Legendary Personal Finance Experts

So, you are a hardened, tough man. You change the oil yourself, you shave with a straight razor, and you can lift 500 pounds. Wonderful! However, there are no real men without honed financial skills.

Many people refer to financial planning as something, “which I’ll do sometime later.” To some, this process seems too complicated. For others, the idea of ​​sitting at a table cluttered with books, blog materials, and other sources is already discouraging. After all, financial experts are a dime a dozen; how to separate the wheat from the chaff?

By following their recommendations, you will soon be able to become a real expert in money management yourself.

Plan your budget wisely and put every dollar into action (John D. Rockefeller)

Let’s start with the basics. Before you decide what to do with your money, you need to understand your current situation. And there is no better example of this than John D. Rockefeller, who came from the simplest family and became the richest man in the world.

From an early age, Rockefeller was used to carrying a small ledger with him everywhere. He wrote down every dollar received, spent, donated, and invested. Bookkeeping became a way of life, and even after becoming a millionaire, he spent a lot of time on financial reporting. Here are his own words (from a speech at the Fifth Avenue Baptist Church):

“Let me give you a little advice. Get yourself a little ledger like mine. Write down what you get there, and do not be ashamed to record all your expenses. Write it down as if your parents could look into it and understand what you did with your money. This will help you save them, which is what you should do. “

It all starts with planning a budget. This is not a tedious compulsory duty but a means to start mastering yourself. Rather than simply recording income and expenses, budget planning allows you to see your prioritization. How to budget effectively? First of all, learn to clearly and clearly write down where your money is now going. The easiest way is to carefully read your account and bank card statements and record how much you actually spent in the last three months. This is the only way to really analyze your buying behavior.

Depending on your habits, the result may be unpleasant or embarrassing. And if you do this analysis with your “significant other,” very unexpected things may surface. However, this procedure is the key to your future success.

The next step is to prioritize. Your actions in the past should not influence future decisions. You can start using money in a different way.

What is important to you? Do you want to save up for a new home? Going on an amazing journey? Finally, pay off your student loan? The choice is yours. It is only important to make a clear conscious decision and act in this direction. Working with your own budget allows you to start taking control of your financial life and building your future the way you want it to be.

The plus is that you no longer need to carry a notebook with you, as in the days of Rockefeller (of course, if you want to, please!). There are many useful websites and apps that can make budgeting much easier and help you start looking at your financial flows from a different angle. My wife and I use You Need a Budget, and it’s an amazing tool. Some people prefer Mint.com, which is quite effective too. But whether you use a book, envelopes, or a smartphone, budgeting can change your entire life.

Pay Yourself (George S. Clayson)

So, the budget is perfectly planned out according to your priorities. The time has come for the next step – you need to strengthen your ability to achieve these goals. To do this, let’s turn to an idea that many, perhaps, have not heard of. George Clayson was a soldier, writer, and entrepreneur and is best known for his parables about frugality and the road to wealth. Even if you don’t know his name, you probably know his most famous book, The Richest Man in Babylon.

It was first published in 1926 and contained many wise thoughts. The most popular of these maxims is quite simple: first, pay yourself. Instead of rephrasing, let’s go back to the original:

From the first ten coins that you put in your wallet, take out only 9. Your wallet will start to get fat almost immediately, and its increasing weight will be pleasant to feel in your hands and delight your soul.

Don’t reject what I am suggesting because it is too simple. Truth is always simple. I promised to tell you how I amassed my fortune. This is how I started. I had a skinny wallet that I cursed because I had nothing to pay for my needs. But when I started removing only nine out of ten pieces of its contents from the wallet, it began to get fat. As will yours. “

Sounds almost primitive, right? It may seem that this is impossible. Save and not spend 10% of your income? Yeah, of course. It’s time to pay for utilities, for rent, the Internet won’t pay for itself either. And when the upfront costs are covered, you always want to have a hot latte, go to the movies, upgrade your phone.

With a few exceptions, this maxim applies to almost any income level. Your standard of living will practically not differ from the current one if you start spending only 90% of your salary, but you will finally have the initial capital to move towards your main goals. Don’t believe me? Run the experiment for at least three months.

Again, there are many modern tools out there to help you with this noble endeavor. Set up your bank account so that at least 10% of receipts are transferred to a less accessible “directory.” Or use any of the apps I mentioned above to share your earnings. The first couple of months will not be easy, but then you will notice positive dynamics on your account.

How To Create Comfort And Beauty At Home: 6 Simple Life Hacks

Renewing the interior without repair and cost is real. If you resort to life hacks for home decor, you can quickly, and budget change the usual environment.

Everyone will be able to apply these techniques in their kitchen all year round.

Invisible shelves

Narrow, almost invisible shelves for pictures will allow you to change the decor according to the season, event, and mood. Create new compositions depending on the situation and needs.

An additional advantage is that there is no need to mount a wall mount for each frame.

Changeable posters

Do not miss the opportunity to change the work in the frames for wall decoration – this is a great way to quickly and cost-effectively update the interior for the new season.

Seasonal bouquet

Use seasonal plants in the decor – flowers or branches. It is not at all necessary to spend money on fresh flowers from florists; it is enough to go for a walk and collect a seasonal bouquet yourself.

Candles for comfort

Candles and compositions with candles – in any season, they will create the right mood and add comfort to your interior.

Each season has its own textiles

Create your collection of seasonal textiles. Table and kitchen textiles will instantly change the mood of your interior, depending on the season.

