This month, I’m doing 100 push-ups everyday. While this physical fitness challenge has been tough, there have been a lot of benefits which have come from it as well. In this post, I’m going to share with you how you can do 100 push-ups a day for a month to become more fit and get in shape.

Are you looking for a body weight physical fitness challenge? Do you think you could out every day for a whole month?

This month, I’ve been doing 100 push-ups a day.

Each day, no matter what, I’ve done a few sets of 20, 25, and 30 push-ups, to get pp to 100 push-ups.

While there have been some days where my chest has been sore or tired, I still got my push-ups in.

Now, my chest is feeling strong and I’ve also noticed that I’ve lost some body fat across the rest of my body.

In this post, I’m going to share with you how to do this body weight exercise challenge, talk about why push-ups are good for you, and give you motivation to crush this challenge!

How to Do 100 Push-Ups a Day for a Month

Doing 100 push-ups every day for a month is a big task to take on.

When starting out, doing push-ups are tough and can be a struggle, especially if you’ve never done them before.

The first few days, you will be sore, but after about a week, the soreness goes away and you will see the progress and gains.

For your 100 daily push-ups, you can do them anyway you want.

You can do incline push-ups, decline push-ups, regular push-ups, or vary the technique in any way you want. As long as you are getting down and have a good range of motion (getting your elbows to 90 degrees is the correct way to do a push-up), you will be making the most of this workout.

Right now, I’, doing 5 sets of 20, or 4 sets of 25 (depending on the day). These 4 or 5 sets take me between 10-15 minutes to do, but if you can’t do as many push-ups in a row as me, then you can break it up into more sets with less reps.

Doing 10 sets of 10 is the same amount of reps as 2 sets of 50.

In addition, doing 10 sets of 10 could be spread out through the day to reduce the energy spent in any one session.

If you still think 100 in a day is too much, you could start off slower.

During the first week, you could do 30 push-ups a day. Then, in the second week you can do 60 push-ups a day.

Finally, during the third and fourth weeks of the month, you can get to 100 push-ups a day.

By the third week, your body will start to get used to the increased number of push-ups and will be able to handle this increased volume.

Why are Push-Ups Good for You?

There are a number of reasons why push-ups are good for you.

Obviously, any exercise is better than no exercise, but there are a number of tangible benefits to doing push-ups.

One of the bigger benefits of push-ups is how it activates nearly every body part. When you do a push-up, you are using your chest, your shoulders, your core, your arms, and your back.

By activating all of these different body parts, you will increase the amount of muscle fibers recruited and can strengthen more than just 1 muscle group at a time.

Another benefit is how you will be stretching various muscles in your back and arms as you perform the push-up.

One more benefit is that your posture will improve through doing push-ups. The muscles that are responsible for your posture are the same ones activated when you do push-ups properly.

Finally, you can do push-ups where ever you are! I can get a great chest workout without leaving my apartment, an if you are someone who doesn’t have a lot of money, then you can save money and get in shape at home with push-ups.

Don’t You Need to Take Some Rest Days to Recover?

Make no mistake, doing push-ups every day is tough.

One thing about the human body is that it is incredibly resilient and is able to adapt to tough situations.

From experience, the first few days of this body weight exercise challenge is tough.

You are sore, and you aren’t loving life.

But, after about a week, if you are sleeping enough, eating a healthy diet with a lot of protein, and not pushing too hard else where, you will start feeling more confident and better about your progress.

In general though, if you really need a break, then you should take a break. If you are on the verge of injury, then taking a day off instead of pushing through would be best.

However, I don’t think general soreness is necessarily an injury.

With body weight exercises, the amount of work and stress you are putting on your body is not an intense amount, so you can do it more often.

At the same time, as I mentioned, you need to listen to your body to make sure you are doing what’s right for your current level of health and physical fitness.

At the end of the day, incorporating body weight exercises and push-ups can be very beneficial for you and support your current routine.

Would You Do 100 Push-Ups a Day?

Now that you have finished reading this post, I hope you are inspired and motivated to get out there and try this challenge.

While I don’t think I’d recommend it if you are doing heavy bench press (there your body definitely does need to recover), I would recommend this if you want a change in your exercise schedule and routine.

Getting stronger and becoming fit is all about consistency. By doing a little bit each and every day, you can reach your goals of becoming fit, healthy and strong.

Readers: what exercise challenges do you like doing? Would you do 100 push-ups every day for a month?

Thanks for reading!

Erik

Deliberate practice, or intentional practice, is the key to learning and improving at any skill, hobby or interest. Instead of going through the motions, having a plan with deliberate actions for improvement will be very beneficial.

Everyone has heard the old adage “Practice makes perfect”, but that’s not actually an accurate statement.

Actually, practice makes permanent.

If you practice spelling the word “business”, but actually memorize it incorrectly as “buziness”, it’s going to be much harder to correct that mistake in the future, because you’ve already built up the memory of the misspelled word. 

The way you practice is just as important as setting aside the time to practice itself. And there’s a dynamic approach to practice that will help avoid practicing incorrectly. It’s called deliberate practice. 

What is Deliberate Practice?

Deliberate practice isn’t just using repetition to craft a skill. Repetition, while important, can only get you so far.

Instead, deliberate practice is the practice of breaking down each aspect of what you’re trying to master and identifying the patterns and techniques that will propel you towards mastery and help you achieve confidence in the area you want to master. 

The practice is systematic and purposeful. The goal is to increase intense focus and perfect the activity you’re practicing. You start with big picture ideas and break them down into bite sized chunks. Then you practice perfecting those smaller tasks, and eventually, you’ve mastered an entire skill set. 

