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Who stockbrokers are and how they operate

Who is a Stockbrokers

A stockbroker is a financial expert or institution that transacts stocks and other financial instruments through a stock exchange or over the counter for someone willing to pay a fee or a commission in return. Usually, stockbrokers help people make financial decisions and handle their investments. In this instance, They may have legal backing to practice financial activities.

who are stockbrokers

Who is a Discount broker 

A discount broker is a professional who offers brokerage services that buy and sell stocks and other financial assets with very little commission required. A discount broker offers only trading services and does not provide investment advice or mentorship. In the past, getting a broker to work with you used to be a feat for the very wealthy. However, with the advent of numerous online discount brokers, anyone within any class of income can have access to a broker or brokerage firm from the comfort of their home. 

Who is  a Full-Service broker 

A full-service broker is a stockbroker who provides a client with a complete package of brokerage services, which includes trading, advisory and research. The most popular opinion about full-service brokers is that the cost of maintaining the assistance of one is a lot, and this is mainly because they provide both trading services and can feed you up on the happenings in the market so that you can have an idea of the behaviour of the stock market and the future of your investments. They can also offer extra services like tax advice, IPO shares, and details about the international market

Must Check before you trust a Stockbroker!

Formal Qualifications of a Stockbroker

Stockbrokers are generally expected to have a bachelor’s degree in business administration, finance or any other relevant course in finance. Stockbrokers should also have intricate knowledge of the regulatory laws of finance and accounting techniques. A holistic understanding of economics and expert financial predictions based on the behaviour of the market is also an essential requirement for any stockbroker. 

A stockbroker with a global certification will also prove trustworthy. Certifications like Chartered financial analyst (CFA) and Certified financial planner (CPF) are international certifications that can solidify your faith in a stockbroker you want to work with. 

Related Post: The Ultimate Financial Literacy Guide: Six Places to Acquire Knowledge.

Must have skills as a stockbroker

It takes a unique set of abilities and personality traits to make a stockbroker. A stockbroker must be flexible, have excellent verbal and interpersonal skills, and be eager to seize new opportunities. Stockbrokers to be able to take criticism properly and keep their cool under intense time constraints. 

They should also be able to convince customers and offer stellar service. They need to handle working with numbers, think critically, and have a solid grasp of economics and accounting. Stockbrokers also need to be confident in taking risks, skilled negotiators, and quick to act when necessary. Stockbrokers combine the skills of financial analysts, sales assistants, and executives.

FINRA’s role in stock trading

Why trade financial assets worth millions of dollars if you cannot do business in an ecosystem that guarantees security and equity? 

The safest way to do that is to trade under a regulated condition. In the United States of America, The Financial Industry Regulatory Authority (FINRA) is a not-for-profit organisation backed by Congress and saddled with the responsibility of fostering unified confidence in the hearts of investors.

FINRA implements several safeguards to protect investors in the stock market. These include protecting fundamental rights and interests, ensuring securities sellers undergo rigorous testing, qualifying, and licensing procedures, preventing false or misleading information in marketing, offering securities that meet regulatory standards, and providing ample information about the investment product before purchasing. These guidelines form a strong foundation for protecting stock market investors, ensuring they have the necessary information to make informed decisions.

Average income of stockbrokers

What is insurance? Types of insurance, and why do you need one?

What is insurance? Types of insurance, and why do you need one?

Image by jcomp on Freepik 

With a good Insurance policy, the insurance company promises to pay for certain losses, damages, sickness, or deaths in exchange. Insurance is a contract, usually shown by a policy, in which the user agrees to pay a certain fee to an insurance company or the state. It’s a way to protect your finances and handle risks. It protects you from unpredictable losses, damages, or injuries, empowering you to manage risks and control your financial future.

The company responsible for providing insurance is known as an insurance company or, for short, an Insurer. The one seeking to be insured is called a policyholder, which is the person who buys the insurance policy. The policy covers the organisation, person, or product, referred to as the Insured, the entity protected by the insurance policy.

In exchange for this payment, the insurer promises to pay the insured if a loss covered by the policy happens. Even though this loss is not only a financial one, it must be measurable in money. Also, the insurance deal usually involves something in which the covered has an insurable stake, shown by ownership, possession, or a relationship already in place. 

This differentiates insurance from gambling; whatever is being insured must have a direct link with the policyholder. For example, you cannot insure your neighbour’s house or cars because, in the case of damage, you do not have anything to lose in that accident. This financial security is a crucial benefit of insurance, providing reassurance about your financial stability.

Stock Market: The Basics, Rules, and Success Tools

Introduction to the Stock Market: Bull Run

Image Source: WangXiNa

What Is the Stock Market?

Stocks can also be called equities and represent securities in which an individual or a body has a percentage interest in a public company. If you hold all the shares of a company, you have voting power over its management.

The stocks listed for trading on the different stock exchanges make up what is often known as the stock market. Shares of publicly traded organisations are traded on several exchanges.

