and your projected 20% debt payment. Divide the leftover by 4.33 to see how much you can spend each week. Is this enough to live on each week for your dining out, shopping, gym, entertainment, travel, gifts, cable, health and other costs?

If not, get the numbers to a ballpark range that feels doable, even if it means not hitting that 20% debt repayment goal. Expect that you’ll have to go through a period of trial and error before you find the exact plan for you. But make a decision, and head into the next step knowing what you’ll be paying toward your debt every month.

7. Start your debt-repayment plan.

Now that you have a monthly debt repayment target, go back to your debt spreadsheet. Pay the minimums on every debt except the highest-interest rate debt. Put the rest of your debt repayment money toward that debt every month until it’s gone. Afterward, cross it off the list and do the same for what is currently the second-highest interest rate debt. Continue like this down the list.

This method of repayment will ensure you pay the least interest. If that top debt has a huge balance and you’re worried your motivation will flag, then you can try the “snowball” method, in which you start with the smallest balance and then use the momentum from paying that off to continue on to the rest.

If you can, set up all the payments on auto-pay so you don’t have to worry about missing any of them one month.

8. Stick to your weekly allowance.

The only way you’ll be able to pay off your debt is if you don’t keep adding to it. This means being vigilant about living within your means.

Depending on your income and the cost of living in your city, this can be difficult unless you keep an eye on it. If you know you need to make a shift in your spending habits, try using cash. Take out your weekly allowance in cash each week and only let yourself spend that amount until it runs out. If your allowance week goes from Saturday to Friday, and you run out on Wednesday, then get creative for Thursday and Friday.

If you’d like to still use credit, beware the studies show that paying with plastic makes people more inclined to overspend. What I did was to keep using my credit card but log my expenses on a spreadsheet that noted my weekly allowance and automatically subtracted the amount I had leftover after I entered each expense. The surpluses could carry from week to week, and if I went over one week, then I would enter the next week knowing how much less I had to spend. I also liked that it allowed me to “plan” my spending. If I had a friend’s birthday dinner planned for three weeks ahead, I could enter an estimate for the cost of the dinner in advance and then start the week knowing I had that much less to spend that week.

You could also make sure you’re staying within your allowance with a budgeting app like LearnVest, Level Money, Mint or You Need a Budget. Be sure to enter cash transactions manually so you’re not inadvertently overspending. If you’d like some help in finding ways to put more money toward your debt, use Digit, which will, in the background, find ways to siphon some money out of your checking into a Digit savings account. You could then put the accumulation toward your debt payment every month.

9. Adapt to your new lifestyle.

Now that you’ve started on your plan, you need to learn what behaviors will support it. If you feel comfortable doing so, tell friends and family about your debt repayment goal so they understand why you’re suggesting more potlucks and Netflix nights. If a friend suggest an activity that will be difficult on your budget, look for good free or inexpensive alternatives.

Even for non-social activities like personal hobbies, look for ways to cut costs: If you dropped the gym, can you run outside, play tennis with a friend or join the city pools? In lieu of your yoga center membership, try one of the yoga websites that allow you to stream yoga classes online for a small fee each month. Instead of buying all the latest books, dust off your library card. If you’re paying a hefty fee for tons of cable channels you don’t watch, see if you can use cheaper online providers such as Hulu, Netflix and iTunes or buy an AppleTV to slake your thirst for TV.

As you continue to track your spending in your online tool, look for more ways to cut expenses. You might have forgotten about the annual fee on that credit card you barely use, or realize you can use Google Voice and Skype more often to cut back on your mobile phone plan. Or, maybe you realize that with advance planning, you can more cheaply stock up on household items by buying in bulk at Costco. To freshen up your wardrobe, browse good local thrift shops or hold clothing swaps with friends.

10. Earn more money, and put gifts and windfalls toward your debt.

Finally, one of the best ways to get out of debt — and what ended up being the crucial factor for me — is to earn more money. While cutting costs might free up a few hundred every month, a solid side gig could give you an extra $1,000 or more to put toward your debt. (In my case, I probably averaged an extra $2,000, which allowed me to reach my goals fairly quickly.) If you’re in a strong position at work, see if you can negotiate a raise. Don’t mention that the request stems from wanting to pay off your debt — make your argument based on your performance at work. But again, if this gives you another $500 to work with every month, you’ll be able to pay off that debt more quickly.