5 Steps to Use Deliberate Practice to Improve in Life

Using deliberate practice will help you unlock your full potential and start getting the life that you want. It takes your skills and brings them to the next level by consistent, systematic practice. 

Below, I have laid out 5 steps you can take to use deliberate practice in you life to reach your goals:

1. Identify Your Goals and Dreams
2. Create a Game Plan for Deliberate Practice
3. Be Intentional in Your Practice and Take Action
4. Be Consistent with Your Actions
5. Reassess and Tweak Your Plans Over Time

Let’s dive into each of these in more detail now.

1. Identify Your Goals and Dreams

You want to look at your future and ask yourself realistically, where do you see yourself and who do you want to be as a person?

Answering those two questions will give you a good idea of where to start.

You want to focus on things that you can develop, like career skills or maybe you want to learn a new language, or hit a home run during the company wide softball game. They should be skills you can develop or goals you want to achieve – rather than objectives, like making partner at your firm in two years.

Objectives are good to have as well, but we really want to hone in on the skills that might get you there. Like learning C++ or mastering Excel.

You want to make sure that you’re being clear about what you want. 

You might even want to consider using the SMART goals guidelines when dreaming about who you want to be. SMART goals help you create specific, measurable, attainable, time-bound goals. I have a great tutorial about how to get started here. 

If you’re more specific and calculated about what your goals and dreams are, then you’ll have a clearer picture to use to create a game plan. 

2. Create a Game Plan for Deliberate Practice

You know your goals, now it’s time to come up with a game plan.

You have your dream. What do you have to do to MAKE it happen?

That’s where deliberate practice comes in. Deliberate practice is the science of devising a plan to help you get from where you are today to where you want to be. It allows you to stop self doubting because you’ve built a firm foundation. 

Making your dream happen requires you creating a game plan for action. The 5 steps for creating a game plan for your life is as follows:

• Research
• Identify Experts to Emulate
• Start Slow and Practice Often
• Spend Time Self Critiquing and Evaluating Technique
• Celebrate Small Wins Along the Way

Let’s dive into each of these steps to create a practice plan for yourself below.

Research

Researching is the most important step of making an action plan for your success.

You want to look at where you are, and figure out the best step going forward.  The more informed your research is, the better your deliberate practice will be, because you’ve taken the time to make sure you’re understanding what you’re trying to perfect. 

Say your goal is to learn yoga, you want to figure out what kind of yoga you’re interested in: karma, bhakti, jnana, or raja. 

You also want to figure out the most basic poses for that specific type of yoga, and best practices in order to practice them. 

Next, you’d want to build a more complicated sequence, and continue exploring methods and poses. 

This gives you your guideposts and metrics to know what is correct posture, and what is not. 

Identify Experts to Emulate

You also want to find experts to emulate. This could mean several things. Either attending a yoga class taught at your local community center, or following a yogi on YouTube and watching their videos. 

Finding a class is the more preferred method. It gives you direct feedback on your form and posture. Along with some structure and method techniques that you might not get self teaching. 

However, if a class is not accessible to you, finding videos on YouTube could prove a useful substitute. You can watch proper form. 

Start Slow and Practice Often

This is the most important part of preparation. You want to make sure that you’ve set aside time every day (or several dedicated times a week) to practice your craft. 
But almost more importantly, you want to make sure that you’re progressing slowly. Dedicated practice is systematic. And these systems only work if you’ve designed them to give yourself enough time to master the basics before moving onto intermediate work. 

This is how Joe DiMaggio got so good at baseball. He started with the basics. He practiced them often and he built on existing skills. But he couldn’t do that without making sure he was dedicating enough time to the craft. 

So make sure that you’re taking the time you actually need to practice. Instead of trying to get good insanely fast, as this often leads to bad technique and burnout. 

Spend Time Self Critiquing and Evaluating Technique

Another crucial aspect of planning is to make sure you’re allowing space and time in your process to self critique and evaluate your own technique. As mentioned above, the best way to do this is to have an instructor advise you, but there are other ways to prepare for this. 

If you’re practicing child’s pose, record yourself following along to a yoga session from YouTube. Then watch both videos simultaneously. Make sure to note where your form doesn’t mimic the instructors, and then critique your learning plan to spend time perfecting that specific pose. 

Celebrate the Small Wins Along the Way

And make sure you’re planning to celebrate the small wins along the way. Part of deliberate practice is learning to self motivate. 

Choosing specific milestones in your practice plan to celebrate will help keep you going and pushing towards that goal. 

Maybe that’s holding a pose for 45 seconds for the first time, or mastering a specific salutation. What the milestones are don’t matter as much as taking the time to map them out. 

This final step really helps solidify your action plan and gets you psyched for deliberate practice. 

3. Be Intentional in Your Practice and Take Action

Now that you’ve spent a considerable amount of time planning your goals and routine and the milestones you celebrate. 

What does being intentional mean? 

First, it means showing up.  You’ve spent all this time crafting the perfect set of steps to get you from point A to point B, but they’re absolutely useless if you don’t spend the time practicing. 

Second, it means showing up wholeheartedly. You’re here, you’ve put in the time and you’re ready to go, but you still need to make sure that you’re leaving everything at the door. 

Take a moment to write down what thoughts are popping into your head about whatever distraction might make you pause and wonder if practicing is important. Then, put your phone away, turn off your notifications, do whatever you have to do to pause distractions. 

