Being Your Own Boss: 4 Self-Employment Ideas

Let’s just come out and say it—the current job market is tough. Even with the economy recovering, there are still millions of people who are unemployed, and even more who are underemployed. Finding a company that’s hiring in the first place is rough, much less one that offers a fair wage; then, when you do find a good opening, there are hundreds of other applicants competing for that one spot.

Meanwhile, many workers are becoming disillusioned with the idea of working for an unreasonable manager with impossibly high expectations. The prospect of setting your own hours is appealing, as is the knowledge that your success or failure depends almost entirely upon your own performance. For these reasons, we’ve put together a list of potential ideas for people who want to work for themselves and be their own bosses.

Real Estate

Even though the job market is still rough, the housing market is in one of the best places it’s been. At the beginning of the year, interest rates in the United States dipped below 4%, something that in the past would have been considered unheard of. That’s not to say that working in real estate is easy—quite the contrary—but it does mean that it can pay off.

Becoming a real estate agent requires just a few months of training. That training can be difficult, but if you put in the necessary study time, it’s something you can get out of the way, meaning it’s a new career that doesn’t necessarily require years of additional schooling. It requires significant investments in the beginning, so you will want to store up a cushion of savings before taking the plunge. Once you have established yourself, however, it offers the flexibility of making your own schedule and limitless growth opportunities.

Childcare

In recent years, many households have become dual-income homes. With both parents working, childcare is in high demand. There are a few routes to take when offering childcare. Some people prefer to care for children in their own home, keeping the child on their normal routine under the parents’ instruction. The other option is to run a childcare service from your own home, which allows you a bit more control over the way things are run. Running a childcare service from your own home or a separate facility, however, will require you to follow strict regulations and probably get a license from the state. The benefit, however, is that you have the freedom to scale up the operation as you bring in additional clients.

Open a Franchise

One of the scariest aspects of leaving the corporate world and starting up your own business is the lack of stability. By opening a franchise, you can build a sort of hybrid business, merging the freedom of being your own boss with the security of running an established business. Most franchises require an initial investment to acquire all the requisite materials and licenses, and each franchising company has guidelines that its franchisees must follow, but it still allows the freedom of running your own business. Your success or failure depends largely upon what you are willing to put into it.

Franchises come in all shapes and sizes. Fast food restaurants like Subway and Pizza Hut are largely based on individual owners purchasing a franchise and running it themselves. Home service providers like Chem-Dry and Lawn Doctor allow individuals to open up franchises to provide carpet cleaning services and lawn care, respectively. There are several possibilities to match your work style and preferences.

Freelancing

If you have special skills or training, you may be able to capitalize on them by becoming a freelancer. The Internet has opened up a wide range of possibilities, connecting freelance workers to clients across the country, or even worldwide. One of the most difficult aspects, particularly in the beginning, is promoting yourself as a professional. It doesn’t matter how good of a writer, sound editor, web designer, or graphic designer you are if you don’t have any clients. Fortunately, there are a wide range of tools available to help you along the way. Build a website to promote yourself. Actively engage in promoting your services via social media and through word of mouth. Post a portfolio of previous work, and keep it updated. Research search engine optimization tactics in order to make it more likely that potential customers will be able to find your site.

One of the most important things to remember when striking out as a freelancer is to give your work a fair value. If you price yourself too high, then you may lose customers, but if you price yourself too low, then your customers will actually be less likely to value your work. When you are a freelancer, you’re not only an artist, you’re a businessperson. Writing, drawing, and the like are only a portion of your job.

Whatever road you end up taking, the knowledge that you are your own boss is freeing. You no longer have to feel like you’re at the mercy of a bureaucracy over which you have little influence. Take a chance, take a leap of faith, and you will be able to take control of your life.

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The Hassles of Money Drainers

Money drainers can be a major hassle for anyone. They’re sometimes not that obvious, either. If you’re constantly looking for ways to cut costs in your home, you should first make sure you’re aware of some of the most typical and damaging residential money drainers. You may just be shocked by what you learn.

