UMB Bank’s Post

I am 21 years and 3 months old guy and I am managing the whole house finances for the last 3 years. Yeahhh 100% of them. Here are some hard lessons I learnt the hardest way: • Never ever reveal your actual income, if you are earning 100, tell them 50 and give them 40. Life will be easier. • Never buy stuff in excitement, and emotions. See, and think, if you or any family member actually need it or not. • Never upgrade your lifestyle until you can sustain it even if you lose your job or biz. Its the hardest thing to ask them to downgrade. • Never use business money on yourself. Give yourself a salary. Respect your business so the world can respect you. And yes, the salary can be ten lacs if your business can afford to pay you. If you are managing family finance, you can add more.

A 2023 PwC report highlights a concerning trend: 28% of full-time employees frequently find themselves running out of funds between paychecks. Surprisingly, this financial strain isn't exclusive to lower-income brackets. Even among individuals earning $100,000 or more annually, 15% consistently face the challenge of insufficient funds between pay periods. This data underscores the widespread issue of financial instability, emphasizing that income level alone does not guarantee financial security. That's where earned wage access (EWA) enters the picture! With EWA, folks can access their wages at any time and avoid payday loans, high-interest credit cards, or other predatory services. Financial flexibility is the future for everyone! 💚 Follow us here at GoDo to stay connected about #EarnedWageAccess and other #FinancialWellness trends.

While a job loss, or even a pay cut, can be one of the most stressful things to happen to your #financialhealth, it doesn't necessarily mean life as you know it is over. Jeff Mandel of IDIQ and Credit & Debt shared his insights on what next steps to take if this does happen to you with Nicole Spector of GOBankingRates alongside some great first-hand tips for how to cut back. At the end of the day, as Nicole put it, "This Sucks, but It Isn’t the End of the World". #budgeting #savingmoney #finances #budget #smartspending #paycut #financialstress #cuttingback

"It's hard to budget when my income always changes." If your paycheck is based on commission, here's a few ideas to help you out: 💡 Know your true expenses. How much do you spend monthly? It's easy to find out by using your bank account. Download a 3 month statement and take the average. 💡 Live off your base pay. When you live off your base pay, commission checks can work for you. Use commissions to free yourself from the grind. 💡 Pay yourself first. Set a dollar amount to contribute towards savings and long term goals. If there's money left over, go have some fun! Commission based jobs can create financial freedom or become the golden handcuffs. Which will you choose?

It is generally agreed that cutting costs is one of the fastest and easiest ways to live within your means and achieve personal finance success. But then, cost cutting can only go so far When people get to this crossroad, they do either of below: - Give up and say that they can’t live within their means - Resort to borrowing to cover their expenses These are very bad options to consider as they are not sustainable, and affect your peace of mind If you’re in this boat, I urge you to reconsider a better option. - Look for ways to increase your income This is the most sustainable and accretive way out. Increasing your income can come through 3 different ways: 1. Ask for a salary raise 2. Find a new job that pays better 3. Take on an extra job Where there’s a will, there’s a way. It depends on how bad you want it.

Today marks a very exciting day🥳 ... It's the first pay day of the new financial year for Fractional Finance and I've given myself a payrise 🤑 Last year, I was on £12,000, to get my National Insurance contributions. My focus was reinvesting profit to create a solid base for future growth. Which we did ✅ This year, we're continuing to invest in some strategic areas Whilst ensuring that we create a sustainable business model, i.e. we can afford to pay our staff (which includes me 🙋♀️) So today, I'm on a salary which is very similar to the level I was on before I started my own business It's not market rate That is the goal for next year 🥅 But it's a big milestone for me🙌 P.S. Yes, I do mean salary Yes, I do know it would be more tax efficient to pay myself in dividends No, I'm not mad For me, it's really important to run this business in line with my values. I think the business should pay me a salary for the role I do as the Founder, and I should pay tax on this, just like every other employee. Dividends are my reward as a shareholder, for investing in a profitable company. This is just my view, no judgement from me if you do pay yourself in dividends to reduce your tax bill Although... I see many businesses that think they are profitable, but it's only because they're not accounting for their salary. If they took a step back and hired someone for their role, the profit would be wiped out. That's not a successful business, that's a really stressful job 🤯 #antitaxplanning #founderlife #milestones

I want to focus on the Desires part because it contributes 30% of our salary. That makes it a big chunk of money that we spend towards our desire but don’t know how. Read the details in my new blog! https://lnkd.in/gqDYK_GK #Finance #Personalfinance #Spending #Learntospend #Financialtips

🌟 From Scarcity to Abundance! 🌟 Craft your online empire with purpose and passion using the Daily Pay Blueprint. Experience the benefits of passive income and a stress-free alternative to commission-based jobs with just a small daily time investment. 🎁 Bonus: Free Guide to 10K in 30 Days included! Comment "yes" to start your journey today. #PassiveIncome #DailyPayBlueprint #FinancialFreedom #OnlineBusiness #WorkFromHome #StressFreeLife

Happy Friday! I'm a personal finance nerd and in that community there is a heavy focus on expenses and spending. I wanted to post about a realization I had in 2022 about income. Suppose that you are making a $75k/yr salary and you can save about $5k. Let's ignore taxes for this discussion, but imagine that you got a raise or a new job that pays $85k/yr. Let's also assume that your expenses are fixed and do not increase with your salary. Previously, in a year's time, your $75k/yr salary would build $5k in new wealth + investment growth from prior savings. Your new $85k/yr salary would theoretically build $15k in new wealth + investment growth. It's like in one year you've worked three years of your previous salary. It's a multiplier effect when your income and expenses are close. The converse is also true. If you are already netting $25k/yr and you have the opportunity to take on more responsibility with a $5k/yr raise, you should evaluate whether the additional hours and stress are worth a 20% bump in your bottom line. In many cases, it's better to prioritize longevity/sustainability and contentment, but there are many variables to consider, like age, family situation, and long-term career goals.