If, as you’ve been reading the cost-cutting suggestions, you have a sinking feeling you have no fat to cut from your budget, then earning more will be your ticket out of debt. If a raise isn’t on the table for you, let everyone in your network — from friends to family to former coworkers — know that you’re looking for freelance gigs. If you receive a large sum, put the vast majority, if not all of it, toward your debt. If your monthly debt payments are $600, and you receive a gift of $5,000, putting $4,800 of it toward your debt will get you to your goal a full eight months earlier.

Finally, every time you reach a debt repayment milestone, celebrate! Doing so will give you more motivation to keep going and help your progress feel tangible. Don’t be afraid to splurge, as long as it is on an expense that you’ll really savor and that won’t take you too far off your goals.

Good luck, and congratulations to getting on the road to being debt-free.

Source:
By: Laura Shin
https://www.google.com/amp/s/www.forbes.com/sites/laurashin/2015/05/31/the-ultimate-guide-to-getting-out-of-debt/amp/?espv=1

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Happy Birthday to Me

I remind myself every year on this special day how blessed I am to have been given another year to experience the wonders of this beautiful world! God is good! My birthday is a day I cherish and love. Happy birthday to me!!!!.

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Forbes: When It's Time To Dump Your Career And Pursue Your Passion

Perhaps you have been through aquarter life crisis or maybe you are even in one right now. It’s possible you have questioned your career path and choices, wondering if you should have pursued your passion instead of the route you took.

It’s well known that millennials are loyal to their values and morals, as published by the 2016 Deloitte Millennial Survey, where 55% of millennials said their personal values or morals had the highest level of influence on decision making at work. Since it’s common for millennials to defer their passion pursuits for a steady job, I talked to millennials who have already made the jump towards their dreams to find out what they had to say to those still in their sluggish career rut.

In short, the best time to dump your career and pursue your passion is now. Without a doubt, the professionals I spoke with who have made a successful transition to a passion pursuit said they wish they had jumped sooner. That was the only step they would have done differently. It’s a bit tough to believe when you think about all the things that could go wrong when quitting a steady job to pursue something of your own.

“With the benefit of hindsight, I definitely would have gotten things started earlier,” said Michael Lux, Founder of The Student Loan Sherpa, a student loan blog. “The big benefit to starting a business while you have other employment is that there is little risk.  The worst thing that can happen is that you don’t make any money, and you learn a tough lesson or two.”

As Lux explains, often times you can start pursuing your passion while you are still employed elsewhere. Many millennials take on side hustles to test the market and develop their skills.

“Honestly, I wished that I had pursued entrepreneurship earlier,” said Dr. Paul McNeil, CEO at ScrappyLock, a token-less multi-authentication software solution company. “I allowed my fear of the unknown to cripple me. Find ways to work towards your passion, even if it is only a little bit at a time.”Certainly there is a theme among millennials who have pursued their passion. It goes without saying that there is no time like the present. However, it’s easier to say make the jump than it is to do it.

According to Michael Rangel, Founder & CEO at Clear Financial, a FinTech company for millennial business owners, there are a few primary reasons why millennials won’t ditch their day job to chase their dreams.

“The typical reasons young people cling onto their jobs are threefold,” shared Rangel.

1. I need to make more money before I launch something of my own.
2. I need more experience before I do something on my own.
3. I need to meet more people to open up the doors before going my own way.

Rangel. “The time will never be just right. You will never have the right amount of money, knowledge, or connections to start something comfortably. It’s a hard and long road, but if you have the grit it will be the most rewarding journey you will ever experience.”

Rangel himself knows that time is of the essence, even at such a young age. He decided to pursue his passion after a car accident put him in a coma and became a near death experience. He realized he was too comfortable in his old job. “Comfort can be a gateway drug to complacency,” he shared. “Although it may not be biologically dangerous, the mental ramifications it can have are incredibly powerful and demoralizing.”

Not everyone needs a near death experience to know what they should do. Some millennials know early on that a cookie cutter job won’t work.

“Day one I knew that a traditional career path was not for me,” said Rachael Bozsik CEO and Founder of The Brand Girls, a College Women’s Workshop. “In the moment when my boss told me that I had to clock in and out for my lunch hour that it would never work. If you have a brilliant idea that you want to work on you had to go through two levels of management to get approved. I am and have always been entrepreneurial spirited at my past experiences I felt completely creatively suffocated!”

After hearing from these millennial entrepreneurs, it’s evident that the earlier you start working on what matters to you, the better. But executing on that can be difficult. I asked them for advice for young millennials considering making the jump.

“Try to find a job that you are excited about and can't help thinking about the daily projects,” said Joanne Jiang, Founder at LadyMarry, a virtual wedding planner app.