 

DVR (Digital Video Recorder) Devices

DVR devices, interestingly enough, require a significant amount of energy. Few things actually require more energy than them. People often have these devices on around the clock. That’s simply because they want to be able to record television programs whenever they wish. If you’re looking to reduce your monthly bills in a substantial way, you may want to seriously reconsider recording all of those programs on television. Ask yourself if it’s really a good idea. Do you really want to spend money to watch last night’s news special? Do you really want to spend money watching a sporting event that’s already a whole week old? Note, too, that there could be more inexpensive options out there available to you. You may be able to watch a show on the Internet totally free of charge.

 

Air Conditioning and Heating Systems

Most people view cooling and heating as necessities. It can be practically unbearable to deal with oppressively hot summer days. It can be just as bad to deal with frigid winter days as well. That doesn’t mean that you have to rely exclusively on the air conditioning and heating systems in your home, however. There are definitely other options that can help keep you cool or warm. Fans can be lifesavers for households that need a little extra cooling in the summertime. Air leak sealing can help households that could benefit from some additional wintertime warmth as well. If you want to reduce the headaches significant money drainers cause, you should be smart and proactive. A little effort can often go a long way. Never be lazy. So many things are potential money drainers. Kitchen cabinet refacing work may even seem like a money drainer to some people.

 

Mobile Device Chargers

Most people these days simply can’t imagine their lives without mobile devices. People spend so much time talking on their mobile phones. They rely on them for many other things, too. They use these devices to send text messages to their friends, family members and coworkers. They use these devices to make purchases online. They use these devices to play interactive games. They use them to surf the Internet as well. Although mobile devices are indeed convenient, they come with a few drawbacks. Charging them calls for a considerable amount of energy. Charging multiple mobile devices all at the same time calls for even more. If you want to minimize your mobile charging expenses, you should unplug your devices whenever possible. Who on earth wants to waste money on nearly nonstop charging, anyway? Money drainers can be anything from professional tile cleaning service to your favorite technological device.

 

Other Possible Money Drainers

The world is full of serious money drainers. If you take a quick look around your home, you’ll probably notice more than you can count. If you want to be a frugal and practical person, you should go out of your way to regularly assess your lifestyle. Think about the things that you need. Think equally about the things that you truly don’t need as well. You may just shock yourself with your newfound insight. Your goal should be to never waste your hard-earned money on anything that isn’t 100 percent necessary and useful.

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After almost a year of rumors and speculation, a boxing match between UFC champion Conor McGregor and retired pound-for-pound boxing great Floyd Mayweather Jr. still isn’t set, but it appears both sides are getting closer to an agreement. Talks between the two have been ramping up, and McGregor has gone as far as saying that his next fight will be against Mayweather.

 

If the fight does happen, it will be a huge benefit for the economy. Here’s why:

 

Big Fights Generate Big Revenue for All Involved

 

A popular fight can make quite a bit of money for more than just the fighters and the promoters. It also has a significant economic impact on the area where the fight takes place, and a smaller economic impact across the rest of the country. The fight location benefits because there’s more people in town spending their money at local businesses. Around the rest of the United States, people go out to bars, restaurants and other locations to watch, which means those local hotspots are making far more money on one Saturday night than they normally would.

 

For an example of how much money a massive fight can generate for a city, the 2015 fight between Mayweather and Manny Pacquiao had an economic impact of over $150 million in the Las Vegas area.

 

What Kind of Numbers Could Mayweather vs. McGregor Do?

 

The fight between Mayweather and Pacquiao was obviously huge for the economy, as you’d expect from an event that sold 4.6 million pay-per-views at $100 each. If Mayweather versus McGregor reached those type of numbers, it would have a similar effect, and there’s reason to believe it could go even higher.

 

Manny Pacquiao is a very popular fighter who has headlined some big pay-per-view events. But besides his fight against Mayweather, Pacquiao’s typical pay-per-view numbers were around 1.1 to 1.2 million, and his two fights before the Mayweather super fight did 800,000 and 475,000 buys, respectively. And that’s in boxing, where the biggest fights tend to sell better than the biggest UFC cards.

