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Financial News; Hit or Miss?

Financial News; HIT OR MISS?

What kind of financial news do you pay attention to? CNBC, Fox Business Network, or do you get your financial dose from reading the Wall Street Journal?
If you’re into any of those, more power to you. What we have sourced from “The Simple Dollar”, is that people keep track of the news for a few reasons. You’re either trying to learn something or trying to build up a more informed opinion about an issue. Investments are an aspect of your life that should be based on your personal and financial conditions and financial news does not help with any of that. News should be just taken as news, rather than allowing the news to influence you into making important life decisions.
Let’s look at news reporting in general. Headlines usually pick out the highlight of the event reported and turn it into a single catchy statement. This is often to draw attention, and realistically, we wouldn’t be able to tell if the event was that big of a deal because we weren’t there ourselves. We’re trusting a source that only provides us with the highlights, but the factual details for that particular event are usually found much later. Financial news does something similar. Since the market fluctuates so much, there is only a limited amount of information that can be accurately shared with a news source, without the nitty-gritty.
It is a significantly lousy idea to take financial action on anything without having factual information. Based on your personal needs, an immense understanding needs to be developed. why that action is being taken from your end. While acquiring education about financial matters, it is important that you have more of a substantially accurate source of information. Rather than reaching for news that is intended for attention-grabbing, it would be wiser to grant your attention to something more educating.
If financial news can’t be an accurate source, then what would be?
Books.
One of the main things that you can use to educate yourself is by reading books. Based on what you’re looking for, this would be a book with regards to financial education. However, you would still have to do some research about the author of the book you are reading. You need to know the authority the author had to write and publish the book. If the figure is authoritative enough to write a book about finance, then it is most likely a reliable read for you to source your financial education from.
Research reports by different organisations.
Most financial organisations work on yearly reports based on the trends that they might have seen, or if they have noticed a new change in the system. They also conduct studies on different samples of people, which makes it more accurate since the data is recorded from real users and based on their experience. These reports contain great detail and are lovely with regards to statistical analysis and for you to come up with your general summary.
Financial blogs geared toward financial education.
Several bloggers write for the sole purpose of wanting to educate their readers. Rationally, anyone can indeed become a blogger, and anyone can put up a blog about anything. Once again, it is essential to recognise the organisation and source of where it is coming from.
Personal research and your financial plan.
These things go in a flow. After you have attained all the information from reading books, reports, updates, getting ahead with your research, your plan comes into being. Your financial success depends on how diligent you are with following the plan on your long term investment goals. These plans and decisions would be based on things that are much more concrete rather than just confusing yourself. Financial news can be a platform where information might be opinionated or inaccurate.
“You can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future.”
Stevel Jobs
We certainly don’t want to promote the fact that financial news is useless, as it does have its credits. Financial education has to start from somewhere and you should use these news outlets to remain informed. However, as with most things you read online, take the news with a grain of salt and don’t allow it to be the sole reason for your future investment decisions.

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Are you greedy for wanting money?

Are you ambitious or greedy for wanting more money?

"The difference between greed and ambition is a greedy person desires things he isn't prepared to work for"
Habeeb Akande
Assuredly, there has been a distinct preconception about the rich. It is either that they are greedy beyond belief, or merely insensitive to another person’s needs – in other words; people classify them to be selfish. The people who have built up a decent amount of wealth have done it over a long period. They struggle to balance their lifestyle with the fact that they also need to build a future alongside their expenses.
We would be lying to ourselves if we said that we have never hoped or for earning a large sum of money to fulfil some of our dreams. Wishing for something does not make you greedy; in fact, it makes you ambitious. When you wish for a good future ahead of you, the goals you set for yourself require you to accomplish certain things so you can finally get there. Even if the planning is frantic and all sorts of excited, driven by adrenaline when it comes to visualizing your dream, it still makes you take action. The strong ambition would then attract motivation. When others see this kind of ambition and growing motivation, they go on to naming this ambition as greed and will start perceiving you as a greedy person.
Realistically, money doesn’t create who you are. It can be the tool to underline who you are as a person, as an individual. The intention behind your earnings is what drives the reason WHY you need the money, or why you would like to build a better income for yourself. If your purpose is to create a long term wealth which can last you and your family without having to struggle in the future, this isn’t greed at all. This is probably the most practical way to live your life.
You should certainly not feel bad for wanting to earn and create opportunities for yourself, whether it is with regards to your career or investment. If you make money with something good in mind, then it will help you with what you had in mind. If you earn money with something sketchy in mind, it will become a tool that feeds into that particular thought process.
When you can’t take care of yourself, it is beyond impossible to take care of others in the process of doing so. When you take care of yourself, earn, work towards improving your potential, it something that doesn’t even come close to greed. This is what greedy actually looks like:
When you get blinded by money, eventually forgetting the value of those around you and the people who are important to you. Greed becomes evident when you solely think about acquiring more and more money — with no intention to make that money work in a way that it is helping others. You CAN want money without being greedy, and we are here to reaffirm that wanting more money does NOT make you greedy. As long as you remember that money can be a vital tool that can be used to help yourself and others in the long run, wanting to have more of it is perfectly sane.
With this in mind, don’t be afraid to save. It is your future and something that you need to look after. It is not someone else’s business to interfere with the kind of goals you have based on your personal challenges or beliefs. The best thing would be not only saving alone but investing, even if it is in the smallest amounts. The way your money will initiate a process where you earn from your investments will help you secure yourself even further than just having a successful career or a job.