The stock market, governed by well-defined regulations, ensures that all transactions proceed in an orderly manner. This knowledge empowers you, as an investor, to navigate the market with confidence. Trading stocks can be done through formula exchanges or over-the-counter marketplaces, giving you the freedom to choose the method that suits your strategy.

Here is a list of renowned stock exchanges in the US:

Why do companies sell stocks? 

Through an initial public offering (IPO), a private firm takes a significant step towards growth and expansion. The company, now publicly owned and traded, gains a new level of visibility and access to funds for expansion and resource acquisition. This transition opens up a world of possibilities, boosting the company’s capability and potentially leading to significant growth. 

The disadvantage of going public is that it strips the founder or founding team of all control over the business and limits management. 

Individual and corporate investors who believe the company will succeed will purchase such stock offerings, becoming company shareholders. Any dividends and profits from the shares are distributed to the shareholders. Being a shareholder is like bearing the company’s fruit or pain. Hence, If the firm runs out of money, it can also see its investment decline in value or perish totally.

Investment banks are essential to the initial public offering (IPO) process because they contribute to the share selection and underwriting processes. They decide on the price of the shares and the amount to be issued at the IPO. The initial public offering (IPO) procedure may lead to substantial agreements between investment banks and issuing firms worth hundreds of millions of dollars or perhaps one billion dollars or more.

How is the Stock Market regulated?

The Stock Market is regulated mainly by a local financial/monetary regulatory body/institute. The Securities and Exchange Commission (SEC) is a US federal facility that regulates the US stock market. 

To ensure that all market participants are similarly informed, the SEC imposes specific rules, such as enforcing the timely submission of financial reports every quarter and rapid notification of pertinent business changes. For instance, if a company fails to submit its financial report within the specified time, the SEC can suspend its trading activities until the report is submitted.

Failure to follow the rules might result in the suspension of trade and other sanctions.

New York Stock Exchange

Image by: vector_corp

Who is a Stockbroker?

A stockbroker is a middleman between the stock exchanges and those willing to invest(Investor). They assist investors by providing advice on potential investments, executing trades, and managing their portfolios. They also keep investors updated on market trends and changes that may affect their investments. Most people ready to invest in the stock market need more patience to learn the skills of the market; they naturally prefer to rely on the expertise of someone skilled in stock buying and selling. 

Significance of a Stock-Simulator 

A stock market simulator is a valuable tool that allows you to enter the market without the risk of losing your hard-earned money. It provides a safe learning environment where you can experience the ups and downs of trading stocks without the fear of financial loss. This sense of security can help you build confidence and develop your trading skills without the pressure of real-world consequences.

Are Online Banks Trustworthy?

Are Online Banks Trust worthy

Online banks are financial firms that provide banking services mainly or totally through the Internet. Their services range from account opening to bill payments and CD investments. 

Online banks operate 24/7 and offer lower fees, fewer time limits, higher savings and CD rates, and cashback rewards.

The main drawback of Online banks is their exclusive virtual operation: Customers will be unable to deposit or withdraw cash due to this. Some online banks offer ATM services, like Capital One 360, blending physical and virtual operations, widely recognised as online. However, these developments still do not entirely remove the doubt many still have about online banks. 

In this blog post, you will get a very definite understanding of how online banks handle security and if you can trust an online bank to keep your earnings.

FDIC’s role in bank security

In 1933, Congress inaugurated the Federal Deposit Insurance Corporation (FDIC) to keep the country’s banking system stable and the public’s trust in it. This was an urgent and highly needed move because, in the 1920s, spanning into the early 30s, a national bank failure resulted in a severe loss of many American savings. 

The FDIC has been saddled with the responsibility of Insuring financial institutions, bringing accountability, and increasing customer protection. Part of the duties is to make significant economic issues easily resolvable. Since its inception, the FDIC has proven its capacity over the years by changing the US banking security trajectory. 

Aside from federal government funding, the FDIC collects premiums from its members to cover expenses and compensate depositors at failing banks. The bank deposits the money into a Deposit Insurance Fund (DIF), with banks paying based on insured deposit balances and risk levels.

Related blog post: What are online banks? Features, Drawbacks & Reputable Banks.

How well does YouTube pay?

Youtube can make you rich

How to start a YouTube channel

YouTube is a brand that Google owns; hence, to operate a YouTube account, you will need to use your current Gmail account or create a Gmail account to do that.  

  • Go straight to youtube.com and sign in at the right-hand corner on the top of the page. This will request that you input your gmail account or create one.
How to sign in on YOUTUBE
  • After you have logged in to your gmail account into YouTube, the next step is to create a channel. Do this by clicking the Icon on the top right-hand corner. 
  • The next interphase allows you to create a personal or business channel. 
  • Choose a channel name, follow the relevant processes, save, and you are now a member of the YouTube creator family. 

Why start a YouTube channel?

If you are thinking of starting a YouTube channel in 2024, you are making the right decision and it is not too late for you to get on the ride. YouTube not only lets you show off your talent, but it also lets you get paid for making videos.

Renowned creator MrBeast has made news for himself after he amassed a subscriber number of over one hundred million. This is a big reason his YouTube payment is so high—millions of dollars. You can also get on the YouTube payment plan by meeting the requirements for the YouTube musician partnership. 