 

Compare Pacquiao’s numbers to McGregor’s. In 2016, McGregor headlined three UFC cards, and while the UFC doesn’t release its pay-per-view sales numbers, estimates have each event selling at least 1.3 million, with UFC 202 in particular surpassing 1.6 million. The numbers show that McGregor is a bigger draw than Pacquiao, and his fame is still growing, whereas Pacquiao fought Mayweather well after his peak years.

 

Will the Fight Actually Happen?

 

The $1-billion question is whether this fight will take place or if it’s just a pipe dream. Right now, it’s looking like it will take place at some point. The most important part of making this fight is that both fighters want it to happen, and it’s obvious that they do.

 

For Mayweather, this fight is an opportunity to make well over $100 million while facing an opponent who has never boxed professionally. This would likely be Mayweather’s first or second-biggest fight and paycheck. The difference is that for all his other fights, he was facing off against highly skilled professional boxers. In this fight, he’d have the opportunity to earn huge money against an opponent that Mayweather likely sees as a cakewalk.

 

For McGregor, he would be making by far the biggest paycheck of his career, and in terms of the fight itself, he’s in a win-win situation. Sports betting websites have already set him as a huge underdog, so even if he loses, it won’t hurt his reputation, especially considering he’s an MMA fighter, not a boxer. If he does the unthinkable and defeats Mayweather, his fame will skyrocket even more.

 

It’s looking like a fight between Mayweather and McGregor is only a matter of time. When it occurs, it will be a huge financial boost for all involved, and that includes the United States.

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An estimated eight out of ten small businesses fail within the first few years. One of the primary reasons for this relates to financial challenges and poor cash flow. While there are many steps that you can take to line up funding you need to get your new business off the ground, the reality is that your quest for startup funding is only as beneficial as your budgeting efforts allow for. More than that, once your business has become successful, budgeting continues to be important to its overall profitability. However, business finances can be complex, and more than 50 percent of small business owners outsource this task to a controller. If you are preparing to launch your business or you are already an experienced business owner, you can more easily create an effective budget when you include all expenses that will affect your business in your budget. There are some expenses, however, that many business owners fail to allocate funds for. By learning more about these expenses, you can more easily update your budget successfully.

 

Insurance

There are various types of insurance that businesses need. If you have a larger business with several employees, you may be required to provide them with health insurance. With this as a requirement, you may budget appropriately for it. However, you may also need insurance for your commercial vehicles, rental or property insurance for your place of business and more. You should budget appropriately for the premiums for these policies as well as for the deductibles. You never know when you will need to file a claim, but you should always be financially able to do so.

 

Marketing and Advertising

Marketing and advertising are the lifeblood of many businesses because they drive sales. As important as they are, some businesses regularly fail to allocate a healthy sum of money to this expense. As a result, marketing can be irregular and not as effective as it could be. As you update your budget, consider all ongoing marketing expenses, such as hosting fees for your website. In addition, create a complete marketing plan for the next year, and allocate funds necessary to execute this plan in a timely manner.

 

Professional Lunches and Social Events

In many business environments, socializing and networking is necessary. It can cost money to attend hosted lunches for industry organizations, to take clients to lunch and more. A savvy business owner will properly allocate a healthy amount of money to this expense category. This will prevent you from running in the red when you take advantage of a great networking opportunity.

 

Property Cleaning

The cleanliness of your facility can impact the health and well-being of your employees as well as the image you project to clients and customers. You need to budget for cleaning supplies and services on a regular basis. In addition, periodic commercial carpet cleaning may also be necessary to keep your venue looking and smelling great.

