Introducing Skylab Apps, the “white labelsocial media platform
In early 2004 Facebook was formed and the social media was becoming a household name. There were manynaysayers who were convinced that Facebook didn’t stand a chance against the Social Media giant.
In 5 short years Facebook took over the social media space and became a household name. Well it’s been 14 years, a bunch of mergers and buyouts later with multiple victories against the many who have tried to take on the social media juggernaut to no avail.
So who or what is going to infiltrate and disrupt the social media space and gain some market share?
Introducing the “white labelsocial media platform.”
I know what you’re thinking, “why would I go to another platform besides Facebook or Twitter?”
Well it’s simple; if the people, companies and or brands that you religiously loved and followed offered a dedicated community to you that offered special and exclusive content, education, events and maybe even a direct line of communication to them would you be interested in their app?
Of course, who wouldn’t?
Exclusivity is is what Social Media is lacking these days but in order to exist this day in age you need to be online and represented on trending social media platforms to appear relevant and hip, especially if you are a business or a brand. What if you could use existing social media to push your clients, customers, followers or fans to your own private social media community? What if, you could create and control 100% of the way you engage with your community without all of the silly rules put in place by the existing companies to make sure you are not cutting into their advertising revenue at the expense of you and your users experience.
Well, now you can, introducing Skylab Apps white label social media platform.
CEO Dean Grey started Skylab Apps with a vision deeply integrated mobile platform based community that was simple for users to navigate, communicate and take actions.
The Skylab Apps platform has all of the great features you would find on social media like Chat, recognition walls and different ways to communicate, but Skylab Apps has taken those concepts and innovated on them deeply transforming how companies and brands will use social media technology. Below is a comparison chart created by Skylab Apps. In it you can begin to see how in depth the Skylab App Platform goes.
Mike Pine, the GM of Integrated Partnerships for FanDuel said it best:
“Skylab Apps Gamification allows major brands to laser target consumers, eliminate marketing clutter while building new incremental revenue streams. Most all of consumers feel they are unlocking rewards vs being advertised to.”
– Mike Pine
Just to give you an idea of what some of these features look like, here is a quick list to some longer posts about some of the incredible Skylab Apps features.
Since Skylab Apps inception in 2015, they have been taking the mobile app space by storm quietly and effectively. Some of their clients include Amway, Allysian Sciences (Apolo Ohno) and Good Lovin Food the original creators of Bitchin Sauce. There list of clients is growing too! About 16 enterprise clients in 2016 alone.
Along with their stealth approach to market Skylab apps assembled an ambassador and advisory board of rockstars. Here is the shortlist:
If you are interested in finding out more about what Skylab Apps can do for you, or your company, please visit us at Skylabapps.com and schedule a demo today!
The ‘governator‘ discusses with graduates his ‘golden rules’ to leading a successful life and career. These rules can be applied to anything in life and show the drive behind a man who has accomplished each and every task he set out to achieve when he burst onto the bodybuilding scene over 40 years ago.
Apply Arnold’s golden six rules to a successful life to whatever you plan on doing today, we guarantee it’ll help you make the most of your current situation.
“Remember these 6 rules. Trust yourself, break some rules, don’t be afraid to fail, ignore the naysayers, work like hell, and give something back.”
Arnold Schwarzenegger
Arnold’s 6 Rules to Success:
1. Trust yourself
Many young people are getting so much advice from their parents and from their teachers and from everyone. But what is most important is that you have to dig deep down, dig deep down and ask yourselves, who do you want to be? Not what, but who. Figure out for yourselves what makes you happy, no matter how crazy it may sound to other people.
2. Break the Rules
Break the rules, not the law, but break the rules. It is impossible to be a maverick or a true original if you’re too well behaved and don’t want to break the rules. You have to think outside the box. That’s what I believe. After all, what is the point of being on this earth if all you want to do is be liked by everyone and avoid trouble?
3. Don’t Be Afraid to Fail
Anything I’ve ever attempted, I was always willing to fail. So you can’t always win, but don’t afraid of making decisions. You can’t be paralyzed by fear of failure or you will never push yourself. You keep pushing because you believe in yourself and in your vision and you know that it is the right thing to do, and success will come. So don’t be afraid to fail.