Channels of earning from YouTube

The YouTube Partner Programme is a comprehensive partner program that provides creators with income opportunities and assistance. In the past, the primary way YouTubers could earn was through AdSense. 

This has always been a significant discussion among people paid by YouTube. Recently, upon acceptance into the partnership program, creators can earn revenue from YouTube adverts, Super Thanks, Super Stickers, Super Chat, channel subscriptions and by selling goods to their audience. 

Once registered to the Partnership programme, you get an automated copyright flag when someone else reuploads your work and access to Creator Support staff for one-on-one assistance. By continually innovating, YouTube aims to make the Partner Programme continually beneficial and worth it for creators. 

Types of videos creators can create

YouTube was majorly known for long-form- landscape videos until the concept of shorts became popular among creators on social media sensation networks like Snapchat, TikTok, and Instagram. This made YouTube introduce YouTube shorts, and this became significant on YouTube. Today, YouTube has introduced YouTube shorts into what qualifies a creator to be a partnership programme. 

Youtube Shorts Daily Views - Start a Youtube channel

Source: Business Insider

The YouTube Partner Programme provides access to tools such as one-on-one help and the Copyright Match Tool, and it enables content creators who meet specific criteria to participate in various revenue-generating opportunities. 

Creators are developing prosperous firms that have staff members and fully functional operations. They represent a significant portion of the more than $80 billion distributed to inventors, artists, and media firms over the previous three years.YouTube Revenue and Usage Statistics (2024) – Business of Apps

How to become eligible

YouTube isn’t just handing out dollars to people for creating videos; the multibillion-dollar corporation requires that whoever gets into the partnership programme meets specific criteria to benefit from this tremendous opportunity. The requirements are called ‘Monetisation policies.’ such a creator must live in the region where the YouTube partner program is available. 

Now, content creators in the United States, the UK, Taiwan, South Korea and Canada have a faster path to being eligible for the YouTube Partner Programme. Apply to participate in the programme and unlock perks such as financing from fans and select features for YouTube Shopping if you meet the eligibility requirements listed below:

  • To qualify for this payment, creators need to have 500 subscribers, three public uploads in the last ninety days, 3,000 valid public watch hours in the previous twelve months, or 3 million public Shorts views in the previous ninety days.

Creators in other parts of the world can enjoy the benefit of the YouTube partners program when they meet the requirements below: 

  • One thousand subscribers and four thousand valid public viewing times in the preceding 12 months OR 10,000,000 valid public views of Shorts in the preceding 90 days.

Final take

All creators will go through a standard review process upon applying to ensure their channel meets our policies and guidelines. Some features may have additional eligibility criteria. In all, choosing to start a YouTube channel is not a bad decision.

Record Label offer? Know this before signing a deal!

What is A Record Label

Are you interested in using your love for good music to make a fortune while working with a record label? This is the right blog post you need to help you take your vision to the next level without getting into any problems with your record label. 

Who is a recording artist and performer?

Recording artists are professional musicians who make a living by recording music, most of which is that of others but can also be their own, selling it, and performing at live events. This can be an individual, a band or group of friends, or a large orchestra.

In the past, it was pretty difficult to venture into the business of song recording because of the limitations of technology. New technology like multitrack recordings and stereophonic recordings makes it easier for record labels to sign more deals with people to produce their recordings. With the very vast softwares available for recording, even a teenager can start a career in music and begin to rake in several thousand dollars after a while. 

Recording Artist in a Record Label

Image by prostooleh, Freepik

There are two ways to take your song recording and performance to a professional level: either sign with a record label or work as an independent artist. Each has its own pros and cons. 

What is a Record Label

A record label is a company that manages brands and trademarks and coordinates the production, distribution, marketing, promotion, and intellectual property rights compliance for musical recordings and music videos. Record labels also recruit and grow new musicians and maintain agreements with recording artists and respective managers.

Signing with a record label can be a huge step forward for any recording artist or anyone looking to make a career out of music. In fact, artists flaunt their record deals and celebrate when they get a deal with a record label. 

While some artists will never get a record deal with a record label and hit it big, Getting a deal with a record label can make a difference in an artist’s music career. In most cases, artists think that landing a record deal is the key to success, and while it can be a major part of one, it is not the only step to a successful career, and the journey could get demanding after some time. 

There are two major types of record labels:

  • Major labels: The music business is dominated by three well-known record labels known as ‘The Big 3’: Sony, Universal, and Warner. These labels are usually associated with well-known musicians. 

Major labels are well-funded and have a wide range of divisions that cover every aspect of music production. Furthermore, they manage a number of smaller independent labels that specialise in specific genres and specialisations.

  • Independent labels (indie labels): Independent (indie) record labels and music publishers are those that are not under the ownership or control of the big three. The term “indie label” may refer to those who fit specified criteria for organisation and scale, or it may refer to any non-mainstream music releaser, regardless of structure.