Finally, take action. Review your deliberate practice plan. Set up whatever things you need to help you succeed. I find that it’s helpful to set a timer, so that I don’t have to continue to watch the clock to know how long I’ve been practicing. And just practice. 

Use the guidelines you’ve given yourself from your deliberate practice plan to guide the session, but ultimately, putting in the time and working on the craft is going to be what makes you better. As long as you’re continually critiquing yourself and striving for more perfect repetitions.

4. Be Consistent With Your Actions

Consistency is key throughout this process.  Spending a consistent amount of time every week is going to help you master your skill. 

This is due to several factors. 

First, muscle memory is built by repetition. 

You want to make sure that you’re spending enough time on each action to get it ingrained into the body. But make sure that you’re integrating more experience techniques and making sure you’re practicing the technique correctly and critiquing yourself when you need to be. 

And second, habits are built over time. 

If you only work at something sporadically, you might get better. But you won’t be building a habit. And so much of mastery comes from habit making. 

If you want to get better at yoga, setting the habit of practicing yoga is half the battle. The habit is how you maintain consistency. 

That’s why deliberate practice focuses so much on the planning phase. We want to set you up for habitual success by taking as much decision making out of the process as possible. 

5. Reassess and Tweak Your Game Plan Over Time

This step cannot be stressed enough. It’s the key to deliberate practice and what sets deliberate practice apart from repetitive practice. It takes time and patience. It definitely won’t happen overnight. 

Reassessing your practice plan allows you to look back on progress and look forward to skills you’re hoping to acquire. It also makes sure that you’re giving yourself enough time to make sure you’re practicing to perfection. 

And if, for some reason, you’re not perfecting something, it allows you to step back and make sure all your steps are aligned with your goals. 

Practice makes permanent, and this allows practice to morph into something perfect, not just permanent. 

Stop Going Through the Motions and Employ Deliberate Practice

Deliberate practice is a great way to learn mastery of something.

Instead of going through the motions, use deliberate actions for improvement and put your deliberate practice plan in place.

I hope that this article has given you some great tips and food for thought on how you can use deliberate practice to reach your goals and dreams, and I’ll look forward to hearing how you are doing in your life as you make a game plan and put it into action!

Readers: what’s your goal? Are you going to use deliberate practice to reach your goal? What’s your plan?

Thanks for reading!

Savings accounts are a great way to set money aside and have it grow faster, thanks to compound interest. They are also a good spot to save for emergencies and larger savings goals like a down payment on a car or home.

The best savings accounts offer competitive annual percentage yields (APYs), low fees, and FDIC insurance on deposits. They also have mobile apps and small minimum balance requirements to make it easy to keep your money safe.

Money Market Account

Money market accounts are a safe place to store large amounts of cash, often with a higher interest rate than traditional savings and checking accounts. They are also FDIC-insured, which means your deposits are protected for up to $250,000 per depositor in the event of a bank failure or an economic crisis.

However, money market accounts are only suitable for some. Consider your personal and financial goals before opening a money market account to ensure it will meet your needs.

In addition, you should check out the fees and withdrawal limits that apply to money market accounts. For example, some MMAs have minimum balance requirements and may charge monthly maintenance fees. These fees can negate much of your earnings with the account.

Certificate of Deposit

One of the safest ways to grow savings is by putting your money in a certificate of deposit (CD). These accounts require you to lock your funds for a specific term, often three months to five years.

CDs are available from online banks, brick-and-mortar banking institutions, and even credit unions. They offer fixed interest rates and up to $250,000 in FDIC insurance if purchased from an insured bank or credit union.

They also don’t have monthly fees like savings and money market accounts. However, some CDs have an early withdrawal penalty, affecting interest earnings.

High-Yield Savings Account

A high-yield savings account is one of the best ways to grow your money. These accounts offer a higher interest rate than standard savings accounts, and you don’t have to worry about minimum balances or monthly fees.

If you’re saving for a big purchase or want to save for retirement, a high-yield savings account can make it easier to meet your goals. It’s also a great way to park windfalls, such as stimulus checks or large payouts.

A high-yield savings account has pros and cons, so it’s important to know how to pick the right one for your needs. Look for high-yield accounts with competitive rates, no monthly fees, and offer options for transferring to and from linked deposit accounts.

High-Yield Online Savings Account

High-Yield Online Savings Accounts are a great way to save. They offer higher interest rates than traditional savings accounts, and most don’t require monthly fees or a minimum balance to stay open.

This account can help you meet short-term goals and build your emergency fund. It’s also FDIC-insured, so your money is protected if the bank ever goes under.

Opening a new savings account can be a breeze, but you should find one that fits your needs. For example, the best national banks have robust mobile banking platforms, no minimum deposit or balance requirements, and high APYs.

Individual Retirement Account

Individual Retirement Accounts, or IRAs, are among the best ways to save for retirement. They offer long-term tax advantages and a wide variety of investment options.

IRAs come in several types, including traditional and Roth IRAs. There are also SEP and SIMPLE IRAs for small businesses and self-employed individuals.

For self-employed people or without access to workplace retirement plans such as 401(k)s, IRAs are the ideal way to build up savings for the future.

There are many different IRAs, and your choice depends on your situation. A retirement advisor can help you decide which is best for your unique goals and financial situation.

Specialty Accounts

A specialty savings account is a special-purpose savings account that targets a specific goal, such as retirement or a medical expense. These accounts may come with tax benefits and other features that can be useful for people who have specific savings goals.