 

Property Repairs and Maintenance

Property repairs and maintenance may not be a regular expense that recurs each month. In fact, several months may elapse between when your company is burdened by these expenses. However, such expenses can cost hundreds or thousands of dollars when they arise, and they must be properly incorporated into your budget. Make a list of all major repair projects you have in mind, such as kitchen cabinet refacing for the break room. In addition, allocate some funds to cover periodic equipment breakdowns. When you take these steps, you can ensure that you have funds available to keep your property maintained in great condition.

 

Taking steps to improve your budgeting efforts can go a long way toward improving your cash flow and preventing you from running in the red. You may feel that many expenses are unexpected and cannot be planned for. However, you know that appliances will break down, that carpets need cleaning and that networking opportunities cost money, for example. By allocating some of your funds to each of these areas, you can create a more realistic budget that covers all of your expenses. These should be included in your initial business plan before you launch a startup, and they should continue to be included in your regular budget.

 

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For decades, the check was the preferred method of payment for both individuals and businesses. In today’s technological age, checks are becoming more and more outdated. As technology continues to improve every year, there are fewer and fewer opportunities for people and businesses to utilize checks. What happened to checks and why are they quickly disappearing from use?

Legislative Changes

In the past, banks had to physically transport checks around the country to settle transactions. That meant that a combination of trucks and planes delivering paper checks was a daily occurrence. It was painfully inefficient and added to the cost of banking for everyone. In 2001, the Check 21 Act was passed, which made it legal to settle checks between banks with a digital image of the check. Banks began switching to this method almost immediately and today it makes up the vast majority of transactions in the banking industry.

Online Payment Methods
Another factor that is contributing to the death of the paper check is the abundance of online payment methods available to people today. These online payment methods make it possible for you to make a payment for goods and services instantly and with minimal effort. When you can click a button on your computer and buy what you want instead of writing out and mailing a physical paper check, why wouldn’t you take that approach?
One of the first instances of this technology going mainstream was Paypal with Ebay. In the early days of Ebay, people had to use inefficient online payment methods of mail a physical check to the seller. Sellers had to hope that they would receive payment and wait days for a payment to clear. This slowed down the time that it took to complete a transaction and caused numerous problems. Paypal went after the power sellers on Ebay as their first niche market and it turned out to be a major success. Today, Paypal is commonly used to buy goods and services all across the web.

Virtual Currencies

The availability of virtual currencies are also expediting the death of the paper check. Currencies like Bitcoin make it possible to transfer money digitally and anonymously almost instantly to anyone in the world. All you need is the Bitcoin wallet information of the user and you can immediately transfer any amount of money to them. It is extremely convenient and makes it possible to avoid large fees for making online transfers. One of the current drawbacks of using virtual currencies is that they are not as widely used as options like Paypal. However, millions of users are being added to their ranks every single year. Another advantage that these currencies possess is that they contain a fixed amount of units. This means that central banks cannot alter the available amount of currency and devalue everyone else’s currency units. As banks become more familiar with Bitcoin and other virtual currencies, it will make them more common in the online payment industry.

Direct Deposit

In the past, getting your paycheck was a regular routine that almost everyone looked forward to. Now with many businesses utilizing virtual bookkeeping services and direct deposit, that is mostly a thing of the past. Once you get hired for a new job, the employer will gather your banking information and set you up to receive direct deposits every time you get paid. The money is simply deposited directly into your bank account without the need for a check every being printed. In many cases, the pay stub is emailed directly to the user before the direct deposit goes through. This makes it extremely convenient for both the employer and the employee in this type of transaction.
While there are still occasionally situations that call for a paper check, those situations are becoming fewer and farther between. In the near future, paper checks will be a thing of the past and a relic of a simpler time.

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People often say that real estate is one of the best investments, and that the value of a home is sure to go up over time. The reality of the matter is much more complicated. It’s certainly true that the value of a home will tend to go up over time, but owning property also carries a variety of expenses. The investment will only yield a profit if the increase in value exceeds those expenses, and that is not a sure thing. A home certainly can be an excellent investment, but it can also be a terrible one, and it all depends on how the market changes over time.

Ownership Expenses

The cost of purchasing property is the most noticeable of the expenses, but it is also the least relevant. It determines the size of the investment, but it has very little to do with how the value of that investment changes over time.