Indie labels are frequently more artist-friendly. Despite lower sales, they frequently give higher artist royalties, which is usual in 50/50 arrangements. These labels are usually artist-owned, with the goal of controlling output quality. 

Despite the fact that independent labels lack the “big three” resources and market shares, indie artists might earn more because of cheaper production costs. Smaller revenues might sometimes help them repay their original investments.

What is a Recording Contracts 

A recording contract is a legally binding agreement that dictates the terms of the professional engagement between a recording artist and a record label. Usually, the label has a contractual responsibility to support and collaborate with the artist, and the artist accepts the label’s offer to record music.

The specifics and commitments in a recording contract are not really standardised. To interpret the contract, the artist must be prepared to speak with a legal expert who is very familiar with music and copyright laws

The artist will agree to produce songs for the record label for the number of years stated in the contract. This contract can be extended based on mutual agreement between the artist and the label. However, the label is most likely to terminate the contract if the artist is not profitable for the label. 

Signing a Record Label Deal

Image by pch.vector, Freepik

According to the IFPI standard, the typical investment a major record label makes in new artists is between $500,000 and $2,000,000. This money covers many things, most of which is spent on advance, production (sound and video), promotion, and tours. This investment is usually pivotal to the huge success of many artists signed by major labels, as it provides sufficient budget to take an artist from obscurity to fame. 

In a case where the recording artist has a track record of success as an independent artist, the artist will have more bargaining rights than an artist with no track record. In fact, during negotiation, you must present your best foot before the record label and prove that you have what it takes to be a successful artist. 

Termination of contract

Typically, contracts include provisions for cancellation, with artists agreeing to pay back any advances in order to exit the contract. The label maintains ownership of the music recordings and could also force the artist to give over every track they produce until the advance fund is repaid.

Related Blogpost: 5 Reasons to Start Your Career as an Independent Artist

Pros and Cons of signing a record deal

Pros.

  • Exposure: Signing with a major label makes it simple to get more exposure because they have a good reputation, a bigger budget, and a global presence. 
  • Paid for and prepaid: After signing with a record label, an artist has access to financial support for studio time, production, marketing, promotion, tours, and other expenses, making it easier for them to complete the process without worrying about money.

Cons. 

  • Reduced creative freedom: Most record labels are all about the business, which results in a situation where the creativity of the artist is highly prioritised. Record firms, especially large labels, focus on nurturing musicians into “sellable” products. Artists interested in financial gain may find this deal beneficial.
  • Profit is distributed on a percentage basis: labels typically give artists 20% of their earnings from large record deals, with the remaining 80% going to the label. However, these arrangements frequently include the previously stated advance payments as well as a lot of exposure, so it’s not all terrible and may change with a subsequent review of the contract. 

Earning money as a signed recording artist

If an artist lands a record deal, he or she must be intimately acquainted with a few things. This is because a record deal might not be the end of an artist’s personal financial problems; it can even be the reason why the artist goes broke later in life. Just like in any other field, a sound knowledge of how the business of that realm works will be the difference between a successful and unsuccessful artist.

How royalties work for record labels 

In general, the earnings of a recording artist under a record label come from the label. The record label releases the track or album through distributors. The earnings from the product are paid to the distributor, which then pays the label. The label pays the artist in the form of royalties. 

An artist also gets a performance royalty every time his or her recording is played on the radio or performed by others at a live event, even if it’s the artist’s own event, as long as the set list is submitted to the performing rights organisation.  

However, this is dependent on the kind of contract the artist has with the record label. This type of contract will determine whether a portion of the performance royalty will go to the record label or not. 

Record Label Advances 

On signing a record deal, a record label usually pays the artist a sum of money to help the artist-run their day-to-day activities during the whole production process, just before the royalties begin to flow in. This is called an advance. This is to help the artist focus on creating the best that they can because they have undisturbed time to explore their creativity. An advance is not usually considered a loan; however, this money is usually recouped immediately when the record label begins to make money from the releases. In the case where the record deal yields no profit, the record label is not obligated to demand any repayment from the artist. A typical advance amount will usually range from anything between $50,000 and $350,000, depending on the size of the record label and the track record of the artist. 

How much, on average, can a record label artist make?

Royalties from music streams can be so small for every individual stream that you almost think no artist can make a fortune from royalties. However, when you consider that over one million times in a year someone streams a song released in the United States, you will realise that streaming royalties can amount to a fortune for the several parties involved in the whole production of the sound and video. Billboard estimates that in the year 2021, Dua Lipa raked in a whopping sum of over four million dollars on a single track, which happened to be the most streamed song in 2021. Being a record label signee has many advantages. The most important thing, however, is to make sure that you read the contract’s terms and that you consult with a professional in the area of legal issues to help you fully investigate all of the terms of the contract before signing any agreement. 

Achieving Financial Success: Five Habits of Self-Made Millionaires

Title Image - Self-made millionaires

Wealthy people are popularly known for one thing: money. However, only a few people discuss the challenges they face daily to attain the success we celebrate today or the lessons we can learn from their journey through thick and thin. It’s important to remember that ‘When it comes to making big money, it’s not always about luck or inheritance.’ You need to understand that many self-made millionaires share common habits that help them achieve financial success.

