Cash Talks: 6 Methods to Assist Your Staff with Their Funds

Companies offer entry-level bonuses and raise wages to get people to work for them. However, it takes more than one-time bonuses and small pay increases to keep employees in your company for the long term. If you want employees to invest in your business, invest in their financial well-being. Here are six strategies to consider.

Become an employee-owned company

Employee-run companies could be the wave of the future. Companies like Publix Supermarkets have been majority-owned by employees for many years. Today, other smaller organizations like Walt Churchill’s Market in Ohio and a group called A Few Cool Hardware Stores (13 Ace Hardware Stores in the Washington DC and Baltimore area) are jumping on the bandwagon. Employee ownership means that the employees own shares in the company, so if the company wins, everyone wins. Traditionally, these companies have seen higher productivity, higher profitability, higher revenues, and better employee retention.

In addition, it helps the employees to take over the success of the company and thereby create their personal financial basis. A recent study by John Zogby Strategies found that people who worked at employee-owned S-Corps fared significantly better financially than those who worked for non-ESOP companies. Perhaps it is time to give your people a more important piece of the pie.

Get religious when it comes to promoting from within

One of the most important ways to make people feel valued is to recognize their potential. Companies that religiously search for undiscovered talents, involve people at all levels in projects and offer mentoring, coaching and development opportunities not only make employees feel valued, but also invest less time and money in recruiting. Make a goal of quickly moving people from low-paid positions to roles with more responsibility and higher paychecks.

Be a great company that you come from

Some companies have high turnover because it’s the nature of the animal. If high school or college students make up the majority of your team, expect them to leave. However, organizations can help themselves and their employees by becoming a company that is known for great learning and development opportunities. In other words, create opportunity for your employees by teaching them so much that other employers will want to hire and promote them based on their longstanding work with you. If you do this, you will also become more attractive as an employer for young professionals, so everyone will benefit!

Get a finance coach

Invest in the future of your employees by hiring a financial wellness coach to work with them. We don’t usually learn money management skills in school and most hourly workers don’t have the resources to hire a financial advisor. They do not necessarily have the wealth-building skills and knowledge that those in power have. Set people apart by providing one-on-one coaching on budgeting, goal setting, investing (beyond your 401,000), and other activities that increase their financial well-being and freedom.

Be transparent about salaries

Companies like Buffer go ahead by making their salaries fully transparent. You can now go to their website and see what each individual employee is doing. While you may not be ready to share these numbers with the public, there are good reasons for salary transparency. By showing people the exact formula you use to calculate salaries, you are making your company accountable and building trust with your employees. For example, using a recipe like Buffer’s is also giving your team a clear path to making more money within your company.

Redistribute resources and pay everyone well

Finally, if you haven’t raised wages just yet, it’s time. The discussion about raising the minimum wage is not gone, and if your company is to be relevant in the future, you need to jump on the bandwagon. While you may or may not want to follow the lead of Dan Price, CEO of Gravity Payments, who cut his own salary to $ 70,000 and raised his employees’ salaries to the same amount, you can probably find the money somewhere. Start by comparing your employee turnover statistics with real dollars. If you look at these numbers alone, it will most likely show that you have the money. You just spend it looking for new people. You might consider flattening your organization, offering commissions, or reevaluating the positions that will add the most to your company’s bottom line. In order to be competitive in this labor market, wages must definitely rise.

When you innovate and contribute to the financial well-being of others, your company’s employees will feel respected, less stressed, and committed to your company’s purpose.

Written by Donna (Bouchard) cutting.

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Love and cash: How your relationship along with your partner and your funds are related

Weddings and marriages are in the foreground for me nowadays.

A few weeks ago my niece got married and in another two months my nephew will get married too. Both weddings had been postponed due to the pandemic from the previous year. Another nephew has just sent me an appointment for next spring.

Celebrating love and family feels like this right now. I bet you feel the same way.

Wedding parties make me smile. They make me hopeful and, well, grateful too.

I believe in the combined strengths of two who tackle this world together. At my niece’s wedding on a beautiful New Jersey beach, my husband and I were asked to give a reading and we chose the lyrics from a song by Bruce Springsteen. “If I should fall behind. “

On July 4th, my husband and I celebrated our 29th wedding anniversary. And my sister and her husband will be 40 years old at the end of June.

Read: Is The Bucket Strategy Superior To The 4% Rule?

Couples and money

However, these joyful events, magical as they are, remind me of the critical role money and financial communications play in the lasting strength of a marriage over the decades – which is at its core a business relationship.

I know it’s unromantic, but it’s true. And as a personal finance writer, I can’t help it.

This week, Fidelity Investments released the results of its latest Couples & Money Interviewed 1,713 couples (3,426 people) conducted between March 25 and April 22, 2021. Respondents were required to be at least 25 years of age, married or in a permanent partnership and with their partner and have a minimum household income of USD 75,000 or more At least $ 100,000 in investable assets.

Read: Retirement Provision? You should also budget for inflation

Here’s the scuttlebutt. Many couples, 1 in 5, say that money is their biggest challenge in the relationship. That sounds about right.

