Category: Finance Page 2 of 4

Manage Solo Work Time Nicholas Fainlight

How to Manage Your Time When You’re Working Alone

On January 3, 2019

For people who create their own schedules, it can be challenging to figure out how to use your time in the most effective way possible. You may have occasional scheduled meetings or calls, but the majority of your work comes from a running list of projects with distant deadlines and it’s up to you to figure out what gets the highest priority and how much time you must allot to each task. This type of work schedule can be particularly challenging if you’re working from home or alone at a coworking space or somewhere else that can be distracting. Follow these pieces of advice to better manage your time and get more done.

Create a schedule

The first step to take to effectively manage your time is to create a schedule for the hours you’ll be working (or even your entire day, if you’re ambitious). You may already have a schedule or to-do list, but if you feel like it isn’t working well for you, scrap the whole thing and start from scratch. Plan out each hour of your workday and allot enough time for each task so you can clearly see what you need to do when. This schedule helps you stay on task and gauge where you are throughout each day.

Learn your productive times

This step takes some trial and error, but by consciously paying attention to how you work and when you get the most done, you can figure out what times of the day you’re the most productive. Once you learn these times, you can plan to get your most important and urgent tasks done then and push lesser projects to different times.

Time yourself

As you work on your different tasks, start timing how long it takes you to do every item. Knowing you’re being timed can push you to stay focused and avoid distractions. If you do get distracted, you can clearly see how much time was wasted; let it serve as a wake-up call. You might also be underestimating how long it takes you to get something done, so timing yourself allows you to create a realistic schedule.

Eliminate distractions

If you work on the computer, you can easily access an endless number of distractions. With cell phones, we have hours of distractions in our pockets. When you work at home, you might get distracted by what needs to be done around your house. In order to best manage your time, you must eliminate distractions; put your phone in a different room or turn it off, block specific sites on your computer while you’re working, or isolate yourself somewhere that people won’t talk to you and you won’t be distracted by what’s around you.

Craft a workspace

No matter where you’re working, you need to create a workspace for yourself that you find relaxing and helps you focus. At home, create a specific room or area where you work so you can keep your work and home life separate. In your office, personalize your space so you enjoy being there, but also in a way that’s conducive to your productivity. If you work in more public spaces, consider investing in good headphones to ignore outside noise and get materials that best fit your needs and make your job easier.

Create Strong Client Relationships Nicholas Fainlight

6 Tips for Creating Strong Relationships with Your Clients

By Nicholas Fainlight

On December 5, 2018

In Career, Finance, Nicholas Fainlight

No matter how much experience you have in your industry and working with clients, you should constantly be improving how you interact with your clients. There are always ways to strengthen the relationship you have with your clients, especially if you’re a financial advisor or in some similar position where you’re closely working with clients to meet personal goals and make plans that affect their daily lives. If you’re some kind of a consultant with clients, you want to have as strong relationships as possible with them in order to best meet their needs and keep them happy. Here are some great tips on how to create strong relationships with your clients, regardless of your career.

Discuss their specific goals

When you first start working with a client, you need to clearly establish what their goals are and how you’ll work together to meet those. Your entire role revolves around how well you can help clients work toward their goals, so you need to understand what those goals are before you can make a plan to achieve them.

Keep your promises

If you tell a client you’ll get back to them by a certain date or that you’ll send them useful information or a draft of something you’re working on, stick to these promises. While sometimes situations arise where you may not be able to keep this schedule, be sure to communicate as quickly and clearly as possible. Clients appreciate this treatment and will trust you to do the best for them.

Be honest and authentic

In your dealings with clients, be honest with them. If they’re asking for a service or focusing on a goal you aren’t sure is realistic or you don’t have much experience with, tell them that. Never try to sell a client something they do not actually need. Whoever you work with will appreciate this type of integrity and you’ll create a close bond with your client.

