It’s not necessarily best practice to talk about how much you make. Especially in the workplace. But if you ask Shark Tank’s “Mr. Wonderful” Kevin O’Leary, you absolutely should.
“Here’s why,” O’Leary told CNBC Make It, pointing out that similar jobs make very different livings. “And you need to know that. Because there’s different firms all doing the same thing, and by knowing what [multiple] people are making, you can find out your market value.”
“Most people will share it with you because they also want to know the same thing: Where do I fit in the whole picture of things in terms of salary?” O’Leary says. “That’s why communications matter.”
According to experts, pay equity improves when people share their incomes. But a 2018 Bankrate survey found that less than 25% of people share salary with a co-worker. However 33% of millennials have shared their salary with a co-worker and 58% have talked about it with a friend.
“People are often worried that talking about money may be construed negatively by their bosses. That’s ridiculous,” O’Leary says. “Employers — and I’m one — know that my staff are going to talk about their salaries. It’s not a secret.”
But talking about money isn’t just professional benefit, according to the Shark Tank star.
“If you want to really bond with somebody, share your ideas about money,” O’Leary says. “Everybody is concerned about it, everybody’s thinking about it, everybody has to have it. It’s a great topic to discuss. Why? You might learn something. You may see how other people work with money and maybe, that’s a good thing.”
4 Reasons The Corona Virus Could Make You Very Wealthy, Very Quickly
“Those who remain calm in the eye of the storm are those who stand tall when the smoke clears.” — Myself.
“The time to buy is when there’s blood in the streets.” — Not myself, but Baron Rothschild.
Yes, it’s all over the news. It’s here so we might as well make the best of it. And the best part of all?
It’s the best time to be a resourceful entrepreneur. Like the good Baron says, when there’s blood in the streets, is the time to get down.
I wrote a story awhile ago on BiggerPockets, based on a coffee chat with super entrepreneur Neil Patel, basically outlining why mass scares are gold rushes.
Here are three ways this “COVID-19 pandemic” are creating mass opportunities to get ahead in the game. Especially as it pertains to real estate (which never will go out of style), stocks, and just opportunity, period.
1. Stocks are plunging for no other reason than panic
The world is pausing right now. Shutdowns everywhere. Stocks, with solid fundamentals, are plunging into the abyss with no end in sight.
Per the New York Times, the airline industry alone is seeking more than $50B in grants, loans and tax relief from Washington.
So what does that mean? Well, it means that you can pick up stocks for pennies on the dollar. And when the dust settles and life goes back to normal (trust me, it will), you will have INSTANT gains.
If you’re looking for a place to look, CNBC’s stock expert Jim Cramer picked out 10 strong tech stocks to look into (Shopify and Square were two; not bad ideas) where the fundamentals are robust but value plunged for no other reason than…you know.
2. Interest rates just dropped to (near) zero…
In Europe, negative interest rates have been a thing for quite a while with outrageous mortgage rates in the 0.5% range.
Now, because of all this chaos, the Federal Reserve took emergency action, cutting interest rates suddenly and dramatically to close to 0%.
The move was done in a reactive attempt to try to offset the impact of the coronavirus outbreak and stimulate some spending action.
So what does that mean? Well, it means that if you own real estate, assets, anything, you can refinance and cash out.
In even more layman’s terms. If you have a mortgage at 4%. Cut that bad boy to whatever low ish they’ll give you, save that extra.
Or even better, refinance your property. Let’s say you owe $300K on your $500K property. With interest rates down, refi at $350K, pocket the $50K and launch your business idea.
(And don’t forget about all the tax benefits that await on the other side.)
3. People are going to get tired of each other
According to Forbes, divorce rates go up when the economy goes down, with economic uncertainty putting a strain on once-happy homes.
These quarantines are forcing people to be with their spouses, which leads to either one of two things: family additions or family reductions.
“Scary times have the potential to drive people together or apart,” Pepper Schwartz, a psychology professor at the University of Washington, told Quartz in an email.