For example, an HSA (health savings account) is a tax-free way to save for health care costs. These accounts are designed to hold money that you can use to pay for qualified medical expenses, including deductibles and co-pays.

Besides an HSA, another option for savings is an IRA. These accounts can be tax-free if you meet certain eligibility requirements, and they’re a great way to save for retirement.

Vacation Account

A vacation account is a safe way to keep your money safe and accessible for a few months so that you can save up for an important getaway. These accounts are especially useful for putting down a deposit on a rental car or buying a hotel room.

Importance of Savings Account

A savings account is an essential part of any financial strategy, and it’s especially important to save as much money as you can while the economy is healthy. The key to making this a successful financial strategy is regularly reevaluating your situation and implementing smart saving strategies. 

The safety of savings accounts is important because they don’t usually lose value in the market as quickly as other investments. This can be a huge advantage during the stock, bond, or real estate volatility. This is how to ensure your funds stay secure in a volatile economy. These accounts are federally insured up to $250,000 per depositor, per ownership category, and financial institution, so they aren’t likely to be at risk if your bank goes under.

 

Are you ready to take the plunge and purchase a home but feel overwhelmed with all of the steps involved in obtaining a mortgage? Many potential homeowners are intimidated by the prospect of going through a long, complicated mortgage application process. But it doesn’t have to be complicated- understanding the steps involved and gathering all of your required documents beforehand can make your mortgage application process much smoother.

 

The first step in applying for a mortgage is to go through the pre-qualification process. This typically means meeting with a lender or broker who will review your financial information and assess whether you qualify for any mortgages based on your credit score, income, debts, and assets. The lender or broker will then provide you with an estimate of what type of loan you qualify for and the associated interest rate. This initial meeting is often free, so take advantage of it! During this stage, being honest about your employment history and other financial factors affecting your ability to repay the loan is important.

 

Once you have been pre-qualified for a mortgage loan, it’s time to move on to the actual application process. Most lenders require extensive documentation during this stage, including proof of income such as recent pay stubs or W-2 forms, bank statements showing available funds, tax returns from previous years, and government-issued identification such as driver’s licenses or passports. Your lender may also request appraisal data if they need additional information on the property being purchased. 

 

After submitting all of your documents and having them approved by the lender or broker, you will likely receive approval on your loan within a few weeks. Once approved for a loan, it is essential to remain up to date on current market conditions so that any changes in interest rates can be considered before signing any paperwork. It is also important to remember that when applying for a mortgage loan, there can be some fees associated with processing applications; these fees may include underwriting fees (paid directly to lenders), closing costs (paid directly to title companies), and other taxes/fees determined by state/local governments at closing time. 

 

The last step in applying for your dream home’s mortgage is signing all documents and paying applicable fees at closing time; this includes signing paperwork related to insurance policies and making any necessary down payments toward purchasing the property itself. After all, both parties (the buyer and seller) have signed the paperwork. Escrow services provided by title companies will hold onto deposits until final closing occurs with terms between both sides agreed upon prior. 

Essential Questions To Ask Lenders Before Submitting An Application

1. What type of loan do you offer, and what are the associated interest rates?
2. Are there any fees or charges associated with applying for a mortgage loan?
3. How long does it typically take to get approval on your loan after submitting documentation?
4. Can I make additional payments towards the principal balance of my loan if I choose to do so?
5. Are there any special requirements that must be met to obtain a loan with your company? 
6. Will my credit score affect the amount of money I can borrow? 
7. What documents will you need from me to process my application? 
8. Is there any other information I should know about before submitting my application? 
9. How often will I receive statements on the status of my loan and payments? 
10. Are there any other services you offer to help me manage my loan over time?

Additional Formalities

In general, it is essential to note that additional formalities must be met to complete the mortgage application process. This includes hiring an attorney specializing in real estate transactions and obtaining a home appraisal for the purchased property. You also want to look into home insurance, and it’s very important to know the difference between home insurance vs. home warranty so that you can make the best decision.

 

A home inspection may also be necessary to ensure the property meets local safety standards. Additionally, some lenders may require additional documentation, such as proof of insurance or employment verification, before approving your loan. It is essential to inquire with your lender about any extra formalities or requirements that may need to be fulfilled before submitting your application.

 

Ensure you understand all terms and fees associated with the loan agreement before signing off on anything – this includes understanding whether you’ll have the option to make additional payments towards your loan or whether there are any penalties associated with early repayment.

Many business leaders consider accounting crucial to their company’s continued success. It provides valuable insights into the financial health of an organization, enabling decision-makers to take informed actions that promote growth and sustainability.

Accounting specialists provide crucial corporate insights and financial stability. They analyze financial data, keep accurate records, advise clients, and communicate difficult information to stakeholders. 

They help companies optimize financial performance, comply with regulations, and make growth-oriented strategy decisions.

This article explores the various aspects of accounting that contribute to business success and delves into how these components work together to create a solid foundation for a thriving enterprise.

Financial Reporting and Transparency

Financial reporting and transparency are critical for business success. Accurate financial reports enable stakeholders to understand the company’s financial position and performance. By maintaining transparency, businesses can build trust with investors, lenders, and customers. Key elements of financial reporting include:

• Income statements: Show revenues, expenses, and net income.
• Balance sheets: Reflect assets, liabilities, and equity.
• Cash flow statements: Detail cash inflows and outflows.
• Statement of retained earnings: Tracks changes in equity over time.

Through transparent financial reporting, businesses can attract investments, secure loans, and maintain credibility, ultimately leading to long-term success.

