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How to Save Money Like a Millionaire [Infographic]

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How to Save Money Like a Millionaire [Infographic]

How lavishly do millionaires really live? While their lifestyles seem decadent from the outside, they may not be as luxurious as you think. In fact, if you ask many self-made millionaires about the secrets to their success, you’ll often find it comes down to maintaining a rigid financial mindset: Disciplined saving habits, thrifty spending and years of hard work go into hitting that seven-figure benchmark.

So, is it possible to achieve that prestigious millionaire status if you haven’t inherited wealth or don’t have a high-paying job? Seeing that some of the richest people in the world are self-made — think Starbucks CEO Howard Schultz or ZARA founder Amancio Ortega, two billionaires who came from nothing — the answer is “yes.”

Of course, simply being told that it’s possible to attain financial affluence within your lifetime doesn’t make the task seem any easier. That’s why it’s best to start small, keeping in mind that there are easy changes you can make to your spending and saving habits so that they mirror those of the most successful and wealthy individuals.

Related: The 13 Biggest Differences Between Rich & Poor People [Infographic]

To help you along your journey to financial prosperity, here are 15 spending and savings tips from millionaires. (Infographic by Wikibuy)

How to Save Money Like a Millionaire [Infographic]

Infographic source: Wikibuy

Read Next: The 12 Millionaire Habits To Get Rich & Build Serious Wealth [Infographic]

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Main Reasons People Avoid a Financial Plan

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Photo by William Iven on Unsplash

What are the main reasons people avoid a financial plan? (And why you really do need one)

Many of us dream about living a better life, leaving the daily grind behind and planning for more leisure pursuits and free time to enjoy ourselves. What a lot of us forget is, that to do it, you need to have a decent financial plan. It’s estimated that only 25% of adults have one in place, and there are lots of reasons why people simply don’t bother…but that needs to change.

Should You Hire A Professional Financial Planner In Your Twenties

Only 24% of millennials demonstrate basic knowledge of proper financial literacy and planning, according to a study by the National Endowment for Financial Education. Financial planning is a road map that is meant to help you achieve economic goals more efficiently and timely. A financial advisor uses your monetary data to create projections on when and how you can accomplish your goals. They base these estimations on your income, inflation patterns, expenditure, among other assumptions. So, should you, as a youth, seek the services of a professional financial planner?

Finding the right planner

Before you even begin, take time to write down what you want to accomplish both in the short and long term. When ready, ask for recommendations from friends and family members who have similar goals and seem to be progressing well. You may also seek professional direction from your local bank or brokerage firms. Associations such as the Financial Planning Association, FPA, and the National Association of Personal Finance Advisors, NAPFA could come in handy as well.

Remember, the idea is to hire a certified planner who understands you and your goals. Of course, getting such a professional comes with a price. Most fee-only planners will charge anything between $1000 and $2000 for a detailed plan. Investment advisors ask for a certain percentage; around 1% of your invested assets. Always ask your potential planner to provide a disclosure document (ADV) which has details on all fee patterns and potential conflicts.

Prepare for life milestones

Unless you start planning now, you will not wake up one day and afford to purchase a home, as noted by InvestedWallet. At the very least, you need to save up for a down payment, clear up your debt and build up your credit score. Similarly, you need to save funds for your children’s education lest you won’t have it when the time comes.

Though it may not make a lot of sense to plan in your 20s because of unclear goals, it is vital. Furthermore, your financial plan is changeable and can be reviewed at any time as your life unfolds. Some major life milestones include purchasing a home, starting a family, and retirement. If you make these goals realistic and commit to following your financial plan, you have an excellent chance to always be ready at each stage of life.

“Regardless of your age or net worth, financial planning is important,” says Jeanette Brox, a senior financial consultant in Toronto. Hiring a financial planner is one of the best decisions a millennial could make. A good planner will advise you on how much you need to save or invest, among many other benefits. Make sure to meet your planner at least once a year and when you reach significant life events so that you keep your plan current and reasonable.

Article by: Cassidy Franklin

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70 Mergers & Acquisitions Bigger than the GDP of Small Countries

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Revealed – Index of biggest mergers & acquisitions over the past five years

– Verizon’s merger with Vodafone was the most expensive at $130 billion and surpassed the GDP of 154 countries

– The Pharmaceutical Industry saw the highest profile deals with a $318 billion contribution

The potential for increasing market share, reducing competition and charging higher prices through monopolistic control are a commercial dream of all big mergers & acquisitions. However, not all mergers & acquisitions are created equal. While some achieve domination, others pale in comparison to their hefty price tags.

By indexing all seventy mergers & acquisitions and comparing their prices to the GDP of entire countries, online forex trading broker ForexTime (FXTM) have been able to gain a greater understand of the staggering financial involvement. Furthermore, by analyzing the stock prices prior and post completion we are able to postulate whether success is indicative of the price paid.

Out of all deals that had occurred over the past five years, the top ten alone equated to over $850 billion. The most expensive merger occurred in 2014 when Verizon bought out Verizon Wireless Stake from Vodafone. With a valuation of $130 billion, this surpasses the GDP of 154 different countries.

Amazon’s acquisition of Whole Foods was equivalent to the entire GDP of Nicaragua and exceeded over 82 different countries. Jeff Bezos’ strategic thinking ultimately paid its dividends and stock prices closed $986.80 higher than a year after the deal was completed. Alternatively, Google’s acquisition of the HTC Smartphone Team was met by skepticism on the London Stock Exchange and stock’s fell by $74.63.

All mergers & acquisitions are underpinned by employees. Hence, as a further variable we assessed total number of employees affected. Strategy and organization is critical in ensuring a smooth employee transition. If not executed properly there can be serious ramifications on employee harmony and profitability. Amazon’s acquisition of Whole Foods also saw them incorporate the largest workforce of 613,000.

More can be found out about the study and the accompanying index on FXTM’s dedicated webpage.

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How to Set the Right Pricing Strategy For Your Business [Infographic]

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In order to succeed in business, there’s a lot you have to get just right. Your idea, the market, and timing all come into play. There’s also a factor that many small business owners and entrepreneurs forget about until the very end: how to price their product or service. While deceptively easy, setting the right pricing strategy has the power to elevate your business into new markets, amplify your brand, and mitigate competition. Choosing the right pricing strategy may take some time, but requires three main elements.

First you must know your audience, the market, and your business. Understanding these three elements sets a solid foundation to select a pricing strategy that helps take your business to a new level. To get a full sense of your market, conduct thorough research. You should understand what your audience values most in products or services like yours, and what they will be comparing your product to. Being able to offer more value that is actually meaningful to your audience is essential to driving sales and a successful business. Finally, keeping an eye on your own costs and profit will help you maintain a healthy cash flow that will make the most of the funding you raise.

From this point, you can select a pricing strategy based on whether your market is oversaturated or sparse, or whether your audience expects cut-rate prices or prestigious branding. For more help on selecting the right pricing strategy for your business, check out this infographic below by Fundera.

How to Set the Right Pricing Strategy For Your Business

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