Building a strong financial future begins with an idea. Anyone who has built personal wealth knows that it doesn’t happen overnight. The only way to develop this financial freedom is through long term vision and a solid strategy that promotes constant growth.
Financial success is a state of mind, and it can be brought about with a few key shifts in your thinking and a subtle secret weapon.
Growing a business can sometimes feel like fighting an uphill battle. Technologies evolve daily and create new challenges at almost every level within a company. With the proper know-how, however, you can easily turn technology into your secret weapons for business growth.
Rethink your approach to finances
First time investors come into the fold with a clean slate. In the U.S. there has never been a better time to invest in the NYSE (New York Stock Exchange), real estate, or commodity assets like gold and silver bullion. The market is booming and free capital is flowing freely after three rounds of stimulus cash to battle economic depression as a result of the coronavirus pandemic.
The first day of trading is a revelatory one for many first time investors. A lot of people invest with their hearts while others look for clarity in their acquisitions through daily news reports, valuation reports, and other data. There’s truly no substitute for high quality research and this must be your first port of call when it comes to making great financial decisions that will affect your long term wealth.
Information is your greatest weapon
Data-driven investors know the value of a high quality stream of information. No matter what type of commodities you are investing in, knowing how to research and build a reservoir of knowledge surrounding your chosen asset class is the most important thing you can do to ensure long term success. The rising value of virtually all assets means that you are bound to find success in a variety of different markets, yet true wealth generation that leads the marketplace can only be achieved with a resource like Wealth Rocket that puts you ahead of the curve.
This website provides investors and savers with industry leading statistics surrounding moves on the NYSE as well as interest rate comparisons on home loans, credit cards, and other financial service products in the U.S. and beyond.
Learning to take advantage of the best offers on the market is something that investors and savers must do in order to find long term success that will stand by them. The content provided by high quality outlets is a mainstay among the most successful investors, and it should be a go-to resource for you as well.
Understand the power of compound interest
Perhaps the most important piece of financial information that you can leverage is that of compound interest. Returns on investments continue to pay out dividends as they appreciate, and the compounding effect of this return often leads to multiple doubling events over the lifetime of you investment portfolio. On average, an investment held in a variety of stock prices doubles every seven years; this means that a young investor can expect to see their money double five or more times before reaching retirement age.
Putting your money to work for you is one of the most important lessons that you can take on board as you learn to navigate the financial markets, and it’s something that will create more wealth than any other investment advice or strategy that you will pick up along the way. Compounded interest is the bedrock of long term wealth generation.
Structuring an investment portfolio takes patience and a commitment to research and constant learning. From the short squeeze to the Bloomberg Billionaires Index, walking the walk and talking the talk will take time, but building your investing chops is worth it in the end. Make sure that you leverage every learning opportunity presented to you for a lifetime of financial freedom.
Strategic from the start
The best startups solve really big problems by developing a theory then executing on it based on intuition and available technology. If you believe this, then the most important thing you can do as a non-technical founder is to constantly develop a deep understanding towards the needs and habits of human beings (your users). Talk to people. Find out their underlying assumptions, how they think, and what they believe. Do this enough, and you’ll be able to offer the best insight toward what direction your product should go.
In most organizations, these considerations are an afterthought—the result of what I call “brute force” planning: Hire 200 people, then sort out the details during the recruiting process, or even worse, once they’re on board. A far more strategic practice is to integrate these factors into the workforce plan from the beginning. Another approach here would be to scale you business and have workforce available when there is an increase in demand for skilled workers. Check this resource on temp staffing here to learn how to do this.
Folding these projects into the workforce plan from the start is the strategic approach, and it works best when finance and HR plan together. That’s the strategic sweet spot for workforce planning—the place where strategy, finance, and people all meet. And when they have access to a modern planning platform that integrates the workforce plan with the corporate financial plan, they’re certain to always be on the same page.
Reducing cost, minimizing risk, avoiding surprises—they’re all reasons workforce planning should be the product of a happy and collaborative marriage between HR and finance. And they explain why workforce planning may well be the new secret weapon for finance.