Stay consistent

When you tell a client how your business operates or what you’re going to do for them, stay consistent with what you say. Do not change your tune from conversation to conversation; clients notice that. Remain consistent in how quickly you respond to their emails or calls and make sure all your communication is on a regular basis.

Remain thoughtful

Throughout your time working with your client, find small ways to be thoughtful in your interactions. These gestures could include checking in with them even if you do not have a specific reason to see if they have any questions or sending a card around the holidays. Letting clients know you’re available and think of them personally can help build a stronger relationship.

Regularly touch base

Finally, make sure you regularly touch base with your clients to discuss their goals and whatever you’re working on for them. Keeping them in the loop gives them agency over the project and creates a great relationship with lots of easy communication.

5 Ways to Get Involved in a New City

By Nicholas Fainlight

On August 2, 2018

In Career, Education, Finance, Nicholas Fainlight

Whether you’re moving to a new city for work or school, it’s important to get involved in your new home. You might think you’ll be okay and are planning on focusing on your job or academics and believe you can meet people organically, but you’ll enjoy the experience much more if you put your best foot forward as soon as you move and take steps to get involved in the city as much as possible. Connecting with other people, joining organizations, and starting new hobbies makes your transition much less stressful.

Find online communities

One of the easiest ways to get involved in a new city is finding an online community you can join. Whether it’s a forum for new people in the city, a local discussion board, or a Facebook group, there are plenty of ways to find out more about the social aspects of where you’ll be living and begin to make some friends. Even if you simply want to ask some questions about living in the new city, online communities are a great place to start.

Join a networking organization

Most cities have some kind of networking organization you can join, especially if you’re a young professional or college student. These organizations are a wonderful way to meet other people, get involved in local events, and simply learn some new skills or information. You can find these groups using Facebook or simply Google the name of your city and “young professional organization.”

Volunteer

If you’re looking for ways to give back or are passionate about a specific cause, there are plenty of opportunities in any city to volunteer. Look up local philanthropies and then contact them about volunteer opportunities and how you can get more involved. You’ll meet other passionate people who want to give back to the community.

Participate in community events

You can volunteer for community events or you can simply attend them. Just going to community events helps give you a feel for what your new home is like and it provides a wonderful opportunity to connect with locals. At most local community events, you’ll also find plenty of organizations and businesses from the area handing out information about what they do and how you can get involved. Take advantage of what’s happening in your new city and get involved as soon as possible.

Start a new hobby
Starting a new hobby can be incredibly beneficial; you’ll learn new skills and have something to focus on that’s productive. You can also search out local groups that share this hobby, which is something you can do for a hobby you’re already familiar with as well. You’ll meet people you have at least one interest in common with and you can attend meetings or events related to your hobby.

Young man in graduation robes facing auditorium, nicholas fainlight preparing for grad school

6 Tips for Getting Ready to Head to Grad School

By Nicholas Fainlight

On June 21, 2018

In Career, Education, Finance, Nicholas Fainlight

Once you’ve been accepted to graduate school, you might think it’s time to relax and that you can approach grad school like you did your undergrad college. However, grad school is vastly different from your previous college experience. You’re studying something much more specialized and are in an even more competitive program. You’ll have to work harder and produce higher level work in order to excel in your grad program. It’s important to remember that grad school is a much more professional environment than undergrad; you’re entirely focused on progressing your career and have a narrowed view of what you want to study. This focus doesn’t mean that grad school can’t be fun, it just mean you need to prepare for it differently than you did undergrad.

Network

Since grad school is all about getting ready for the future, take time to network before and during it. Attend local networking events over the summer and take advantage of any opportunities to connect with people from your school. The sooner you get to know professors and fellow students, the better.

Learn about the school

Once you’ve chosen your grad school, take the time to learn more about it. What’s the town or area around it like? How’s the campus? What are the classes and professors like there? Try to find current students to talk to or blogs to read. It’s never too early to start thinking about what classes you’d like to take or what organizations you’ll get involved with.