4. Don’t Listen to the Naysayers
How many times have you heard that you can’t do this and you can’t do that and it’s never been done before? I love it when someone says that no one has ever done this before, because then when I do it that means that I’m the first one that has done it. So pay no attention to the people that say it can’t be done. I never listen to, “You can’t.” (Applause) I always listen to myself and say, “Yes, you can.”
“Being able to let go of outdated ways of thinking and moving on when you have nothing else to learn”.
You never want to fail because you didn’t work hard enough. Mohammed Ali, one of my great heroes, had a great line in the ’70s when he was asked, “How many sit-ups do you do?” He said, “I don’t count my sit-ups. I only start counting when it starts hurting. When I feel pain, that’s when I start counting, because that’s when it really counts.” That’s what makes you a champion. No pain, no gain.
But when you’re out there partying, horsing around, someone out there at the same time is working hard. Someone is getting smarter and someone is winning. Just remember that. Now, if you want to coast through life, don’t pay attention to any of those rules. But if you want to win, there is absolutely no way around hard, hard work. Just remember, you can’t climb the ladder of success with your hands in your pockets.
6. Give Back
Whatever path that you take in your lives, you must always find time to give something back, something back to your community, give something back to your state or to your country.
Here at Skylab Apps, we agree with these rules. In fact, these are rules that any start-up should follow! Ambassadors of Skylab Apps like Dave Vanderveen and Jeremy Wong all share the same sentiment. Even the Skylab Apps CEO and Founder Dean Grey would agree wholeheartedly.
If you are interested in the ways we have applied this advice in to our own business. Check out the Skylab Apps blog here for some inspiration!
Starting a business is exciting, and scary. Let’s explore how to tap in to your Entrepreneurial spirit!
I’ve started more businesses than I’d care to admit. In my experience, it’s a bit like driving through a heavy fog where you are only able to see a few feet in front of the windshield — you don’t know what’s up ahead until it’s upon you. However, the longer you are an entrepreneur, the better you can navigate through that fog.
As I’ve been driving through the fog for over a decade now, I thought I would take today’s post and boil down 15 of the biggest lessons I’ve learned over the past decade of building and growing businesses. Consider these tips “stuff I wish I had known when I was young and stupid.” This is what has allowed me to develop my Entrepreneurial spirit Let’s get to them.
1. Don’t listen to statistics. People love to throw around the statistic that 95 percent of business fail. Don’t listen to that — it’s an excuse to make you feel comfortable about giving up. If that number is even correct, it’s because most people don’t commit, they don’t follow through to the end or they are stupid in how they manage their money.
2. Do something you like. Don’t start something you won’t want to do in five years. Because if you are successful, you’ll still be doing this in five years.
3. You are not going to know everything.In fact, you probably won’t know anything when you first start. Start anyway. When I first got into real-estate investing, I had no idea how to buy a property, rent a house, or evict a tenant. I figured it all out “on the job.” You will too.
4. Finish what you start.Nearly every entrepreneur I know suffers from the same curse: we like to start things more than we like to finish them. In other words, if you are a good entrepreneur, you’ll have a lot of great ideas. Most of them would probably work out well and make you a lot of money. However, that doesn’t mean you should pursue them. Pick one and go with it until it dies or it makes you rich enough to buy a private island.
5. Never partner with someone because it’s convenient, think like an entrepreneur. Partner with someone because it makes you stronger. The wrong partner will drive you crazy, make you hate your work and end up causing more problems than they solve.
6. You are going to suck at managing people.It’s OK, we all do at first. However, this is one task you must get better about. Hire an assistant right now, even if it’s only a virtual one for $3 an hour. It will give you some great training on managing, with little downside.
7. Social media probably isn’t that important. We just pretend it is so we can look at cat pictures on Facebook. I’d recommend installing a Facebooknewsfeed blocker.
8. Stop designing business cards, logos, business plans and stationery. They don’t matter right now. Go build your business and stop doing busy work that makes you feel like you are accomplishing something.
9. There is a fine line between dedicated and obsessed. Screw the line. Trample right over it. You need to cross that line continually, so never let anyone tell you that you are too obsessed with your idea. I’m completely and overwhelmingly obsessed with real-estate investing — and it’s OK. This is one of the best ways to know that you have developed that Entrepreneurial spirit! What are you obsessed with?