The average retirement age of those already retired is 60.5 years, while the average expected age of those not yet retired is 62.5 years. However, almost half (48%) of all couples surveyed disagree on the actual retirement age.

More than half disagree about how much money they need to meet their retirement goals, but nearly 77% envision a comfortable retirement.

And although 7 out of 10 (71%) of the partners stated that they communicate at least very well with the other half, almost 4 out of 10 (39%) of the respondents could not correctly see how much their partner earns for a salary. About 6 in 10 (61%) couples say they talk about their finances at least monthly, a number that’s down astonishingly from 2018 (65%).

As for their ideal retirement, the majority, 6 in 10 of all couples, plan to stay in their own state after they retire, a trend that has been increasing since 2015. Hmm … so much for my column thinking about moving into retirement?

See: Don’t know where to live in retirement? Here are a few ideas

In retirement, spending time with family and friends is the top priority, followed by relaxation and tranquility at home. That is in line with some of the results I wrote about in this column who examined a new study, The Four Pillars of the New Retirement: What a Difference a Year Makes, conducted by Edward Jones, the major investment and financial services advisory firm, in partnership with Age Wave, a think tank and consulting firm.

As I read through the survey, I was reminded of some of the advice I often give to newlywed couples and, of course, my niece and nephew.

Read: Retired but Ready to Return to Part-Time? How to find the right appearance

If possible, first spend your money on joint ventures, be it on trips, to a concert, to a play or to a wonderful restaurant. Creating and collecting shared memories lasts a lifetime. The intangible value multiplies over the years.

Now for one of my favorite pieces of advice, and perhaps the most difficult one for couples. Have routine money conversations about your big picture, your current snapshot, upcoming expenses, dreams you have that may result in a cash outlay.

And take the time at least once a year to meet with a financial planner who will take a holistic view of your accounts and help with realigning and considering possible new investments.

It’s hard to do this without that third party, trust me. It takes discipline. You and your spouse may be on the right track here, but I have found it thought provoking to sit down with our planner / advisor and reassure us that we are fine.

Teamwork is dream work

After all, a successful marriage depends on teamwork.

Money is power. For example, if one person bears the financial weight to pay the mortgage and other fixed bills, the one paying the bills may feel unspoken resentment and the other may feel lurking guilt. Try to talk about these feelings as they arise.

“This study clearly shows that couples who work as a team to build strong financial futures are better equipped to handle whatever life has to offer,” said Stacey Watson, senior vice president of life event planning at Fidelity . “That is why it is so important for newly married couples to be openly involved in discussions about money right from the start.”

“Take some time to work together to make sure you have discussed important financial issues as a couple and make sure that you both have a strong understanding of where you are financially and what remains to be achieved,” added Watson . “Those who learn early on to communicate well about finances will likely be rewarded for their efforts in the years to come.”

As Springsteen wrote: Now everyone dreams of lasting and true love

Oh but you and I know what this world can do

So let’s make our steps clear so that others can see

And I’ll wait for you, and if I should fall back, wait for me. “

Kerry Hannon is an expert and strategist in work and career, entrepreneurship, personal finance and retirement. Kerry is the author of more than a dozen books, including Great Pajama Jobs: Your Complete Guide to Working From Home

Malaysia lockdown pressures authorities funds, says minister

People wearing face masks walk in front of the Petronas Twin Towers in Kuala Lumpur, Malaysia on January 29, 2021.

Xinhua News Agency | Getty Images

Malaysia’s public finances will be “severely constrained” as a surge in Covid-19 infections has forced the country into lockdown again, Minister of International Trade and Industry Mohamed Azmin Ali told CNBC on Friday.

The Malaysian government has announced a new stimulus package worth 40 billion Malaysian ringgit (approximately $ 9.68 billion) to help businesses and households tackle yet another round of “total lockdown” that began Tuesday.

This latest stimulus came on top of six previous packages worth a total of 340 billion Malaysian ringgit (around $ 82.31 billion) launched last year. The government said the additional spending could push the budget deficit over its target in 2021 of 6% of the gross domestic product.

“Of course this puts a heavy strain on our fiscal space, but here too … we have no other options than to examine different options to support industry, SMEs and also the informal sector so that they can continue their economic activities”, Azmin told CNBC.Squawk Box Asia. “

During the “total lockdown” from June 1st to 14th, companies offering essential services will remain open, while certain segments of manufacturing will be able to operate at reduced capacity.

Azmin and his ministry have been criticized by Opposition politician and the Malaysian public ensuring that some non-essential businesses – such as a furniture company and a brewery – can operate during the lockdown, according to media reports.

In a statement made on ThursdayAzmin said his ministry is not the only one issuing permits to companies that have requested to stay open during the lockdown. He added that according to the statement translated in Malay by CNBC, only 128,150 companies – with 1.57 million employees – had received approval, out of 586,308 that applied for approval.

Covid-19 outbreak in Malaysia has deteriorated significantly Although the government imposed lockdowns of varying degrees over the past year.

