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5 Things to Do Before Adopting a Child

October 31, 2019 Wise Dollar Blogging No comments

There is a lot to consider when deciding whether or not adoption is the right choice for you Most people who are interested in adoption are usually hoping for a baby, so that is the main (but not sole) focus of this article. We are hoping to give you a simple, unofficial guide to help you prepare for the adoption process.

Consider the Different Types of Adoption

There are varying levels of birth mother or parent involvement in adoptions. How much and how little you want them involved depends upon your wishes and can be stipulated in the adoption agreement. This allows you maximum privacy if you have the desire to keep everything anonymous. There are a few different types of adoption to consider, and you?ll find them to be the same at most any Texas Adoption Agency. Here are the main options:

Open

Open adoption allows you to meet the mother many times before she even gives birth. This allows you to discuss family history, as well as perhaps have a more personal conversation with each other to get an idea of what kind of family or background she has, as well as letting her see the wonderful home the baby will have.

Semi-Open

Semi-open adoptions are similar to open adoptions, but on a more limited scale. There may be only one meeting. Any questions, answers, and paperwork may be handled through mediators and/or attorneys.

Closed

This is a completely confidential and anonymous process. The birth mother will not know the identity of the adopted parents nor have any parental rights in the future. The adoptive parents will never know the identity of the mother. It is as private as it gets.

Decide What Kind of Parent You Want to Be

The next step is to figure out which type of parenting style best fits your personality and temperament. Are you patient? Are you strict? Are you liberal or conservative with your child?s freedoms? Understanding this before going in will help you to raise your baby from the very start the way that you feel would give them the best opportunity to be happy and successful in adulthood.

Reexamine Your Living Situation

There are a lot of things to think about when getting your life ready for such a monumental new addition. Look around the area in which you live and think about whether it is kid-friendly and the kind of place where you think your child would be happy and do well. Here are just a few to start with:

Schools

This should probably be at the top of the list in your head as well. If you plan on raising your child in the location in which you currently live, then making sure that they have a good school system (from pre-k to high school, if you really plan on staying there) is something that you need to get right on.

Neighborhood

Are there other kids and families around you? Or is it geared more toward singles and couples with no children? This might be something else to think about if you want your child to have other kids their age to play with locally as they develop their social and interpersonal skills.

Current Home

You will also need to baby-proof your home. Yes, you will have some time to do it between bringing the baby home and when they start crawling around but believe us, it will happen quicker than you think it will.

Choose an Agency

The last step is to do some serious research and give a few agencies a call to set up a consultation. From there you can ask any questions that you might have about the process, as well as receive a lot of helpful information.

6 Best Twitter Accounts to Learn About Personal Finance

October 28, 2019 Wise Dollar Financial Independence No comments

Want to keep in touch with personal finance gurus on Twitter?

Twitter plays a key role in connecting industry experts with a common man who without the help of Twitter would never have a chance to chat with them. With the integration of technology with finance, the world of personal finance becomes fickle. It has become imperative to stay in touch with the latest trends in the market.

Here are the 6 best Twitter accounts to learn about Personal Finance

1. Chonce Maddox- @MyDebtEpiphany

Chonce is a personal finance expert and professional writer based in Chicago. Her Twitter profile is based on her blog mydebtepiphany.com where she shares expert knowledge on personal finance to millennials and Generation Z(notably, recent college grads and want-to-be entrepreneurs). Check out her Twitter account and blog for tips on budgeting, generating passive income, and life advice in general.

2. Financial Samurai- @financialsamura

I have been a huge fan of @financialsamura for a long time now. It is one of the oldest and the most resourceful Twitter accounts and personal finance blogs of all time. The Twitter page @financialsamura is based on a personal finance blog financialsamurai.com by Sam Dogen. Sam is a stay-at-home-dad, a former football coach, and also writes about financial independence.

3. For Real Life Stories- @TheBillfold

@TheBillfold may not have millions of followers on Twitter but he sure does have an interesting story to share. In 2011, Bill emailed the CEO of the Bank of America, Brian Moynihan regarding his late payment of Credit Card bill and explained to him how the unfriendly user interface of bank’s website was the cause for late payment. Two days later, Brian took action by discounting Bill’s late fee. Bill still raves about this incident even after 8 years have passed.

4. Quick and Dirty Tips- @quickdirtytips

@quickdirtytips is a personal finance/life advice blog run by the vice president, Kathy Doyle. This Twitter page is popular for its unique content related to career, money management, nutrition, health, and other similar topics. It is not just a personal finance page. Moreover, it is one of the rare personal finance podcasts that talks on how health, relationships and daily routine affects your ability to make and manage money.

