Top Financial Tips for Millennials

Are you a millennial who feels overwhelmed trying to manage your finances? Are you getting the most out of your money? Financial literacy is not often taught in schools and they don’t do a great job preparing their graduates to manage their finances. So when you’re out of college and start real life, it can be a little overwhelming and it is easy to get yourselves into debt and other financial trouble.

Most millennials are currently in their 20s and 30s – a time when many young people are ready to make major financial decisions in their lives, like home ownership, long-term investment activity, etc. If you’re currently a part of this generation here’s your crash course on what you should do to improve your financial wellness:

Take online financial courses
Since most young adults have the propensity for technology it is suggested you take a few basic online courses in economics, accounting, and any other financial topics that may be of interest to you.

Embrace Technology
When it comes down to managing your money there is probably an app. To help you do that. These apps. Can categorize your spending habits and help you manage your spending. These insights can help you save money each month and then transfer that money directly to your savings. Online financial apps can help you make a workable budget for your lifestyle and ultimately change your net worth.

When it comes down to managing your money there is probably an app to help you do that. Mobile apps like Clarity Money can help you track any wasteful spending habits. Digit and Stash can recommend where you can save money each month and then transfer that money directly to your savings. Online financial apps can help you make a workable budget for your lifestyle and ultimately change your net worth.

Examine Your Current Bank Accounts
Are you paying fees? If so, for what? Monthly maintenance and minimum balance fees should never be a fee on your account statement. Free checking accounts, are available, especially at credit unions and these accounts will help you keep more of your own money in your pockets. So don’t settle for anything else.

Build Your Credit and Understand the Impact of your Credit Score
Early on, you may only have a student loan or a credit card on your credit report. But now it’s time to start building your credit. Ask your credit union about a Credit Builder Loan to help jumpstart your credit. And if you already have some active loans, make sure you’re making payments on time every month. You’ll need that good credit history when you want to make big purchases in the future like a car, rent an apartment, or get a mortgage for your first home.

It’s also important to know that if you are planning on opening up a business your personal credit may be the defining factor in your ability to access necessary working capital.

Repay Debt Tactically
Since we are on the topic of credit, a lot of young adults have credit cards with very high interest rates. Focus on paying off those debts first! If possible, transfer those balances to a lower-rate credit card. It’s much easier to pay down debt when more is going toward the balance.

Track everything to obtain your whole financial picture
Just as businesses manage their cash flow, individuals need to do the same by tracking their income, expenses, assets and liabilities. There are many online tools to help you like Mint, Quicken and Personal Capital.

Build an Emergency Fund
Unplanned/unfair/unfortunate events can happen in the blink of an eye. You may get in a car accident, have unforeseen medical expenses or lose your job. That’s why it’s important for everyone to have an emergency fund. The best way is to set up an automatic savings plan where you pay yourself first by depositing a portion of your paycheck into a separate savings account. If you forget it’s there you won’t be tempted to spend it.

Create a Long-Term Savings Strategy
An emergency fund is a short-term strategy, but you also can’t forget the big picture. Does your employer offer a matching 401(k)? If so, be sure to take advantage of that opportunity. It’s fundamentally free money, and it’s an investment in your future.

Get yourself a financial mentor
Even though there is an overabundance of information and apps on the Internet to help with your financial security, it is far superior to pick the brain and bounce questions off a trusted friend or colleague. Their pertinent insights will most likely be tailored to your specific requirements.

Use these financial tips listed above to get your finances on track while you’re still young. You’ve got a bright future ahead – so start now and stick with it. Your financial well-being will thank you! Although these tips are targeted at millennials, they’re useful for all ages.

Planning For Emergency Financial Situations

Emergency financial situations can happen to anybody and any financial arrangement exercise is not ideal without planning for such occasions. The whole idea of having an emergency fund is to offer a cushion against any unexpected expense.

This will ensure it does not have any negative impact on your financial condition and does not rip off the whole financial security.

There are many circumstances which can cause a financial emergency such as a sudden illness, accident, medical emergencies, emergency house repairs, loss of a job, emergency car repairs and much more.

The major reason for having an emergency fund is very clear because when a person falls into an emergency financial situation, they will have to break their savings or make a compromise to get the needed money.

It’s not rare to find people who just take out their credit card and swipe it for hard cash. Opposing popular opinions, credit cards are the worst way to fund any financial emergency. The fastest way to get thousands of dollars its to get a car title loan it is not a long-term solution but a short-term solution.

