Friday, April 28, 2023

The sooner the better when you get rid these 3 inconspicuous bad financial habits

Your future financial situation is tied to your habits. It is almost everyone's dream to not be troubled by money, but most office workers are still worried about financial management. If this is the case for you, you might as well re-examine yourself now and quit bad financial habits to take back control of your money.

Bad financial habits are like a toxic relationship.

You know you should break up with him, but you hold on tight.

But the question remains - why is it so hard to break out of these destructive financial habits?

Sometimes we know nothing about them, and sometimes we are afraid to face the unknown. But wouldn't we be able to stand it without these habits? Can't we live without a Starbucks once a week?

I know a thing or two about money matters. I also lost all my money a few years ago due to a stupid financial mistake.

But I also learned that quitting some bad spending habits is actually a lot easier than you might think.

In fact, you can save yourself hundreds (or even thousands) of dollars a year by quitting these three common financial habits.

1. Procrastination on financial decisions

I always procrastinate when I need to make an important financial decision because I'm afraid of making the wrong choice.

I would spend hours browsing the web for articles and videos on personal finance, trying to train myself as well as possible before taking action.

But inevitably, by the time I was ready to make a decision, the opportunity had passed and I had missed it.

I've since learned that procrastinating on financial decisions is one of the worst things. It keeps you from taking advantage of those opportunities, and it makes you miss important information that could help you make the right decisions.

If you are also procrastinating making financial decisions, ask yourself two questions:

Are you afraid of making the wrong choice?

Are you worried about the consequences?

Once you've identified where your fear spots are, you can address them. Depending on your needs and goals, there are many great investment options.

For example, if you're looking for a short-term investment, consider opening a high-yield savings account.

If you're looking for long-term investments, consider stocks, bonds, or mutual funds.

Investing can be scary, but there's no need to delay making a decision about it.

The sooner you start, the sooner you'll see results.

 2. Not diversifying your income streams

When life hit me hard, I learned the importance of having multiple income streams.

I used to rely on only one source of income.

I live on a paycheck and don't have much savings for a rainy day. When the pandemic hit and I was suddenly laid off and lost my income, I was stuck.

This has taught me the importance of having different sources of income so that if one goes down, I have other sources to fall back on.

Start increasing your income stream.

Having multiple income streams is important for two reasons:

It can provide you with a buffer if one of your sources of income goes down.

It can help you grow your income faster.

Best of all, you don't need to go to great lengths for this.

If you want to have multiple income streams, then you need to consider what skills or assets you have that you can profit from.

For example:

Do you have writing skills? Then you can start a blog, make money with ads, or become a freelance writer. (That's my choice. When the time came, I quit my 9-to-5 job because my side hustle was already generating more income for me and I could develop multiple income streams from it).

Do you have a house that you can rent out?

Or do you have a car that you can use for your ride-hailing business?

There are many different ways to make money, so take some time to brainstorm and see what you can do.

Remember, it's never too late to start!

It might take a little more work at first, but it will be worth it in the end!

3. Spending consumption habits

Growing up, I always liked eating out and spending money on new clothes.

As a result, I quickly developed the bad habit of overspending on entertainment and unnecessary luxuries, and it was inevitable that I would not be able to make ends meet each month.

But thankfully, I was able to recognize my bad spending habits and develop a plan to correct them.

If you're struggling with overspending too, here are a few tips to help.

1. Follow the 50:30:20 rule

50% of income is used for basic expenses/needs: eg rent, insurance, utility bills, groceries, etc.

30% of your income goes to things you want: e.g. dining out, gym memberships, entertainment.

20% of your income goes towards saving and paying down debt.

2. Delay your gratification

Wait at least one to two weeks before purchasing any non-essential items online or offline. If it's really needed, it's still there. If it's just something you want at the time, it will gradually disappear from your life.

3. Don’t do window shopping

My psychologist friend told me: Window shopping is more dangerous than you might think (window shopping means just wandering the streets without buying anything). When your body touches an object, the brain is tempted to take pleasure in it.

So you end up buying something you don't really need.

By doing these three things, you can break the cycle of overspending and get your finances back on track.

Now you know the three most common bad financial habits that can wreak havoc on your savings.

But don't worry, these habits can be changed.

All you need is the conscious improvement and small steps you can take to get yourself back on track.

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Fatty liver?

Friday, April 21, 2023

Fatty liver?

I did my full medical check up a few months ago and the result was I got fatty liver. It was quite shocking to me because I never associated myself to obesity. I went to read up more on the issue of fatty liver and how I can reverse fatty liver.

The liver is a very important organ of the human body. However, in recent years, the incidence of liver diseases, especially fatty liver, has not only increased, but has even shown a trend of younger people.

Experts believe that there are many factors that induce fatty liver, such as unreasonable dietary structure, frequent drinking, prolonged Sit still and wait.