10. Don’t quit your job too soon. Yes, you’ll have more time to build your business, but let’s be honest: there are 168 hours in a week, only 40 are consumed by your job and another 50 by sleep. You have plenty of time if you would just hustle and turn off Netflix. But don’t be afraid to quit your job if you can afford it.
11. Focus on your higher paying tasks. Divide up your tasks and determine what your “$10 per hour” tasks are and what your “$1,000 per hour” tasks are. Focus on doing more “$1,000 per hour” tasks and fewer “$10 per hour” ones. For more on this, read Want to Make $1,000 or More Per Hour? And yes, you do a lot of $1,000 an hour tasks, even if you don’t realize it. Just do more of them.
12. Your spouse and kids matters more than your business. Never forget that.
13. Read — a lot. If you don’t have time, listen to audiobooks. And not just business books. Read motivational books, self-help books, success books, fiction books, biographies — whatever. This was one of the best ways to develop my Entrepreneurial spirit
14. Get up earlier. Yes, you can, and you should. I don’t care if you are not a morning person. That’s an excuse lazy people use. For more advice on this, read The Miracle Morning by Hal Elrod. It’s life changing.
15. Don’t worry about raising money. Focus on building a business so incredible people throw money at you.
Like driving down a lonely highway on a dark, foggy night, entrepreneurship can be a little scary. But hopefully at least one of the above tips will help you navigate through the fog a little easier with more confidence. If you are just getting started with your business, just remember this: keep driving through the fog. Your future self will thank you.
Do you have any additional tips you’d like to add? Or something you’d like to expand upon? Leave your comments below and let’s continue the conversation. I would love to hear your story on developing your Entrepreneurial spirit.
Skylab apps CEO & Founder, Dean Grey, has excelled at identifying business opportunities and staying focused on the positive aspects of these opportunities. Realizing how networking is your greatest strength, Grey decided to take this idea and apply it to one of today’s most commonly-used technologies: mobile applications.
Finally, if you think this post could help one of your family members or friends, share it on your favorite social-media channel. You never know whose life you might change.
The author Steve Wolf is a serial entrepreneur and currently the Director of Sales and Marketing at Skylab Apps. Along with the CEO of Skylab Apps Dean Grey Contributed to the article. If you are interested in finding out more about what Skylab Apps is all about and the entrepreneurs that make up this company, please check us out at www.Skylabapps.com
*Gamification Definition: applying the science and psychology of gaming in a non-game context to motivate and reward your customers to perform certain desired behaviors. It is one of the most proven ways to engage online community members and keep them coming back for more.
Gamification is a buzzword in the business community and a process that is becoming more widely adopted in consumer products and work culture which helps to “spread, solidify, and clarify”. It has also raised important ethical dilemmas: How is this good for us? Are we manipulating people to do things that aren’t in their interest? The video below is a Tedx talk given by Janaki Kumar, who is a Gamification expert and the co-author of Gamification at Work. Janaki addresses the ethical questions above, and explains why making Gamification ethical also makes it more effective.
The bottom line is that Gamification works better when application designers provide more value for those “playing” their Gamified applications. It’s difficult to simply manipulate people using Gamificaiton for two simple reasons:
People want things that are good for them, and they’re smart. They don’t want to do things that are bad for them and are quick to sniff out when they’re acting for someone else’s benefit.
People want valuable rewards. Users won’t complete actions unless the person rewarding them for taking that action is attentive and offering them something valuable.
Skylab’s Gamified solutions allow community leaders and users to set their own value criteria using game architecture. The result is a more interactive and responsive relationship between community members and community leaders where both produce more value for each other.
“Gamification is design that places the most emphasis on the human in the process. In essence it is Human-Focused Design.”
Constantly looking for sales in Singapore? Do your ears perked up and also eyes gleamed when you see discount rates or warehouse sales current? Well, there is absolutely nothing incorrect in that due to the fact that every Singaporean likes an excellent sale!