Mortgages are another matter entirely. The average mortgage rate in the United States is about four percent, which means that people who get a mortgage will not make a profit until the value of their home has increased by that much.

There are also several ongoing costs to consider. Inflation causes money to lose value over time, so the rate of inflation needs to be subtracted from the increase in the home’s price to calculate the actual change in value. The inflation rate varies widely from year to year and is difficult to predict, but has been as high as 2.5 percent in recent months. Property taxes are also a percentile loss, and need to be subtracted from home’s price in the same way. The rate varies between states, but a value of one percent is roughly average.

Other expenses include the cost of maintaining the home. This includes the cost of replacing old and outdated components, such as old and inefficient furnaces, but it extends to many tasks that people rarely think about. For example, the cost of lawn care can be significant because it includes the cost of fuel for a lawn mower and the cost of labor for a professional to trim hedges or prune trees. Home owners who want their home to look attractive will need to pay for paint every few years, and possibly pay for renovations to keep up with modern style trends. Failing to pay for this maintenance will save money in the short term, but it will also lower the resale value of the house. It’s also possible to save money by doing the work yourself if you have the skills to do so, but that costs time instead of money.

Some homeowners choose to buy insurance, but it’s best to model that as a separate investment. Since insurance companies exist to turn a profit, they will charge more for the policy than they expect to pay out to the policy holder. Assume that an insurance policy will be a net expense in the absence of government subsidies or alternate revenue streams for the insurance company.

Finding the Balance

It’s difficult to judge if a piece of property will be a good investment, but it can be done. Start by finding the total of the yearly costs for the home by adding up the rate of inflation, the property tax rate, and any incidental expenses for one year. Be sure to focus on the number as a percentage of the home’s value rather than an absolute number. Subtract this total from the expected increase in the home’s price every year to find the expected change in the home’s value.

If the end result is positive, the home will probably be profitable. There’s always room for error, since you can’t be sure that you estimated all of the expenses or the price increase accurately, but that is true of any investment. If the home was purchased with a mortgage, be sure to compare the expected increase in value to the mortgage to see how long it will take to turn a concrete profit. If the expected value is negative, the home will probably lose value, but it might be worth buying anyway.

Compare the value of the expected loss to the cost of rent. If the value is lower, it’s still a better deal than renting. If it’s higher, then renting will save money in the long term.

The Final Verdict

It’s possible to make money by investing in a home, but it it involves just as much risk as any other investment. Potential homeowners need to look at the cost of owning the home and compare it to the expected gains to decide if homeownership is worth the money. Of course, it’s perfectly reasonable to buy a home because you want to own it even if you expect to lose money, so financial concerns should only be one part of the decision.

 

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If you love sports, you have no doubt dreamt about being the owner of a professional sports franchise. Perhaps, your desire is directed at one of your favorite teams. If not, it’s quite acceptable to want to simply be involved in owning a team for the prestige that comes with doing so.

The Current Value of a Top Sports Franchise
Of course, you may have resolved yourself to the notion it is nearly impossible for you to participate in any level of ownership due in large part to the logistics involved, namely money. According to a 2016 study conducted by Forbes, you would only need $4.2 billion to own the Dallas Cowboys. If you are just a little short of that amount, you might be able to scrape together enough to buy the New England Patriots for $3.4 billion. Granted, these numbers are unattainable by 99.99% of the people in the world, even through partnerships.

The Best Alternative
Assuming one doesn’t have enough money sitting around or enough powerful friends to buy the New York Yankees for $2.5 billion, let’s consider the next best alternative.

Throughout the world, there are a number of sports franchises that are owned in part or as a whole by corporate conglomerates that are traded publicly on reputable stock exchange. By purchasing stock is one of the corporations, it can easily be shown that the individual is a part owner in a professional sports team. With that said, it’s important for the individual to verify their investment includes the sports team.

