Steve Sorensen Embezzlement. So many people consider the new year as their chance to start new goals that will improve their lives. Taking care of finances, however, requires willpower and accountability. Here is a guide for those who have resolved to improve their financial stability this year.
Do a financial health assessment.
Steve Sorensen Embezzlement. Before coming up with a plan, it’s important to check where one stands when it comes to finances. Looking at income, debt, and savings is a must before setting time-bound goals. Some even consult with financial experts to prepare for the year ahead. To become better money-wise, a person must change spending habits and become more consistent with spending and paying-off debts.
Set SMART goals
Steve Sorensen Embezzlement. SMART stands for Specific, Measurable, Achievable, Realistic, and Time-bound. With these in mind, one must spend a good amount of time drafting financial goals especially for more complex ones. Instead of just going with “earn more money” or “pay all debts,” putting down the details into writing will make the commitment more serious. Writing down the target budget as well as the amount that needs to be saved and paid, will help a person stick to the plan.
Create a budget and financial log
Steve Sorensen Embezzlement. Whether it’s in an old notebook or an Excel file, having a log of all income and expenditures will let a person know where the money was used. If there are goals that need to be achieved, this record will also show where a person currently stands. For those who want to be good stewards of their money, creating a budget regularly allows them to think about their purchases thoroughly. This will also instill the discipline of saving that they can use even after they’ve achieved financial stability.
For some, financial freedom equates to early retirement. For others, it can mean having a debt-free life, not having to work a 9-5 job anymore, or having money set aside for the kids’ college tuition. But no matter how one defines the term, the sad fact is many think that reaching financial freedom is a pipe dream. But provided one follow the tips below, they should find that it isn’t impossible at all.
Firstly, get a grip on your budget. While this sounds obvious, many folks still go about managing finances with no clear direction. Remember that the budget is the map from one point to another; carefully plot what money comes and goes out per month. Steve Sorensen.
The second advice is to make a clear distinction between needs and wants. This may be quite difficult and challenging, but must be done, nonetheless. A person must just keep in mind that they should have most of what they truly need: food, shelter, clothing, access to education and healthcare. So, develop the mindset that most of the basic needs are covered; the rest are but wants. Steve Sorensen.
Lastly, create an emergency fund. It can be incredibly daunting to face debt, especially when those credit-card and high-interests loans get out of hand. If one doesn’t have money put aside, debt essentially becomes an endless, vicious cycle as you’ll never know when the next big emergency spending will occur. It’s all about making headway. A good analogy is to look at one’s emergency savings as a bucket they can use to bail them out when the tide rushes in. Steve Sorensen.
The Internet of Things (IoT) essentially works by giving devices an ability to network and communicate with other devices. It combines the physical world with the digital; everyday objects are infused with technology for an exclusive online identity, to be able to interact with the external environment, and to deliver more value, explains business professional Steve Sorensen.
Image source: paxus.com.au
Image source: readwrite.com
Today, IoT is already disrupting various industries, offering an array of sensors that detect all kinds of dangers and risks in businesses, rewarding customers who’ve fully committed to such devices, and penalizing culprits like hackers. It should continue to further automize and increase efficiency and cost savings, even as it improves companies’ bottom lines.
The central feature of embedded technology in IoT devices will lead to great reductions in waste, especially of perishable goods and materials lost due to manufacturing issues. Also, by allowing increased and even real-time access to data, IoT will lead to better and timely business decisions. The economy is already benefiting from IoT’s ushering of more-connected mobile devices, allowing both individuals and companies to rely on apps for fast transactions.
But more importantly, the Internet of Things is greatly increasing the variety of available jobs, particularly those related to data gathering, the development of analytics software, sales and maintenance of hardware, and data analysis. Soon, IoT’s effect on IT and modern customer support will become full-blown, even as the accompanying need for monitoring services increases, Steve Sorensen adds.