In a circumstance where you’ve taken a cash advance with your credit card to get the needed money, the credit card company will charge you a cash advance fee with an interest rate. This is a very costly way to borrow and manage finances for emergency situations.

Therefore, what is the best amount that should be set aside as emergency money? There are diverse opinions on it. Some professional’s experts agree that a minimum of 3-6 months’ worth of monthly income should be set aside for an emergency situation. This amount can differ according to marital status, the size of family and lifestyle.

Everyone must reserve some extra cash in case of emergencies. But, the amount to reserve depends on your income and monthly expenses. The amount that is needed for your emergency fund is open to debate, the minimum amount should be sufficient to cover your expenses for daily living for at least 3 months. It’s also ideal to save for 6 months even though some financial advisers agree on a full year worth of cash.

These funds must be kept aside in an instrument, which is easily available when needed. It could be money in a bank account, hard cash, liquid funds or fixed deposits. This will ensure the fund is always accessible instantly or within a short period when it’s needed.

Where to Keep the Cash

Your situations and what can offer you peace of mind are the factors that can help you determine how cautious you want to be. Keep your emergency fund somewhere that is safe and accessible because you may be required to get the cash in a hurry when an emergency arises. The best option you’ve is to open a money market account or savings account. But, always examine their offer with regards to the interest rate, minimum balance, and other terms.

Why Your Business Needs Web Video Marketing

Build Your Brand

Plain and simple, video is the most engaging content available creating a multi sensory experience for the viewer. No other advertising medium can trigger an emotional response the way video can. As a result, this makes the greatest impact on your prospects and customers.

Video is also the most effective ways to get your face, voice and brand all over the Internet positioning you as a leader and an expert in your field. When people see you, you become real and this humanizes the experience differentiating you from your competitors by putting a face/voice on your business.

Viewers also get to know you through your videos and if they like and trust you, they will want to do business with you. If you are truly sincere in your desire to help others, your videos will convert like wildfire and unlike traditional forms of advertising your web videos have no expiration date!

What this means is that your videos are out there working for you 24/7, educating your prospects about your product or service even while you sleep.

Web Video is a Growing Mega-Trend

I have three words for you, YouTube, YouTube and YouTube. Why does YouTube matter in social media marketing?

-Over 2 BILLION video views per day (double the prime-time audience of all 3 major US broadcast networks combined)

-Every minute of the day, 24 hours of video content is uploaded to the platform.

-YouTube is also the fastest growing search engine currently ranked #2 in the world only behind Google.

-People go there to look for videos to answer their questions, show them how to do something, or review a product or business.

-YouTube has become more than just a place to park your videos. As a social network, it is a place to build an audience where people subscribe to your channel and come back to watch and learn more about what it is you have to offer.

-Videos are also part of Google’s search engine results which means increased visibility as well as becoming a powerful tool driving traffic back to your website, blog or the site of your choosing.

Engage Your Audience With Content That Provides Value

The first step in creating engaging content is to identify exactly who your audience is. Once you are clear on whom you are targeting, the idea is to create messages that resonate with this audience.

This is your chance to educate the consumer about your product or service focusing on the benefits that your product/service will bring. Keep in mind that consumers are generally looking to solve a problem or address a need while in the research phase prior to making a purchase decision. What you need to do is deliver the solution in order to gain their business.

Your web videos can brand you as an instant expert in your field if you can deliver a compelling message that adds value. By educating the consumer you can improve the quality of their lives. Not only does this include information about what you do, but simple tips or strategies that they can implement as well.

Once you gain a satisfied customer, an engaging and powerful content strategy is to capture a video testimonial that can be shared on your website, blog and/or social media site.

Testimonials are potent forms of social proof. 78% of consumers trust peer recommendations, so sharing your videos on sites such as Facebook and Twitter become the new “word of mouth.” Users of these sites seek and make recommendations for products and services and share their experiences with friends and followers.

Also, it is important to incorporate a call to action within the web video itself. Viewers need to be told what to do so that may mean visiting your website, picking up the phone to call you or even sharing the video with their friends on the social media sites.

In summary, your web videos can help get you found online, are the most dynamic forms of content that engage your audience and can also be shared in follow up campaigns such as e-mail keeping you fresh in the mind of the consumer.

Local Marketing Guru is a Philadelphia Internet Marketing firm that specializes in helping local businesses establish a complete web presence and dominate their niche online.