Archive for income

Overcoming The Rising Cost Of Healthcare, Childcare And Tuition

The rising cost of healthcare, childcare, and college tuition are among the biggest concerns for young people entering the workforce. Rising cost of basic needs have caused many to look outside themselves, searching for a solution.

Some expenses have to be paid before we even get to work for the day.  The baby has to be cared for, health care plan has to be funded, and we still have that debt from school hanging over your head.  The burden of these basic expenses can be a distraction from making progress toward your goals.The burden of basic expenses can be a distraction from moving forward Click To Tweet

Life Comes at Us Hard

As soon as we enter the workforce, we start to realize the amount of work it takes to earn money. There are expenses to commute to work. There are expenses for baby care. There are school loans to be paid. There are insurances and health care to pay for. All kinds of expenses that we pay for and we haven’t even made it to work! These are only a few of the seemingly endless expenses we encounter that try to separate us from the money.

Dreams fade fast in the light of reality. The dreams we had during adolescence seemed so real and achievable. There were no limits then. But when you realize how hard it is to earn and accumulate money, you forget all about those things you were going to achieve when you were younger. Read More →

7 Fundamental Footsteps To Finding Financial Freedom

Achieving Financial Freedom – providing for yourself and your own family is certainly not easy, but independence has its rewards. It astounds me every time I encounter someone who takes pleasure in being dependent on someone else or worse, the government.

As soon as I graduated high school, I left home to go into the Navy where I would start providing for myself.  In fact, I enlisted in the Navy in October of my senior year.   I love my folks, but being dependent on anyone, including my parents was just not something that had any appeal for me.

These days, it is common for adult children to continue living with parents indefinitely.  They may move away for a while, then boomerang back home to enjoy the life of dependence.

Financial Freedom begins by achieving a state of Self-Sufficiency, being free from dependence on another for your basic needs. Sometimes there are good reasons for returning home. It is good to have parents that can assist for a while, but not when there is no effort to return to an independent life.

Break Free From Dependence

Maybe you have found yourself at the point where I was many years ago.  After serving in the Navy for about ten years, I was not earning enough to support my growing family without some assistance from the government.

You can read the long story of how I got to that point and how I recovered in Who is Responsible to Provide Basic Needs of Americans? That post laid out the problem and referenced next steps. This post should be more of a challenge to take the next steps toward independence and gives you clear steps to that end.Whether you are dependent on the government or on your parents, it is time to plot a course for… Click To Tweet

Now, if being broke and dependent on the government or someone else describes your situation and you are ready to start on your path to financial freedom, this article is written for you.

Don’t give up hope.  There is a way out when it feels like there is no way out.  It might not be quick and it may even get darker before dawn. Read More →

Break Free from Living Paycheck to Paycheck

Are you tired of having month left at the end of your money?  When was the last time that you had money in your pocket on payday before the paycheck hit your account?  If it has been longer than you care to remember, it is time to make some changes that will break that pattern of living paycheck to paycheck.Tired of having month left at the end of your money? Click To Tweet

Disclaimers

Let me say right up front here that these techniques might not be the appropriate next step for all readers. you might be in a situation that needs a different approach at this point. Everyone is not in the same condition.

Each person has their own set of circumstances and there are times when you just cannot control the circumstances you are in.  I wrote about that period in my life in a blog post titled Who is Responsible to Provide Basic Needs of Americans?

“Living paycheck to paycheck” infers earning a paycheck and spending all of it. If this does not apply to you, take this post with a grain of salt. Maybe you are a student living on a stipend until you graduate and get a job. Read More →

Scarce Vocational Perks Former Generations Banked On

Oh, how to revive the job perks that former generations took for granted — promotions, growing wages, benefits, pensions, mutual loyalty between employers and employees!

In days gone by, there were a number of perks that a loyal employee took for granted.  It was common for people to finish school and begin a career at a company or firm where they would work for twenty to forty years and then enjoy a fitting retirement.In days gone by, there were a number of perks that a loyal employee took for granted Click To Tweet

Then one day that all changed.  In fact, many things changed simultaneously during the first decade of the 21st Century.  It seems the whole world changed. Read More →

Leave A Legacy Of Prosperity For Your Children

Set new expectations of American life for your Children that will bring about unparalleled prosperity for their generation. The concept of leaving an impact on the world can be scary. Intentionally deciding what your legacy will be is awe inspiring. It can feel overwhelming.