Choose where you’ll live

Some grad schools do not offer on-campus housing so it’s up to you to find your own place to stay while in school. Others do offer housing, but it’s often your responsibility to seek out your options and decide where to stay. The last thing you want is to show up on the first day with nowhere to stay.

Increase your knowledge

Before getting to grad school, it’s beneficial to increase your knowledge of the subject you’ll be studying and any other areas that could be useful. Take time to catch up with recent news and developments in your chosen field of study. Refresh yourself on the basics and do some research to find out if there’s any material you should know that you haven’t previously studied.

Get prepared

In addition to being prepared as far as your studies go, making sure you’re practically prepared is important too. Once you decide where you’re living, do you have all the essentials you’ll need for your new home? Do you have clothes that are appropriate for the climate? Are all of your papers in order? Make a list of everything you’ll need and tasks you to complete before starting grad school to be sure you don’t forget anything important.

Create some goals

Finally, set aside time to create a few goals for yourself. You’re entering grad school and need to have a plan for what you’ll do these years and afterwards. Are there specific internships you’d like to apply for? What do you want your career to look like once you’re done with school? Setting long-term goals helps you stay focused and organized during grad school.

Group of people sitting around a table with an open laptop and graphs and papers, Nicholas Fainlight improve credit score

4 Tips for Improving Your Credit Score

By Nicholas Fainlight

On April 29, 2018

In Finance, Investing, Nicholas Fainlight, Technology

Once you graduate college and begin your life after school, you likely realize how important a credit score is for various decisions. You may have had to deal with issues relating to your credit score beforehand, but it’s certainly something you must pay attention to now. Your credit score affects whether or not you can open credit cards, get a car loan, or get approved for a mortgage. Many landlords also want to know your credit score to see how reliable you are when it comes to making payments. You may have a low credit score or not much credit at all, but there are certainly steps you can take to build it into a respectable number. However, you need to understand that it takes time and hard work to reach an excellent score.

Open accounts with credit

For many recent graduates, you might not have much credit at all, which leads to a low score. The first step to take is opening accounts that utilize your credit; the earlier you take this step, the better. There are plenty of student credit cards out there that are easy to get approved on, or ask your parents to add you to one of theirs. Even using the card a few times a month and then immediately paying it off helps improve your credit score. Be aware that opening new forms of credit means a credit report will be pulled for you to be approved, which often temporary drops your credit score a few points. This drop is completely normal and goes back to what it should be within a few months.

Make payments on time

Something that seriously damages your credit score is making late payments. Even a single late payment on credit can lower your score. If you’ve been notorious for this issue and it’s what caused your score to be so low, change your methods starting today. Set alerts for when your payments are due or even set up automatic payments so you don’t have to worry about forgetting at all.

Regularly check your credit score

If you want to really make a difference in your credit score, you need to be aware of any changes to it, whether positive or negative. The more you familiarize yourself with the score and see fluctuations, the better able you are to make decisions that impact your finances. It’s also important to regularly check your credit score so if a fraudulent account is ever opened in your name, you can report it as soon as possible and prevent it from seriously affecting you. Credit Karma is a great resource to use and can be downloaded as an app on your phone.

Pay off debt

If you want to see immense improvement to your credit score, pay off current debt. Even paying off a single debt can boost your score several points. Make larger payments than required and avoid paying more interest than you have to. While paying off your debt, consider using the debt snowball method in order to receive the maximum benefit.

Home with forest behind it sunlight streaming through, Nicholas Fainlight millennials save for first home

4 Tips to Help Millennials Save for Their First Home

By Nicholas Fainlight

On April 10, 2018

In Career, Finance, Investing, Nicholas Fainlight

There seems to be a prevalent mindset that millennials will never be able to afford a house. While the housing market is inflated in some areas, for most of the country, there are certainly affordable properties. This misconception is certainly not current for many young adults who are working full-time, even if they have significant student loan debt. There are a few steps millennials can take to save for their first home, even if that purchase is ten years down the road. Here are steps you can start taking today to help get you ready to purchase a home.