After suffering from fatty liver, the patient will not only encounter various uncomfortable symptoms, but with the passage of time, the disease will worsen, and even induce liver cirrhosis and even liver cancer, which is life-threatening. It must be treated quickly.

At the same time, it is necessary to change bad habits, such as the followings.

1. Pay attention to your diet

The factors that lead to the appearance of fatty liver above, includes the unreasonable diet structure. Therefore, in order to prevent fatty liver from getting worse, I must first adjust the diet structure.

I stay away from fatty meat, animal organs and other high-cholesterol, high-fat foods. Eat more fresh fruits and vegetables, supplement vitamins and at the same time improve the metabolic rate and help the burning of fat.

The second is to consume a moderate amount of high-protein foods, such as eggs, lean meat, and milk, because protein can promote the regeneration and recovery of liver cells, which has a relatively good effect on the recovery of fatty liver.

2. Insist on exercising

Clinical data show that among people with fatty liver, many people also have obesity problems, and this symptom is clinically called obese fatty liver. .

I choose to exercise 3 times a week.

Normally, I will choose to jog or practice yoga, because these two kinds of sports do not have high requirements on the body. Persistence can not only improve metabolism, but also promote the improvement of fat burning in the body and insulin resistance, which is conducive to the development of fatty liver disease. get better.

3. Stay away from alcohol

Long-term heavy drinking is the behavior that causes alcoholic fatty liver, so I cut down on alcohol.

Relevant research data show that when fatty liver patients quit drinking for about a few weeks, the fat in liver cells will gradually disappear.

And even if there is already cirrhosis of the liver, if you insist on abstinence from alcohol, you can slow down the rate of progress and gain opportunities for further treatment.

4. Avoid staying up late

For people with fatty liver, it is also very important to ensure enough rest time. It is recommended to fall asleep before 11 o'clock and ensure 7-8 hours of sleep.

Because from 11:00 in the evening to 3:00 in the morning is the stage of liver self-metabolism and repair, if you stay up late for a long time, it will inevitably affect the liver and aggravate the disease. Thus I also make sure I make the effort to go to bed earlier rather than surfing the social media.

In general, although fatty liver is a common clinical liver disease, it does not have a great impact on the human body when it is mild, but if it is not treated; fatty liver will further develop into severe fatty liver or even liver cirrhosis.

Therefore, no matter how fatty liver develops, you must seek medical attention in time, and do 4 things at the same time, including not staying up late, staying away from alcohol, sticking to exercise and having a balanced diet.


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Friday, April 14, 2023

How can young people get rid of "money pressure"?

Money is often the biggest cause of stress in people.

As the saying goes, rich people are not necessarily happy, and happy people are not necessarily rich. A different "money view" will bring about a completely different state of life. Having the right understanding of money can not only make us more financially free, but also make our lives happier.

According to the American Psychological Association, money is the biggest cause of stress in the United States. Medical statistics show that 75% to 90% of doctor visits are for stress-related illnesses and discomforts, including chest pain, headaches, high blood pressure, insomnia and depression.

Money stress can make people physically and mentally uncomfortable, and we have two options for this:

1. Complaining, resisting, worrying

2. Fix the problem


I will choose the latter. We cannot fundamentally change capitalism, but we do not have to be its victims. We can understand how money works and be immune to the mental health problems it brings.

Change starts with awareness. It can only be solved when we know exactly what causes money stress.

What causes economic stress and how we can address them

Most people think the answer is: make more money.

But simply having more income won't solve your money problems. While everyone wants to earn more, we need to address some deeper underlying issues first.

The first step in escaping financial stress and living a healthier, happier life is to identify the specific cause of your concern. Here are some common causes and how to fix them.

1. Lack of financial literacy

So-called "financial management" is not something we usually learn in school. If a person grows up in an environment that lacks the concept of financial management, it can be difficult as an adult to make informed financial decisions.

I didn't really use a savings account until I was in my late twenties. Until then, I keep all my cash in a savings account and spend it as I want.

School didn't teach me how to manage money. It took me a long time to understand this. This meant that I wasted a lot of time before I learned how to do things right.

Solution: Learn about personal finance.

How you spend, save, indebted and invest is up to you. How other people manage their money has nothing to do with you. Can your ex-college friends afford an exotic trip, but you can't even pay the rent? Who cares about this except you.

Everyone is at a different stage of their personal finance journey. It is important that the advice you take should be the most relevant and effective for you.

The more you know about money, investments, and wealth, the better at managing your finances.

2. Unrealistic expectations about life

Many of us have all kinds of unrealistic wishes. It's okay to have big dreams, but you should never think that life is good only when you achieve big dreams. We might think like this:

"At this stage of my life, I should have a house/car/overseas trip!"

"I'm so old now and should be making at least six figures."

It's easy to feel stressed when we don't meet expectations. In today's world, everyone seems to have extremely high expectations.

This is unrealistic and unimportant. What's wrong with living a simple life?