Have you begun to contemplate the concept of raising children? What legacy are you going to leave them? Whether you have children already or not, the actions you take today are shaping the world that your children will inherit.

Before Having Children, Think About Their Future

Before you ever have children is the best time to start thinking about the future you will leave for them.

I’m not talking about the material wealth you will accumulate and leave as an inheritance for them. I am talking about participating in the American economic system and bolstering it.

Don’t make your children cope with the same mess that young people are living with today.

Realization Strikes

One day you wake up and the realization hits you that the decisions you make now affect not only your future but the future of your offspring. The fate of generations is in your hands. Wow, what a thought.

The question is – what will you do with it? Keep living for the here and now or start making the best future possible as your legacy?The fate of generations is in your hands. Wow, what a thought Click To Tweet Read More →

How To Write Effective Resumes For Better Careers

Whether you are currently unemployed, underemployed or possibly still a student searching for a job, a well-written and formatted resume will help you land the best job for your qualifications.  Creating an impressive resume is a critical skill which will enable you to move up in your chosen career field.

Many highly skilled and knowledgeable adults are underemployed in America.  One contributing factor to this problem is an inability to present your value to the prospective employer in a resume.  This is something that you can fix in a day or so with some good training. Read More →

Your Commitment In Advancing A Strong Economy

What does it mean to make the economy strong or weak?  In what way are you participating in making your country’s economy stronger?

Economic Fundamentals

The Economy is talked about as if it has a life of its own.  From the news reports, you might think that the economy controls people’s behavior rather than the other way around.  The truth is that actions and beliefs of the members of society control the economy.  Individuals earning and spending determines whether the economy is growing or declining.

Let’s bring that concept home.  As an adult member of society, you participate in the country’s economic health by earning and spending money.  In order to earn money, you exchange some product or service for money.  Ideally, you will gain more money in exchange for the goods or services than it cost you to produce them.  If you are an employee, your role is to contribute to your company’s endeavor of adding value to the goods or services that they sell.  This is your most basic participation in the economic system.

Then, you take the profits or earnings you made from the first exchange and exchange that for goods or services that you consume.  And the person you purchased from turns around and repeats the process.  That continuous movement of money defines the economy.

If the people of a society only purchase items they consume and don’t add value and resell something, then the economy grinds downward.  You’ve got to add value and bring in positive cash flow.

Positive and Negative Cash Flow

The concept of positive and negative cash flow is a fundamental business concept.  Cash flow is a financial term that refers to money coming in relative to money going out.  Basically, it’s a way of stating whether the company is making or losing money over a specified period of time.  Positive cash flow happens when more money comes into your business or individual accounts than the amount of money that goes out.  A negative cash flow condition exists when your outgo exceeds your income.  You can apply the concept to your own wallet and bank account.  Are you earning more than you spend or spending more than you earn?A portion of all I earn is mine to keep! - George Clason Click To Tweet Read More →

Why Young Americans Should Not Abandon Capitalism

Popular media paints a bleak picture of capitalism and touts the benefits of socialist values.  Those views tickle the ears, but do not hold up to scrutiny and critical thinking.  Don’t fall into the trap of going with what sounds good rather than what truly is good and beneficial.

Many benefits available to you and the American way of life are only possible in a capitalistic economic system.  I want you to take away a viewpoint that capitalism is a positive, compassionate system.  Seek out, read and become informed about the fundamentals of Capitalism.  Realize how the application of the principles will benefit you and then decide to engage the system to your benefit.

Paladin Pillar Article

This post is a pillar article for the Paladin blog.  An article by Sarah Kendzior in Foreign Policy magazine details many reasons that young Americans are believed to be giving up on capitalism.  While that article was a gut punch, it exposes many of the maladies of the past eight years or so that have caused young Americans to begin doubting our system.  They have begun to feel like our system might not be the best, despite not having personal exposure to a longstanding socialist economic system.  As you read the Paladin About page, you will find that this blog is all about promoting Capitalism.

One of the blessings that I have enjoyed in my life is the opportunity to travel the world and gain first-hand knowledge of political-economic systems different from my own.  This exposure has reinforced the belief that America has The Best Economic System at its core.  It is my belief that if the principles of capitalism were studied and employed by every American, many of the maladies mentioned in Kendzior’s article would have self-corrected.  The short sighted actions taken by thousands of Americans led people into traps that impacted us as a whole.  The root of these problems goes much farther back than when their impact was first observed.  A mix of actions by the government, financial institutions and industries has fed the problems.

