Financial News Archives — Beating Broke

5 Tips to Help You Find the Perfect Job With a High Income

December 19, 2022 By Erin H Leave a Comment

When looking for a job, while money may not be the main consideration, it’s certainly an important one. This is because your job should help you live the lifestyle you want to enjoy while helping you secure your future. Have a look below to see five tips that you can use to find the perfect job with a high income.

1. Make Sure It Offers You a Balance

The perfect job for you should be one that offers you a good work-life balance. This is going to be important since you don’t want to lose yourself to your job. You need to have time to spend with your loved ones and doing things that you enjoy doing. Keep in mind that in a survey done in 2019, 30% of the respondents reported that they left a job because they didn’t have the option to work flexible hours. That said, the perfect job for you should have an allowance for your personal life otherwise you may not like it for a long time.

2. Network Widely

The more the people who know that you’re looking for a job, the better your chances of finding one. This is because, while a number of job postings may be put online, these aren’t all of them. You may come across the opportunity of your life in a place that you least expected. With that, it’s a good idea for you to let the people in your social circle know that you’re looking for a certain job whenever you get the opportunity to do so.

3. Look for a Job That Appeals to Your Interests

So you can get the best outcome from your job, look for one that appeals to your interests and hobbies. When you find one, it may be easier for you to do and not leave you worn and burnt out after a brief duration of working. This is important when you consider the fact that most accounting professionals admit that clients are currently more demanding when it comes to accounting job requirements. A whopping 87% of accountants agree that clients expect to get better levels of service and more flexibility from accountants, all without an increase in their rates. It’s easy to see how easy it would be to get burnt out in such a scenario if you’re not truly passionate.

4. Talk to a Career Counselor

A career counselor can help you improve your job search by guiding you to get a sense of direction. This will come in especially handy if you don’t yet know what you want to pursue. A good career counselor can help you come up with a plan to find the best job for your needs. They’ll do this by helping you find out your weaknesses and strengths so they know where you’ll fit perfectly. Look for one and this may be the best thing that you do for your career.

5. Improve Your Skills

Last but not least, you need to take some time and improve your skills. This is going to give you more edge in a world with a lot of competition. This may be exemplified by the fact that job seekers spend an average of 11 hours every week looking for the perfect job. Even if you don’t want to spend money doing this, there are free courses you can take online. You’ll benefit immensely from doing this and could even end up getting a better job than you were aiming for.

Keep these five tips in mind and you have a chance of getting a great job with a high income. Keep the skills you’ll develop along the way in mind in case you may need them again in the future, and stay ready to adapt to changes so you can get the best outcome.

3 Ways To Be An Entrepreneur Boss With No Startup Cash

April 2, 2021 By Justin Weinger Leave a Comment

Most people think that the only way to be a businessperson or entrepreneur is by first having money – and lots of it. This is simply not true.

Now, to be fair and honest, having money in the form of startup capital definitely helps. In fact, it’s pretty important. Your chances of growing a successful business are related to your ability to raise funds and attract investors.

However, it’s possible to get into the game without significant startup cash and there are plenty of incredible stories of business moguls and brand tycoons who have done so.

But how? Cash is king, especially in business. How can one possibly become a player in the game of entrepreneurial thrones without a starting nestegg of investment money?

The answer, as in most things, is to start small, think strategically, and take it step by step. As they say, Rome wasn’t built in a day.

The following is a list of ideas and tips for how to think past your financial limitations and pursue the entrepreneurial business mindset hidden inside you.

Building up and selling small, lucrative operations

Ever since Amazon launched its Fulfillment By Amazon (FBA) program, the logistics landscape for small business owners has changed. And by small businesses, we also mean one-person online operations, such as craftspeople and sellers who have ecommerce shops on Etsy and other platforms. Such online shops are popular because the startup costs are very low.

If you or a friend/partner have a lucrative craft or trade that you’re very good at and which is relatively popular, you can tap the warehousing and third-party logistics of the biggest ecommerce company in the world, Amazon, to dramatically upscale your operation.

And that’s not even the best part for entrepreneurs. If your goals go beyond just running one selling operation online, you may want to sell your business itself. There are partner-investor platforms that buy Amazon FBA business assets and can close the deal in 45 days or less.

If you can make this sale, suddenly you will have startup capital to dump into a new endeavor. Granted that you’re safe and strategic, this is a way to start small with virtually no startup funds and grow into a serious investment package.

