C Roberts

Being fully committed to and engaged in one job can itself be demanding and tiring. But, if your situation demands working two full time jobs either for financial reasons or for fast-tracking your career and giving your resume a boost, you should be well prepared. Solely having the skills to fulfil the responsibilities of a job isn’t enough. You need to be mentally prepared for investing yourself in something that requires your undivided attention from 9 to 5 every day (or whatever your work hours maybe).

Over and above, if you are considering working two full time jobs, then pat yourself on the back for it is no ordinary feat. You need to be able to master your schedule, confront every risk and shoulder every responsibility while also giving yourself the self-care you require for keeping up with such a routine. You will need pro-level scheduling and pre-planning to weather this storm, and in this article, we will help you figure out how you can ace job planning when you are about to commit yourself to two jobs.

Make Scheduling Your Key Strategy

If you must work two full time jobs, you will have to work on scheduling both your shifts as well as your sleep time, family time, etc. One of the ways to go about it is by looking for jobs with alternate work shifts. For example, one job may have a 9 to 5 work shift from Monday to Friday and the other 6 pm to 2 am.

This will allow you time to run errands, catch up with your friends and family twice a week. You can also ask for compressed workweeks. This means that instead of doing four 5-hour shifts a week, you can do two ten-hour shifts twice a week. However, this greatly depends on your employer and the field you are in. For example, medical and emergency services have the option of choosing compressed work weeks.

Don’t Sacrifice on Performance

Working two full time jobs can often mean that you blur the boundaries between your two jobs, hence putting yourself in a precarious and often obvious position of making mistakes. Hence, you must keep the two completely contained and focus on each at its respective workplace. Carrying take-home work to your next workplace is inviting trouble and mistakes which could jeopardise your position in both the companies.

If Possible, Telecommunicate or Freelance

There are jobs which don’t necessarily require you to be at the office during your working hours. As long as you are turning in your tasks and being respectful of your team’s work timings as well, it shouldn’t be difficult to negotiate such an arrangement with one of either employee. Working from home when you have to make calls and be online for your job can save time and money on the commute and allow you to finish up fast and catch up either on your other job or other rest. If possible, look for freelance opportunities that do not demand you to report to the office and ask for a certain number of working hours each week. The latter is also great when you are working two jobs as you can charge per hour, get to decide how many hours you put in, and also concentrate on your other job.

Be Mindful of Your Long-Term Health

Aside from job planning, you must also plan how you are going to distribute time with your friends and family, taking care of yourself, catching up on rest, and eating healthy. Many people tend to overlook the long-term impacts of over-exertion on the physical and mental health apart from the immediate exertion and tiredness. Make it a point to set aside time every week and check in on yourself and your loved ones. This will keep you feeling energised and fuelled to carry on with your demanding work schedule.

Conclusion

The benefits of working two full time jobs are manifold.  Apart from the obvious beefing up of the bank balance, it also adds considerably to your resume and also shows that you aren’t averse to taking risks and are a thorough hard worker. But, to reap the benefits of two full time jobs, you must have proper job planning in place. Make it part of your schedule to give time to yourself, eat timely meals, get eight hours of sleep a day, and also spend time with your dear ones.

Hacks like taking public transport instead of driving, making a note of all your tasks for the day, making phone calls during breaks, etc can optimise the limited time you have. When you divide your work hours between the two jobs, remember that working anywhere over 80 hours over a week is likely to reduce your productivity, efficiency, common illnesses and also long-term chronic illness.

With an economic downturn looming as a result of the COVID-19 pandemic, many property buyers are feeling confused as to whether or not now is the time to start looking at or even completing a purchase.

Both first time buyers and second home searchers are being inundated with mixed messages. We spoke to Alistair Brown, CEO of Alistair Brown International Real Estate (ABIRE), an international real estate sales and marketing company, to clear up some of the confusion.

“Having watched the industry enter into a period of huge uncertainty, there will no doubt be a lot of noise and clutter filling newspapers, social media channels and websites. I want to set a few things straight and guide people through the things they need to be looking out for, if real estate investment or a purchase is in their plans.”

Drawing on his years of experience in the real estate market, Alistair busts some of the most common myths about purchasing a property in a buyers’ market. 

Myth number one: “I’ll get a better deal if I wait”

During this time, many people who had begun the search for a new house may be thinking that they will get a better deal or save money, if they wait a few months before proceeding.

There is some truth in this statement as no downturn is ever the same so the actual impact is still unknown. However, if we do look to previous situations for insight, for example, the 2008 financial crisis which shocked the industry, many builders were caught off-guard as they were developing in every area across Florida. This, of course, meant that property was plentiful.