Who are self-made millionaires?

These are individuals who have achieved remarkable success through their expertise and hard work without relying on substantial inheritances or trust funds. They made it on their own, earning applause because they truly worked tirelessly for it. Approximately 70% of millionaires worldwide are self-made. Notable examples include Jeff Bezos, the owner of Amazon; Bill Gates, the founder of Microsoft; Warren Buffett, the owner of Berkshire Hathaway; Oprah Winfrey; and Bernard Arnault, the founder of Louis Vuitton. You can learn more about the world’s top self-made millionaires and Billionaires through this link.

If you have been desiring a change in your financial status for good, this is the perfect blog post for you. Let’s explore five simple yet powerful habits that can put you on the path to becoming a self-made millionaire.

1. Budget Like a Pro

Don’t tell me what you value; show me your budget, and I’ll tell you what you value.” Joe Biden

The skill of budgeting holds immense importance in an individual’s day-to-day decision-making. It involves financial projections, which means the ability to evaluate one’s current financial situation and plan for improvement. Self-made millionaires excel at task and project planning, particularly when it comes to prioritising finances on tasks and projects that will yield maximum results. This is the essence of smart planning and budgeting. They are also deeply aware of their various income streams—their daily, monthly, and yearly earnings—and know where every dollar goes. It’s this discipline that earns them the title of millionaires. They budget and save wisely, ensuring that they don’t spend more than their income. 

Self-made millionaires Budget Like A pro

As an individual looking to learn this art, you need to “make a budget that works for you and stick to it. This way, you can save more and invest in opportunities that can grow your wealth over time.

2. Invest in Yourself

Formal education will make you a living; self-education will make you a fortune.”

 Jim Rohn

Self-made millionaires make critical decisions, and their commitment to continuous self-investment is a key reason why they keep moving forward. They understand the potential costs of stopping, which can include failed projects, business ventures, and even a decrease in wealth. 

When you invest in yourself (mentally, physically, financially, and emotionally), you not only appear more knowledgeable and smart in the room but also build meaningful connections with people, clients, prospects, and customers.

As an individual looking to imbibe the habits of a millionaire, Investing in your mind will help you set “SMART GOALS ”, understand the mechanics of money, and grasp the intricacies of building a business. Self-made millionaires excel at spotting opportunities when others do not and navigating failures, bad investments, poor stocks, and debt while staying ahead. They achieve this because they’ve enriched their minds with books and learned from those who’ve travelled similar paths before them. 

  • Investing in yourself can take many forms, such as acquiring new skills, gaining financial knowledge, exploring investment opportunities, connecting with customers, and pursuing side hustles, among other strategies.

Reading books is a vital way to invest in yourself. It allows you to understand the importance of goal setting, the value of gathering knowledge before embarking on a business or idea, and the ability to learn from both the successes and mistakes of others who’ve walked the same path. This enriches your capacity for growth and success.

Reading is a key habit for financial success

Books I will recommend that can help you on your journey:

1. Rich Dad, Poor Dad” by Robert Kiyosaki

This book simplifies financial concepts and highlights the importance of investing and asset-building.

2. The Millionaire Next Door, by Thomas J. Stanley and William D. Danko

It provides insights into the habits and behaviours of self-made millionaires, making it relatable and actionable.

3. The Total Money Makeover by Dave Ramsey

A practical guide to managing money, getting out of debt, and building wealth step-by-step

4. The Richest Man in Babylon, by George S. Clason

This book offers financial wisdom through parables set in ancient Babylon, making it easy to grasp important money lessons.

5. Your Money or Your Life, by Vicki Robin and Joe Dominguez

It helps you understand the relationship between money and life choices, encouraging a more mindful approach to finances.

6. Automatic Millionaire by David Bach

This book simplifies the path to wealth-building, emphasising the importance of automation and consistency.

Happy reading and learning! 

3. Set Clear Financial Goals

How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.” 

Robert G. Allen

Robert G. Allen’s quote emphasises the importance of having well-defined financial goals. Self-made Millionaires set both short-term and long-term financial goals, which help maintain motivation and focus on what truly matters. Whether it’s debt repayment, saving for a home, or starting a business, having a specific target can drive you forward.

Establishing Precise Goals:

Wondering how these self-made millionaires craft precise goals and how you, too, can?

  • Articulate Your Desires: Begin by clearly articulating your desires. Define your long-term goals, and then break them down into achievable short-term milestones. For instance, if your ultimate ambition is to attain millionaire status, it’s crucial to identify your passions, define your business objectives, and diligently acquire the necessary knowledge and skills.
  • Identify Key Tasks: Identify core activities that support your goals and can bring you maximum results. For instance, launching a business idea and generating an income exceeding $100,000 within a specific time frame can be among your essential tasks.
  • Outline the “HOW“: Identify the strategies and steps required to achieve your business goals. While doing so, consider your current financial situation, ensuring that your objectives remain realistic and attainable.
  • Monitor Progress: Continuously track your progress and actively seek opportunities for improvement. Regularly assessing your journey helps you refine your approach and achieve better results.