Exclusive online sales clubs have found their location in Singapore which offer huge discounts in their day-to-day sales because basically, there are a lot of bargain seekers in Singapore, an area that seems to be having sales throughout the year. From tiny retail electrical outlets to established chain store or countless blogshops and also private on-line sales club, customers remain in for a great price cut almost everywhere.
Sales in Singapore are seasonal in nature. Considering the end of the year, brand names will be getting rid of stocks as well as this corresponds well with the yearly Singapore Christmas Sale that is embraced by every brand name and also store as they capitalise on the Christmas buying. As soon as that is done, we get to completion of period sales as well as in Singapore, consumers are not decreasing even after their Christmas shopping spree as a result of better discounts.
As Singaporeans commemorate the New Year with aplomb, one expects the shopping euphoria pass away down however the begin of the year just brings after even more anticipate shoppers in Singapore. January still sees several stores clearing their stocks and also holding last price decrease sales. While they are bringing in brand-new collections, it is these period where brand names get ready for the Lunar New Year with just what else, the Lunar New Year sale !! With most of Singapore’s populace composed of the Chinese, this is one sale that will see lots of earnings for sellers.
It gets much better as completion of May gives Singaporeans what is perhaps the biggest and most awaited sale in the fiscal year; the Great Singapore Sale! Beginning at the end of May as well as running all the means through July, this mega sale is an island-wide event and also almost every brand name as well as shop will be whipped into this whirlwind of big price cuts, severe decrease of rates as well as absolute deals.
You could be sure that on the internet shops are not lost in all this, with the discount rates in their everyday sales easily matching a few of the biggest bargains you could discover in the stores. Yet this is just the tip of the iceberg in terms of clothing sales, as there are customer electronic sales in Singapore such as the Harvey Norman Sale, Courts Mega Sale along with the huge IT Fairs that occur as soon as every 3 months.
Foxysales, a Singapore based on-line purchasing store, permits Singapore Sales, less expensive, Shopping Singapore with great option, far better discount rates describing that Singapore online buyers favor to patronize a regional on-line store.
There’s little uncertainty Internet advertising and marketing is the best means to acquire additional exposure for any type of service. The keys to success are obtaining ample training to learn more about available methods; just how they function; and how you can interconnect them to take full advantage of on-line exposure.
Executing Web advertising strategies can be perplexing. There are dozens of options and methods which make it tough to determine which approaches are best suited. One of the easiest solutions is to deal with an on the internet advertising specialist.
Experts can analyze marketing strategies to determine which online techniques would enhance promotions already in location. They could supply advertising training courses to team member as well as assist in the development of a strategic advertising management system.
Maybe the best challenge of Web advertising is discovering time to handle several jobs. Almost everyone undervalues how taxing internet marketing is. Each approach could quickly be a fulltime job, so it’s essential to have sufficient staffing.
The bulk of organisation proprietors discover it advantageous to turn projects over to an on the internet advertising and marketing firm. While it can be a lot more costly to work with experts, the procedure of incorporating a selection of strategies will be quickened as well as the expense for training staff members could be removed.
< br/ > Owners that choose to enter this venue without expert aid will need to offer training in search engine optimization (SEO) and also Web advertising methods. It’s essential to get marketing training courses from individuals that have considerable experience and a strong track record of success.
There are training programs supplied for every single technique. Several of the much more preferred subjects include: Search Engine Optimization, web style, article advertising and marketing, video and podcast advertising, regional listings, web link structure, mobile advertising, and also social media sites marketing.
< br/ > Browse engine optimization need to go to the top of the list. Search Engine Optimization is used with all kinds of online content to inform internet search engine how material must be indexed. Lots of people find it much easier to find out Search Engine Optimization strategies in a class setting that offers communication with the teacher. Programs are available at regional universities, training workshops, as well as could be hosted at the office.
< br/ > Online video clips are a popular choice due to the fact that they usually go viral. Video clips could transform a business right into a home name overnight, so it is wise to require time to learn how you can profit from this robust marketing technique.
Although creating video clips has actually been simplified by sophisticated technology, it’s ideal to leave advertising and marketing videos in the hands of experts. One alternative to reduce production costs is to collaborate with amateur videographers that wish to broaden their portfolio. One more is to collaborate with university student studying videography.