A great example would be the Green Bay Packers. While the team lays claim to being owned publicly by cheesehead fans, the reality is the investment the fans make and the stock certificate they receive does not really provide an equity interest in the team. It’s more for show and the development of city unity as opposed to proving fans with an investment that will create financial rewards at some point into the future.

Sports Franchises That are Publicly Owned
According to the information provided by Wikipedia, there are a number of professional European football franchises that are owned publicly either through stock purchases or some type of direct investment. While pretty much all of the teams in this category are recognized as minor league teams, the Mighty Manchester United team opened up on the New York Stock Exchange under the symbol MANU just a few short years ago. A minority interest in now owned by soccer fans and investors alike.

The two most prominent publicly held professional sports franchises in the U.S. are Major League Baseball’s (MLB) Atlanta Braves and the National Basketball Association’s (NBA) New York Knicks. The Braves are part of the corporate conglomerate called Liberty Media, which trades on the NASDAQ under the symbol LMCA. Aside from the Braves and five supporting minor league franchises, this group is heavily involved in satellite radio, concert promotions, and content creation. It’s worth noting this group was once operated under the name Turner Broadcasting System or TBS.

The Knicks are very much a high profile organization. The team operates as a division of Madison Square Garden, which trades on the New York Stock Exchange under the symbol MSG. Not only does this group own the Knicks, but it also owns the namesake stadium where the National Hockey League’s (NHL) New York Rangers Women’s National Basketball Association’s New York Liberty play. Stock ownership in this group comes with some interesting perks much like getting top reviews by sportsbook review.

The opportunities to own a professional sports team are anything but plentiful. However, the above examples show that anything is possible. In the future, there may be other sports franchises that get absorbed by other corporate organizations. This will create additional opportunities for the little guys to be a big part of the sports world in a very small way.

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There might be snow on the ground and a wind chill outside right now, but winter will be over before you know it. With the change in weather spring, one of the busiest times of year when it comes to real estate. If you are planning on selling your home, there are some things you should invest in to help ensure that your home is in ideal condition and able to attract buyers for the right price.

1. An Inspection

This is something of a catch-all. A home inspector will survey your home and see what issues there might be with the house that you haven’t noticed. This could include faulty wiring, pests and leaky faucets. Remember: as inspectors, they won’t be able to fix all these problems themselves, but they will be able to find them in hopefully enough time for you to remedy them before you sell.

Expected Cost: Between $315 and $400.

2. Professional Cleaning Service

You might think you keep your house clean, but trust us—there’s a difference between the cleanliness standard needed for living in a house and selling that house. Even if you always scrub the shower, sweep the living room on a consistent basis, and never leave a single dirty dish or saucepan out, living in a house tends to make it look, well… used. It’s not negligence; it’s just the way things work.

That’s why it’s often a good idea to contact a professional maid service to clean up your house, particularly when your home is up on the market. Note that your house should most certainly not be in a state of disarray before the cleaners come. Instead, you should clean up as best as you can and let them handle the finishing touches so that your house can go from looking great to looking perfect. Also, schedule the appointment as close to when you list the home as possible. Otherwise, you risk the house getting dirty again and you’ll need to schedule another appointment.

Expected Cost: Between $25 and $35 per hour.

3. Yard Care

Curb appeal is something that cannot be taken for granted when selling a home. You could have the most pristine, gorgeous manor on the inside, but if the yard is decayed and decrepit, buyers won’t even make it to the front door. That’s why you should invest in proper lawn maintenance. You’ll need to find people who can mow a lawn, trim hedges, pull weeds and more once the sun starts coming out.

Yard pest control is also an important thing to keep in mind. Moles leave unsightly holes, and hornets and other stinging insects can make entire sections of your yard impassable. Beyond that, while It might just seem like an outdoor problem at first, if mice, mosquitoes, termites and more aren’t taken care of, they can migrate inside, spelling disaster for the value of your home. Find professional, trusted exterminators who can take care of any potential pest problems, and you’ll save yourself a lot of stress.