The Solution: Focus on the Process, Not the Results

When you're setting goals, it's easy to think about the outcome first. Everyone wants to get in better shape, travel to great places, make more money, etc.

But these results are driven by long-term, ongoing work. Warren Buffett didn't get rich by making one big deal in one year, but it took decades of tireless work to get to where he is now.

So, what you have to do is focus on a process that can be sustained and the results will follow. If not, at least you can be proud of the work you do.

3. Short-term thinking

I have a friend who has been doing a job he hates because of the so-called "welfare" because he places a high value on stability and the welfare in his company is not good. But at the same time, he also "passes the time" by shopping online at work, so naturally he got into credit card debt.

A lot of us are in a situation where we hate our job but need such a job or income to live on because we are used to a certain way of life.

But sometimes, you need to take a step back in the short term to achieve long-term growth. Why? Because if you keep this short-sighted thinking, you will end up wasting your own life.

Solution: Focus on long-term quality of life.

For me, quality of life is the most important measure. Do you really enjoy your life? Do you like your job? Do you wake up feeling excited?

Focus on these metrics, not job title or salary. "Avoid money stress by not prioritizing money" may sound counterintuitive, but that's not the point. You have to consider your quality of life. As we all know, the best things in life are free. But mortgages and rents are not. But there's nothing wrong with choosing to earn relatively less in order to live better.

4. No emergency fund

56% of Americans don't have a one-time emergency expense of $1,000.

However, emergencies are bound to happen. It's not a question of if, but when. For example, your washing machine breaks, you slip and hurt, your loved one is sick, etc.

It's hard to be at peace when you don't have enough money for simple emergencies. Without the protection of a safety net, one adverse situation can turn your entire life upside down.

The fix: Build your own emergency fund bit by bit and make saving a habit.

An emergency fund is not something that can be created suddenly, you can try to save a portion of your income every month, and as long as you stick with it, it will happen sooner or later. I want to have at least six months of living expenses in my emergency fund. Knowing that I had this money in my savings account gave me peace of mind. Because I know I can handle the financial challenges of my life, and if something happens, I have plenty of time to get back on my feet.

One thing I've discovered over the years is that the urge to make more money never completely goes away.

That's why we remind ourselves that making more money is not a good goal. Our goal should be freedom:

Money can buy many things, but the most precious of them is freedom. Freedom to do what you want and work for people you respect.

When I see a job that pays more but drastically reduces freedom, I don't apply. Because my priority is to live a simple and balanced life.

Isn't that exactly what we want in the end?

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Your Money Matters: A Comprehensive Guide to Financial Planning

Friday, April 7, 2023

How to get better and better in the workplace

Time never waits for anyone. By the time you realize it, it has slipped away from your hands quietly.

After the epidemic, we have experienced a lot of changes, and have seen many touching and heart-wrenching scenes. The warmth of the world have been displayed in this period of time. During this period of time, I believe that everyone is thinking, what else can we do to change ourselves and make our life better, even if it is only a small change?

An epidemic has made us see the cruelty of society and the indifference in the workplace. The following three pieces of advice apply to young people entering the workforce, middle-aged people, and even seniors approaching retirement.

Advice #1: Health is more important than making money

After experiencing the pandemic, everyone has realized how important their own health is. When we face the epidemic, our opponents are some viruses that we cannot see with the naked eye, but can penetrate into our body ubiquitously. "Your own health is always the most important thing." This is what the elders have said to us, but there are very few people who can really listen to them.

Only when people lose can they know the importance of cherishing. In order to make money, many people ignore the capital of their own bodies. From time to time in the society, there are employees who died suddenly due to overwork

But in any case, we cannot forget the importance of health.

Advice #2: the poorer you are, the more humble you need to be

When many people are poor, the more they value their own face. Thinking that face is your only capital. But this kind of mentality will make people place too much emphasis on their own self-esteem.

The poorer a person is, the more he has to learn to let go of his face. Only by letting go of face can you have the opportunity to see more opportunities, to be able to pay attention to the details that you usually ignore, and to pinpoint the point of your failure. Prescribe the right medicine for a breakthrough. Only by letting go of your own face can you truly regain your confidence, help yourself turn over again, and go further and better.

Advice #3: Say good things about others

If you want to be in the society, you have to deal with people. Therefore, maintaining good interpersonal relationships with others is a knowledge that a person must study and study all his life. Many people like to hear good things about themselves, but they don't want to hear others say bad things about them behind their backs and slander themselves.

Therefore, if there is no conflict or enmity between you, then you should say less bad things about others and more praises. In this way, the other party will listen to you comfortably, and their attitude towards you will be much better, and they will have a good impression of you, instead of swearing at you from the beginning.

Summary: Life is very long, everything you have experienced is your precious experience and wealth; hold them firmly in your hands, and one day they will be transformed into your precious resources.

Get a free copy of "Your Money Matters: A Comprehensive Guide to Financial Planningnow. Limited time only.

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