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Working Hard VS Working Smart

Working hard vs working smart

Being rich is the dream of several people around the world, and someone who aspires to become rich has their own way of doing so. You can be rich and have your own ways of growing your wealth. Involving yourself in a regular 9-5 job can be one of those ways, but it is known not to work just by itself. Although a 9-5 job is a monotonous way of earning money, it helps to fill your pockets to make up for all the expenses that you might come across on a day to day basis. The only catch is, you earn a limited amount of money by it and so, the success that you gain from this 9-5 job is also limited.
The amount of hard work that you put into the job does not determine the amount of money that you will earn from it. Of course, it is a wonderful stepping stone from not having a job and not earning, to having a decent job and beginning to accumulate a decent amount of earnings, but it won’t get you too far if you’re not smart with your money. There is a constant battle — does a person need to work hard or work smart to become successful? We are not here to discourage hard workers or passionate employees, but we are here to promote a mindset that will encourage you to be smarter with your hard-earned money.
Let’s take a look at two hypothetical situations:
1) Michael is a construction worker who earns $45,000 a year, his job conditions require him to work under harsh conditions, sometimes even over 12-15 hours per day, which is much higher than the hours to a standard office job. He has no other source of income apart from his job, which would put him in an extremely difficult situation if he ever has the thought of leaving his job, or gets fired from his job.
2) Phoebe worked a 9-5 office job for a while before starting a side business on her own in order to generate more income due to the rising expenses in response to the economic ups and downs. She wanted to sustain her income and allow herself to have some flexibility when it came to her job, which is why she started a side business. The money she generated from her business was used to enhance it, while the rest was put into real estate investment, which helped her generate more. She is expected to make $250,000 out of her business and investments.
Who do you think attracted more wealth — the first scenario, where Michael only worked hard or the second scenario, where Phoebe worked both hard and smart to manage her expenses?
There really is no competition between them both, and there is no either/or with regards to working hard and working smart. Both of them go hand in hand, coordinate with one another to reward you with something bigger. What you choose to do with your money plays a big part in how you sustain your wealth. If you are merely earning to suit your short-term goals, this can be a big risk as you might accidentally fall into economic problems in the future. The more unique value you have to what you are doing, the more it will last you in the long run, in terms of income.
Working hard is an aspect that has been drilled within us ever since we start going to school. We are told that we should work hard to achieve our grades, to strive to work towards leadership. We can work hard to absorb as much information as we can, but if we prepare for exams in this way, it will only get us a limited grade. For an exceptional result, you would need to have a strategy, a motivation to solve similar kinds of exams to prepare yourself and a target in terms of how much you want to complete in the given amount of time.
The same goes for money. We are taught that working hard and long hours at our jobs after attaining our degrees is the way to go, to be successful. You might be able to achieve nobility or success within your field, but you might not be able to advance too much in terms of income if you’re not smart with what you do with it. Saving money for consumer goods could work out, but then again, the money will be spent and gone from your pocket. Rather than doing this, you should save to buy things that could possibly allow you to earn money from what you bought. That “thing” is defined as an asset because when you buy it, it eventually brings more money into your account instead of taking money away from your account over a period of time. Your hard and smart work, have a definite worth for your future. Don’t let them be enemies or frenemies — they are partners.

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