Helping You Define Your Lifestyle

5 Time-Tested Strategies for Financial Success

Financial Success

There are no short cuts to achieving financial success. To build, preserve and expand wealth that lasts you a lifetime, you must follow some proven principles. Here, we’ve compiled a list of 5 of the essential strategies you should make a part of your financial short and long-term plan to help you build your own financial success.

1. Set up a brokerage account

As soon as you’ve opened a bank account and signed up for your company’s retirement savings programme, jump on the next stage of smart wealth building by setting up a brokerage account. With it, you will be able to invest in stocks of different companies, no-transaction-fee mutual funds, as well as exchange-traded funds, which most people can’t access with their 401(k). 

To give you a quick guideline, opening an account with an online broker, Fidelity requires you to start with a deposit of $2,500; while at Charles Schwab, you’ll need only $1,000, which is not compulsory if you signed up for automatic monthly deductions of $100 or more from your account. For better money management and investment planning, it’s advised you go with a debit card that helps you with that goal in addition to making transactions convenient. 

2. Ensure your investing costs are at a minimal level 

Generally, less expenditure means more money in your account. As a fund investor, focus on ETFs and mutual funds with low expense ratios. As we already pointed out, the first thing to do is to register with a reputable online broker such as Fidelity or Charles Schwab so you can buy and sell stocks averaging $7 per trade. Besides, there are top discounters that allow you to trade select ETFs without requiring sales fees. Seriously consider index funds, especially those that track S&P 500, with estimated annual fees of 0.05%. Funds like Mairs & Power Growth (MPGFX) and Dodge & Cox Stock (DODGX) are recommended as they are top low-cost actively managed funds. 

If you have a fund manager, you’ll probably pay an annual consultation fee of 1%; but you can always negotiate for a lower fee. Another option is to go digital with an AI adviser, which can help manage your stock portfolio by using digital technology. An example is Wealthfront, which will not charge you a management fee if your balance is less than $10,000 and requires you to pay only 0.25% per annum for sums above that. You may also check Betterment, which levies just 0.25% of assets under management yearly. 

3. Diversify your investment 

Spreading out your investment with a variety of good value stocks and bonds can help you weather the storms of volatile periods and enhance your long-term ROI outlook. If, for example, your retirement is at least ten years away, keep 70% of your investments in stocks and put 30% in top-quality bonds. Mutual funds are good great for you too. For example, mutual fund managers, Vanguard Wellington (VWELX) keeps two-thirds of investments in stocks, as a principle, and the rest in bonds; and it has maintained a yearly return of 8.2% over the past 20 years. 

4. Rebalance, retarget and realign as necessary 

It’s important you get regularly balance your portfolio up for better overall performance. Move your investment assets around sometimes, divesting some funds off the ones performing well and shoring up the laggards to get a good mix. Always review your brokerage statements at least twice a year to see where your portfolio needs some rebalancing, retargeting or realignment and then go on to make the necessary trades. 

5. Adjust your investments

As your countdown to your retirement, your target should be an investment portfolio that gives you a good return that can stand the tide of inflation and also minimises your risk.  A spread of 50% stocks, 40% bonds and 5% cash is a nice mix that can help you achieve that goal. A mix of 60% stocks and 40% bonds and cash will likely give more growth; but if your risk threshold is less, then try a mix of 60% bonds and cash and 40% stocks.

Leave a Reply

Your email address will not be published. Required fields are marked *

Improve Your Health Using Technology: Here’s How

Improving your health using technology focuses on areas where technology, diet, and nutrition have a direct influence on the health and wellbeing of an individual. Oftentimes, we feel that improving our overall health takes a long time, but it’s really a matter of making small changes in our everyday habits. 

A lot of researches have shown the impact that technology can have on individuals wellbeing and health. With information right at our fingertips, we can all do something to improve our quality of life by simply making smarter decisions about what we eat and how much activity we are getting. Here are some vital tips:

Register with a private GP online

Patients can ask questions to speak to a GP online in the privacy of their own place and at their own time. This is extremely useful for those who are too ill to be able to make it out to their local surgery or for those who don’t have the time take a trip to the doctor in person unless absolutely necessary.