Budgeting and Financial Planning

Budgeting and financial planning, perhaps with the aid of a selection of Google Sheets and Excel financial model templates, are essential for business success, as they help allocate resources effectively and set financial goals. Successful budgeting and financial planning require professionals with expertise in these areas.

Qualified professionals, specifically those with an online in masters accounting degree, can bring about success as they prove they are diligent in working and pursuing skill improvement. 

They can be valuable assets to a company. Key aspects of budgeting and financial planning include:

• Setting financial objectives: Define short-term and long-term goals.
• Allocating resources: Distribute funds to various departments and projects.
• Monitoring performance: Compare actual results to budgeted figures.
• Adjusting strategies: Revise budgets and plans based on performance and changing conditions.

Effective budgeting and financial planning enable businesses to stay on track, control costs and make informed decisions for growth.

Cash Flow Management

Cash flow management is vital to business success, ensuring a company can meet its financial obligations and maintain liquidity. Effective cash flow management involves monitoring income and expenses, optimizing working capital, and anticipating financial needs. 

The key components include:

• Forecasting cash inflows and outflows: Project future revenues and costs.
• Controlling receivables: Implement policies to collect payments on time.
• Managing payables: Negotiate favorable payment terms with suppliers.
• Optimizing inventory levels: Balance supply and demand to avoid stockouts or excess inventory.

By carefully managing cash flow, businesses can avoid cash shortages, maintain good credit ratings, and be better positioned to seize growth opportunities.

Cost Control and Profitability Analysis

Cost control and profitability analysis empower companies to optimize expenses and maximize profits. Effective cost control strategies and comprehensive profitability analysis enable businesses to remain competitive and secure long-term sustainability. 

Important aspects of these processes encompass:

• Identifying cost drivers: Pinpoint the factors significantly impacting expenses and implement necessary adjustments.
• Implementing cost-cutting measures: Streamline operations, reduce waste, and enhance resource allocation to minimize costs without sacrificing quality.
• Analyzing product profitability: Assess the profit margin of each product or service to identify high-performing offerings and adjust underperforming ones.
• Evaluating pricing strategies: Set prices that not only cover costs but also provide a reasonable profit margin, ensuring competitiveness in the market.
• Conducting regular financial reviews: Monitor and analyze financial data regularly to identify trends and make data-driven decisions.

Tax Paying and Compliance

Tax-paying and compliance ensure adherence to legal requirements and prevent penalties or fines that can negatively impact a company’s financial health. 

Effective tax management involves staying updated on tax laws, planning tax strategies, and accurate reporting. Key components of a comprehensive tax management approach include:

• Understanding tax laws: Stay informed about relevant regulations and requirements and any changes to tax legislation that may affect your business.
• Filing accurate tax returns: To avoid discrepancies and potential audits, report income and expenses correctly.
• Timely tax payments: Meet deadlines for tax payments and filings to avoid penalties and interest charges, which can be costly.
• Implementing tax-saving strategies: Utilize deductions, credits, and other tax-saving opportunities to minimize tax liability and maximize savings.
• Consulting with tax professionals: Engage the expertise of tax professionals to help navigate complex tax issues and ensure compliance.

Decision-Making and Strategic Planning

Decision-making and strategic planning are critical components for business success, as they guide the direction and growth of a company. Reliable accounting information provides accurate financial insights, ensuring that informed choices are made, and business decisions are based on it. 

Key aspects of incorporating accounting information in decision-making and strategic planning include:

• Analyzing financial data: Review past performance, current financial standing, and key financial indicators to understand the company’s financial health.
• Forecasting future trends: Estimate revenue, expenses, and cash flow based on historical data and market trends to plan for future growth and potential challenges.
• Evaluating investment opportunities: Assess the potential return on investment for various projects or initiatives, considering risk, resources, and market conditions.
• Setting strategic goals: Define clear objectives and develop a roadmap to achieve them, with measurable targets to track progress and success.
• Monitoring performance: Regularly review financial reports and compare actual results to forecasts, adjusting strategies to stay on track toward objectives.

Internal Controls and Risk Management

Internal controls and risk management are essential in maintaining the integrity and stability of a business. Accounting plays a central role in identifying potential risks and implementing control measures. Key elements include:

• Developing control policies: Establish guidelines for handling financial transactions.
• Segregation of duties: Divide responsibilities to prevent fraud and errors.
• Regular audits: Conduct internal and external audits to evaluate controls.
• Monitoring financial performance: Identify deviations from plans and rectify issues.

Long-term prosperity is aided by a company’s ability to safeguard its assets, record its financials accurately, and comply with all applicable rules and regulations.

Compliance with Financial Regulations and Standards

Compliance with financial regulations and standards is essential for maintaining a business’s reputation and avoiding legal consequences. Accounting professionals ensure that companies adhere to these requirements. Key aspects include:

• Understanding applicable laws: Stay up-to-date with tax laws, financial reporting standards, and industry-specific regulations.
• Implementing policies and procedures: Establish internal controls to maintain compliance.
• Regular monitoring: Track financial activities and identify potential compliance issues.
• Preparing accurate reports: Ensure financial statements are designed according to the relevant accounting standards.

Companies that strictly adhere to financial norms and standards gain credibility among their stakeholder groups, lessen their vulnerability to sanctions, and preserve their standing in the marketplace.

Conclusion

In conclusion, accounting is pivotal in ensuring business success by providing valuable insights and enabling informed decision-making. Accounting practices contribute to a company’s stability and growth, from financial reporting and cash flow management to strategic planning and risk mitigation.