Making audio podcasts is another reliable marketing technique. Podcasts can be utilized to supply information to customers. This location is suitable for producing a Net radio show; product paid announcements; concern as well as response sessions; and sharing interviews with industry experts.
< br/ > Social media site advertising and marketing has transformed the way organisations involve with consumers. Social media platforms enable owners to engage with people in a relaxed and also pleasant atmosphere.
< br/ > Social advertising supplies unlimited opportunities for getting to the masses. Participating in social marketing could be rather time-consuming, so it’s essential to develop a strong strategy and also have adequate staffing onboard to maximize possibilities.
These techniques are the basics of Internet marketing. Incorporating numerous strategies could be a massive job, but creating a strategic marketing plan as well as support team will aid company owner accomplish their objectives as well as improve sales earnings.
A CRM or Client Connection Administration option is certainly among the crucial demands for any kind of organization. Hence, it is the most effective time for SMEs to properly release it in their system to reap its benefits, with the aid of a CRM Growth Firm. Picking a CRM solution doesn’t complete the task instead it initiates the task of choosing a release method. The deployment technique for a CRM option could either be organized Software application as a Service (SaaS) or on-premise where managers appreciate the freedom to hold the CRM remedy themselves. Generally many CRM remedies could be limited to one release approach so it is very vital to figure out the most effective release method for your CRM options: Software program as a Service (SaaS) or On-premise.
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Enterprises, whether little or big require different levels of control for implementation of CRM service. Both cloud-based SaaS and On-Premise implementation methods have their very own advantages. You have to recognize your needs, before choosing a CRM Growth and Deployment version. Typically, cloud-based SaaS releases the employees to concentrate on deployment instead they could concentrate on other core features. The web server parts are taken care of by product specialists. On the other hand, organizations trying to find the greatest amount of control over their CRM service can choose On-premise deployment methods. This is usually liked by many organizations considering that it enables business owners to maintain the control within their intranet only.
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Here are a few pointers that could help you make a decision in between Software application as a Service (SaaS) or On-premise deployment approach. Nonetheless, you need to employ a CRM Development Firm, which could lead you in the selection process.
1. SaaS could match your requirements if your organization doesn’t have sufficient internal staff and also equipment support, whereas On-Premise could work better if you have appropriate internal team as well as assistance to deploy CRM option. In instance of On-premise deployment method, internal IT personnel job on all functions of deploying a CRM solution.
2. SaaS can fit your company if you are searching for an implementation method for a short-implementation amount of time. For this, the company will have to pay month-to-month software application charge.
3. SaaS is best for your company if you’re looking for a release approach which doesn’t need a huge ahead of time investment instead requires regular monthly payments. On the various other hand, On-premise implementation technique calls for ahead of time settlement with long-term expense advantages.
4.On-Premise functions best if you need huge customization to support your company procedures as well as have information accessibility has to sustain various other applications, such as ERP. On the other hand, SaaS doesn’t sustain substantial customizations.
How you can choose? Considering that both implementation techniques a
re advantageous so the significant concern is that ways to choose the ideal. You could begin by identifying the protection and control demands of your organization. Besides this, the following step is to establish the IT personnel that will certainly be dealing with CRM solution and their availability. One huge consideration is to determine your CRM Development version the financial investment demands of the organization; whether the company has the ability to make big upfront investments or locate a monthly software charge is better.
For me, I want a CRM that sales people will actually use. These days there are a lot to choose from. For me, I want something that is simple, and ready to go with integrations I actually carte about right out of the box.
Base CRM has been the answer to the solution for me and my team over the past 3 or so years. If you need a high level enterprise solution like Sales Force, ok great, but get ready to Drop 20k on set up costs, 100 working man hour on set up and then good luck getting you sales team to actually use it. But if you need, you gotta do what you gotta do! Check it out byclicking here or on the picture below.
Either way, choosing correctly and taking your time will be the best decision you will ever make in choosing a CRM for your company!!!
I am really good at showing up on time, coaching people, planning jam-packed vacations, coming up with creative gift ideas, and breaking down something complicated into the key points that everyone needs to understand. Those are my talents—the things that I do well. Maybe even better than others. And, if I really thought about it, I could probably even think of a few more things to add to my short list.
