Monthly Archives: February 2017

Tips on How to Save and Increase Wealth

Rochella@careerandfamilylife.com
Follow me

Rochella@careerandfamilylife.com

Thanks for stopping by! I am a business woman, blogger, wife and mother. I help women balance the challenging roles of career and family life by sharing resources, tips and experiences. I have worked in the financial industry for almost 20 years and I have two children.
Rochella@careerandfamilylife.com
Follow me

Latest posts by Rochella@careerandfamilylife.com (see all)

Share

In today’s economy, people often say “it’s hard to save money.” I agree it can be difficult, however, not impossible to achieve. Honestly, I can’t understand how a person can afford not to save for unplanned emergencies. A practice I learned early on as a child, save for the future; is not common today. Funds can be used to make a large purchase, for unexpected large expenses, or in the event of a loss of income. How can I save? Here are some practices I use that have aided me in saving.

Pay Yourself First 

I’m sure most people have heard the saying “pay yourself first” I live by it. I treat my savings account as a bill that must be paid every time I receive a check. When I receive funds a portion goes directly into my savings account. This is a good practice to have. Even if it’s a small amount, ensure you put something away. You will be amazed at how these small amounts accumulate over time. For an emergency fund, I recommend having 6 months to 1 year of your salary in a liquid account. Pay yourself first, this is an excellent practice to get into the habit of.

Vacation

Extra Funds? Put a portion into Your Savings Account

You receive a bonus at work or maybe if you are lucky, you receive a large income tax return. Do you treat yourself to a Michael Kors purse? Maybe a vacation? A shopping spree? Make sure you put a portion away in your savings account first. I’m certainly not saying don’t treat yourself! I believe in treating myself. However, putting a portion away will help you move closer to meeting your financial goals.

Forget about the Savings Account

The point of having a savings account is to save. Put the funds in the account and forget about it. Putting the funds in and then taking them out a week or so later defeats the purpose. The purpose is to accumulate wealth. The money should be used only in the event of an emergency or if you are saving for something specific that you are now ready to purchase.

Open a CD

Once the balance in your savings has grown to where you can invest in a CD, open a CD also known as a Certificate of Time Deposit account. A CD typically pays a higher interest rate than a savings account. This strategy will help grow your money faster by allowing the funds to sit and grow at a higher interest rate.

Avoid Paying Service Fees

Ensure that you are paying your bills on time and avoiding service fees. Service fees can add up quickly and if avoided save you a lot of money. The funds you save by avoiding service fees, should be invested into your savings portfolio.

Photo courtesy of Wonderlass

Invest

After establishing sufficient emergency fund in your savings account and investing in a few CD’s, now you can explore investing in other options. I strongly suggest speaking with a licensed investment professional to come up with the best plan for your further investments. Find a professional you feel comfortable with and ask as many questions as you can think of. Investments can lose principal, so be sure to understand what your investment goals are, your strategy and the risks.

Saving can be a challenge however it is attainable. Having a healthy savings plan and strategy strengthens the economics of the family. The relief of not worrying over money helps aid in enjoying life and your family on a profound level. What are some strategies you use to save and increase wealth?

 

Written by: Rochella Neely
“an open book”

Subscribe to our mailing list

* indicates required



Email Format


Share

Ways to Find Your Passion and Turn It Into a Career

Rochella@careerandfamilylife.com
Follow me

Rochella@careerandfamilylife.com

Thanks for stopping by! I am a business woman, blogger, wife and mother. I help women balance the challenging roles of career and family life by sharing resources, tips and experiences. I have worked in the financial industry for almost 20 years and I have two children.
Rochella@careerandfamilylife.com
Follow me

Latest posts by Rochella@careerandfamilylife.com (see all)

Share

Sometime ago I was speaking with a friend. My friend was not happy with her current career; she was at a crossroads considering going in a different direction career wise.  However, I could tell she had some reservations. I asked her, this new direction you are considering, is it your passion?

She replied with a chuckle my passion? Who goes to a job and is passionate about their job? It’s a job to make a living. I replied some people are fortunate enough to have a passion and use that passion to make a living for themselves.

Then she asked, are you passionate about what you do?  My answer was, I am passionate about helping people and in my line of work I am in the position to help people; so yes, I am passionate about what I do.

Later, I though more about our conversation. I thought deeper about the question my friend asked; am I passionate about what I do? The truth is I enjoy what I do. I feel a sense of accomplishment and fulfillment. But passionate is a strong word. In my opinion, something a person is passionate about, they would do for free. Would I do my job for free? The honest answer is no.

I had to give some more thought about what I am passionate about. I knew deep down what my passion was however I was not practicing it anymore. After some soul searching I could reconnect with my passion. Here are some steps I took to reconnect with my passion. If you are honest with yourself, you too can rekindle that love affair with your passion.

Ways to find your Passion and make it a career
Ways to Find Your Passion

What do you Love to do?

I must admit in between work, family, social life etc. life can get hectic! I forgot what I was passionate about because I did not have the time to remember! Think about what you love to do. This can be a hobby, something you would like to devote time to if you had more time. Think back to what you did in your spare time as a teenager or young adult before life took over.

In my case, as a teenager, I often wrote. I journaled, wrote poetry and short stories. I initially started journaling to vent, as I felt I had no voice as a teenager. Later the journaling became a powerful tool to self-awareness. Later, when introduced to poetry, poetry became enjoyable to write.

How to Find Your Passion and make A Career
Ways to Find Your Passion

 

What do you find yourself thinking about?

If we take a moment to contemplate our thoughts, it will reveal our desires, passions and purpose. What did you daydream about as a kid? What brings you enjoyment? Why is it enjoyable?  How did you believe your life would turn out? How is it different? How does this make you feel? These are questions to ask yourself to reconnect to your desires. Journal your thoughts, even if you are not a “writer” journal about whatever comes to mind. This process will help expose to you what your purpose is.

Would you do if for Free?

After taking a voyage down memory lane, asking yourself honest questions and meditating on your thoughts, you should have some idea what your passion is. If you have not done your passion in some time, do it now to see if you still have the same fire for it. Now the million-dollar question is do you love your passion so much, that you would do it for free?

If you answer is yes, then congratulations! you have found your passion!

 

Is your Passion Something You Can Earn A Living Doing?

Wouldn’t it be wonderful to wake up and do something that you love and get paid well to do it? Now that you have found your passion see if you can monetize by doing what you love. Research, create a plan, and follow through.

There are many people fortunate enough to do what they love. I believe, if you are passionate about something, you can turn your passion into a career. I would love to hear from you. Have you discovered your passion? Have you been able to support yourself financially by doing what you love?

 

Written By: Rochella Neely
“An Open Book”

Subscribe to our mailing list

* indicates required



Email Format


Share