During this and age where people call for rather complex principles to be normalized, one that is missed out is friends giving friends advice on finances. When one suffers a breakup, their friends run to their side and offer advice. Why not on finances? Here’s how to become a caring friend to one who suffers from bad financial decisions. Steve Sorense Embezzlement.
Some finance experts believe that money shouldn’t be a subject one must keep a secret. Of course, for purposes of decency, talks regarding money should be approached with caution. Encourage friends to make a budget and stick to it. Acknowledge challenges that come with it and avoid downplaying one’s financial struggles. Be empathetic and sincere when offering financial advice. Steve Sorensen Embezzlement.
Individuals who offer advice and do it in a kind and gentle way are usually the ones being listened to. Choose words wisely and practice patience. Your friend may not get things right the first time. Stick with them through the process. Once the budgeting hurdle is done with, encourage them to save and invest. Offer to help them start bank accounts dedicated for emergency funds, savings, and investments. Steve Sorensen Embezzlement.
Others may go beyond offering financial advice to friends and start investing on behalf of their friends. This practice isn’t exactly the best and is often discouraged by financial experts. Investing another person’s money and applying one’s own strategy can be tricky and opens a whole new world of problems. Stick to offering advice and helping friends build better financial habits that would encourage them to eventually get started on investing. Steve Sorensen Embezzlement.
People have many different reasons for wanting to have a new car. Some may need a replacement for their beaten car, while others are in search of their first-ever automobile. Regardless of their reasons, saving up for a car is a huge feat. Steve Sorensen embezzlement.
To make saving efficient and effective, one must learn how much they can afford to spend on a car. Determining the budget will let one know if they can purchase a brand-new car or a used one. Once the goal is set, one can start saving up. With a determined budget, one can zero in on a car. Read on the specs and try to look at ones that are within the budget. Steve Sorensen embezzlement.
Set up a savings account to keep track of the progress in saving. By doing this, one is making saving a priority. The savings account can be for the down payment and future payments, including maintenance costs. If the costs would be too high considering one’s current income, get a side job. Instead of getting in unnecessary debt for a car, be proactive, and bring in more funds. Steve Sorensen embezzlement.
Limit unnecessary spending. People are quick to think that limiting unnecessary spending and putting more money into savings means to punish themselves. Instead of having that mindset, think of saving up for a new car to pay oneself first. Saving up for an expensive item is never easy but is always worth it. Steve Sorensen embezzlement.
Student loans have the tendency to drag you and your hopes down. The manner you tackle this part of your finances can either make you or break you. There are many great ways to get your way out of it, but not everything will be appropriate for your situation.
While it may seem challenging, paying more than the minimum payment can actually pay off your student loans much faster. Not only will you get rid of debt quickly, but your credit score will also thank you. Whenever you can, make extra payments. According to Certified Public Accountant and business writer Steve Sorensen, paying off debt aggressively is a good practice in staying out of debt.
If you’ve found a job straight out of college, your work’s probably not paying as much as you thought it would be. Find a side hustle to help you save a little while paying off your student loans. Having the loans stay with you longer can hurt your credit score and your lifestyle. In college, some people get used to living the “poor student life”. If possible, prolong this approach in order to save more money to pay off student loans.
Steve Sorensen believes that one of the best steps to get rid of student loans faster is to pay them off while you’re still in school. Make a few more sacrifices and see your loans getting smaller. By the time you graduate from college, your loans won’t be as significant as your peers’.
Steve Sorensen at your service. I’m a Certified Public Accountant and a business writer from Colorado. I give financial counseling to a wide range of clientele in both the public and private sectors. Head over to this blog for more updates.