Now, ask me to make a list of things I’m not very good at—the things I’ve worked hard at but never seem to be able to do as well as others…. Well, that could go on all day! Playing tennis, building budgets, writing in straight lines on a white board, singing in tune…. Seriously, I could fill the page! While practice might make me a bit better, I will never achieve greatness.
And as much as that bugs me, it’s pretty normal. We all have strengths but we have MANY more weaknesses than we have strengths. And that’s okay, because no one succeeds based on their weaknesses.
I wrote a previous blog on money management where I shared some tips on how to identify where you are wasting money and then gave my own personal formula (via an downloadable excel spreadsheet found here) the gauge all of your spending. If you are coming from that blog, then you are in the right place. If you are just looking at this blog for the first time, it may be prudent to go back and check out the previous one I wrote or at least download the excel spreadsheet because you will need it for the next step.
Step 2 – Formulating a simple budget that you will actually follow.
It was told to me early on in life by a very wealthy mentor of mine who I respect dearly that if I couldn’t manage $1, then I couldn’t manage $1 Million dollars. This is so true, I meet people all the time who’s personal finances are garbage even when they are making great money in their career.
It all comes down to money management and budgeting. Again, this is another common thread among all wealthy people I have ever met; they all have a budget based on a formula that uses money as a tool never spending it emotionally. Here is what to do.
Take that excel spreadsheet you just downloaded. (or get it here)
The idea here is very simple. Manage any and all money that you get. EVERY SINGLE CENT! If you know what your monthly income is, it becomes very easy to budget, if you are like me and get paid in lump sums sporadically then disciplining yourself to a system like this is crucial!
Ok so here is how it works: For every dollar I take in, it gets split up and put in to different bank accounts. Each bank account represents a different aspect that I am saving for. In my case I have 8 Bank accounts. I explain what I use them for and the benefits.
Wells Fargo Checking / Savings account – This account is used for daily spending, and paying bills. Think of it as your most active account, all money is deposited here before it goes to other accounts.
For daily spending and bill payment, I like Wells Fargo. The important thing to remember here is to bank with a bank that is convenient to for you with lots of locations and low fees across the board. As of right now, I pay NO FEES with Wells. I think B of A is the worst, and Chase Bank is in the middle when it comes to big banks.
Discover Bank # 1 – Taxes (This is where I said aside money for taxes every year)
Discover Bank # 2 – Emergency Fund account (Save for a rainy day)
Discover Bank # 3 – Long Term Savings (Use for large purchases like a house or car etc.)
I use Discover bank because they give you the highest rate of return for a savings account. 0.95% to be exact and…
No minimum deposits
No Account Fees
Open as many accounts as you want
Capital One 360 # 1 – Annual Expenses account (Money set aside for annual expenses like car insurance, property tax etc.)
Capital One 360 # 2 – Vacation Fund (Saved money for Vacations)
I use Capital One 360 because they pay a pretty good rate of return on money in savings and my account doubles over as my top pick for a travel debit card that has
Now take some time to look it over the excel spreadsheet. If you need to open a couple accounts, don’t worry, this can literally be accomplished in an hour, follow the links above to use my recommendations, or feel free to open up accounts where your want to.
Keep in mind that I am a 1099 independent contractor that means I pay my own income taxes each year. If you are a W-2 employee, then you can zero out the taxes line because your taxes are collected before you get paid. Personally I set aside 18%-20% a year for myself, you may pay less or more depending on how much you make and what your tax liabilities look like.
Enter all of your monthly and annual expenses. (You will see some numbers starting to populate)
Replace my bank accounts with your banks and match them closely as possible, meaning if you have a normal B of A or Chase Checking and savings account, that should be your main account at the top. If you have an E*TRADE, Schwab or IRA, replace my Wealthfront account with yours etc.
If there are some areas where you will need to set up new bank account, leave them blank for now
Now enter in your monthly income at the top in the yellow (total monthly Colum)
By now you should see some of the boxes populating. I will explain what’s happening here
The Breakdown.
Ok by now you probably have a good idea of what I am driving at here, but I will explain anyway. This formula is partitioning all of your income into different savings columns to give you a well rounded and financially savvy money management system.