Currently, the number of new build homes lying empty is considerably lower, due in part to the cyclical demand and subsequent completion of developments. We have even witnessed a shortage of new build startup projects in one area.

Whilst these two situations are different, so is the timing at which this event has come in relation to everyone’s own personal circumstances, which will also impact people’s abilities and beliefs around buying in the current market.

Those that have access to cash and are dealing with a seller who is willing to negotiate are in a great position. If, however, you need a loan, the current cost of borrowing could possibly outweigh the discount on the remaining homes you are left to filter through.

Almost everyone who has a home to sell or one that is on the market at the moment has a “mortgage holiday” for a short period of time. Once that period is up, and it will come quickly, they are left in the same or an even worse position, meaning they will want or need to sell soon. This will be a great time to buy for those with the courage and desire to strike while there is a supply of resale homes on the market as prices are predicted to remain stable.

Historically, following a disruption, many people have waited too long for that right moment that may, in fact, never come. That said, others have claimed that they were glad they did wait even though the cost of borrowing was higher, as it meant that they were able to find the right home.

To conclude, if the timing is right for you and you are still in a position to buy now, satisfy your original plans and proceed. If not, we recommend finding an agent who will work with you towards meeting your desired timeline.

Myth number two: “I don’t need a real estate agent”

Before the crash of 2008, less than 25% of homes were purchased using a licensed real estate agent in the state of Florida. Post crash, that number bounced to 70% as buyers and sellers recognised the need to enlist someone with knowledge of the current market.

Using the resources of a local licensed real estate agent became the norm and, as a result,  buyers gained valuable insight into opportunities that ended up serving them well. In hindsight, if buyers had this same mindset before the crash, many would have been saved from despair and financial disaster.

Once you’ve understood your motivations to buy, the internet offers a vast number of ways to look at property for sale, which is generally a good place to start. For example, some companies, such as ResiVue, offer virtual viewings, which can give you an idea of the types of properties available on the market and their features while complying with the current rules on social distancing.

This is also the time to seek the assistance of a local or regional real estate agent in the area you are looking to buy in. They will have an in-depth understanding of the market and provide effective solutions to your individual situation.

There is no need to work with multiple agents as the one you choose can show you any available homes, whether they are new builds or resale properties. However, before committing to an agent, we would recommend that you interview them first by asking them all the questions you want answers to.

In conclusion, make the most of the knowledge available to you. Find someone who you trust and can engage with in order to work collaboratively towards achieving your goal.

Myth number three: “New destinations are better value for money”

When choosing a destination to buy or invest in, price should not be the sole motivation.

Over the past ten years, there has been a rise in the development of houses and resorts in new destinations. Often, these new locations offer what appears to be amazing value and the promise of great things to come. With low entry prices and incentives being advertised, the opportunities hit a chord with those emotionally driven by a desire to be the first to a new “hotspot”.

However, when deciding, you should compare these properties to those in established and popular destinations, which have built their reputation for a reason. In normal circumstances, these typically have a constant flow of tourists and visitors, so although supply might be more scarce and prices higher, there is a consistent demand from people looking to holiday there and, therefore, a greater ROI.

In conclusion, sticking to established destinations is a safer bet. They will prevail in the long run, especially if they are close to cities and places which people can get to via car as we are likely to see a shift in tourism habits after the pandemic.

Myth number four: “I’ll save money by going with a smaller property management company”

In high occupancy times, the prospect of choosing a smaller company to manage your property and drive rental income may seem attractive. Typically, this is due to their lower costs, however, these small privately owned businesses only tend to be capable of delivering what you need in stronger market conditions.

Opting for a hospitality management company is the longer term answer. As we know, markets peak and trough regularly and it is during the downturns that you will see the benefits of having a larger company managing your investment.

Our advice will always be to choose wisely. The first question you should ask is “who will be looking after my asset and where is their marketing plan?” You need an idea of what the company’s long term plans are and how they will cope in difficult market conditions, as this will show you how equipped they are to safeguard your investment and generate a return.

When researching, you should find out how connected the company is as, without this knowledge, you run the risk of partnering with one that is unable to outreach to the global travel market.

Additionally, these larger hospitality management companies will only charge a commission fee when the home or condo is being rented out, whereas smaller companies charge regardless of occupancy, which adds to your costs.

In conclusion, if you are renting the home out, generating income is the goal. In order to maximise your chances of doing so, you need to be able to leverage as much market share as possible. Therefore, start the search for a property management company with that in mind, rather than being price-driven.

