Tag Archives: Entrepreneurs

How To Calculate What To Save And What To Spend

**How To Calculate What To Save And What To Spend**



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Sallie Krawcheck, co-founder and CEO of Ellevest and a former Wall Street executive, breaks down a simple formula to help you figure out how much of your income you should spend and save.

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How To Calculate What To Save And What To Spend
even if you don't know what your goals are try to start as soon as you can and what you should shoot for is of your take-home pay 50% of it should go to needs it's your rent that's the car that you need to drive to work that's your work wardrobe 30% to fun because we're only on this earth a short amount of time we need to have fun and 20% goes to future you whether that's grandma Esther you or whether that's 10 years from now buy the home you beginning to sock that away now for a lot of folks that can be difficult to get to so start with 1% goes to future you 2% do what you can start where you are but you know support grandma Esther in some way because you know at some point you're not gonna be able to support yourself

Easy Ways To Save On Insurance | CNBC Make It.

**Easy Ways To Save On Insurance | CNBC Make It.**



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NerdWallet lays out seven ways to save on homeowners insurance to get the protection you need at a better price.
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Easy Ways To Save On Insurance | CNBC Make It.
tip number one bundle your auto and home insurance policies many providers such as estate progressive and American family offer discounts which could save you as much as twenty percent tip number two make your home more secure you can qualify for cheaper rates by upgrading systems like plumbing and electrical or by adding features that make your house tougher to penetrate like storm shutters and deadbolt doors tip number three look for more obscure discounts simply setting up automatic bank payments or being a new homeowner could qualify you for discounts so make sure you ask tip number four raise your deductible a common deductible is between 500 and a thousand bucks making that number higher could bring your rate lower tip number five shop around since your provider may no longer be offering the best deals it always pays to browse around and compare you