Use fitness and nutrition tracker

The importance of fitness and nutrition tracking technology in improving your health is the ability to have devices that will make it easier to understand what you’re eating and their nutritional value. This way, you can track how much you’ve consumed and nutrition you’re getting, plus your heart rate, your blood pressure, and even your sleep cycle. 

With this technology, you will be able to see the progress you make over a period of time and know exactly how to approach things to step by step to improve your overall health.

Utilise preventative healthcare

Preventative healthcare is the second most effective way to improve your health. Preventative healthcare helps to prevent illness and detects medical issues early enough so they can be treated before they become serious conditions. Remember, the point of using technology to improve your health is to assist you in being proactive towards your health. 

Get yourself a wearable device 

Wearable technology is a new and innovative way of presenting information, allowing you to obtain real-time feedback on everything from your heart rate to your physical activities.

A wearable device can continuously monitor your vital signs such as heart rate, blood pressure, body temperature, etc., and sync this data with a smartphone or other mobile devices using Bluetooth technology. Wearable technology with proper applications will assist you in keeping healthy and fit.

Register for Online Personal Training

Online personal training can help you improve your health in ways you never thought possible, leveraging technology. An online programme lets you achieve healthy living while staying in the comfort and convenience of your home, making it much more efficient than traditional programmes. 

No matter why you want to improve your health and wellbeing, technology is a key part of health in today’s society. This article has outlined some of the many ways this can be of great benefit to you.

Alcoholic Answers: How Long After You Stop Drinking Beer Does Your Body Heal?

If you could stop drinking beer for a while and reset, how long would it take your body to heal?

Many people who drink have wondered about this topic, especially when finding their drinking habits slipping beyond their control. We know about the harm alcohol can do to the body, but this often isn’t enough willpower to fuel a cold-turkey reboot, even though our bodies would thank us for it.

Here are the facts: Alcohol Use Disorder (AUD) affects over 14 million adults in the U.S. alone. Knowing this, it’s safe to assume that quitting is an incredible challenge, but a worthwhile endeavor nonetheless.

Keep reading to learn more about what happens to the body when you stop drinking beer.

What to Expect When You Stop Drinking Beer

Whether you’re a recovering alcoholic or just a semi-regular beer drinker, you might notice some significant changes in your body as well as your mood when you stop drinking beer. Depending on your previous intake, these will vary in levels of intensity.

1-14 Days After Quitting

The first two weeks after you stop drinking beer are said to be the most difficult. This is because the body begins going through an acute withdrawal phase, with symptoms that might make you want to abandon your sobriety goals.

Here are some common symptoms of alcohol withdrawal:

  • Insomnia and/or trouble sleeping through the night
  • Problems with sexual function and performance
  • Irritability
  • Anxiety/nervousness
  • Depression
  • Intense cravings

Symptoms of alcohol withdrawal can start within 6 hours of having your last drink. They might also last well beyond 14 days. Again, this depends on how much you were drinking before, and your individual body’s ability to heal.

30+ Days After Quitting

Once you’ve passed the first two weeks when you stop drinking beer, the positive changes start to take effect. Your body completes the initial detoxification stage and begins to heal.

You can expect the following effects:

  • Steady reversal of liver damage
  • Decreased risk of cancer and cardiovascular disease
  • Improved cognitive abilities
  • Weight loss

The good news is this: many of the negative effects of drinking are reversible. Once you can stop drinking beer, your body is able to heal itself.

Will I Lose Weight if I Stop Drinking Beer?

When compared to hard liquor, beer has a higher tendency to affect your body weight. This is due to it generally being a more calorie-packed drink than most hard liquors.

With that in mind, the short answer here is yes, you will lose weight when you stop drinking beer. However, it’s important to maintain a healthy diet with a moderate calorie intake, as well as get plenty of exercise. If you replace those excess calories by eating more, for example, then you may not experience any weight loss at all.

Knowing When to Quit

The pleasures of drinking beer are undeniable, but too much of a good thing can be harmful. It’s important to evaluate the role of beer in your life and how it has affected your health. Now that you know more about what to expect when you stop drinking beer, quitting can be that much easier.

For more health and fitness topics, please see our other articles.