Myth number five: “I’ll make immediate income which will offset my costs”

The vast majority of people who buy second or investment homes are short term thinkers with sights set on the immediate income they can generate to offset any costs or mortgage repayments.

While this isn’t entirely false, going into the investment with personal use in mind will increase the amount of options and opportunities you have available to offset costs in longer term ways. For example, by structuring the purchase in the most tax efficient way offered in the region you’re buying in, you can accomplish much more over a longer period, in addition to revenue generation.

Enlisting the right realtor or estate agent from the very beginning is key here. They will have the knowledge, market insight, and the best access to tax advisors, mortgage lenders and legal professionals who can steer you in the right direction, even before applying for a loan or closing a sale.

This will give you a very clear picture of the entire process, which could show you that spending a little more on the house you really want might actually be a better financial decision.

In conclusion, try to spend as much time as possible with your agent and their professional networks before making any decision. They can help you build a smart strategy for your investment, considering both short and long term income opportunities.

Myth number six: “Remote homes are risky and unattainable” 

By now, most of us are ready to get out of our homes and travel. Even if it is just a short trip, we are yearning for a break from the confinement and restrictions we are experiencing due to the current situation.

And, with all the extra time spent in our homes, it’s likely that we have been thinking about changes we would like to make and even moves we desire. Whether it be thoughts of a dream home or a move abroad to a quieter, more remote location, many will conclude that it is simply impractical and unattainable.

With so much uncertainty surrounding the future, the one thing we can be sure of is that there will be a change in the way we live. But, unlike many other decisions we are having to make, we can take control of this choice.

How rural or remote the new home we are searching for is, is up to us. Some may simply want a house out of the city with more outdoor space, as a recent survey in the UK has found, whilst others might want something even further away, in a different country and climate entirely.

During this period, we have realised that life today can be lived even in the most remote locations. Many of us have found we can work from home, family and friends are just a video call away and leisure does not require fancy shopping centres, restaurants or bars.

Therefore, the list of boxes our new homes need to tick has changed. For example, if you’re searching for an overseas house, the list may include healthcare, good quality internet and communications networks, reliable utilities and shopping amenities.

In some cases, remote living could offer great value, allowing you to live authentically and even rustically in some regions. Of course, the list of facilities and amenities may be more restricted, but, for some, that will no longer matter.

Another option involves super exclusive remote living on an island, which lets you step into a different world, completely. For instance, living remotely in the Caribbean offers this and also comes with residency and citizenships benefits, which for some, may be a great opportunity.

In conclusion, the recent events have only widened our options. Therefore, it is important that you do your research before making a decision and by enlisting a real estate company who are truly global, you will benefit from better advice from professionals who really understand your needs and desires.

While this certainly isn’t the first disruption we’ve experienced to the property market, and it definitely won’t be the last, with each trough new lessons are learned. So, whether you’ve found yourself believing any of these misconceptions or would just like to be better informed before you proceed with a purchase, doing your research and speaking to a professional are certainly the best way forward.

In an automatic savings plan a fixed amount of money automatically gets deposited into a person’s account at specific intervals. It is a kind of personal savings system which ensures that a certain amount of money gets deposited into your savings account with every paycheck, be it on a monthly, bi-monthly, weekly or daily basis.

Steps to automate your savings

• Decide how much to save: First you will have to earmark an amount that you want to save every week or two weeks or month. No amount is too big or too small when it comes to savings. You can decide to save 5% of your paycheck, or 20% or 50%. This decision depends on your savings goals. Saving around 15-20% of your paycheck is usually adequate in the long term.
• Open a savings account: After deciding on the amount that you want to save, you need to open a savings account that will give you tax advantage. These tax-advantaged accounts will benefit in the long-run when the amount accumulated in the accounts becomes large. The savings account can be individual or joint, depending on whether you want anybody else to have access to that account. Make sure that this is not the account from where you make withdrawals for your daily expenses.
• Set dates for automatic savings: After opening the savings account, you need to set a day on which a specific amount will automatically get transferred from you paycheck to your savings account. If you receive you paycheck on a fixed day every month, then you can set your automatic savings date as the next day. You can even decide on the amount and frequency of the transfers. For example, you might not want to transfer the entire amount that you want to save on one day. In such situations you can distribute the amount into multiple transfers carried out over a week or a month.
• Check your savings account regularly: Check your savings account regularly to match your balances. The amount saved plus your monthly expenses should add up to the amount that you received in your paycheck. Additionally, by checking your savings account regularly you feel encouraged to save more as you see your money growing.

