The Biggest Lies About Growing Wealth

The Biggest Lies About Growing Wealth

From an early age, there are several myths and lies about growing wealth that are drilled into our memory. It can be difficult to break free from this way of thinking. However, some of these misconceptions are based on outdated ideas and limited perspectives. Here is a look at some of the most common lies still being circulated.

5 Common Lies About Growing Wealth

1. Businesses Break Even in the First Year.

There is a common misconception among new business owners that you will be an instant success. However, in reality, plans get delayed, unexpected expenses arise, and it takes time to create a market presence.  According to Forbes, the timeline to achieve profitability is closer to 18-24 months. Furthermore, 25% of new business ventures fail in their first year.

The truth is that instant success is very rare. While entrepreneurs are waiting for their breakthrough moment, you must be willing to wait it out, lose money, or even walk away from a failed venture. Many successful businessmen will tell you that had several failures before they finally prospered.

2. All You Need Is a Good Idea.

This mantra lies at the heart of the American Dream that anyone can get rich with the right idea. This is one of those lies about growing wealth that perpetuates itself because there is some truth in it. Unfortunately, not every great idea meets a market need or consumer demand. Not only must the idea be feasible and practical, but most importantly it must be profitable. If no one wants to buy your product, then it will never be successful.

The execution and timing of your business’s launch are also crucial. When you are first finding your legs, expect to invest a ton of man-hours to get it off the ground. You should also make sure you have enough savings to cover your bills and give yourself a cushion. This will allow you to breathe a little as you wait to gain a foothold and break even.

3. You Need High Returns and Savings to Grow Money.

Another myth about growing wealth is that you need high returns and savings to grow your wealth. However, most financial planners will tell you that making steady contributions is a more efficient strategy. Consistent savings is more important than stumbling upon a good investment opportunity. But, don’t ignore a good opportunity when it comes around.

This is also a great lesson to pass on to the next generation. Remember, it is never too early to begin saving and investing. Time is a valuable asset; the sooner you begin, the more money you earn from compounding interest. Even if you start small, you can let your money begin working for you.

4. You Need a Loan to Start a Business.

One of the greatest pitfalls for potential business ideas is the idea that you need a loan to start a business. While some entrepreneurs have a significant amount of startup capital, most just start where they are at and build from there. Instead of quitting your job and focusing solely on the new business, perhaps it is wiser to keep your day job. This will provide a safety net while you establish yourself. Once your business can sustain itself, then it may be time to consider making it your sole source of income.

5. You Can’t Get Rich Off Your Salary.

Another lie about growing wealth is that you will never get rich just off your salary. Although it may be difficult to build enough savings for retirement on your salary alone, you can begin using it for steady investments from an early age. If you invest small portions of your salary, over time it will grow exponentially. The key is to make consistent contributions at regular intervals to ensure steady, continued growth. Diversification will also protect your nest egg and mitigate long-term risks.

The Secret to Growing Wealth

The truth about growing wealth is that there are many roads that can lead you to the same goal. There is no carefully guarded secret among the wealthy about how to get rich. Yet, increasing your wealth begins with the same fundamental lessons. Unfortnately, most people are not willing to take the necessary steps to get there. Instead, they choose to ignore their finances and bad habits rather than taking control of them. Growing your personal net worth doesn’t need to be complicated. But, it does require you to take action.

The first step is to determine what your financial situation is. Once you know where you are at, it makes it easier to determine where you want to go. You can start by tracking your spending and sticking to a budget. This basic exercise can help you identify areas for improvement. If you aren’t living below your means, you will never add to your net worth.

Although this is the first step in building wealth, it is not enough to merely break even. Once you learn to live below you means, the next step is to start saving and investing your money. Every extra dollar you have at the end of the month should be put to work for you. Budgeting apps and tools can help you determine how much you need to set aside each to achieve your financial goals.

The final and most critical key to financial success is consistency. It’s starts by creating healthy spending and savings habits. Then, it requires you to continue prioritizing them over large, unnecessary expenditures. Making regular contributions to your savings account and investment portfolio will ensure steady and long-term financial growth.

Final Thought About Growing Wealth

When you are making important decisions about your finances, consider your sources. Advice is freely offered with the best of intentions. However, you should take time to do your research and learn to decipher fact from fiction. Identifying lies about growing wealth is a good place to start. And remember, when in doubt you can always seek out professional advice to find the best ways to grow your personal wealth.

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How Artificial Intelligence Can Benefit Your Business

It’s no secret that handling customer inquiries and answering their questions day after day can become incredibly taxing, especially for a small business owner. You want to spend your time focusing on developing new products or improving your existing services, but you also want your customers to get the answers they need quickly so they stay happy with your company. Many small businesses don’t realize that they can harness the power of artificial intelligence by investing in a toll free number for business, but this technology is now available at very reasonable prices.

Learn more about how artificial intelligence can help your business below!

What is Artificial Intelligence?

