One Favored Life

living a life of travel, money and fun

Financial Security Requires You to Have a Proper Strategy in Place

20/365- "It does not boast, it is not proud..."
There was a time when people believed that if they had land, they were financially secure. They could farm the land, grow food on it, be landlords or find other uses for it. But poor weather, crop diseases, and economic downturns quite often left property owners unable to even pay taxes.

It was also earlier thought that if you had a good job with a large company or the government you had financial security, from the steady income that these jobs offered. But economic downturns, job cuts and competing business led to this becoming just another myth. Governments have tried to create safety nets like Social Security, that does give a modicum of financial freedom, but even these are rarely more than at a subsistence level. What then does a person need to do to have financial security?

The best strategy to achieve any form of freedom from financial worries is to minimize risk and always ensure that you have a number of income avenues. You achieve some financial security if you are able to ensure that your sources of avenue are reasonably safe and give you reasonable returns. This process can be assisted if you are constantly weighing the three important aspects that make for financial security. These are:

• Assets
• Income
• Expenditure

Assets form the base for your financial strength, and must be as far as possible without any encumbrances. A mortgaged home will not fall completely within this, though valuables and jewelry will. Money in the form of investments is also subjected to risk and does not give complete protection. The degree of risk will however vary from Certificates of Deposits, mutual funds, share and stocks, commodities or any other avenue.

Income has to be steady and something that you can rely on, if you have to have the required security. This is rarely completely under your control and there always external factors that can make a difference, like job losses, reduction in interest rates, stock market variations and a general economic downturn.

Expenditure is the one area that can always be under your control and play a vital role in ensuring financial security. Learn to live minimally and you will be far more secure than all your friends and acquaintances and probably much happier as well. Save as much as you can, and do this systematically, by taking advantage of every possible avenue, so that your future is looked after. The ultimate aim, of any financial security strategy that you follow, is to ensure that you have no worries for living comfortably, even when your career is over.

Laura’s Top Travel Tips

Travel

Nothing is better than going out into the world and exploring. If you have caught the travel bug and you want to see the world, you will want to be sure that you are adequately prepared. Traveling can be stressful. It is important that you prepare yourself to travel as smoothly as possible. In this article, we will be going over some of the top travel tips that you should utilize on your next trip around the world.

1. Patience.

The first thing that you need to do when you travel is ensure that you keep your patience. The truth is, things are going to go wrong a lot if you travel frequently. Because of this, you need to learn to not sweat the stuff that you simply cannot control. Life is literally too short to be annoyed at everything. Plus, you are not going to be friendly and pleasant to be around all the time if you do. Take a deep breath and remember that things could be a lot worse.

2. Laugh At Yourself.

A lot of people may avoid participating in new things and engaging in new experiences because they are scared to look stupid and/or they do not want to be judged. The truth is, when you are traveling, you need to really let your guard down and have fun. You may look like a fool at times, but you are going to be creating new experiences and you will have plenty of memories to share because of it. If you spend your whole time traveling scared to talk to locals, you are going to miss out on some of the best interactions that you could have in your entire life. Don’t be afraid to look like a clown at times. Be yourself and enjoy the experience.

3. Bring Cash.

The worst thing that you can do on your journey is forget to bring cash. Cash is literally King around the world. In order to be covered during an emergency, you are going to want to have cash stashed around for safe keeping. This is going to help you in case something happens, you lose your wallet, your credit cards stop working, or the ATM’s run out of money. By stashing cash in different places, you will be able to diversify yourself and protect yourself in case things go wrong.

4. Take A Lot Of Photos.

Nowadays with digital cameras and memory cards, you can never take enough photos. You should keep a camera and/or something that can take pictures on you at all times. This will help you avoid missing out on anything that you want to be remembered of. By keeping a camera on you at all times, you will be able to capture literally everything that you would ever want. Because extra photos are not going to cost you anything, do not be afraid to take as many photos as your heart desires. However, do not get lost in the photo taking process. Always try to enjoy yourself and take photos after you do so.

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