Expected Cost: Between $35 and $50 per visit

4. New Paint Job

Paint is meant to provide color and liveliness to a house, which will make it more enticing for potential buyers; however, it can backfire. For instance, paint that has faded or chipped away is not very enticing. Whether it’s on the outside of your home, inside, or both, get the paint touched up if it needs it. Meanwhile, while you may enjoy having a home painted a bold color that stands out, potential buyers might consider it an eyesore and walk away. To attract more buyers, get your walls repainted in a more neutral, widely appealing color.

Expected Cost: Between $1,700 and $3,600.

We hope you follow this advice as you prepare to sell your house. Though selling your home might seem arduous and stressful, it can be made much easier by tackling these issues as soon as possible. Not only will your new home buyers appreciate the effort you took to make their new residence as livable as possible; there’s a good chance that you will be able to sell it for a higher price.

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The sports prodigy is one of those athletes who just gets it, and is able to outplay others with more experience on natural ability. It’s amazing for fans to watch a prodigy in action, and it’s an exciting ride for that talented athlete. But nothing lasts forever, especially not sports superstardom, and there are several reasons why even the best prodigies should still learn how to budget.

 

1. The Odds of Fortune and Fame Through Sports Are Low

 

Every sports prodigy thinks they’re the next big thing, but only a select few have what it takes to play professionally. Statistics show that most high school athletes don’t even make it to play at the collegiate level, let alone the professional level. Baseball offers the best chance for high schoolers who want to one day turn pro, and the odds of that are 0.5 percent. Only 0.02 percent of high school women’s basketball players play professionally, along with only 0.03 percent of high school men’s basketball players. Chances are that even if you’re a prodigy, you’re not going to land that multimillion-dollar contract that lets you buy whatever you want.

 

2. Budgeting Is a Useful Life Skill

 

Being able to make a budget is an important skill that every adult should have. Even if you end up playing professional sports, you still have to budget your money if you want to keep it. Many big-time athletes have learned this lesson the hard way. Sports Illustrated found that 78 percent of former NFL players were either bankrupt or under significant financial stress just two years after retiring. Retired NBA players didn’t fare much better, as 60 percent went broke within five years. Considering some athletes’ extravagant lifestyles, it’s a wonder that sports betting websites don’t let you bet on who will go bankrupt first after their career ends. No amount of money is too much to lose. When you budget properly, you can make sure you don’t overspend.

 

3. You Should Know Where Your Money’s Going

 

People of all income levels can lose their money if they put it in the wrong hands. Athletes are especially susceptible to shady “financial advisors” who either get them into bad deals or simply steal their money. When you set up a budget, you know how much money you have coming in and the monthly expenses you need to pay. If someone is trying to take your money or spend it on careless investments, you’ll notice right away because you’re keeping track of what you make.

 

4. It’s Always Good to Think Ahead

 

Do you know why so many people who have achieved sudden success have gone broke? Because they never thought about what they would do after their money was gone. Thinking ahead is the key to achieving financial success. When you create your budget, you see how much money you’re making and how much you’re spending, and it also helps you think about your financial goals. If you want to make sure you have enough money to put your children through college, you can put a college fund in your budget so you pay that every month.

 

5. Budgeting Improves Your Planning Skills

 

When you budget, you’re creating a financial game plan. The planning skills you develop through budgeting can be useful in all facets of your life, even your athletic endeavors. Apply those newfound skills towards building your workout plan so you’re continually improving. One of the issues that slows many sports prodigies down is complacency. When you’re naturally good at something, it’s tempting to believe that you don’t have to work hard at it. Creating a workout plan, just like you would a budget, gives you a schedule that you can commit to so you don’t lose your edge.

 

No matter how good you are at them, there’s more to life than sports. Learn essential life skills, including budgeting, so you’re a well-rounded adult and able to make smart financial decisions.