Boost your credit score

While this tip isn’t directly related to saving up money, it’s a vital one when it comes to purchasing your first home. When you apply for a loan for your mortgage, a big factor for the interest rate and whether or not you’ll get approved is based off of your credit score. If you do not have a great credit score now, you can fix this issue by opening up a credit card and lightly using it; make sure you pay off the balance each month and avoid late payments. Over time, your credit history will improve as you use more of it. Regularly check your credit score as well to make sure there’s no false information or that someone is opening accounts in your name.

Save up a down payment

The best way to make owning a home feasible and less stressful is by saving up an adequate down payment. The rule of thumb is to have 20 percent of the home’s value as your down payment, though many people do not follow this number. You can get approved for a home if you have less than a 20 percent down payment and there are programs out there to help make up the difference and navigate buying your first home, but it’s still best to put as much money down initially as possible.

Do your research

There are major costs associated with buying a home, but you can mitigate some of these costs if you do sufficient research. Make sure you are only buying a house you can actually afford; people often get approved for mortgages that severely strain their budgets. Also shop around for real estate agents and learn what costs you can cut back on and how to get the best deal as you search for your home.

Set regular goals

Buying a home might seem far off, but saving up a down payment takes time. Set goals for yourself to achieve over the next few years. Even putting away $20 a week adds up! You can also schedule automatic withdrawals from your account to go to a separate account for your down payment. You won’t notice the money’s gone and you’ll save up a decent down payment for when you start shopping for a home.

Person's hand holding a locked phone above a blue background, Nicholas Fainlight keep financial accounts secure

How to Make Sure Your Financial Accounts are Secure

By Nicholas Fainlight

On March 24, 2018

In Career, Finance, Nicholas Fainlight, Technology

Whether you like it or not, most of your financial information is available online. While some people avoid using online banking or payment options, most people do. You can pay your credit cards online, check your bank balance, pay off other loans, or manage your retirement accounts. Many people have these apps on their phones and download other financial apps to help them save money or monitor their credit score. These options are incredibly convenient and can help you make informed financial choices and get help if any issues arise, but it can also lead to security issues. However, there are steps you can take to make your financial accounts secure.

Make sure it’s safe

The first step to take when making sure your financial accounts are secure is verifying that the app or website you’re using is actually safe. If you’re considering downloading an app, first look at reviews to make sure people aren’t having a lot of issues with it. Also check out the terms and conditions and find information on how they’re actually protecting your information. Most banks and financial apps are FDIC-insured, which means you can be reimbursed for money up to a quarter of a million dollars. Avoid following any suspicious links as well; only use your institution’s official website when entering account information.

Create complex log-in information

A lot of people reuse usernames and passwords amongst their accounts. However, when it comes to your financial accounts, you need variation. Create unique usernames for each account and randomly generate your passwords. Do not use any information over if you can avoid it. Then, write down your login information on a tangible copy and keep it somewhere secure in your home; avoid keeping any of this information on your phone, no matter how secure you think it is.

Regularly update your passwords

Even with variation, you’ll need to regularly update your passwords. Some people could access your information, but wait to use it. Regularly updating passwords helps make your accounts more secure and greatly reduces the possibility of your information being stolen.

Use a secure connection

If you’re on a public computer or even using a public WiFi connection, avoid checking your financial accounts. It’s much easier than you think to hack into public WiFi and subsequently get onto people’s computers; always use private, secure WiFi when checking important accounts online. Do not save your information in your browser for easier logins in the future. Just memorize your passwords or only access your accounts when you have the information written in front of you.