By setting and pursuing clear financial goals with determination and strategic planning, you’re on the path to financial success, just like self-made millionaires.

4. Work Hard and Smart

Oprah Winfrey once said, “The big secret in life is that there is no big secret. Whatever your goal, you can get there if you’re willing to work.” Dean Graziosi echoed this point of view by highlighting that countless self-made millionaires began with nothing but determination and self-discovery. These people are proof that success doesn’t come on a silver platter; it’s earned through hard work, risk-taking, and unwavering determination.

What sets Self-made millionaires apart is their unending commitment to their dreams. Even when faced with setbacks, they chase their goals relentlessly; for instance, Oprah Winfrey was fired from her first media job during her early media career but didn’t give up, still pursuing her dreams with strength. 

Moreover, many self-made millionaires share another common trait: their eagerness to give their own quota to the world. They show empathy for others and often become significant contributors to various foundations.

Here’s a closer look at the key characteristics that propel them to success:

  • Effort and Efficiency: They invest both hard work and smart strategies in their endeavours. It’s not just about working long hours; it’s about finding efficient ways to achieve their goals and seize opportunities to increase their income. 
  • Focused Mindset: Self-made millionaires possess the ability to concentrate their energy on specific goals. They outsource tasks they can’t handle themselves to well-experienced individuals or team members who are also open to learning. 
  • Determination: They identify their core strengths, eliminate unproductive distractions, and maintain a high level of concentration on their objectives.  They are able to identify their core strengths, eliminate distractions and tasks that are not very productive, and their concentration level is very high. 
  • Delayed Gratification: This involves forgoing immediate pleasures to achieve long-term success.
  • Saying No: Self-made millionaires learn to say “NO”, showing their strong critical thinking skills and ability to foresee possible future mistakes and results. 
  • No Procrastination: They take immediate action, understanding that laziness won’t yield great results. 

5. Diversify Your Income

Warren Buffett once said wisely, “Never depend on a single income.” Relying solely on one income source can expose you to significant financial risks. 

Self-made millionaires understand this principle well; they often cultivate multiple streams of income to safeguard their financial future. In addition to their primary business ventures, they explore side hustles and delve into stock investments, real estate, and other investment opportunities, thereby creating robust wealth from different sources.

Here are some fundamental rules they follow, and you, too can imbibe them:

  • Knowledge is key: They avoid investing in areas they don’t understand, ensuring that their investments are well-informed and calculated.
  • Balance Your Resources: While having other side hustles or investments, they avoid funding them from their major income, capital, and profits.
  • Seek Knowledge: They actively invest in their financial education by reading books and consulting financial advisors.
  • Build Your Core Business: Continual investment in their primary business is crucial. It ensures their wealth keeps increasing.  
  • Value Your Team: Treating team members and employees fairly and with respect fosters a loyal and productive workforce. It’s an important part of sustaining and expanding their income streams.

Conclusion

The path to financial success is achievable for anyone willing to adopt these habits. So, start today, and who knows, you might be on your way to becoming a self-made millionaire in the future!

5 Reasons to Start Your Career as an Independent Artist

Independent Artist - Title Image

Image by freepik

Who is an Independent Artist 

An unsigned artist or independent artist is a term that describes an artist, musical band, or group that has no contractual obligation to a record label. In the past, it was only common for independent artists to make an income from performing at live events because of the cost of producing and distributing their tracks to relevant publishers like radio and TV stations and selling vinyl or CDs.  The situation is very different now, as a growing number of people are using social media platforms, making it possible for virtually anyone to launch a career and achieve success in a relatively short amount of time. 

An unsigned artist is an artist, musical band, or group that does not have any contractual obligation to a record label. 

Landing a record deal with a record label has many benefits, especially for an artist looking to break through in the music industry. The availability of massive funding for artists signed by a label is a game changer and will surely make a huge difference, especially if such artists are diligent.

Working with a record label has also proven to be a huge regret for some artists; in fact, in the long run, an independent artist can amass great wealth compared to a signed artist. In that light, let’s take a look at a few important things to keep in mind as an independent artist. 

Making it big as an independent artist

Image by freepik

Facts about choosing a career as an independent artist:

  • Higher chances of making more money

The first thing to note as an independent artist is that, despite the fact that an independent artist might not sell as many albums as a label artist, the chances of making more money as a prominent independent artist are very high because no agency is trying to recover and make profit from the amount they have invested in the artist.

An independent artist would have access to the majority of the revenue from his or her music business. Most labels would only give the artist about 20% of the income until the label had fully recovered its investment. 

Independent now have the opportunity to distribute their music to music streaming platforms like Spotify, Apple Music, Deezer, Audiomack, and BoomPlay. All these streaming apps send regular royalties to the artist’s account through the music distributor they use. Some very reliable music distributors are Tunecore, Distrokid, CDbaby, and Ditto Music

  • Total right over personal music 

Another beautiful part of being an independent musician is having total control over your music. This means that you have the freedom to sell your song to any organisation, use it for filmmaking purposes, or use it as a jingle, and earn a lot without having to be bothered about sharing it with anyone. 