The breakdown as seen in my excel sheet looks like this.
I earn $100
$20 (20%) is saved for taxes and taken right off the top (Skip step if you are a W-2 employee)
Now I have $80 Left
$40 (50%) Goes to my living expenses, i.e. rent, mortgage, car payment, food, gas etc.
$10 (10%) – To the emergency fund, after all shit happens.
$10 (10%) – Long-term savings fund. This could be for a future large purchase like a car or house down payment.
$8 (8%) – Annual Expenses Account – Like car registration or medical/life insurance. Things that get paid once per year
$7 (7%) – Vacation Fund – To broke to take a vacation, do this for a year, and I promise you that you will have enough to take a vacay!
$10 (10%) – Long-term investment account – YOU NEVER TOUCH THIS MONEY! This is for your retirement. You may be thinking I’m way to young to start saving for retirement, but the difference between starting this habit at 20 years old compared to 30 years old will mean a difference of hundreds, yes I said hundreds of thousands by the time your retire. So don’t fuck around with this one, set the 10% aside and forget about it.
$5 (5%) – For me it goes to an active trading account that I personally trade. If you have no desire to learn how to actively trade, you can simply put this money towards some other kind of investment short term to medium term, but this money is not for bullshit, it’s money set aside for short-Medium term investments with a bigger return on the short side.
Conclusion
This whole idea was adopted after first reading the age old book The Richest Man in Babylon. When done correctly you will learn to pay yourself first and then save and invest the rest of it leaving a little hear and there for having a good quality of life.
My parents generation saved about 20%-30% of there income on average. My generation saves a measly 5%-10% and knowing that we are going to need a least a cool million to retire on (4 times as much as my parents will need) we need to get on this today. There is literally no time to waste.
Again, if you are in debt, or not making a lot of money, apply this formula anyway. Rework the numbers to make them fit your situation. If you are in some serious debt, check out my blog on &^%&^%&*^%&* if you are just not making that much or spend money stupidly, then I challenge you to try this for 90 days. If after 90 days you don’t feel like you have a better handle on your finances and that you are heading in the right direction, comment here and I will jump out of an airplane to promote what ever you want me to.
Money is a tool. It is only emotional when you don’t have enough of it. It controls you, or you control it, simple as that.
I have written many blogs on personal finance, today I am going to speak specifically about investing, but not investing from the standpoint of a 40-something somewhat wealthy person with savings in the bank, a house and a stable career he or she has been in for over a decade.
This blog is aimed towards Millennials. If you a person age 18 to 34 then listen close because applying the small techniques that I am going to share in this blog could mean the difference between your financial success and failure later on in life.
Before I get in to the Nitti gritty of this, I want you to know that if you feel like you are broke at the end of each month, living paycheck to paycheck or simply just not making enough to meet your monthly nut and save a little bit at the end of each month then this blog is for you.
You could also be one of the thousands of recently graduated college students on the job hunt drowning in school loan debt wondering how you are ever going to get ahead.
Or, maybe you are doing ok financially and you are just looking for more ways to become savvier with your money.
Whatever category you fit in, what I am about to share is going to help you tremendously! Enough said, lets jump in to it.
Step 1 Gauging where you are.
I have never met a wealthy person who did not know where they were at financially. People who have built real wealth have some type of formula they use to save, invest, pay taxes and to live. This has been one constant that I have experienced with every wealthy person I have met that didn’t inherit the money or get lucky.
What you need to do is figure out where all your money is going. I think you would be surprised to find out that you probably waste about $20 a day on bullshit. What I mean is you may have a daily Starbucks Frappuccino habit, or maybe you never cook at home and eat out 3 times a day. What ever it is everyone has their vices and they are costing you greatly.
So, first thing is first, write down all of your expenses. Everything. From monthly fixed expenses like Rent, mortgage payments, car payments utilities etc. right down to your varying miscellaneous expenses. This will allow you to see where all of your money is going.
Remember we cannot fix a problem until we can recognize there is one, and this is going to help you gauge where you are at financially.
In part 2, I am going to share with you the simplest budget you have ever seen that anyone can follow even if you think you are to broke to save. In fact, I am going to share with you my own personal excel document that you can use to do this exercise.