Surely you will need to pursue something that attracts and keeps your attention, so you can keep it up over the long haul. Even if you have found something that keeps you up at night working on it, there can be hesitation when making such a tough career decision.

“We are taught to use our mind and not our heart when it comes to making career decisions,” said Sami Wunder, a Dating and Relationship Coach and Author of Your Feminine Roadmap to His Commitment. “I strongly feel it should be the opposite. If you tried to rationalize a top Economics student giving up her lucrative career as a consultant for international organizations, becoming a love coach and starting from scratch with nothing in her savings, I would appear crazy to you.”

Wunder shares this having gone through the difficult choice to dump a traditional career and become a love coach. Her success extended well beyond what would have been possible in a traditional career.

The last piece of advice worth sharing on this topic can sound very much like a negative millennial stereotype, but it actually makes clear sense.

“Be selfish,” said Akash Nigam, CEO of Blend, a messaging app for millennials. “As a young adult, you are allowed to be selfish—you are generally only responsible for yourself and you should use that time to really explore what you are passionate about. If you are 20 and dreaming about what you want to become when you are an established, 40 years old professional, figure out how to achieve that at 20 years old.”

For any millennial who feels stuck in their current career and wants to dump their job for a passion project, know that the best time to try is now. There will always be reasons not to, such as needing more time, money or experience before trying. But if you find something you are excited about, you should make the tough decision to be selfish and give it a shot before you have more responsibilities, professionally and personally, to hold you back.

Source: https://www.forbes.com/sites/kaytiezimmerman/2017/03/05/when-its-time-to-dump-your-career-and-pursue-your-passion/#390c1d877073

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5 Reasons Why You Should Start That Business

2017: REASONS WHY YOU MUST START THAT BUSINESS THIS YEAR

Some months ago the Federal Government released a report that the Nation is in recession. Forthwith, things began to deteriorate both financially and economically for "some" individuals because of the different fiscal and monetary policies of the federal government which were geared to rescue the Nation's Economy from the chronic disease called "Recession". As a result of these emergency surgical operations the Forex law became more tight, importation of certain items were banned, companies also began to downsize their operations . All we kept on hearing was recession! recession!! recession!!!. I thought this issue of recession was a general phenomenon to all (both the rich and poor) but to my utmost surprise I discovered that there are "some" individuals who are actually immuned to "recession". I know you might be thinking " politician" but No. We have a lot of people who aren't occupying any political positions and they are doing good and living a good life.
Did you know that during the wake of the recession a lot of people were still building houses, buying cars, going for vacation oversea etc yet they aren't politician but Nigerians like you and myself. What I observed about these set of "Immuned" people was that they had built their financial status to a level whereby they cannot be shaken by recession just like the biblical "Mount Zion". Since I came to this knowledge I had made up my mind that " no matter the economic condition I'll be successful " and I believe you are making that same decision also.
Here are some reasons you must start that business this year:

1.You cannot afford to depend on a single source of income. As an individual it is not advisable to depend solely on a single source of income considering the current economic reality wherein prices of basic items has gone up and yet salary still remains as it were since last year. Its no longer a news that some states are still owing more than 6months salaries hence, imagine if those workers were depending solely on their salary what would be their fate???.

2.That business could be the answer to your desired financial freedom. When Dangote started his business little did he know that such a small business would become a multi- billion dollar investment. I was just pondering in my heart "if Dangote didn't start his business then, would any of us know about Dangote today?".
In nutshell, don't be scared to take that bold step you don't know you might be sitting on a multi-billion dollar investment. Take Action .

3. You cannot afford to end the year unfulfilled. Late Dr Myles Munroe said " the most frustrated person is not a man without a vision but a man with a vision but couldn't achieve that vision". As an individual you might have this brilliant idea don't allow such idea to die away but rather allow it to become a reality. In the words of Steve Harris " what limits us is not what we don't have but what we have but cannot use".
Imagine a situation whereby you wanted to do something but you didn't do it then another person now did that which you wanted to do and was successful at it , do you know how frustrating it would be for the first person who had the idea. I hope you won't want to have a taste of such experience.

4. The need to have an alternative job should the unexpected happens. A lot of thousands of individuals lost their jobs last year though they didn't envisaged such misfortune but the reality is that it has occur. Now just imagine your boss woke up on the wrong side of his bed and said "he doesn't need your service again what would you fall back to?". A lot of people when they are retrenched they end up becoming redundant because of lack of proper planning and preparation. I hope with this little piece of advice you wil take that bold step this year to bring to birth that busines you have been desiring to set up. See you at the top.

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