It also means that you can choose to make demands or negotiate for collaborations. Because you have the full right to your music, you get your performance royalty directly and will not need to send a share to any label. 

  • Ability to specialise in one’s strengths

Freedom is one of the characteristics of true success, and as an Independent (indie) artist, this is one of the benefits that come with the package. An indie artist has complete creative control over the genre of music they want to make. 

Most mainstream artists start out with a big bang, but their music gets old quickly because they focus on the moment rather than the lasting connection it should make. This is because most mainstream artists do not have creative control over their music. 

Indie artists, on the other hand, will get to niche into their creative strengths, and eventually, as time passes, their listeners will continue to listen because of the bond that has developed. This, in the long run, means more streaming royalty for an indie artist. 

  • You can create a personal brand that connects with fans

Social media has made it possible to reach thousands and millions of people, building a connection that goes beyond music. People want to connect with their celebrity star at a deeper level, and as an indie artist, this is very possible. The fun part of this is that fans can give their favourite artist luxury clothes, shoes, cars, and houses.

Independent Artist performing to Crowd

Image by Freepik

  •  Ability to pick and choose collaborators

Being successful also means that you can choose the people, groups, or brands that correspond with your values. As an indie artist, you get to decide if it’s worth more than making millions of dollars. You can choose to reject offers from brands that do not represent your values and principles if you are the type who loves to build a legacy alongside a music career.  

Bottom Line

Building a music business, like every other kind of business, needs capital to become an established business that rakes in millions of dollars. Being an indie artist will not eliminate the need for capital. Hence, the hard work that is required to build a successful music business as an indie artist is no less than that of a signed artist. This means that as an indie artist, you will need the support of friends, family, and even an angel investor if you do not have a massive sum of money sitting in your bank account. 

Your Ultimate Guide to Cryptocurrency Wallets

Introduction to Cryptocurrency wallet

Introduction to Crypto Wallets

A crypto wallet serves the same purpose as a physical wallet because it stores your valuable assets. You can put your cash in your wallet or your cards if you are the type who is very savvy, or both if you don’t like surprises. The same is true with a cryptocurrency wallet—you store your tokens in them so as to keep them easily accessible on the go. 

In the early days of cryptocurrency, sending tokens was a very tedious process. One would need to deliver long keys to whoever one wished to send them to. The case is different today, as recent wallets have made the Blockchain much more accessible and user-friendly. 

What is a Crypto Wallet 

A cryptocurrency wallet is any device, software, or material that holds and protects your private keys and allows you to access your coins.

A cryptocurrency wallet stores your cryptocurrency assets. However, it has a twist in that instead of storing your tokens directly, it keeps the private keys you use to authenticate your crypto transactions and provides an interface for transacting with your coins. 

This is because your cryptocurrency is always on the blockchain but is not accessible without a private key that validates that it belongs to you. It is also important to note that keeping your private keys is necessary because anyone with them can make fraudulent transactions using your address.

It is impossible to access your tokens without a private key and software that allows you to access the Blockchain. 

Categories of cryptocurrency wallets

There are two main categories of wallets: custodial wallets and non-custodial wallets.

  1. Custodial Wallet: Custodial wallets are wallets in which the owner does not bear the responsibility of protecting the private keys themselves. A third-party organization keeps the users’ private keys and protects them at all costs. 
  2. Non-custodial Wallet: These wallets require the user to take responsibility for securing their private keys. Hardware wallets, which typically fall into this category, are a typical example. 

These wallets can be further divided into two subcategories: Hot and Cold wallets. A Hot wallet connects to the Internet or is linked to a device with an Internet connection, while a Cold wallet does not. 

What Experts Say about “Your Morning Routine” and How You Can Establish A Healthy One 

Do you ever find yourself lying in bed at night, struggling to fall asleep because you can’t think of anything you accomplished during the day? Or do you wake up in the morning with no clear plan for the day ahead, wasting precious hours deciding what to do? According to the World Health Organization (WHO), establishing a healthy morning routine is linked to improved mental health, increased productivity, and a higher quality of life. 

It’s time to take control of your life and establish a healthy morning routine that will boost your overall well-being and productivity. In this blog post, we will give practical steps for creating a morning routine that aligns with your goals and promotes a positive mindset. Let’s get started!

1. A fixed Bedtime and Waking Up

According to experts, human energy levels are highest in the morning, so wake up feeling rested and rejuvenated.

In order to start your day with high energy and productivity, it’s crucial to get enough rest. One way to ensure this is by setting a fixed bedtime and waking time for yourself. This practice can help you wake up feeling refreshed and energised, which is vital because low energy levels, headaches, or body pains in the morning can leave you feeling drained throughout the day. 

  • Avoid using electronic screens before bed. 
  • Avoid eating for at least two hours before bedtime 
  • Set your alarm correctly and resist the urge to snooze 
  • Write down any important reminders or tasks for the next day.

2) Gratitude Habit:

Imagery from Freepik

We all have bad days, but we can choose to focus on the positive and make the best of every situation. One way to do this is by developing a habit of gratitude. 