By prioritizing effective accounting strategies, businesses can optimize their financial performance, maintain compliance with regulations, and confidently navigate challenges. A strong accounting foundation is crucial for long-term prosperity and a thriving business.

Managing money is crucial in life and can profoundly impact one’s financial success. Effective money management involves making informed decisions on allocating your funds to achieve your financial objectives. It requires deliberate planning, prioritization, and adherence to a budget. By managing your finances skillfully, you can attain stability, build wealth, and plan for the future, including setting aside savings for retirement.

With numerous expenses to track, it’s easy to lose sight of your financial goals. But worry not; we have detailed ten tips for managing finances to help you effectively build wealth for your future.

Tip 1: Create a Budget

Creating a budget is a fundamental step in managing your money and building wealth. A budget is a plan that helps you keep track of your income and expenses. It’s a useful tool that allows you to see where your money is going and where you can adjust your spending habits.

A budget can be as simple or detailed as you like, but it should clearly show how much money you have coming in and going out each month. By tracking your spending against your budget, you can ensure that you stay within your means and avoid overspending.

Tip 2: Seek Professional Advice

If you are struggling to manage your finances, consider seeking the advice of a financial advisor or planner. Consulting a professional will help you in the long run, as they specialize in creating personalized financial plans that align with their client’s goals. 

Also, when keeping track of your spending, it’s crucial to consult a Comprehensive financial management company that specializes in comprehensive financial management to divide your expenses into mandatory and optional categories.

Besides, when choosing a financial advisor or planner, it’s essential to research and select someone reputable and experienced. Look for a professional with a fiduciary duty to act in your best interests and who charges reasonable fees.

Tip 3: Set Financial Goals

Setting financial goals will help you stay motivated and focused on your financial objectives. Start by setting short-term and long-term goals that align with your financial objectives. For example, if you want to save for a down payment on a house, set a goal to save a specific amount each month. It will help you achieve your long-term goal of buying a home.

Moreover, your necessary expenses like bills, groceries, and transportation costs should take priority over discretionary expenses like entertainment, dining out, and shopping. This categorization will help you prioritize your spending, ensuring you have enough money to cover all your bills and still have some left for discretionary expenses.

Tip 4: Track Your Spending

Tracking your spending will help you identify areas where you can cut back on expenses and save money. You can use a spreadsheet or an app to track your expenses. Make sure to review your spending regularly and adjust your budget as necessary.

There are several ways to track your spending, such as using a spreadsheet or an app. You can also use online banking tools to monitor your transactions and categorize your expenses automatically. Make sure to review your spending regularly and adjust your budget as necessary.

Tip 5: Invest in Your Education

Investing in your education is an excellent way to improve your skills and increase your earning potential. Consider taking courses, attending workshops, or obtaining a certification in your field. It will help you become more valuable to employers and increase your chances of earning a higher salary.

Investing in your education does require some financial investment, but it can pay off in the long run. By increasing your earning potential, you can pay off debt faster, save more money, and build wealth over time.

Tip 6: Maximize Your Retirement Savings

Contributing to your employer’s retirement plan is an excellent way to save for retirement. Many employers offer a matching contribution, which can help you build your retirement savings quickly. 

If your employer does not offer a retirement plan, consider opening a Roth or traditional IRA to maximize your retirement savings. With a traditional IRA, your contributions are tax-deductible, and you’ll pay taxes when you withdraw the money on retirement. With a Roth IRA, your contributions are made after taxes, and you won’t have to pay taxes when you withdraw the money on retirement.

Tip 7: Pay Off Debt

Paying off high-interest debt should be a top priority for anyone looking to build a fortune. Start by paying off the debt with the highest interest rate first, then move on to the next highest interest rate. Credit card debt and other high-interest debt can quickly accumulate and lead to financial stress.

Consider consolidating your debt into a single loan or balance transfer credit card with a lower interest rate to make paying off debt easier. It can help you save money on interest payments and make it easier to keep track of your debt.

Tip 8: Build an Emergency Fund

Building an emergency fund is essential for protecting yourself from unexpected expenses or job loss. It will provide a safety net in case of unforeseen expenses or job loss. Aim to save in an emergency fund for your living expenses. Start by contributing at least six months of the living expenses. 

It’s important to keep your emergency fund in a low-risk, easily accessible account, such as a high-yield savings or money market account. It will ensure that your money is readily available in an emergency.

Tip 9: Invest in Stocks

Investing in stocks can be a great way to build long-term wealth, but it’s important to research and understand the risks involved. The stock market can be unpredictable, but stocks are known for providing higher returns than other investment options, such as bonds or savings accounts.

If you’re new to investing in stocks, consider starting with a small amount of money and gradually increasing your investment as you become more comfortable. You can also consider investing in index funds or exchange-traded funds (ETFs) that track the performance of a specific market or industry.

Tip 10: Automate Your Savings

You can set up automatic transfers to a savings account from your checking account. By automating transfers, you can save money each month without making any additional efforts. It will ensure that you consistently keep a portion of your income and prevents you from overspending.

You can use mobile apps and online banking to set up recurring transfers between your checking and savings accounts. This way, you can track your savings progress and adjust your transfers as necessary.

Remember, building wealth isn’t just about getting rich quickly but about making smart financial decisions and consistently taking steps toward your goals over time. It requires discipline, commitment, and a willingness to learn from mistakes and adjust courses when necessary. By following these invaluable tips, you can achieve greater financial stability and security and ultimately enjoy the benefits of financial freedom.

