Beating Broke

Personal Finance from the Broke Perspective

Abroad: Why Fortune Favors Those Who Boldly Go

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Digital nomads and expats already know the thrills, challenges, and rewards of branching out and spending time in other parts of the world. They are not settlers, but explorers. They boldly go for no better reason than to see what is over the next horizon. If there were no other perks to travel, that would be reward enough.

One of the oldest reasons for exploration is to seek one’s fortune. For the very lucky, the US is a great place to find that fortune, it attracts about a million people every year. Not everyone who comes here is seeking fortune. Many are just hoping to escape extreme poverty and persecution. Since before it was a country, America was seen as the land of opportunity.

That said, not everyone finds opportunity, here. Many U.S. natives find financial ruin instead. 70% of startups fail. That is a staggering number. The flow of people who cross America’s borders seeking opportunity goes both ways. There are just as many opportunities to be found abroad. There are good business reasons why expanding your business to other countries, or moving it altogether makes sense. Here are a few:

More Possibilities for Manufacturing

The US has many strengths. Manufacturing is not one of them. Here, manufacturing can be prohibitively expensive. We also lack much of the critical infrastructure needed for the type of manufacturing one can find in places like China. International relations with China are not at their best. There are other good reasons why China may not be your first choice.

For many Mexico manufacturing is an ideal choice. If you want to stay close to the US, it hardly gets closer than Mexico. You will save a fortune on travel. Business visas and passports should not be a problem. NAPS put it this way:

For companies manufacturing in China, Mexico manufacturing offers similar direct labor cost, a significant reduction in transportation costs for raw materials and the ability to incorporate just-in-time manufacturing practices into your current supply chain.

If your big idea requires fast, flexible, and financially sustainable manufacturing, you have good reasons to look abroad. Manufacturing is available across a wide range of industry types. There is no reason for your dream to fall short due to the limitations of manufacturing where you live. There are other places where your vision can come to life.

Surprisingly Good Phone Service

In some parts of the world, the smartphone is the main computer for most people. They also are not overly burdened with legacy communications technology. That means they built from the ground, up for speed and coverage. You don’t have to worry about not being able to stay connected just because you are doing business in another part of the world.

Some mobile carriers offer free calling to Mexico, Canada, and elsewhere. That is something you will not necessarily find on the major US carriers. In other parts of the world, you will also discover features like dual-sim phones are welcome. That allows you to use more than one carrier on the same phone and maintain more than one phone number. Such features not only can save you money, but they allow you to keep business and personal separate.

New Market, New Success

It could be that there was nothing wrong with your original product. It might have failed because your product was not right for the market. You really don’t need to sell ice to Eskimos. Many people in other parts of the world would welcome your innovations and not be so jaded. Many musicians find success abroad where none was to be found in the States. There is no magic formula to knowing when and where your items will be a hit. But you should not give up on them just because they didn’t find immediate acceptance in the States. The world is a big marketplace. And some part of that market is ready and waiting for you to find them.

The US is a great place to launch your vision. By all means give it a try. But don’t feel limited by its borders. You can find manufacturing opportunities in Mexico that don’t exist here. You can get international calling deals and features you won’t get from your big telco. And you will find markets that are ready and waiting for your product. The only thing separating you from greater success is a line on a map.

How Brice Capital Encouraged Me To Clean Up My Financial History

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Some people encounter an unforeseen circumstance that causes them to fall into debt. Others simply mismanage their finances and dig themselves into a hole they can’t see their way out of. Regrettably, I fall into the latter group. I started misusing credit in my early twenties. Fresh out of college, I opened a Visa, Mastercard, and department store card. Tired of the penny-pinching lifestyle I had adopted in college, I splurged every chance I had.

Living The Good Life

I lived in a decent one-bedroom apartment, had an entry-level position as a paralegal, and thought I was on top of the world. I kept my credit card balances pretty low (in the beginning) to the point creditors offered to extend my limit. Then, I got comfortable and began charging everything from lunch to new suits. Within two years, I had $5,000 in credit card debt on high-interest credit cards.

Until I Wasn’t

The company I was working for had some budget cuts and my hours went from full to part-time. On top of that, creditors constantly called, threatening further collection actions if I didn’t pay the balance. With no money in the bank, a past due rent bill, and a tight budget, I realized I needed to get serious about my finances.

Debt Consolidation Changed Everything

A co-worker told me about their financial struggles and how they turned to a debt consolidation agency for relief. The company got them approved for a small debt consolidation loan to lump all their credit card balances into one. The interest rates were lower, the credit card accounts were settled, and the collection calls stopped. I figured nothing beats a failure but a try, so I asked for the contact information.