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Being frugal is never easy, but surprisingly, it can be hardest when people are experiencing the greatest amount of financial stress. Spending money and acquiring new things can be just as comforting as overindulging on sugar-laden and calorie-dense foods, especially once anxiety rears its head. In order to pull yourself up by the proverbial bootstraps, however, you’ll have to learn how to cut your expenses, save more, earn more and appreciate what you already have. Following are a few tips to help you bring your cash flow issues under control.

 

1. Stay Positive But Be Practical

 

Maintaining a positive mindset is critical when hard times hit. After all, you won’t be in the best state for solving money problems if you constantly feel like a deer caught in headlights. However, you also have to be practical. Recognizing that your spending or your cash flow issues are spiraling out of control will motivate you to take necessary action. Be mindful of the fact that most money problems don’t correct themselves. Unless you design and implement a strategic and aggressive plan for fixing your circumstances, your debt will likely continue to build.

 

2. Pay Cash For Everything

 

Cash flow issues lead many people to revamp their credit management plans. If you have a credit card that’s meant for emergencies only, make sure that you stay true to original intentions for using this card. Although these funds are all too accessible when you need them, buying with credit will only compound and extend your hardship. If you don’t have cash on hand for a purchase, try looking for ways to get the money you need, even if this means selling something that you currently own but don’t really require. It makes no sense to rack up credit card debt and all the associated interest when you have valuable and rarely used items simply sitting in your home.

 

3. Shop With Economy In Mind

 

Cheapest isn’t always best. Being too stringent with your pocketbook could wind up costing you in the end. Good economy is attained by investing in products that are durable, long-lasting and capable of serving their purpose. Spend sufficient money to get what you need, but avoid overspending on essentials for the sake of name brands or added, unnecessary features. For instance, you may find that for your needs and your level of usage, a $30 cellphone can be just as efficient as one that costs several hundred dollars.

 

4. Record And Track All Of Your Spending

 

If you don’t have a budget, build one. You also need to start recording and tracking all of your expenses, including the small and seemingly insignificant ones. Parting with a few dollars each morning for a specialty coffee can really add up. Identifying and changing habits that account for nominal amounts of waste can result in big savings over time.

 

5. Start Building New Revenue Streams

 

When you have more going out than you have coming in, spending less is only one part of the solution. You also have to figure out how to make more money. More consumers are starting online or home-based businesses, selling things they don’t need, renting out rooms and taking on part-time jobs. The hard reality is that the average cost of living is increasing and this means that you’ll invariably need more money to stay afloat. Working more hours may mean sacrificing more time with your family and forgoing some of the recreational activities that you enjoy. If this is a prospect you don’t relish, consider priming yourself for promotion by designing and implementing a strategic, professional development plan for advanced, industry-specific skills.

 

6. Protect Your Assets With Diligent Maintenance And Smart Improvements

 

One of the biggest mistakes that people make when their bills start to mount is overlooking the need to maintain their assets. This is especially true for homeowners who may start putting things like plumbing inspections and minor roof repairs off in order to free up extra cash. The assets that you currently have can play a major role in helping you regain your financial footing. Thus, make every effort to take care of these things and to improve upon them when you’re able. Even small projects like tile cleaning and kitchen cabinet refacing can preserve and build the overall value of your home investment. Building sweat equity now will have definite payoffs in the future, especially if selling your home turns out to be a part of your financial rehabilitation plan. You should also note that staying on top of home maintenance and repairs can be infinitely cheaper than correcting latent property damages.

 

7. Start A Gratitude List

 

One of the best ways to keep emotion-driven spending in check is to be mindful and appreciative of all that you currently have. Declining financial stability can make people start seeing the proverbial cup as half-empty, rather than half-full. This in turn creates the need to purchase and consume more things in order to attain a false sense of contentment. Write a list of the things that you’re currently grateful for, despite any hardships you’re presently facing. These can include the ability to walk, the personal freedoms you enjoy, the roof over your head, support from your loved ones and a steady and stable job. Maintaining a mindset of gratitude will allow you to fully appreciate all that you presently own, rather than building more debt to acquire things that aren’t guaranteed to have any positive impact on your capabilities or overall life quality.

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