To the Young American Launching into the Workforce

So, how does this apply to a young American who is starting out in the workforce?  Understanding how the system that you are entering works will help you understand your role and the opportunities that you can benefit from.  Of course, you can go out there and experience it first if you want to.  Better to study and learn from others how it is intended to work.  You will suffer fewer knocks if you know what you are getting into.  Words to the wise, it is up to you what you do with them. Read More →

Finding A Practical Solution To Unlock Your Competitive Income

How much income does it take to achieve the American Dream?  Always more than you are making now, it seems.

Do you remember the interview question – Where do you see yourself in five years?  Having chosen the career path that you are now on, every now and then it does you good thing to look forward and ask yourself that great interview question again.

Here are a few more questions to ask yourself: How many successful people are in your field that have been there for five years longer than you?  Are they at the point where you anticipated when you began?  Can you outpace them?  Are you on the track that you imagined?  Are you where you thought you would be at this point?

Achieving the Dream

Five years into my Navy career, I was on the verge of living my dream.  At that point I was finishing my first sea tour and had orders to a Special Boat Unit in Panama.  From that point on, my career got better and better.  Success in all areas from personal growth, contribution and increasing income contributed to a rewarding career.  During the entire 26 year career, I always sought more and found ways to achieve more.  Achieving the dream is my hope for you in your career.

Achieve Your Dream

Achieve Your Dream

Take Inventory

I hope to spur you to examine your situation and take inventory of your progress toward the goals you set for yourself when you started working.  Are you on track to surpass your initial expectations?  Have you achieved the income level you envisioned?  If you keep doing what you have been doing, where will you be in one, five and ten years from now?  While it is not a good idea to keep looking back, you do want to take an occasional inventory of your progress.  If you are meeting your goals, fantastic!  It might be time for you to treat yourself to a reward.  Maybe go out for a special dinner or buy a new trinket.

If you are not on track to reach the goals you set for yourself, it is time to adjust and set new goals that are in tune with your true values.  Make an assessment of what prevented you from reaching the goals. Read More →

9 Fundamentals of Sustainable Out-go and Reliable Income

If Your Out-go Exceeds Your Income, Your Upkeep Will Be Your Downfall!  This is a mantra that I have written about before.  In this post, I will go deeper into some fundamentals and practices that will help you maintain that critical balance.

As long as you continue to spend more than you earn, you will continually fall further and further behind. Eventually leading to a financial crash and burn.  This practice will lead you deeper and deeper in debt.  At some point you will eventually not be able to pay the interest on the debt you owe causing you to fall into bankruptcy.

Bankruptcy is a major personal setback and brings with it consequences that have a long lasting effect.  Credit becomes harder to acquire.  Its impact is felt by more than the individual who filed for bankruptcy.  Those debtors that did not get paid in the settlement now have to deal with the loss to their business as well.  The increase in bankruptcies and foreclosures took a toll on our nation’s economy over the past decade.  The trend had snowball effect that hurt us all.

How much have you spent on interest charges this year?  What does that add up to over your lifetime till now?  How much do you hate budgeting and how much would you be willing to pay to avoid making and living on a budget?

We’ll group the fundamentals into two groups; things to avoid and things to move toward.

  1. Avoid:
    1. Easy credit offers
    2. The trap of indebtedness
    3. Immediate Gratification
  2. Move toward:
    1. Improve financial literacy
    2. Desire to grow wealth rather than overspend
    3. Commit to a New Pattern of Saving before Spending
    4. Prioritize Spending – control your out-go
    5. Reduce Amount of Out-go to Finance Charges
    6. Improve Income Potential

Three Pitfalls to Avoid

Falling prey to offers from credit card companies, continued indebtedness and the desire for instant gratification are traps that threaten to sabotage our efforts toward achieving our desired outcome.  By identifying them and setting guards against them, you will have a safer road to achieving financial independence.

If Your Out-go Exceeds Your Income, Your Upkeep Will Be Your Downfall!

If Your Out-go Exceeds Your Income, Your Upkeep Will Be Your Downfall!

Read More →