This blog aims at providing you the best l advice that you can utilize to attain financial stability. From establishing a budget to venturing into the entrepreneurial world, I try to share with you my experience and the experiences of people who have succeeded both in their lives and in their career. I usually say that reaching financial stability is a simple and easy process, but I must admit that that statement is conditional. Based on your situation, it may take you less or more time to reach your goal. The reality is that there are many other factors involved and they revolved around life. So, let’s step back and look at ways to get out of the slump first. The slump is not always financial.
It’s all too easy to fall into a rut. I live in the DC area and it is fast pace all the time. If you have young kids who are now entering the phase of organized sport, you no longer have weekends. Between hectic schedules, work, chores around the house and diverse commitments, some people tend to easily burn out. Well summer is almost around the corner and it may be time to recharge. Here are four ways to change your life this summer.
Start with your health
Exercise, exercise, exercise. The benefits of physical activity are endless, and we will not start making a list here. You get the point. I exercise regularly and truly, nothing comes close to the sense of freedom I get when I’m physically active. For me, it is a great de-stresser.
Did you know that junk food can upset the chemical balance in your brain? The additives that are in junk food have serious effects on our bodies, but nobody ever talks about the brain. The chemical imbalance will lead to a feeling of constant tiredness and melancholy. If you are one to fall for fast food all the time, commit to making some changes to your diet so that you can give your brain the best chance of pulling itself out of the slump that it’s in. opt for healthier alternatives and treats like crisps and healthy chips. Eating healthier will also make you feel and look fitter, which will give you a confidence boost and yep, you guessed it – help bring you out of your slump.
Take a break
When I get very excited about a project, I get lost into the work and usually forget to take breaks. This can last for months. Focusing on a project or for work with intensity is not a bad thing. In fact, confidence is boosted when you are working hard toward accomplishing a worthwhile goal. Intensity in a short period of time will increase the outcome of any task. Nonetheless, it is important to slow down, take a break and enjoy what’s around you as well. This is not about taking a 2-week vacation and traveling to some exotic destination. If you have the means, got it. But for most millennials trying to their finances in order, it is a luxury they do not have access to. I recently discover onlyinyourstate.com. For a quick and inexpensive option to getaway, enjoy nature and find hidden jewels in your area, it is the perfect tool.
Take up a new hobby
Taking up a hobby can immediately make you feel better and just like taking a break, it allows your brain to focus on other things for a while. A hobby is an activity that you enjoy, not one that your friends invite you too. Find something that you would look forward to doing. For many people, it’s sports. It doesn’t have to be. By the way, watching TV for hours is not a hobby. In fact, it simply numbs your cognitive abilities. You never know, your new hobby might turn into a side business, or even something that the whole family can get involved with!
Enroll into a class
No, I am not referring to courses toward a degree. This could be a drawing class, maybe a DIY repair class, voice lessons, yoga class, etc. These could fall under the category of taking up a hobby or getting healthier. Whatever it is, it is a way to engage your brain and learn a new skill.
Do something selfless
A fantastic way of dragging yourself out of a dark point in your life is by doing something selfless. Head to an animal shelter or volunteer at a cancer center, help in a senior community or at a soup kitchen. The goal is to make a difference in someone’s life.
Securing your financial stability
I worked in the banking industry for a few years. Having messed up finances, debt or unexpected high bills can cause a lot of stress to some people and even depression. I was a youngster when I started my career in banking and it was incredible to me (and sad) how so many clients’ lives would be turned upside down when they had a financial fire to put out. My goal was always to help those clients find ways to remove financial stress. Much easier said than done.
You can start by thoroughly going through your bank statement and canceling any unwanted or unused subscriptions, establishing a well thought out budget that allows to cut frivolous spending, save a bit more. At a certain point, looking into some type of insurance may be what you need. Although it doesn’t apply to everyone, a home warranty policy may be a wise choice for you. In some cases, I would recommend to my clients a home equity line of credit. Again, I want to make sure here that you understand that taking up debt when you can’t repay it is irresponsible. If you’re unsure, get assistance from someone capable of making a wise decision. But if you decide to consolidate some debts for example to reduce your total monthly payment, a company such as personalloan.co offers several loan options. Just remember to make sure you can afford to repay your loan!
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Money-Smart Millennials 