This post was written by a reader of The Mastermind Within. In this post, the reader wanted to share their experience with getting a raise, why getting paid your fair share is so important, and how to increase your salary. Enjoy!

Personal finance writers tend to focus on a few of the same big ideas:

• Save more money
• Budget wisely
• Be frugal

These are smart ideas, and I agree with them all. But there’s another common idea that, in my opinion, is significantly more important.

Rather than “reducing your expenses,” I highly recommend people think about increasing their income.

Yes, it’s easier said than done.

But today, I want to share my own experience pursuing a salary increase.

The economics of salaries are simple. Employers have an incentive to pay you less than what you’re worth. They want to get the most and best work out of you, for the least amount of money. Meanwhile, you want to get the most money for the work. Ideally, you and your employer meet somewhere in the middle.

If only things were so ideal! In many cases (including my own), employees are left feeling like they’re on the thin side of the deal.

So today, we’re going to look at a pretty specific case study of corporate compensation. I’ll offer some ideas and tips that have worked for others, and some lessons that you can avoid learning the hard way.

In this post, I’m going to share with you some negotiation tips, talk about the importance of being paid more money, and how you can get paid more at your job.

First, let’s talk about when is the best time to negotiate.

When it the Best Time to Negotiate?

The best time to negotiate your pay is while you’re getting hired. It may seem counter-intuitive. You really want this job, and your desperation means you don’t have the leverage to negotiate more money…right?

But, that’s simply not true. The employer also has a desire. They want you to work for them. You have a demand for money, but they have a demand for your unique skill set.

You both have something that the other one wants.

This is the time to set a “baseline” salary that will affect the rest of your career’s earning potential. All future raises and compensation at that company will refer back to this baseline. It’s simple math. $60K is more than $50K. And, a 2% raise from $60K ($1200) is more than 2% from $50K ($1000). It really is a compounding situation.

How a Higher Starting Salary Can Make a Huge Difference

The table below shows a more detailed example of this.

Let’s look at a 22-year old college grad about to start their first job. In one reality, they accept the position at a $50,000 salary. In the second reality, they negotiate up to a $60,000 starting salary.

After that point, both realities are identical.

• Each year, their expenses are $45K.
• Each year, they get a cost-of-living raise of 2%.
• When they’re 27, they get their first real “promotion” and a 10% raise.

Seems like a legitimate pair of realities, right?

When we compare the two scenarios, we see how the difference in starting salary manifests over the first eight years of a career.

After all expenses, the $60K worker would have earned more than double what the $50K self had earned – $176K vs. $87K!

And that’s only assuming we’re stuffing that money under a mattress. Once you incorporate any sort of investing or compounding return on that money, the gap grows even more.

If you understand how your younger years are the most important time to invest, the disparity caused by starting salaries becomes even more important.

How the Human Resources Department Actually Works

At my first job, I saw Human Resources as a wonderful source of information. I could rely on them for all those nitty gritty details (insurance, 401(k), management structures, etc.)

In fact, the same HR person who hired me stayed on as my HR liaison throughout my tenure. It was a nice process.

However, not all companies work that way.

In fact, HR departments seldom exist for the benefit of the employees (you know, the actual “human resources” for which the department is named).

Instead, HR departments’ primary goal is frequently the protection of the company from the employees. It’s an example of “it’s business, not personal.”

While I do not think that HR is the “enemy” of other employees, I do think it’s important to remember who represents whom in the corporate structure.

If you’re negotiating a salary, it’s the HR department’s interest to pay you less. They are not a neutral party in the negotiation.

If you don’t stick up for yourself, nobody will. It’s business, not personal.

Why It’s Difficult Getting Promoted  the “Right” Way

A “problem” that I faced in my career was that my reviews (from management or project teams) looked great. For three years in a row, I received a “top 10%” review.

Meanwhile, my salary percentile–accounting for my experience at that company–was in the bottom quartile. For the sake of simplicity, we can say that I felt underpaid by about $10K-$20K per year. No small amount!

How much of a “problem” is this? Well, it didn’t stop me from living the life I wanted. I could afford all the comforts I needed. I was at the peak of the fulfillment curve. But as I showed above, being underpaid starts to add up over a few years.

I tried to solve my problem “the right way.” I spoke with my manager about how I felt. He agreed with me and went to his manager. That manager agreed too, so we took the issue to HR.

And that’s where we were rebuffed.

I was never given a specific reason why, but HR claimed its hand were tied. They couldn’t simply hand out the ~15% raise that was required to bring me from bottom quartile of salaries up to the median of salaries.

I tried to reasonably solve my problem from within the corporate structure, but I had no leverage.

Why it’s Sometimes Hard to Get a Raise in Corporate America

I began to become more aware of my salary discrepancy when my company was going through a large hiring spree. We had lots of work to do, and not enough people to do it.

Let’s go back to fundamental economics. High demand for workers, low supply of workers; this means salaries should go up!

And sure enough, rumors started trickling through the organizational chart, “Jim’s group just hired a college grad for $X.”

Wait a second…that’s 20% more than what I make! I’ve been here 4 years, and I have a master’s degree, and the customers really like working with me.

Was this injustice? Or did I just have money-grubbing sour grapes?

On one hand, I’m not sure how HR is supposed to solve this problem. If a company has 1,000 employees, how can HR ever create a salary ladder where every employee is (and feels) perfectly compensated based on their talent and experience? Who is going to create those rankings? How would an employee appeal if they feel underpaid? Clearly, it’s not feasible.

