In this series we will be highlighting burgeoning entrepreneurs in the modern era. These are folks who have taken the risk of quitting or working double to quit their conventional jobs in pursuit of their passions. This is a difficult road that many never find the courage to venture upon, but the rewards are so worth it, and as you know, no risk, no reward, know risk, know reward.
Mentored by success magnate Bob Proctor, Dellian Sharp is a personal consultant who began his company 1 Awesome World, LLC in Spring of 2016. He describes 1 Awesome World as a company dedicated to personal growth and development, with a mission of helping people maximize the talents and gifts that they've been blessed with.
While he recalls the waves of the initial risk in starting a company based on him doing what he does best, there was an overwhelming joy and peace despite the critics and naysayers.
1 Awesome World places a primary focus on "giving value to those you serve", and building a long list of individuals whose lives have been improved. 1 Awesome World has plans for branching out into books, real estate, and investing in the near future, but right now is focused on filling a void left by the education system. "The schools don't teach you about life, or how to make money, or what to do with money. The schools create employees, theydon't create entrepreneurs," says Mr. Sharp.
Mr. Sharp says the first thing he helps clients do is identify what they want. Most people can't articulate what the want, and as a result they never get what they want. The next step is in helping them to identify what specifically is blocking them from getting where they want to be. By understanding exactly where you are, you gain the clarity to navigate to your desired destination.
Through 1 Awesome World, Mr. Sharp specializes in one on one success counseling with a focus on developing personal power, goal setting, and most importantly, goal achieving. Mr. Sharp also offers business consulting to boost the moral, personal power, and efficiency of your staff, as well as public, and event speaking. If you are interested you can check out 1AwesomeWorld.com for more information.
1AwesomeWorld.com also offers a plethora of free materials to help motivate you throughout your day to day, and insights to help take your life to higher heights.
At the conclusion of our interview I asked Mr. Sharp if there was anything he wanted to leave with the people, and he left this quote passed down from his mentor: "Change is inevitable, personal growth is a choice."
When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.