Take a few minutes each day to reflect on the things you’re thankful for, such as the opportunity to wake up and start a new day, the support of your loved ones, the chance to learn and grow, and the list goes on and on, as recommended by mental health professionals, can significantly improve your overall mindset.

You can even write them down in a journal to help you stay motivated and focused on the good things in your life. This simple practice will not only help you feel more grateful and content, but it will also help you see that you have a lot to offer and contribute to the world. 

3. Mindful Moments:

several images of people doing their mindful moments

Sources: Images from freepik and compiled on Canva 

Starting your day with a mindful routine can help you stay calm, focused, and energised. When you wake up, try to avoid the temptation of working from bed. Instead, incorporate simple mindfulness practices into your morning routine. 

You can start with the following:

  • drinking water
  • meditation, 
  • deep breathing exercises
  • brushing your teeth
  • quick Shower 

These simple practices can set a positive and productive tone for the day ahead, promoting both physical and mental well-being.

4. Make planning fun:

Sources: Freepik

Starting the day being serious can get boring sometimes; you should balance your morning productivity with enjoyment. Making planning fun by incorporating elements like listening to music, taking a walk, or even watching a motivational video while going through the previous day’s achievements, undone tasks, and progress can keep your creative juices flowing while making you feel like you are in control of your schedule.

5. Get the tasks done:

Time is a valuable resource, and managing it effectively is crucial to achieving your goals. To make the most of your day, it’s important to be constructive and take action. Here are some steps you can take to be more productive and get things done. 

Firstly, create a to-do list with all the tasks you need to complete. Prioritise the tasks based on their importance and urgency and break them down into smaller, manageable parts. 

Next, set aside a specific morning time to complete and schedule your most important tasks during this period.

Finally, it’s essential to stay positive and avoid distractions. Find a quiet space where you can focus on your tasks and take short breaks between each task to refresh your mind and keep your energy levels up. Remember to celebrate your accomplishments and acknowledge your progress. 

6. Nutrient-Packed Breakfast:

Consuming a nutrient-packed breakfast rich in protein, fibre, and vitamins is recommended to provide your body with the necessary nutrients to function effectively. 

A well-balanced meal not only offers sustained energy but also supports overall health. For instance, Kaidantan, a fitness trainer, suggests that if you intend to exercise, you should consume something before your workout to help fuel your body. Examples of suitable pre-workout meals include a small apple, half a banana with a handful of nuts, or natural nut butter, giving your body the essential nutrients required for overall good health.

More: Healthy Breakfast Options 

7. Tech-Free Zone:

Starting your day with a clear and focused mind is crucial. To accomplish this, it’s recommended to create a “Tech-Free Zone” for yourself in the early hours of the day. 

This means avoiding any distractions, such as checking emails or social media, that could disrupt your thought process. By doing so, you can give yourself time to connect with your inner thoughts, set positive intentions, and focus on your work without the interference of screens. 

8. Have Motivating Practice: 

In order to maintain a positive and productive mindset, it’s crucial to incorporate motivating practices into your daily routine. After completing a significant task, take a moment to pause and reflect on your accomplishments. 

This is a great time to check in with loved ones, reach out to colleagues and team members, and celebrate your progress. In addition to socialising and connecting with others, it’s also important to prioritise personal development. It can take many forms, such as setting goals, reading a motivational book, or listening to a podcast. Whatever strategy you choose, the key is to engage in activities that inspire and challenge you regularly. By making motivating practices a part of your daily routine, you’ll cultivate a growth mindset and feel empowered to take on new challenges and pursue your goals with confidence.

9. Exercise for Vitality:

Source from freepik

One of the best ways to regulate your sleep-wake cycle is to exercise in the morning. Even if your schedule is tight, try to incorporate a consistent workout practice, such as a brisk walk, yoga, or a quick workout, into your morning routine. 

This will not only boost your energy levels but also enhance your mood and overall well-being. Furthermore, it’s essential to stay hydrated to kick-start your day. Eleana Kaidanian, RD, CPT, a nutritionist with her practice, recommends starting your day with a glass of water instead of tea or coffee. Drinking at least 8 ounces of water when you wake up will help you feel refreshed and energised throughout the day. So, start your day with some exercise and hydration to feel more productive and motivated!”

10. Establish Consistency and be Flexible:

Having a consistent morning routine is essential for creating positive habits that will lead to tremendous success in the long run. It’s crucial to maintain this routine even on weekends, as it reinforces the stability of your habits. However, it’s equally important to be flexible and adaptable to unforeseen circumstances while still maintaining the core elements of your morning routine. 

Other Resources:

19 Effective Business Ideas In The Finance Sector

18 Best Business Ideas For Tech-Savvies

Conclusion:

Remember that when it comes to building a morning routine, it’s not about being perfect but making progress. Start with small changes, stay consistent, and see how your mornings become a source of positivity and productivity. We would also love to hear about the habits you are incorporating into your morning routine. Feel free to share in the comments section below, and let’s work together to build better habits.

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