And when couples split, the assets have to be divided evenly, opening up opportunities for shrewd investors.
See where I’m going with this? Yes, we must prepare for the strain. But also prepare for the opportunity.
4. People are sitting at home, BORED
So what does this mean? Well, it means that no sports are on, no entertainment options, reducing attention to Netflix and social media.
That also means that NOW is the perfect time to start blogging, posting stuff on social, testing out your new business idea. Launch a #corona drop-shipping clothing line on Shopify.
Whatever it is, hit ‘em with the Nike (#justdoit) and do something. The majority of people are at home going crazy, trying to figure out what to do.
Take advantage. And let’s face it. Do you really want to be this exposed to a crisis in the future? If you have your own business, you wouldn’t have to worry about your job shutting down…
High Debt Exposure? Here’s How To Fix It
Everyone at one point or the other have found themselves in either small or big debts. It’s not uncommon.
Companies or business owners borrow constantly to finance their business; students borrow to finance education; and people borrow when unforeseen expenses arise.
It becomes a burden when it piles up so much that it becomes hard to get out of, or to payback, leading to financial setback.
Call Your Creditors
The worst decision we can make when in debt is to hide.
The longer we do this, the more difficult it would be to resolve our issue. I think the first step we should take is to call our creditors to explain our present situation.
Creditors could be commercial or micro-finance banks, fellow business partners or even friends. They might be aggressive or furious, but they’ll be informed, at the very least.
- Have a clearly stated payback plan before calling.
- Do not make promises you cannot keep.
Following this step might result in the following:
- Creditors might reduce the payment.
- Might extend the period of payment
- Might reduce the interest rate on the money borrowed.
- Or charge debtor to court or jail.
This approach might not lead to a positive end result for everyone, but once in debt, we owe creditors a trail of information that assures them that they’ll get their money back.
Cut Spending And Make A Realistic Budget
A quick approach to getting out of debt is to cut our spending. This seems really hard but it’s inevitable.
A way to do this efficiently is to save, make a realistic budget weekly or monthly and stick to it.
Stick to it!
I am repeating this again because it is easy to prepare a realistic budget, but carrying it out and following it is the hardest part.
When doing this, we can take note of the following:
Review what you spend money on the most and try to cut down cost.
For example, I spend a lot on data subscription and I’m presently cutting it down.
Cut down wants (luxury items) and focus more on needs.
Allocate spending ratios to expenses e.g 15% to food, 7% to clothes, 20% to transport etc.
Make sure after preparation, you have enough left to pay installments of your loans/debt.
Doing all these, would help save towards paying back the debt.
This article originally appeared on Piggybank.ng. Follow them on Facebook , Twitter , and Instagram.
How You Can Do MORE With Your Money
The more money you have, the more things you can do.
But what are you going to do with that extra money anyhow?
People tend to blow the money that they barely have. Sometimes they blow money before they even have it!
So, think about what you can do with your money, and think about what you are doing at the minute. Are you even covering the basics and making sure that you have a nice bit of savings behind you?
Most people aren’t. When thinking about what to do with money, people often jump to spending and thinking about the materialistic things that can be had in life.
But there really is more to life than that, and that’s what people forget about. Money can be used in such a way that it can go in your favor, rather than it feeling as though it’s just being thrown down the drain.
So, to stop you throwing it down the drain, we’ve come up with some great tips that should help you do more with your money. Have a read on, and see what you think.
Develop Your Home
Developing your home is sort of like a long-term investment option.
If for example you have a family home, it might have a few bedrooms, and perhaps more than one bathroom. This is great, and it probably gives you all of the space that you need to be able to function as a happy family.
However, your children hopefully aren’t going to live with your forever, and there comes a time where they’re going to have to move out.
When they do, you’re not going to want to live in some big house without any company apart from the two of you.
However, when you come to sell, you might not feel as though you’re getting a good enough price, even though the house might be spacious and in a good area. So, you need to think about what it might be lacking.
This is where your development head comes on, and you think of all of the things that you can do to increase the value of your home for a future sale.