Money saving for millennials with Money Medics

**Money saving for millennials with Money Medics**



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Can you be a millennial and buy a house? Or have your dream wedding without going into financial ruin? Mark sits down with MoneyMedics to find out!
majority millenniums care about getting onto the property ladder career advice by the same time they but the importance of their social life so when you look at our approach is very much taking a lifestyle approach to money management Eve thank you so much for coming on the show money medics our money medics UK is what I've been calling it but it's just money medics that's correct yup yeah okay you guys have started and I'm gonna say with an Instagram page where you were giving advice on I first thought about the wedding well I see you've also given advice on other things as well will you tell me where the whole idea for this started yes just to say we're covering our backs it's more of financial guidance because yeah because so while speaking from experience yes because I think as the industry is quite heavily regulated so I think you were regulated under giving financial guard as opposed to advice like a products yeah but I think the idea came from I think from us like interviewing friends and family in terms of how they feel financial services was approached towards them in in general in terms of like Millennials particularly and then we found that is that the target audience that you know specifically Millennials and we found that a majority millenniums care about getting onto the property ladder career advice by the same time they but the importance of their social life so when you look at our approach is very much taking a lifestyle approach to money management and we found the response has been phenomenal phenomenal so far I think going a step further is that I'm sure is you aware we've open banking there's lots of fintechs coming into the market an ongoing basis but there's a lower amount of awareness of some of these solutions out there so we formed a hub or where I'm currently migrating from not just being or Instagram on YouTube actually creating tech enabled services of some of these brands online when I first bought my home a few years ago I just found it really hard to find information I think everything was really jargon heavy and quite hard to understand it wasn't really aimed was this on when you work where to get a mortgage yeah how to get more mortgage how to save up for a mortgage how much your income takes part in the mortgage application process I found everything quite Jotham heavy and not really aimed at Millennials or people around our age and in fact a lot of the information was almost saying Millennials can't get mortgages it's too expensive like don't bother I just forget about it so that's part of the information and why we wanted to create this to just put more information out there so why the audience as well it has been tricky though what was a tricky for you to get a mortgage at the time well well because I was originally based in London I had to find a way to move out so I moved to Bristol and that's when I bought my first flat in Bristol so it wasn't as straightforward as it would have been back in like 1999 where people could get mortgages in London for two hundred thousand pounds on the 18k salary you can't do that anymore but everything is a three and a half times just how do we go a little bit well I'm really comparing to Ireland which I know obviously harlem's three and a half times your salary thanks to those four it's four point five years okay yeah average sometimes some mortgage advisers recommend the lower amount but yeah so you just kind of have to like find out little hints and tricks on how to get to the best places or how to for example increase your salary if you need to do that in order for you to be able to buy a house so what type of response have you been getting because you you're building a following now I think it's seven and a half thousand followers on Instagram yes I say we've only been on there for a year now and I think the response has been phenomenal I think not just from a consumer perspective also from a business perspective in terms of the the fintechs that are taking interest in terms of this is how you engage an audience yeah it's been phenomenal in terms of as I said we don't give financial advice it's very much guidance yeah I think tips and tricks tips and tricks and I think over time where we're not just using our personal use cases by working some of these fintechs actually creating offering to actually scale what we've done I'm so you can actually replicate that I see that you've broken it down which means everything is like you guys are getting married soon that's good congratulations but it's not to what till February next year that's correct so plenty of time in the planet you're gonna disagree you're a bit too much for your open quite a big wagon wedding no society to 250 so that's small it's more of a there's a traditional aspect to it as well so because we both come from really big families we have to 200 reviews actually scaling it down and a lot of our friends as well you have to invite everyone you do have to invite everyone you do have to invite a lot of family members as well so for us having a wedding that's as well as small but we would say always big you know as we want it to be but still under the national average that people spend on weddings which is our aim which at the moment is like 31 thousand pounds which best then that's the national average member for for weddings yeah but we're aiming a lot significantly left them and so yes for us to be able to have a wedding that we want and still have it very nice relatively glamorous but within a reasonable budget as well where we don't go into debt for it where we not happen to borrow money etc that's another thing that people are really interested in people responding do you think that what is the biggest response because I saw that you were also giving advice are on dates are not advice sorry guidance I keep saying advice con thinking financial advice and you're giving guidance on on dating right and I thought that got the most views are on YouTube anyway right and what has has been something that has stuck out in your guys minds that you've gone oh my god I didn't even think people were gonna be needing advice or guidance um um say mortgages are Daisy did you expect it to be that big I'm dating I don't know actually because we found that with when it comes to property that got a very very big response on it yet on the property ladder yeah very big response we were reached was at Daily Mail the son contacted us quite a few other newspaper articles contact stuff about that as well and so it depends because our target audience is like we said Millennials they range from like early 20s yeah it's quite a wide variety of people people in completely different stages of your life yeah early 20s you're thinking of like university or your first job starting your career and mid-thirties you're thinking like starting a family or you know moving to your next home etc so I think yeah I'm not surprised because as we mentioned before it's about taking a lifestyle approach and I think that's what's missing in the offering of some of what the big players or fintechs are trying to offer in terms of what if you dug delve down in terms of just giving budget hearing current account what is it about their lifestyle so that's the approach we always take so in terms of Millennials like to go out I have a car don't Oh store or dating so how can you find innovative effective ways to allow them to enjoy those things but still allow them to paint a pension to invest or to figure out a long-term CD plan to get onto the property ladder if you have all those ingredients Millennials are going to be pretty engaged that's what we found has been has been quite interesting so what's the plan for this are you both working full time on this or you you do still have job consultant I dare working investment banks use plumb cysts okay is the plan tier to move fully after this so what's gonna happen it's do you know I think I'm not gonna I'm gonna say yes and no because I don't know I think the focus is is that we're trying to build something that's scalable that whereby we can still do other things by the same time if the demand is so much it's something to consider in terms of doing full time on this have you looked down the route of how you can monetize us yes yeah so to is essentially looking at the way some of the banks are in terms of some of the fintechs I'm gonna sweep off to this particular point in time because there are freemium based model but in terms of focusing more business-to-business lens so actually working with those fintechs to Crane offering for the consumer and your your fees based on that partner of row on reaching your user base so there's there's different things we're working or in discussions we have in terms of monetizing and scaling it and how how do you decide what tips and guidance you're gonna give like how do you decide right this week or or this month we'll talk about mortgages or dazing or or getting getting married and tips on that how would you decide what you're gonna what you're gonna talk about well there was an article in the FT not too younger and that's what we base our topics on and it was basically a list of things topics that millennial was a mainly millenials Millennials I felt like they didn't know much about or enough about and that included things like I'm guessing on the property leather and pensions investments yeah credit how to make large purchases so we've started off based on that but it's just been involving because like you said we've had a lot of responses from fintechs recently as well so we have been spending some time developing and working with our network in FinTech so so really yeah I think it's like what happens as like as in terms of like I've learned quite a few wealth management methodologies in terms the full circle of how you you and board a client and you take a client through and it's applying that to our our business and our approach in terms of when you board a client in terms of understanding their liabilities and assets and understanding if you're gonna grow your wealth the importance of credit and then taking that approach and then delaying and then always understanding that okay there's mass information there's so much information out there on credit scoring but then how do you apply a lifestyle filter and that's how we apply our own two cents and thoughts and get engagement along those lines you must have at least one person that sticks out in your mind that has reached out to you guys thanking you on the tips that you've given them is there anyone in particular and what what was it or if they're just so many you know actually I think it was a particularly de who who is quite interested in saving for a child and she was quite shocked when I told her you can have an open at the pension for a child or I gave you the figures that if you opened up a GC for your child it was 5% per annum growth and that's quite modest by time that child is 18 they could be sitting on one hundred and thirty seven thousand pounds based on compound growth and she was astounded and I said that liquid this way as much as there's lots of newspaper articles about tuition fees being nine thousand about Millennials being faced with mortgages and pensions if you made the decision now your child won't face that issue and I think she was so shocked when I said that I saw something mushy there I can't remember fully but it was all about how to save a million pounds right and it showed the different amounts that you need to say at Vermont depending on your age right so if you were if you were 10 obviously saving a million pounds by the time you're 60 and the amount that you'd put aside was very very little per week but anyway where's a 10 year old gonna get money alright so and when you got into one when you turned 18 and I almost kind of tell this as well work I started a savings account on the side it was only 150 a month or as putting in and like I of course haven't goes 150 more tests it's not gonna make anyone rich but I was putting it into gold and as I was putting it in like five years later I gotten so used to it just going in there when you look at an area oh my god it's gone especially with something that can go up as well compound interest is your friends so so guys thank you so much for coming on the show where can people find out more about what you guys are doing so of course follow us on Instagram money medics of course add us on LinkedIn as well and also subscribe to our YouTube page which is what Manya Maddox – UK yes and of course I think yeah just watch out with the pending update we have with potential contact what's the next one do we know if the national news let's go Nate Nick thanks so much for coming on the show thank you thanks so much you