But, some discrepancies just scream that there’s an issue.

While I certainly felt that I was underpaid, I also know that some of my peers were in even worse scenarios. Or, in other words, that I was overpaid relative to them.

They had a more justified gripe than I did! In a utilitarian world, shouldn’t I vouch for them before I vouch for myself?

Wouldn’t that be nice. But, unless you and your coworkers are part of a union, the idea of vouching for the betterment of all employees is strictly verboten. You can’t stand up for others. You can only stand up for yourself. It’s sad, but it’s also true. You can encourage others to stand up for themselves. I think that’s great.

But you should tread carefully before organizing on the behalf of others.

Getting a Raise by Getting an External Offer

After trying out the “right way” to solve my problem internal to my organization, I realized that I didn’t have many options left. I started looking elsewhere.

Just like my company was hiring, lots of other companies in our industry were hiring too.

One day, I got a random message on LinkedIn, and began talking to an engineering headhunter. A couple days later, we were speaking on the phone. A week after that, I had a phone interview with an engineering manager. And the following week, I was flying down to their facility for an in-person interview.

The interview went well, I liked what this company worked on, and they made me an offer. Here’s an important detail: the offer was good, and I was willing to take the job. I enjoyed the tasks of my current, lower-paying job more. But I was willing to make the move to the new company.

I returned to work the following day with the new company’s offer letter in hand. I went to my manager, he went to his manager, and the group of us went to HR.

Suddenly, HR did a 180° flip. The previous month, a 15% raise was out of the question. But faced with the prospect of me leaving the company, the negotiation scales were tipped back in my favor. I had leverage. My HR group matched my new offer, equal to a 29% raise. Boom!

Are You Wasting Time by Declining a Job Offer?

I accepted my company’s counteroffer. But I also felt a bit guilty.

I had wasted the headhunter’s time. And wasted the other company’s hiring manager’s time, and the time of people who had given me a tour. I wasted their money when they flew me to their facility, and when they put me up in a hotel.

But should I feel guilty? Or is just part of playing the corporate game?

What’s occurring, in my view, is a proverbial “race to the bottom.” I feel that HR forced my hand and played hardball. My choice was to either submit to their tactics, or to call their bluff – I had to go seek out competitive offers from other firms. And this meant facing the possibility of wasting another firms’ time.

It’s an accepted paradigm (at least in my industry) that workers will hop from company to company, or that HR departments will play the “offer -> counteroffer” game.

If everyone’s playing, then nobody should feel bad when their time is wasted. After all, they’re playing the same game, too.

But I’m not planning on making a habit of wasting other companies’ time and money. And in a perfectly fair world, I would gladly compensate the other firm for their few hours of time and the <$1000 in expenses.

The raise I got would be well-worth that expense.

When to Share Your Compensation with Your Co-Workers

Before we wrap up, I want to revisit some ideas about co-worker interaction. While you and your co-workers are likely in similar boats – if one is underpaid, many are likely underpaid – you’ll find that people approach salary issues in vastly different ways.

In my experience, I had a few close confidants. Before my raise, we had all confided in each other that we were unhappy with our compensation. We knew we were in the same boat.

I shared my “success” with them, and they found the information very useful. Not everyone wanted to follow my exact footsteps, but it was helpful for them to understand what I had done. Some wanted to wait until their next promotion. Others just wanted more experience, so that our HR department would be more likely to match any outside offers.

However, other people at my company are diametrically opposed to the “corporate hopscotch” or “offer-counteroffer” tactics. My raise took me from the bottom quartile to around the 60th percentile.

That means that I “leap-frogged” over about 40% of my peers. And that absolutely rubs some people the wrong way.

Now they feel like there’s injustice. If they did what I did, then there would be another “race to the bottom.”

Everyone would constantly be seeking external offers and leveraging them for local raises.

Next thing you know, I’d be in a position where everyone had leapfrogged me, and I’d be back at the bottom of the pay ladder. And the cycle would start again.

I’m clearly biased here. I don’t think what I did was “wrong.” But I hope you understand that different employees will have different reactions to you “breaking ranks” to seek out a raise.

Are You Being Paid Your Worth?

If you haven’t already asked yourself, the time is now: are you being paid what you’re worth?

Even if your workplace is filled with the nicest folks on Earth, you should consider whether they are paying you a fair amount. Perhaps your company publishes its wage scales for comparison. Or maybe you should use a website like Glassdoor to understand what similar workers in your area earn.

There isn’t any harm in exploring.

Speak with your manager or HR, sometimes, all it takes is a brief conversation! But, keep in mind, there’s a line between personal relationships and business relationships.

The only person guaranteed to vouch for you is YOU!

You might find that coworkers, HR representatives, or even your managerial chain-of-command aren’t as supportive as you’d hope. That’s ok. Be polite, but stand behind your convictions.

If you get rebuffed, consider looking externally. Don’t just do it for leverage, though. Look for real jobs that genuinely interest you. You may end up surprising yourself and find a new job altogether.

Either way, I hope the brief math in this story shows you the long-term power of a raise. Even a 10% difference in pay can lead to vastly different financial situations over a few years.

I had a harder time getting a raise than I’d hoped, but I’m already seeing a huge difference in my budget and investing and savings rate.

You should consider how a raise will help today, but also tomorrow, and all future tomorrows.

So, are you being paid what you’re worth?

Again, I want to thank this reader for sharing their story in this post, and I hope that this post has been useful to you 🙂 What do you think? Is this similar to experiences you have had in Corporate America? How have you gone about getting a raise?