Even though it might feel as though you’re wasting your money to begin with, it’s all about the money you’re going to make in the future.
The types of things that you want to be thinking about are extensions and renovations. You don’t necessarily need to extend to create another room, or another bathroom either.
Another simple option is to buy some smart home technology which might help improve the value of your home.
Could You Donate?
Doing more with your money doesn’t necessarily mean you’ve got to do more to benefit you. Sometimes, the selfless things we do in life will benefit us the most.
Plus, this one will definitely make you feel humbled and honored. So, when thinking about donating, the charity that you donate to is important.
You can either pick a charity that you feel you can relate to. Perhaps someone in your family has been affected, or is being affected by a certain disease or illness.
Or you could think about donating to human and wildlife aid organisations. The work that they’re doing around the world is revolutionizing some countries. Without it, some countries would struggle to get the majority of their population alive. But, it’s not just humans who desperately need your money.
Animals are crying out for help, especially those that are endangered at the moment. You don’t necessarily need to donate a fortune, literally every little does help when it comes to donating to charity.
You could even set up some form of fundraising day, and get your whole community involved. All you would need to do is pay to host and set up the event, and donate all of the proceedings to charity.
You might be able to make more this way, and you’re definitely going to raise some great awareness for whatever charity you’re trying to help. There’s also the option of going on pages such as gofundme, and figuring out which people need your help the most.
Some of looking for money to complete humanitarian aid missions, others are desperately seeking money for the medical treatment they need. Putting your money to a good cause like this is sometimes the best option, especially when you feel as though you have money to blow.
If you don’t want to give away your money, and your main aim is to make it, then you’re going to have to think about investment options. First of all, you need to know that investment is risky. You’re not necessarily going to make back your money every time.
But, it’s a game that’s worth playing. Play it right, and you will always be building on your fortune. So, the first investment option that we want to talk about is the property one.
We’re talking about it first because it’s probably the most easiest to get into. First of all, you can go into properties abroad, which a lot of people are now choosing to do.
Once you’ve purchased an investment property, it’s all about making sure it’s perfect to rent out, and then getting the whole process of being able to rent it out started.
You should always make sure that you’re following the rules of the country that you would like to rent from.
There are certain laws you’re going to need to follow, and you can get into a lot of trouble if you try and avoid them! To make sure you’re getting enough custom, you need to make sure you’re showing your apartment as listed on multiple different websites.
You’ll most likely have to pay a fee for this, but at least it’s going to bring you in some custom.
The second investment option we have to talk about is something you can do from the comfort of your own home, and you don’t need such a big lump sum of money to start the investment. We’re talking about bitcoin, and there’s many reasons why you should consider investing in this area.
Despite what people might think, there is a way of making money through it. All you need to do is learn how to trade, and do your thing!
There are plenty of online tutorials that will walk you through the whole process. But essentially, it’s all about making sure that you’re buying and selling at the right time.
Sometimes, if you focus on what you’re spending your money on so much, and where it’s going at the end of every month, then you’re never going to be able to enjoy yourself.
Sometimes, if you have the money to do so, you’re best off just enjoying yourself. As they say, you’re only young once, and life is meant for living.
Take some time to go and see the world, or buy that car you’ve always wanted to buy, or take yourself on the shopping trip that you have badly needed for so long.
The more you treat yourself, the happier you’re going to feel. But the thing you need to make sure of is that you’re not getting carried away. I
t’s so easy to overspend, and it’s what most people tend to do when they have a lot of money in their bank. The last thing you would want is to go from riches to rags, so always watch your money.
This is just a final option that you could think of. A little side business on top of what you already do could help your finances just grow and grow. It doesn’t have to be anything that takes too much of your time, perhaps something so simple as a home business in arts and crafts.
As long as it’s something that you can grow, it’ll be something that you’ll enjoy. Plus, if things get a little too hectic and you find you can’t manage, you can always give up!
Be sensible, and do more with the money you’ve got, While you can!
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