How To Save Money And Spend Guilt-Free With Ramit Sethi | Better | NBC News

**How To Save Money And Spend Guilt-Free With Ramit Sethi | Better | NBC News**



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Here’s how to hit your savings goals while still spending guilt-free, according to Ramit Sethi, bestselling author of “I Will Teach You to Be Rich.”
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How To Save Money And Spend Guilt-Free With Ramit Sethi | Better | NBC News
no I'm not gonna tell you to keep a budget you don't need to most budgets are backwards looking you're looking at what you spend in the last month you're probably feeling guilty about it I have a different approach instead of looking backwards I want to look forward I want to think about where my money should go I want to set up the systems to automatically make it happen and then I want to live my life guilt-free and spend extravagantly on the things I love as long as I cut costs mercilessly all the things I don't I call this a conscious spending plan all of us have different things that we intuitively love spending money on some people want to have a beautiful apartment or a really nice car other people want to travel one month a year all of these things are totally valid but we all choose our own rich life here's a really simple way to look at where your money should be going 50 to 60 percent of your take-home money should generally be going to fixed costs these are things like your rent your mortgage your utilities at a minimum 10 percent should be going to investments these are long-term retirement investments next is short-term savings goals this is where five to ten percent of your money will go and these are things like saving for a down payment on a house gifts or a vacation and finally this is my favorite part twenty to thirty five percent goes to guilt-free spending this is eating out at restaurants buying new clothes taking your friends or family out with you on vacation whatever you want for your rich life that's where this money goes so I gave you these rules of thumb how do you create your conscious spending plan well I want to introduce something called the think want do technique just take a blank piece of paper and write down how much you think you are spending in each of these categories write down how much you want to spend in these categories and then the third part is to find out how much you actually do spend in these categories so take a look at your spending over the last 30 days find out how much money is going to your fixed costs versus your investments savings and finally guilt-free spending and now you are going to know what type of changes you need to make to flow the money for your conscious spending plan don't apologize if you have something you absolutely spending on use your guilt-free spending to unapologetically pay for the things you love but make sure that the rest of your conscious spending plan is hitting those numbers after you've done this exercise you might find that you're overspending in a couple of areas that you want to cut back down that's totally normal for me it's travel and clothes so narrow it down there try to make your changes to those big areas and don't worry about all the other stuff you can tackle that stuff later one way you can do this is to use the envelope method the envelope method can literally beat physical envelopes that you fill with cash at the beginning of a month and you say this is my guilt-free spending money once it's gone it's gone that will train you on how to correct your spending behavior you can also do this virtually through checking accounts and debit cards whatever you choose just remember to pick those couple of areas that you really want to target and cut your spending gradual imagine waking up in the morning knowing that your money is going where you want it to go and the money that you have available to you is guilt-free a conscious spending plan allows you to create your rich life and to never have to apologize for spending on the things you love hey NBC News viewers thanks for checking out our YouTube channel subscribe by clicking on that button down here and click on any of the videos over here to watch the latest interviews show highlights and digital exclusives thanks for watching

