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Find Success by Changing Your Money Mindset

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Money is an essential part of life, and it can be very stressful if you don’t have a good handle on your finances. It’s important to take the time to understand how money works and how to make the most out of it. Financial advisor Dan Rhoads has compiled a list of tips and tricks that will help you change your money mindset.

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Utilize Your Earnings

One way to change your frame of mind around money is by earning more income. Consider looking for a better-paying job and updating your resume and CV. This will help you land the job you want and increase your financial stability.

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Boost Your Career Prospects With an Online Degree

Earning an online degree can help to advance your career. There are so many options to choose from, such as certificates, diplomas, associates degrees, bachelor's degrees, master's degrees, and even doctorates. Gaining one of these qualifications will not only open up more job opportunities but will also help boost your confidence to make informed financial decisions. For example, if your goal is to earn your online IT certification, this may help.

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Starting a Side Business

Another way to help make more money is by starting a business on the side. You will need a good business plan, marketing strategy, and business structure (e.g., LLC). Once everything is set up, you can start networking and promoting your business so that people know what services or products you offer. This will not only help you get extra income but also teach valuable skills like budgeting and problem-solving which can be helpful in other areas of life too.

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Be Forgiving of Your Previous Financial Mistakes

It's easy to become overwhelmed and weighed down by financial mistakes in the past, but it's important to forgive yourself. HerMoney notes that learning from those mistakes and using them as lessons going forward is the way to build a better future. Instead of letting these burdens hold you back, take them as steps towards a brighter tomorrow.

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Manage Financial Documents

Digitizing financial documents helps you stay organized by allowing you to save and access important data quickly and securely. Paper-based files can easily become lost or misplaced, but digital records are searchable and easier to track. You can convert a file into a PDF to send documents quickly and securely, while preserving their original formatting.

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Avoid Making Comparisons

Social media can be filled with images of wealth and luxury that make it difficult to avoid comparing yourself financially. But this kind of comparison won't help you build better financial habits for the long run; everyone has different circumstances, goals, and resources. Instead, focus on developing financial habits that work for you and your individual situation.

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Learn to Develop Wise Financial Practices

Good money habits can help lay the foundation for a sound financial future. Bank of America suggests starting by creating a budget that accounts for monthly expenses. Then, gradually increase how much you save until it becomes second nature. Over time, you'll be able to reap the rewards of smart financial decisions without having to think about them.

Taking control of your finances requires discipline. To start off on the right foot, take some time to research different job opportunities and consider going back to school or starting a business. Also, consider organizing your financial documents. Building up the financial knowledge and skills you need to be successful can help put your mind at ease.

Financial advisor Dan Rhoads offers customized investment solutions to build and protect your prosperity for a bright future. Connect with Dan today to learn more! (484)460-3922

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References:

“Tips for Creating a Great Resume,” by Kiely Kuligowski of BusinessNewsDaily.com. Updated 2/21/2023. https://www.businessnewsdaily.com/3207-resume-writing-tips.html

“IT Certifications Online,” on Western Governors University. Accessed 4/13/2023. https://www.wgu.edu/online-it-degrees/it-certifications.html

“9 Things Starting My Own Business Has Taught Me About Life,” by Mo Seetubtim, on The Happiness Planner. Published online 5/7/2018. https://thehappinessplanner.com/blogs/wisdom/9-things-starting-my-own-business-has-taught-me-about-life

“How to Forgive Yourself For Financial Mistakes And Move On,” by Lindsay Tigar, at HerMoney.com. Published online 4/6/2021. https://hermoney.com/connect/confessionals/how-to-forgive-yourself-for-financial-mistakes-and-move-on/

“Stop Comparing Yourself To Others: Do These 10 Things Instead,” by Elizabeth Perry, on BetterUp.com. Published online 2/8/2022. https://www.betterup.com/blog/comparing-yourself-to-others

“Creating A Budget: If you’re looking to create a personal budget, start with these six steps,” from Better Money Habits, at Bank of America. Accessed 4/13/2023. https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/creating-a-budget

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Note: Dan Rhoads offers insurance, education, and investment advisory services. In his capacity as an insurance broker, he may recommend your purchase of insurance products and may receive commissions and incentives accordingly. Investment advisory and financial planning services are offered through Simplicity Wealth, LLC, a SEC Registered Investment Advisor. Subadvisory services offered through Simplicity Solutions, LLC, a SEC Registered Investment Advisor. Insurance services offered by Dan Rhoads are separate and unaffiliated entities from Simplicity Wealth and Simplicity Solutions.

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