5. Ramit Sethi- @ramit

Ramit Sethi is an American entrepreneur and a writer of the bestselling book “I Will Teach You To Be Rich”. On his Twitter page @ramit tweets about the latest happenings in his life and dates for his live events. Recently, Ramit and his wife hosted a fundraiser in NYC for families separated at the border. Such events bring him closer to his readers and social media followers.

6. Dave Ramsey- @DaveRamsey

The list “best Twitter accounts to learn about personal finance” would be incomplete without the mention of @DaveRamsey. He is the author of seven national best selling books on personal finance. Everyone knows how freely Dave interacts with his listeners on his YouTube channel The Dave Ramsey Show. To get more personalized advice you can shoot a text on his Twitter account. Dave replies to almost everyone having a decent query.

Summary

In the future, when you are browsing through the above-mentioned profiles, make sure you take notes. Every personal finance guru has something unique to offer, instead of following one profile, I want you to seek advice from several sources. By doing this, you will also prevent yourself from getting scammed or misled.

5 Do’s and Don’ts for a Successful Trip to Southeast Asia

October 21, 2019 Wise Dollar Travel No comments

Whether you are interested in visiting a mass tourist place or secluded beach with nobody else present except you, Southeast Asia is diverse enough to leave you to feel satisfied at the end of the trip. Most backpackers do not explore Southeast Asia to its full extent. They miss out visiting places and performing activities that could make their trip even more memorable. Being said that, there are some precautions you must take as some of the countries here have rules and regulations which are unheard of in the west.

Here are the 5 do’s and don’ts for a successful trip to Southeast Asia

1. Do: Visit countries other than Thailand, Vietnam, and Indonesia

Everyone knows how popular Thailand, Vietnam, and Indonesia is the number of western backpackers and vacationers. Cheap and delicious food, good transportation and breathtaking locations make them the first choice for a first-time traveler. But, you are missing out by not visiting other countries like Malaysia and Singapore. Contrary to popular belief, these countries are not expensive at all. Apart from their rich culture and nature, here, you will find the cheapest and healthiest street food.

2. Don’t: Visit places where tourists outnumber the locals

There are places in Southeast Asia that are being flooded with tourists from the US, Australia, and Europe. To make the most of your time and money, avoid visiting such places. Namely, Bali, Bintan Island, Khao San Road(Bangkok), Pattaya and many more. MonkeyRockWorld a list of places to avoid in Southeast Asia.

3. Do: Always wear a helmet while riding a bike

Whether you are in the driving seat or not, always wear a helmet while riding a bike. Motorbikes and scooters are very popular in places like Vietnam and Indonesia. They can be rented for cheap and you don’t need to have a local driving license. Hence, a lot of tourists prefer riding them. Without wearing a helmet, your trip to Southeast Asia can easily turn into a disaster. If met with an accident, you could suffer serious head injuries. Or get jailed if caught by the traffic police(wearing a helmet is mandatory by law in Vietnam).

4. Don’t: Carry too much cash in your pocket

There are a couple of reasons behind it. First, the currency conversion rates in Southeast Asia are way too high. Secondly, you could get mugged if you are in the wrong place at the wrong time. Places like Mindanao and Jolo province are considered the most dangerous in the Philippines. Also, the borders between Vietnam, Cambodia, and Laos are considered unsafe to travel with cash in your pocket.

5. Don’t: Get involved in drugs

Drugs are another thing you should be aware of while traveling in Southeast Asia. Countries in Southeast Asia have the worst drug laws. You could be jailed for years or also hanged if caught with illegal drugs. Particularly, at the airport. You should also know that Yaba and Crystal meth are two drugs responsible for the death of thousands of people each year. The police have seized millions of pills in the rural regions of China, Laos, and Vietnam.

Conclusion

Traveling in Southeast Asia is not just about street food, exotic beaches and experiencing a crazy nightlife. You safely and security should also be your primary concern. By following the do’s and don’t list in the post, you can make sure you return home happy and satisfied.

How to Grow Your Business Without Investors

October 18, 2019 Wise Dollar Business No comments

Facebook, Apple, and Coca-Cola all became household names without the help of angel investors or venture capitalists. But, can you? Absolutely.

Outside help can add a new level of funding and credence to your business, but that comes at a price. You?re giving up a share of your business and your decision-making ability.

For those who prefer to ?bootstrap it? to stay in charge of their business and their destiny, here are some ways to scale your business without outside help.

1. Alternative Funding

You need money to grow. You can?t always build your business off of your sales and personal savings, but you don?t want to bring in any investors.

If your business needs an influx of cash to invest in new equipment or property, you should click here to learn more about a merchant cash advance (MCA).