Monitor your accounts

Finally, once you’ve taken proper precautions with your accounts, continue to monitor them. Instead of waiting for your monthly statement, check your credit card and banking accounts at least once a week to make sure no fraudulent charges were made. While banks have become increasing good at detecting fraud, there is still risk. Always look over charges made to your accounts and make sure every transfer of money and every purchase was actually made by you or another family member who shares the account information.

Newspaper with finance graphs and information, Nicholas Fainlight teaching students financial literacy

Why Financial Literacy Should Be Taught in Schools

By Nicholas Fainlight

On March 12, 2018

In Career, Finance, Nicholas Fainlight

Financial literacy is important no matter what point of your life you’re at. However, the younger you begin learning how to manage your finances, the better you’ll be at managing money throughout your life. There are studies that show financial literacy education has a significant impact and affects students far past their school years. Students in high school who take at least one financial literacy class show themselves to be much more financially responsible as they grow older. With far too many Americans shouldering hefty credit card debt and the rise of immense students loans, it’s more important than ever before for people to understand their financial choices.

Better understanding of life choices

Nearly any aspect of life requires some kind of financial knowledge and means. If you want to go to college, buy a house, get married, have kids, etc., you’re going to be spending money. There are options to take out loans for nearly anything, but is that the best option for you? When you’re researching student loans or working on purchasing your first car, understanding basic financial ideas like interest rates, down payments, and financing is vitally important in order to make the best financial decisions. Being financially literate helps you make informed choices on these topics.

Successfully avoid debt

Most people living in the United States have some kind of debt and that number isn’t going down. People eagerly charge credit cards for purchases, slowly paying off the bill over years and spending more than they would have initially thanks to huge interest rates. Taking out loans for college or a mortgage simply adds to this debt. With financial literacy, it makes it much easier for adults to avoid excessive debt and helps educate them on how to strategically pay off any debt they do accumulate.

Find greater happiness

While money cannot buy happiness, concerns over money cause excessive stress. The number one topic couples argue about is money and people who have to live paycheck to paycheck often feel stressed out, wondering if they’ll be able to pay their bills each month. With financial knowledge, it makes becoming financially secure much easier and lowers levels of stress. WIth less stress, you’ll lead a healthier life. You might not have as large a house or as nice a car as other people, but you won’t be using up all of your money paying off debt you didn’t need to have in the first place.

Increase monetary gains

The better educated you are about finances, the more likely you are to have financial security and increase monetary gains over your lifetime. Understanding the basics of investing and the importance of saving for retirement leads to people being more financially stable as they get older. If you understand the importance of making a fair salary, you’re more likely to advocate for a great starting salary and fair pay increases.

Create a secure future

Like I mentioned above, students who are taught financial literacy early in life are more likely to understand the importance of many financial decisions, such as saving for retirement. The younger someone realizes they should be saving up for their future and making wise purchasing decisions, the sooner they’ll start investing and saving. Planning for your future early helps create a secure future that leads to less monetary concerns.

How to Use Credit Cards the Smart Way

By Nicholas Fainlight

On December 13, 2017

In Finance, Nicholas Fainlight

Credit cards are something we’re likely all familiar with. You’ve probably gone shopping to a larger store and had the salesperson ask if you want to open a credit card account specific to that store. It’s likely you always brush it off, knowing you don’t shop there that often or don’t want to deal with more debt. However, many people open credit cards, whether a store card or a regular one. The average household in America carries nearly $6,000 of credit card debt. Other studies show that about a third of Americans have at least one credit card.

You’ve probably heard horror stories of people getting into insane amounts of credit card debt they’re never able to pay off. Many people completely swear off of credit cards and believe they’re sure ways to get sucked into overwhelming debt. However, if you handle credit cards in a smart way, you won’t have to worry about dealing with outrageous amounts of debt. Here are tips on using credit cards and actually benefiting from them.