Benefits of automating your savings

By automating your savings, you prioritise your savings contributions by paying yourself first. The amount gets transferred to your savings account before you can use the money for any other expenses like rent, car loan, household or electricity.

The best part is that you can automate your savings for any purpose – retirement, buying a house, emergency fund or further studies. Over a long period of time, the small deposits accumulate into a huge amount and even earn compound interest.

Points to remember

• Try not to withdraw from the account until it is for the purpose for which you have been saving in it.
• Look for a bank which allows you to change the amount you want to save in the account. This will help you in saving more when you receive a pay hike or a bonus.
• Choose a monthly savings amount that you are comfortable with. Do not get carried away and set unrealistic goals as it get difficult to implement.
• It will be a few months before you get used to the idea of the savings account. Until then hold tight and be strong willed about not withdrawing from that account.

Everyone would like to be wealthy and have enough money to enjoy life. Wealth building to most people seems to be a difficult proposition. Those who earn regular income feel they may not be able to do it. The reality is that it is not difficult creating wealth. It just requires a systematic approach. One of the best ways of creating wealth is through the stock market. Investing in the stock market is a great way of creating wealth, even for a small investor.

Clichéd as it may sound, the rules of striking gold in the stock game are simple – planning, patience, and long-term commitment.

Agreed, big money is made and lost overnight in stock but once you know the waters you are treading, creating wealth shouldn’t be an issue. If you think it is all about staring at the computer screen all day, making rapid trades and keeping track of what big Fortune 500 companies did, it’s not going to help. So, what is that can help you make money in the stock market? We look at some tips that you can follow to make money investing in stocks.

1. Start with a plan

Before you do any activity, you need to plan it. Investing money in stocks is no different. You need to plan your investment. The first thing is to understand your risk appetite. The stock market can make you wealthy beyond your dreams; it can also make you lose all that you have. That is a risk you are taking to earn a reward. When you take risks, don’t do it on your life savings. Have money for contingencies and use a part of your regular income to invest in the stock market.

Decide how much money you can afford to invest in the stock market. You need to make a budget and understand your income and expenses. Estimate how much money you can save and use some of it to invest in the stock market. Younger investors can invest up to 80% in the stock market, with the rest in safer investments like bonds. As you grow older, you can slowly reduce your investments in the stock market to reduce your risk exposure.

All this calls for planning. You need to make an investment plan in a systematic way. You can take the help of a professional investment advisor to make a plan. If you have a bit of financial knowledge, you can do your own research and plan yourself. Make sure you set your investment objectives. Identify how much wealth you want to generate and for what purpose (buying a home, children’s college education, retirement funds). Based on that, make a plan.

2. Think long-term and stay the course

There are lucky investors who strike gold with their investments within a few months. Such stories are rare and few. Slow and steady wins the race for the tortoise and for the stock market investor. You need to think about the long-term when you put in your hard-earned money to buy stocks. Don’t hope to become rich in a couple of years.

The secret to wealth creation is perseverance. Stay invested for the long-term and there is no reason why you can’t become wealthy. On average, the stock market gives a return of 9%. When compounded, investing just 2800 every year can make you a millionaire in 40 years. It makes sense to stay invested for long term. Stay the course and your dreams can come true.

3. It is a roller coaster ride, so hold on tight

Once you start investing in the stock market, it’s important that you don’t stop. Time is your biggest ally in this business. It takes time to make money in the stock investment, but the key is to keep going. People who have made it big in the stock market have mostly kept their money in the market for long periods – even fifteen years if not longer. Most of them have reaped great results.

Investing in the stock market is like a roller coaster ride. Sometimes you are on the top and sometimes you can come hurtling down. So, hold on tight and don’t jump off. The market has its highs and lows. When the market falls, don’t panic. It will recover! It may take a few months or even a year or two. When you are there for the long term, don’t worry when the bears take over, the bulls will come back for sure.

4. Don’t lose your sleep

There is no one rule for everyone when it comes to investing in the stock market. Make sure you assess your situation well before making an investment. Don’t make an investment you’re not comfortable with. If you can’t sleep at night thinking you will lose your money, you probably will. Have an objective regarding where you want your investment to take you.

You may be looking to generate tax-free interest, preserve capital, or create current income. If you have an idea of what your objective is, you should be good. Never invest in stocks just because your friends, family or neighbors are doing it. Make an informed decision and invest in stocks that you understand. Don’t invest in any stock blindly, do your own homework. That will ensure you don’t lose your sleep.