This can give you access to up to $500,000 for your business, and the application process can be done all online in a matter of minutes. You could have your answer in less than 24 hours and your funding the next day.

2. Small Business Loans

Loans are another great way to add some cash into your business. However, they?re not always easy to get if you?re a start-up or up-and-coming business.

Small business loans through the major banks are extremely hard to get, which is why banks say ?No? to over 80% of small business loan applications. Big banks have to follow very stringent lending guidelines, with no real wiggle room to make any exceptions for your business, no matter how bright your future may look.

The SBA is more willing to work with less proven businesses. However, you still need to have been in business for at least 2 years to qualify. Also, their application process is often long and involved. You will have to provide and complete a lot of documents, which can drag the process out over several weeks, or even months.

3. A Business Line of Credit

The business line of credit can help you build your business by giving you access to revolving credit and you will only pay fees based on what you use.

However, getting a business line of credit from a major bank is just as hard as getting a business loan. So, if you don?t qualify for one, you won?t get the other.

If you get a business line of credit through a private lender or firm, you will have a higher probability of getting approved. However, this also means there will be a higher cost of borrowing.

It will also most likely come with a personal guarantee. That means that you, as the business owner, are personally responsible for paying back the balance on the line of credit if the business goes under or you default on payments for any reason. This means you could be personally on the hook for paying for expensive commercial equipment if you put it on your line of credit.

The Bottom Line

Success and growth are possible without investors, even though it will be more challenging. There will be times where you struggle and your cash flow dries up.

If you explore any of the 3 options above, you can keep your business on track, while ensuring you?re always in control of it. Remember, the true cost of an investor may be much higher than anticipated. You might be giving up a share of your business and giving a new party a seat at the decision-making-table.

Don?t give up long-term control to fix a short-term need for funding!

How to be a Disciplined Trader in Forex Market

October 17, 2019 Wise Dollar Money Management No comments

Discipline is crucial for the currency traders in Forex. To maintain quality executions of the trades, it is necessary to be a disciplined trader. But you need to accept it from their heart. They must commit to the trading business and decide on a proper trading approach. Otherwise, the approaches will be wrong and the majority of your position sizing will bring losses. There are multiple opportunities in the markets every day for a trader. But without sorting out a proper plan for the trading business, it is not possible to trade efficiently.

If you think of 3 or 4 trades a day, it has to be maintained. It is possible when you will use price correlation and trade with multiple instruments. For example, you can easily execute two trades with USD/JPY and USD/CHF currency pairs. As there is a matter of price correlation present with the fundamental analysis, the traders can easily get multiple opportunities. But it is necessary to get some discipline in your trading business first. We will discuss more on how to improve discipline in your trading business.

Use a daily trading strategy

To ensure a solid trading business with discipline, you need a proper trading method. Among the four, (scalping, day trading, swing trading, and position trading) you need to select the right one for you. Majority of the rookie traders would like the short term trading processes. We are not saying the scalping and day trading is bad for the trading business. You will just have to prepare a proper trading strategy which complements the idea of short term trading.

Using simple risk exposures with a 1% risk per trade strategy is good for the trades. Afterward, you also need to improve their market analysis strategy to ensure proper executions. Simple concepts like multiple timeframe analysis (for example, hour chart, Four hour and daily charts) is necessary to understand the market condition and volatility. Prepare the perfect plan which suits your trading performance.

Define the proper trade setups

We have already discussed the risk exposure setup for the trades. If you can follow the 1% risk per trade strategy, it will already keep you low with the investment. You can improve the quality of trading even more with proper leverages. Some investors in Hong Kong may think of it as a chance to trade a higher lot size. Being a novice trader in Forex, it is necessary to be safe with the trading capital. With your trades, you will need to keep the money management strategy the same as 1% risk per trade. The actual investment in the trades needs to be lowered down with decent leverage.

For the rookies, it is good to stick with 1:10 for each trades. There are more to the trades than just risk exposures. You need to use stop-loss and take-profit based on the position sizing of the trades. It may seem hard for the novice traders but with a proper plan, everything will be easy. You can easily define proper position sizing and stop-loss using proper risk exposure.?

Trade without hesitations

When you have the plans and risk management ready for the trades, there must not be any hesitations. No traders should mix their emotions with the trading business. If it happens, the performance in the business will not be good at all. Just plan to trade regularly based on your preferred trading method. If it is set and you have a proper trading routine, go for execution based on the perfect market condition.

If there are no good opportunities to trade for, you would not need to execute any trade. Only the trade setup, trading plans, and money management will count for a reputed and profitable trading business.

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