Steve Sorensen is a Certified Public Accountant and business writer from Colorado. He regularly monitors current economic conditions and the changing market, as well as consults on issues involving employee embezzlement. More on Steve and his work here.
Investing in real estate is no joke. Whether the investor is an individual or a business, looking for properties to purchase involves major spending. However, the return on investment is also pretty lucrative, especially if you’re looking to either re-sell, have the property rented out, or convert it to residential spaces.
Here are a few important points to ponder as shared by experts in the real estate and finance industries for people and businesses looking to invest in real estate.
On down markets
Many rookie investors are hesitant to purchase anything, much less real estate, during a down market. However, veteran investors say otherwise. A down market is actually the best time to buy property since everything is cheaper, and there’s no way for the market to go but up.
Real estate investment trusts, or REITs are easy-to-use and great for younger investors who want to buy more affordable real estate and convert them into prime commercial properties. REITs are also very liquid, which is a huge plus.
On residential properties
For younger investors looking to learn the ins and outs of investing in real estate, investing in residential properties is as good a place to start as any. It’s not as complicated and still yields a huge payday, especially if the property is made into a number of apartments.
Hi there, Steve Sorensen here. I do business consultation and financial counseling for both large and small enterprises. Check out my Twitter account for more info.
One of the grittiest and unabashedly realist films depicting the goings-on in Wall Street during Jordan Belfort’s time is “The Wolf of Wall Street.” We’re not saying that we should follow Belfort’s then-wolf-like tactics (which ultimately led to his downfall), but the movie does teach us key lessons in achieving business success.
Firstly, business is all about one’s ability to sell himself or herself. This often begins with that exuded confidence. It’s important in any business to have a good understanding of the so-called Johari window, which translates to knowing fully well how others see you and how you want others to see you. And yes, power-dressing helps a lot.
You should, from the get-go, know what you want. Find that niche or specialty as soon as possible; more important than goal-setting is a clear vision of what
you want to achieve and how you’d get there. Belfort knew he had to quickly capitalize on something lucrative, and that proved to be selling penny stocks to the public. Of course, we’re not at all condoning exploitation. But you get the idea.
Once the system is in place, work on honing the strategy and don’t waver. In Belfort’s case, he continued to tweak his approach and zeroed in on his target demographic, customizing his pitches to their needs. In a way, Belfort’s strategy of putting the premium on customer service became the template for modern methods of maintaining a loyal clientele base.
Hi, there. My name’s Steve Sorensen and I’m a certified public accountant. I consult for business finance and investment, banking, and on issues involving employee embezzlement. For more on my work and interests, visit this website.
The 2013 Martin Scorsese biographical black comedy crime film, The Wolf of Wall Street, was one of the top movies that year, receiving positive reviews and various awards and nominations.
Its story, which recounts the Wall Street career of former stockbroker Jordan Belfort during the late 1980s to early 1990s, is a cautionary tale of how important it is to build and manage wealth the right way – else, one would be paying for it to the full extent of the law.
Some financial, and moral, lessons that can be gained from the film are the following:
Paying one’s dues
The idiom “There is no shortcut to success,” is demonstrated in the movie when it shows how low some people can get just to accumulate wealth fast. Belfort and his associates founded Stratton Oakmont, a faux organization, which they used to defraud investors and conduct scams. It helped them amass wealth for a while, but it was ultimately branded as illegitimate by federal prosecutors and SEC officials.
Ethical behavior matters
There are many perfectly legal schemes, such as selling penny stocks, lack of transparency and opening offshore accounts using other people’s identities, that are deemed unethical; doing so is a recipe for disaster.
Keeping both feet on the ground
Success can easily get into someone’s head and without proper management of wealth, losing it is not a farfetched reality, just like when the film’s main character spiraled into a world of drug use, debauchery, and insane purchases.
Steve Sorensen here, a Certified Public Accountant and financial consultant who provides individuals and businesses advices related to investments, banking, loans, and even issues such as employee embezzlement. Learn more about his work by perusing this LinkedIn page.