5. Create a diverse portfolio

You must have heard of the saying – don’t put all your eggs in one basket. This holds good for the stock market too. Don’t invest everything in one company or similar type of stocks. The secret of minimizing your risk and getting optimum returns is to diversify your portfolio across instruments and assets. There are a few factors to be noted to know how to spread your risk. Some of the factors include fixed income, real estate, company growth and value irrespective of size, commodities, real estate, emerging markets etc.

The number of investments in stock market you make is not as important as how you spread your risk. There are various types of stocks. For instance, you have blue chip stocks of established market leaders, where you are unlikely to lose money and can expect steady growth. You have small and mid-cap stocks of emerging companies. These are the companies poised to take off and can help you get huge returns. So, invest some of your money in blue chip companies and some in small and mid-caps.

Also, invest across sectors. Don’t put all your money in one industry sector. For instance, if you put all your money in IT stocks and the IT industry faces recession then you can end up losing money. Buy stocks of companies from different sectors. This ensures your risk is very well diversified. Even if one company or sector faces a setback, you would have others to fall back on. Also, make sure you re-allocate or rebalance your investment in different sectors every six months.

6. Don’t ever try to time the market

The secret to earning big in the stock market is to buy low and sell high. How do you know what is high and what is low? It’s never a good idea to time the market. Even ace investors like Warren Buffet wouldn’t dare pull such a stunt. Small investors plunge into the market at the slightest surge in the stock market. It’s not always a great idea to go with the positive investor sentiment, instead of looking at the companies’ profit performance.

Instead of trying to time the market, you should rather invest over a period in a systematic manner. Also, avoid investing in smaller companies when the market is high. Such stocks may look lucrative but they tend to be quite volatile. Leave it for seasoned investors. A systematic investment plan is a good way to invest in stocks. Invest a fixed sum of money every month to buy select stocks. When the market is at a high, your overall investment appreciates. When the market is down, you can buy more stocks. Systematic investment is a great option for small investors.

7. Review your investments periodically

Now that you have invested money, probably in a systematic investment plan, you can sit back and relax and watch your money grow, right? No! The market doesn’t work that way. You cannot afford to take things easy. The stocks you selected were the ones that were doing well or expected to do well. However, you never know what can happen in the future. You need to track how the stocks you have invested in are performing.

You need to periodically review your investments. If the company you have invested in is sinking and is expected to face serious problems, then it’s probably time to stop investing in that company. Similarly, the sector in which you have invested may face serious issues, which are unlikely to be resolved soon. These things do happen and in such a situation, you need to review your investment and decide on whether you want to continue investing in those stocks or change your investment.

When you make an investment plan, it is not something that holds good forever. You need to review your plan and make changes in it. Various situations like change of job, hike in salary, loss of job, or addition in family can happen. You need to relook at your investment plan and make changes accordingly. So, review your investments and your investment plan regularly.

8. Cut your losses

If you find you are making losses with one or two stocks, then it is time to take a hard look at these stocks. You need to review the performance of these companies, the industry sector they are from, and understand their future prospects. If you feel the stock holds no future, cut your losses. Sell the stock and take whatever money you get. You can use it to invest in some other stock that is doing well and has better potential. These are decisions you need to take fast, else you can end up losing everything. It is essential that you follow news regularly and are aware of what is happening in the stock market.

9. Book profits

The stock you bought for 100 may have risen to 1000. What do you do? If you feel that your stock has earned sufficiently for you, then go ahead and book profits. You can always reinvest your profits back into the company, if you feel it will continue to do well. Book profits when the market reaches new highs. You can always get back into the market. Don’t be in a situation where you watch your profits slipping away and rue the situation.

10. Don’t get emotional

The stock market is cruel. It has no places for emotion. Getting emotional and sticking with the stocks you bought because you liked the company or because the stocks came to you from your dad will not help. Be logical and analytical. Understand what is happening and take a decision based on data. Don’t ever be emotional with a stock for any reason. An emotional investor is unlikely to succeed.

11. Take help from brokers

Getting a good investment broker to handle your transactions really gets you going. If you’re just starting out, and don’t feel very confident, get yourself a full-service broker. You may even choose to go with an online brokerage firm. Just make sure you tick a few things off the list when you are going with an online brokerage firm. Check if the broker is registered and approved by the regulators.

You can also use the broker’s service for investment planning, if you wish. This will save you the trouble of regularly monitoring your stocks. The investment advisor would do this for you. Make sure you select an advisor who you can trust and has a good reputation in the market.

Well, these are the simple rules of making it big in the stock market and building wealth. Happy investing!