Organization of order

Use a variety of trays and stands to sort and organize. Such compositions from smaller objects both visually look better and are functionally more convenient to use.

Five Common Design Mistakes That Lead To Problems And Frustration

Consider five common mistakes in a business organization that expose an interior designer to harm and prevent them from earning more.

Communicating with colleagues in the field of interior design, we have noticed many times how the same mistakes lead to a dead end and a crisis for those who build and develop their business. The saddest thing is that these mistakes go unnoticed in the daily routine. However, when a problem is discovered, the designer feels confused and defenseless against the blow of fate.

Today, firstly, we want to support you: you are not alone! Mistakes are made not only by beginners but sometimes by experienced specialists. Secondly, having found this or that error, you already see the light at the end of the tunnel. After all, you understand what can be corrected and improved in order to come to new results already next year.

Mistake number 1 – Taking on unnecessary functionality and load

Designers often don’t understand or forget how the responsibilities of a project manager differ from their own. How often have you overestimated your capabilities and tried to pull the whole project as a whole? Naturally, at some point, you start to get bogged down in organizational minutiae instead of doing the part of the job that you do best.

We recommend that you differentiate between roles in the project. Delegation and a correctly written job description for the project manager will help in this.

Mistake # 2 – running without a system

Remember how often your working day ended with the fact that you were distracted by some secondary business, and most importantly, you did not get off the ground. A huge amount of a designer’s personal time is spent on unplanned actions.

Systematization of all work processes will help you save time and resources: from the first contact with the client to his housewarming. By the way, only by registering the processes you will understand that you can delegate now.

Mistake number 3 – working without a contract

Legal ignorance, let’s not be afraid of this word, is the cruelest scourge of interior designers. Without a contract or with an incorrectly drawn up contract, designers take on an unreasonably high risk. A relationship with a client can start out just fine. It will seem to you that you have found the customer of your dreams, that you understand each other perfectly.

How painful it will be later when the customer abruptly interrupts the work, you do not receive full payment for the project, and, of course, we are not even talking about photography. Let us remind you that all your relationships, including with contractors, should be closed by contracts and acts.

Mistake number 4 – blurred boundaries of architectural supervision

Sometimes designers themselves refuse this service, although experienced specialists perfectly understand: without the supervision of the author of the project, builders will implement it in a different form than originally intended. Expectations will not converge with reality. Things won’t look like this. Out of false economy, perseverance, or unknowingly, the customer may refuse supervision. Your task is to make a firm decision on this issue and stick to your position.

The other extreme of designers is to confuse field supervision with general contracting. Designers again assume no responsibility, which ultimately leads to disputes and conflicts with the customer and contractors. Our advice is to study what is included in architectural supervision, what the studio is responsible for, and what the general contractor is responsible for.

Mistake # 5 – not investing in your professional development

If you think about it, then all of the above errors stem from this one – from a lack of knowledge in the field of organizing an interior design business. After all, creating a functional and aesthetic project is one thing, but bringing together all the parts of the story: finding a customer, negotiating with him, delegating tasks, and managing employees, effectively and intelligently building all business processes in your studio is a completely different skill. He is practically not taught in design schools, leaving everything at your mercy: “Start practicing and figure out what’s what.”

We are convinced that many mistakes can be avoided if you borrow solutions, learn, gain knowledge from someone who is an order of magnitude more experienced than you in many issues. The design community, unfortunately, is in places a closed and fragmented environment. Therefore, both beginners and experienced professionals often feel lost and lonely.

How Not To Joke With Money Or Bad Advice For An Investor

Invest in stocks all your money; you can even borrow for such a thing.

Expert commentary. Before investing in stocks, set aside money for life and unexpected expenses: create an airbag, open a bank deposit, or buy low-risk bonds. Remember that investments are always risky, and you can make not only a lot but also lose everything. Invest the amount that you are internally willing to lose – alas, this is possible. Do not borrow money for investments either in a bank or from friends – you can never invest the last money. Before jumping into battle, study the theoretical part.

Don’t waste time managing your investment portfolio: hired a professional – and forgot.

Expert commentary. There is an opinion that if you decide to trade on the stock exchange, but are not ready to waste your energy and nerves, then you can simply trust the professionals and forget about everything in the world. But the trustee also needs to pay attention, at least at the beginning of your relationship. He must be aware of what your life needs and plans are in order to choose the optimal pattern of behavior in the financial market for you. And who said that all trustees are professionals in their field and decent people? The principle of “trust but verify” is appropriate here as well. But in order to check how trust management is carried out, you need knowledge that, alas, no one will acquire for you. So you still have to spend time.

When investing, forget about the peculiarities of your character and temperament

Expert commentary. When determining the tools that you will use, correlate them with your personality traits. Brokers joke: “If you buy bonds, you sleep well; if you buy stocks, you eat well.” There is some truth in this – sometimes stocks make the investor nervous. If you are too emotional and seriously worried about losses then trading with leverage and investing in stocks is not for you.There is a risk of making wrong decisions in a panic and aggravating financial losses and stress is bad for your health. Invest in risky instruments only if you are comfortable with losses and can act in cold blood.

Make as many deals as possible.

Expert commentary. Frequent transactions in the securities market can lead to the loss of your strength, energy, and even money. And do not forget about the broker’s commission, which will also have to be paid from each transaction. Speculative strategies do not always bring more income; in most cases, a passive investor earns more. However, there is a joke that the long-term investor is an unlucky speculator. The choice of the optimal strategy for you depends on many factors, including what knowledge and skills you have, so take this decision very carefully.