Last week, the Southeast Asian country reported record infections five days in a row and on Wednesday recorded the highest daily death toll since early 2020. In total, Malaysia has confirmed more than 595,000 Covid cases and 3,096 deaths, data from the Ministry of Health showed on Thursday.

The Malaysian Director General for Health, Dr. Noor Hisham Abdullah has urged people to stay home to break the chain of transmission. Noor Hisham, a leading figure in the country’s fight against Covid, warned that the health system could be crippled if cases continue to increase.

Azmin said the government is accelerating its national vaccination campaign. He explained that the strategy is to give more than 200,000 doses a day by the end of this month and double that amount over the next month.

“We assume that the vaccination target of 80% will be achieved by August 2021,” said the minister.

But Malaysia Vaccination progress is slow. Only 6.2% of the country’s 32 million inhabitants have received at least one dose of the Covid vaccine, according to the statistics page Our World in Data.

Cash Administration: Four Ideas for Mastering Your Funds

What exactly is money management? It’s a plan for your money so you can get the most of it. This plan usually involves budgeting and saving money, avoiding or reducing debt, and investing in your future.

If learning how to handle your money sounds intimidating or stressful, take it step by step. Below are money management tips that will help you gain control and most importantly, security.

How to manage your money

1. Take an inventory of your finances

Money management is about more than just getting the math working. It’s also about adjusting your mindset.

Take a mental inventory of your current position.

  • Are you consistently too expensive?

  • Have you saved enough to survive unexpected expenses?

  • Do you live from paycheck to paycheck?

  • Are you feeling overwhelmed by the financial jargon?

Be honest with yourself about what your weaknesses are. You may have made some missteps in the past but don’t need to continue down this path. Here’s how to manage your money now and prepare for the future.

2. Create a blueprint for money management

How do you put your plan into action?

Use the steps below to create a design that works for your finances.

Start on a budget

If you are not sure how to budgetStart by choosing a system to stick with. We like the 50/30/20 budget plan, which allocates 50% of your income to needs, 30% to needs, and 20% to savings and debt payments. This 50/30/20 Budget calculator divides your income into these categories.

If the 50/30/20 rules don’t work for you, there are plenty of others Types of budgets choose from. You may also find that a free budget app helps you to keep track of your finances.

Track your expenses

By Track expensesyou can see exactly where your money is going. It can inspire you to adjust your spending habits so that they are better aligned with your goals.

Money saved is money earned

Track spending across all of your accounts to see where you can make or save savings.

Find ways to save

As you pay more attention to your finances, you will likely find ways to save. Here is how to save money, from optimizing daily habits to negotiating bills to making long-term changes.

Ideally, saving will become part of your lifestyle over time. If you want to learn more about saving money with coupons, giveaways, and DIY hacks, check out our guide frugal life.

Use specific accounts for spending and savings

One way to make money management easier is to separate money from your money for bills and budgeted expenses Emergency fund. This will reduce the temptation to go for it for non-emergencies. Saving for a house, vacation or a new car? Keep these funds in separate accounts so you can see progress towards each goal.

Make a plan to pay off debts

Taking a strategic approach to debt repayment will help you reach the debt-free finish line faster. We recommend tackling your most expensive debts – the accounts with the highest interest rates – first and making minimum payments as well. Then work your way down through any low interest debt until it is all paid back.

Develop good credit habits

Your credit can determine whether you can get credit and the interest rates you pay on it, as well as many other aspects of your financial life. A credit check can be part of the conclusion of a mobile phone plan, an apartment or a car insurance.

To keep track of your score, focus on the two most important factors that affect it: payment history and Use of credit (How much of your credit limit are you using). Try to pay everything on time as just a missed payment can affect your score and you can use less than 30% of your credit limit on each card and in total.

Invest in your financial future

Now put money aside, in a 401 (k) or IRAand let compound interest work its magic. The ultimate goal is long-term financial freedom and stability. Not sure how much to save? Try our Retirement calculator.

3. Make the most of your savings

Money management goes beyond spending less than you make. Saving enough to live comfortably in the long term as well as in the short term is a true sign of financial performance.

You can achieve this in four steps:

Piggy bank

to save

Start throwing away extra cash to build an emergency fund. Ideally, you should have six months worth of living expenses on hand in case the unthinkable happens. If this seems too ambitious for you, start small. A reserve of $ 500 is a great first target.

Investment portfolio icon

Invest

Invest extra money for your future. Get ready for retirement by contributing to a 401 (k). When your company offers a match, you are contributing enough to get the maximum.

to pay off a debt

Whether it’s a loan or an impending credit card bill, you likely have some debt obligations. Always make at least the minimum monthly payments so that you don’t suffer credit score damage from late payments. If you have extra cash for bills, Pay off the high-interest debt first.

Wallet icon

To repeat

Keep building this emergency fund, invest in retirement, and reduce debt.

4. Be persistent

Despite their good intentions, many people fall from the financial car. Sticking to an overly restrictive budget can stifle. Navigating investment jargon can be confusing. But don’t be discouraged.

You did not get into the financial situation that you found yourself in overnight, and you will not get out of it overnight. Give yourself time to learn and grow. With hard work and dedication, you can manage your money with confidence.