I visited BriceCapital.com and learned more about the agency. After analyzing a few reviews, I contacted a financial advisor that helped me get approved for a $5,000 loan. The interest rate was five percent less than my credit cards, and the monthly payment was affordable. As long as I stuck to the repayment plan, I’d have my debt paid off in no time.

Inspired To Do More

The relief I felt from consolidating my credit card debt inspired me to get more disciplined with the rest of my finances. I quickly realized that I didn’t want to remain in this position any longer. If I was going to live stress-free, I had to take steps towards making positive change. Here’s a quick look at what else I did.

  • Budgeting – I had developed a bad habit of spending money I didn’t have and repaying it whenever I got the chance. By creating a realistic budget that listed my everyday expenses compared to my income, I corrected my behavior.
  • Saving – You never know when something could throw your finances out of whack. I learned that the hard way with my job. I wanted to have a cushion just in case something like that happened in the future. So, I used the savings from the debt consolidation loan and set it aside for a rainy day.
  • Tying Up Loose Ends – Credit cards weren’t the only debt I had mismanaged. I still had student loans and an old cable bill I let go into collections. I signed up for an income-based repayment plan with my student loans. The cable company offered me a settlement amount that I paid upfront. I even contacted my landlord and agreed to pay an additional $50 on my rent until my balance was up-to-date.

When you’re young and carefree, you don’t think about how misusing a credit card could lead to physical, emotional, and financial stress. Fortunately, I learned this lesson early on and was able to do something about it. Consolidating my debt with Brice Capital inspired me to get serious about my finances. Now, I’m on track to living the life I want without my past financial mistakes weighing me down.

How to Live Like a Prince on a Pauper’s Budget

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Being financially savvy does not mean that you have to deprive yourself of the finer things in life. It simply means that you have to identify what goods and services are genuinely important to you and then find a way to get those goods and services at a great price. You should even think of these small luxuries as investments because the truth is that you are far more likely to stick to a well-thought-out financial plan if you are living a comfortable life.

Embrace small luxuries that mean a lot to you.

Obviously, I am not suggesting that you go out and buy luxury everything. In fact, I am not necessarily even suggesting that you buy luxury anything!  The key to feeling like a prince on a pauper’s budget is looking inwards and finding what those items are that you most want – those are your luxuries. Most of the time, whatever it is that you want can be purchased at a reasonable cost. The trick is to be sure to pick an item that will truly be a luxury to you and not just a passing fancy. If it is a thing, ask yourself how much you will use it; if it is an experience, ask yourself if you will get lasting enjoyment from it. Your answers to those questions will go a long way towards determining if it is a worthwhile luxury or a whim.

Here is an example of what I mean (which also just happens to be the spark that led me to write this article). I recently convinced a friend of mine to buy a turntable that he had been talking about for ages. Everyone in the world knew that it was the luxury he wanted for himself. He knew it too, but he just could not bring himself to “waste” the money. Of course, he finally bought it; and of course, he is glad he did. The two important things to notice here are that it was something that he knew he had wanted for a long time and that it was not terribly expensive. That last part is important, by the way. If you want a yacht, then you are probably out of luck – that would be living like a price on a prince’s budget!

Here are a few quick examples to help you generate some ideas of your own:

Buy a used car: Everyone knows that a new car’s value plummets the second it is driven off the lot. So why not take advantage of that price drop? The used car market has never been so liquid and accessible as it is now, so even if you live out in the country, you will have no trouble finding a high-end used car for a great price.

Shop for things during the off-season: It is astonishing that, after every holiday, stores practically give away their holiday-themed merchandise, and yet we the consumers happily wait until one week before the holiday rolls around again to pay through the nose. You know that Christmas will happen next year, right? So why not buy all your Christmas-themed gifts and ornaments right after Christmas when they are 90% off? Given that many of us can spend hundreds of dollars on holiday-related merchandise, the savings to be had from using a bit of foresight are worth the modicum of planning it takes to get your shopping done early… very early.

The same logic also applies to non-holiday-related goods. At the end of the winter, most stores will have clothes at 50% off or more as they try to make room for their spring and summer collections. In about nine months, winter will be back and you will need warm clothes, so why not buy them when they are being sold at a substantial discount?

Look for free live events: This one might be a little tricky if you do not live in a city, but if you do happen to live in a metropolitan area, you will be amazed at how many free events there are. Art museums will frequently have free live shows and/or exhibits. Local symphonies or university symphonies also will have free or discounted concerts at certain times of the year. There are food truck festivals, art festivals, beer festivals, and the list goes on. Many of these will be free and provide live music and other entertainment.

Being thrifty does not mean that you have to deprive yourself of a good life. Use your judgment to pick and choose small luxuries that will make a big difference to you. Be smart: find the best ways, times of the year, etc. to get these luxuries at a good price. You will find that you really can live a luxurious life and keep your savings intact at the same time.