Jump on the cryptocurrency train

You’ve probably heard a lot about cryptocurrency in recent years. The blockchain-based, decentralized digital currencies like Bitcoin and Ethereum have grown exponentially. In fact, early investors – those who scooped up significant amounts of Bitcoin when it was only worth pennies – are millionaires many times over now.

The train’s already out of the station on these bigger coins, but the truth is that cryptocurrency is finally being accepted by mainstream financial institutions, who are integrating it into various operations. Blockchain technology is here to stay, which means that new blockchain projects that are attached to crypto coins are also here to stay.

Eventually, it’s inevitable that these smaller crypto projects are going to explode the same way Bitcoin did. So if you invest early in the right coin, you could find yourself with new funds in only a few short years.

This path is only recommended for those who already have a knack for stock market investing and have the discipline to study and research the cryptocurrency industry. Crypto is a very volatile investment, but the payout can be huge.

Reselling

Have you always had an eye for high-value clothes at thrift shops? Maybe you can walk into a used book store and find a gem that only costs a dollar. Thanks to platforms like Etsy and others, reselling has turned into a major industry and the best part is that it’s accessible to everyone.

You might be able to spend 10 bucks and walk out of a Goodwill store with hundreds of dollars worth of resellable inventory. If you know how to set up a digital shop and market your wares, you can become a reselling powerhouse in no time.

The best part about reselling is that it’s not limited to any particular type of product or craft. There are resellers for vinyl records, paintings, books, clothes, shoes, video games, etc. Pretty much anything that has ever excited humans has a ready-made niche market in the reselling industry. If you have a passion for something and naturally know how to find valuable models of it, you could have a promising reselling career ahead of you.

Are Insurance Companies Just Big Ponzi Schemes?

October 12, 2020 By MelissaB 14 Comments

It struck me the other night, as I was reading a book and came upon a section on Ponzi schemes, that insurance companies are borderline Ponzi’s themselves.

What Is a Ponzi Scheme?

The definition of a Ponzi scheme is when the broker/banker/agent takes money and promises an unusually high return and then pays said return from the incoming money from other investors. Eventually, when the incoming investors dry up, the agent can no longer pay the returns and the scheme comes crashing down.

Ponzi schemes are named after Charles Ponzi, an Italian immigrant who was the original Ponzi schemer. In recent years, the most famous (and longest lasting) Ponzi scheme is attributed to Bernie Madoff. Madoff’s Ponzi scheme is thought to have begun in the late 1980s or early 1990s and didn’t end until 2008 when he was arrested. This Ponzi scheme cheated nearly 5,000 customers out of $60+ billion dollars.

Insurance Companies Are Set Up Like Ponzi Schemes

Now, let’s look at insurance companies. We, as the insured, pay the insurance company our premiums in return for insurance against some sort of event.

With health insurance it’s against some sort of health event. With car insurance, it’s against some sort of accident.

In any case, it’s a payment. Or a return on the premium. Very seldom will you actually come out with your entire investment. And, unfortunately, you often have to fight for the payment. Health care coverage may be denied if the health insurance company doesn’t find the treatment worthy of the expense or if they deem it experimental. Likewise, if you file a home insurance claim too many times, the insurance company can choose to drop you as a customer.

For the most part, insurance companies are in charge and decide when to cut customers. But what would happen if the premium payers dried up? It would certainly get more difficult for the insurance companies to pay any claims.

How Insurance Companies Are Different from Ponzi Schemes

Where the key difference lies is that if you stop paying your premiums, the insurance company stops paying any claims for you. Also, as a premium payer, you never really expect your money back unless you have a claim. You’re paying for the “in case”–if it were to happen.

In a Ponzi, you’re investing your money specifically for the return. You’re not going to stop investing as long as the returns are stable. And a Ponzi only really dies when the new investors stop coming. If new insured stopped coming to the insurance company, they would still have their current insured to collect premiums from. However, as the years go on with no new insured clients and the current clients age, the insurance company could have difficulty paying claims.

Final Thoughts

Even though insurance companies seem to fit many of the criteria for a Ponzi scheme, no. insurance companies are not Ponzi Schemes. But, it sure feels that way sometimes.

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MelissaB

Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in New York, where she loves the natural beauty of the area.