Online shopping

One of the best uses for credit cards can be to use exclusively for online shopping or somewhere else you think information could get compromised, such as a small stand or other place that appears to have low security. All too often, we make online purchases and then see that our account information has been compromised. It’s much easier to freeze and cancel credit cards and get the purchases taken off your statement than it is to do the same with getting money back into your bank account. By using a credit card for a purchase you would have made anyway, you can protect yourself from fraud.

Designated purchase

Sometimes, credit cards can be useful for a designated purchase. You might receive a lower car insurance rate if you set up an automatic payment, but don’t want to save your bank information, using a credit card becomes a great alternative. It’s also easier to track spending if the only purchase you’re making on that card is one kind.

Gain rewards

You can easily find credit cards that claim they have incredible rewards programs. Nearly every card now offers some type of reward. It’s important to avoid being drawn into promises of rewards and going for every card offered; take the time to research different cards and find out which ones offer the best rewards for you. Then, use that card regularly to make purchases you can afford and build rewards that are actually beneficial.

Build credit

A very smart reason to use credit cards is because they allow you to easily build your credit. By regularly using a credit card and not making late payments, you’re able to improve your credit score. This benefit is especially useful to younger people who don’t have any kind of credit score and need to create one in order to make larger purchases or rent an apartment. Spend smartly and avoid creating debt so you can improve your credit score.

Pay on time

Finally, the smartest way to use your credit card is by paying it off on time. If you carry a balance over from month-to-month, you’ll likely have to pay large amounts of interest, often around 20 percent of whatever the balance is. If you can’t pay off a large purchase in a month (or very shortly after), do not use your credit card. The problem with credit cards is people avoid paying off the balance each month, so it just accumulates and interest builds, which results in outrageous amounts of debt and you paying more than you spent in the first place.

A credit card isn’t something you have to be scared to use, as long as you’re following these tips and being smart in your spending. It could actually be something that benefits you.

Top FinTech Companies of 2017

By Nicholas Fainlight

On December 11, 2017

In Finance, Nicholas Fainlight, Technology

Financial technology companies are growing all around the globe, especially in the United States and Europe. Many of these companies make managing your finances much easier and help people get started with money management. So many fintech companies are startups seeing immense growth within their first few years of operation in the account management, payment processing, financial assets, capital, and lending markets. During 2017, there are some major fintech players that stand out way ahead of the rest.

Stripe

In the payment processing market, Stripe is becoming a major contender for the well-known PayPal. Stripe currently operates in 25 countries around the globe and allows for both business and personal transactions via the internet. With the addition of many major retailers adopting the use of Stripe for the first time in 2016, the business has grown to be a major market leader in the payment processing industry for 2017. Most people are grateful for anything that makes paying for purchases simpler.

Prosper

Prosper is a peer-to-peer lending platform that allows those in need of financing access to investors. This takes traditional bank funding and puts it on a new level. With Prosper, borrowers can find investors that are interested in funding them with unsecured personal loans for fixed terms and rates set by the platform itself. This makes lending simple for investors and borrowers alike.

Robinhood

As we see the numbers of individuals interested in becoming more hands-on with their financial investments rise, Robinhood fills the need for a free stock-trading platform. This mobile application is built with an easy interface that allows any average joe the ability to fund their account and trade stocks and learn a little bit more about investing. There are no maintenance fees or other agency costs that are traditionally required from brokerage firms.

Lending Club

Another leading fintech company in the financing market, Lending Club, has made its mark by offering both individual and small business financing options. This peer-to-peer platform assigns borrowers willing investors who can help them out. These investors can purchase notes backed by the payments made on each loan by the borrower. There are options to purchase a diverse portfolio of notes to ensure the best financial stability possible.

Fintech companies are becoming an essential part of our society’s new digital age. People want faster ways to manage their money and businesses want faster ways to receive their profits and technology has become a part of every industry. As technology continues to advance you can expect to see massive growth in the number of fintech companies popping up around the globe to satisfying the needs of individuals and businesses alike.