Some people think about complicated robots or a dystopian future when they hear the term “artificial intelligence”, but artificial intelligence simply alludes to the use of algorithms and machine learning to perform tasks that have typically been done by humans in the past. AI can look at an unimaginable amount of data in seconds and make decisions based on that data in a way humans could never begin to attempt.

So far, artificial intelligence is being used in the medical field to diagnose diseases, improve search engine results, or recognize handwriting for data entry. Some programmers have even used artificial intelligence to create chess-playing robots!

For small businesses, using artificial intelligence often means paying a subscription service to have customer service bots answer common questions. This may seem like a silly investment, especially for those just getting started, but AI can bring major benefits to businesses of all sizes when it comes to customer service.

1. Your Customers Will Get Quick Replies to FAQs

Many business owners and employees will get the same, or similar, questions on a frequent basis. You can have an FAQ page on your website that answers these inquiries, but many customers may instead seek out a customer support chatbox.

When this happens, your customers can ask away, and an artificial intelligence bot can supply a high-quality answer that you have already provided. This is especially helpful when you get tons of calls and texts about your operation’s hours or where you are located.

2. AI Can Keep Track of Data to Help You Improve Your Business

Although it may seem like AI only handles auto-replies, it can simultaneously collect plenty of data about your customers’ communication habits, like call history and tracking, allowing you to understand more about who your customers are and how you can better suit their needs.

Plus, some AI services can provide helpful advice based on the data it collects, potentially giving you money- or time-saving strategies that can improve your workflow and business overall.

3. You Can Customize the Messages Sent Through AI

AI can help to provide the right message for a given question, but you can choose how a question is answered to give it a more personal touch. If your business is known for being witty or fun, you can play around with your pre-determined responses to give them your own special touch.

From there, AI will deliver your messages when you get an inquiry. Your voice will shine through, but you won’t have to be the one to type out the answers every time.

4. AI Can Allow You to Focus on More Important Tasks

Because AI can eliminate the need for you, or any of your staff, to take time out of your day to answer the same questions over and over again, it frees up your schedule to focus on doing what you do best: running your business.

AI can give you more uninterrupted time to think critically about the problems you need to solve within your business, and it can even allow you to spend less time working in general, allowing you to catch up on much-needed rest and time with family.

In Conclusion

It may feel scary to enlist the help of artificial intelligence in your small business thanks to how AI is often portrayed in the media. AI, however, can provide incredible customer service and free up your time and mental space at a highly affordable rate.

If you find yourself struggling to keep up with all of the tasks you have on your to-do list, it might be time to give AI a try.

Can You Save Money On An Online Masters Degree?

Access to education has now expanded globally and is available to anyone who has access to the internet and prepared resources for it. Indeed, distance learning has several conveniences, foremost of which is financial savings. The fact that you can obtain any undergraduate or postgraduate degree from any institution in the world gives you access to opportunities you may have otherwise thought you couldn’t get.  Continue reading

Academy Sports and Outdoors Holiday Hours

Academy Sports and Outdoors Holiday Hours

Academy Sports and Outdoors is your one-stop-shop for all your outdoor needs.  Whether you are looking for athletic wear, sports equipment, or gear to support your favorite team, they have you covered.

The store hours are typically 9:00 AM to 9:00 PM. However, local stores get busy during the holiday season. To accommodate the crowds, they will stay open longer on certain days. Here is the Academy Sports and Outdoors holiday hours.

Closed for the Holidays

  • Thanksgiving
  • Christmas Day

Academy Sports and Outdoors Holiday Hours

Thanksgiving Week

November 18 – 24

Sunday
9:00 AM – 9:30 PM

Monday – Wednesday
8:00 AM – 10:00 PM

Thursday | THANKSGIVING
CLOSED

BLACK FRIDAY
5:00 AM – 11:00 PM

Saturday
8:00am – 11:00pm

Christmas Week

December 23 – 29

Sunday
7:00 AM – 12:00 AM

Monday | CHRISTMAS EVE
7:00 AM – 6:00 PM

Tuesday | CHRISTMAS DAY
CLOSED

Wednesday – Saturday
8:00 AM – 10:00 PM

New Year’s Week

December 30 – January 5

Sunday
9:00 AM – 9:30 PM

Monday | NEW YEAR’S EVE
8:00 AM – 7:00 PM

Tuesday | NEW YEAR’S DAY
8:00 AM – 10:00 PM

Wednesday – Saturday
8:00 AM – 10:00 PM

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How Does Merchant Cash Advance Restructure Work?

Typically, not everyone is qualified for a bank business loan. Most people who start a new business usually don’t have the credentials yet to prove their trustworthiness to traditional lenders, and this is the reason why funding for their business becomes a struggle. Business owners have an option to take advantage of merchant cash advance to obtain financing for their business to survive. In this article, you’ll learn how a Merchant Cash Advance can help in restructuring your business to help you make the right decision. Continue reading