Dragons tackle a staggering valuation - Dragons' Den

**Dragons tackle a staggering valuation – Dragons' Den**



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A pair of ex-politicos go from Westminster to the web as they attempt to take on the energy market and the Dragons.

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Dragons’ Den | Series 16 Episode 2 | BBC

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my name is Henry and I'm will we're
cofounders of look after my bills our service minimizes the price you pay for
gas and electricity because right now people get ripped off we all know that
we should switch but we don't so look after my bills does the switching for
you you sign up on our website in just a couple of minutes our algorithms get to
work and then we move you to the best deal every year automatically you don't
have to lift a finger that's the key difference between us and
comparison sites with energy alone we're taking on and disrupting a market worth
billions and we're offering 1% of our business for 90,000 pounds thanks for
listening we'd love to take any questions a confident pitch from will
Hudson and Henry to zut asking for 90,000 pounds for a tiny 1% of a website
that automatically finds the best deal for your gas and electricity
but the multi-million pound price tag appears to her ruffled tej Lala nice
feathers hi guys will Henry hi wondering where to
start well they should start with the evaluation how do you get to that figure
and why do you think your businesses is worth nine million pounds it's a
combination of our track record experience in this space but also the
size of the market in front to us so right now people spend twenty nine
billion pounds on energy in Britain alone they're 20 that doesn't excite me
too much a lot of the time people come into the gym they're quote market sizes
and say well because of that but let's start with more basics how many
customers do you have because a valuation like that I presume you'd have
a lot of customers on board be around 60 to 70 thousand who've done this which
people have signed up for the opportunity to take our deals it's a
larger number around 250 300,000 in terms of it before you set up the
business four years ago what did you both do I've got a political background
actually so I started off doing policy and think tanks I then was a special
advisor in government so different approach to to Henry I actually did some
work for the Green Party and I decided that I wanted to do what I could about
big business not giving the best treatment it could to normal people and
consumers will and I have been all for instance University I left government in
2014 we'd been talking you know as best mates for years about doing something
together so we started the big deal what the business did to start off was
one-off switches so we say people huge money with great deals but then the
deals expired and they got to a higher price now customers asked us to start
switching for them and that's where look at my bills comes in the entrepreneurs put up a robust
defense of their valuation citing a growing business born out of consumer
demand but Deborah maidens worried the new laws protecting personal data could
short-circuit their chances of success well Henry do you see any changes in the
legislation that's gonna stop you from simply being able to take decisions on
your consumers behalf know the direction of travel in this space is all towards a
service like look after my bills I'm sure you will realize that the energy
market just doesn't work for customers because they don't keep engaging with
the market and people of course don't switch because it's a complete pain in
the neck and if you do it once you're certainly not going to get around to
doing it every year thank you how many competitors have you got in this field
the big players would be the large comparison websites they do normal
switching manual switching in terms of automatic switching this really is an
early green industry no one has established themselves a
central player which is our aim there's been zero innovation in this market for
twenty years price comparison websites look like they
did 20 years ago big list that's it and still 60 70 percent of people do not
switch there has to be some new innovation to change this and we think
we're the ones that can do that a groundbreaking website that's also first
to market it looks like the entrepreneurs have all the elements for
success but Jenny Campbell wonders if they're at the mercy of the big players
not joining their utility revolution energy companies whatever big one is
choosing not to be on your platform because frankly it costs them money too
I would call it slick their own throats yeah there's a race to the bottom we try
to get people with the best price we can find and supply as they can trust now if
a supplier doesn't want to engage with the service that gets customers a great
deal year-on-year I'm not sure that's the kind of company
that we want to be moving people to are you not compromised on independence
because surely whoever pays you the most you know deal done isn't it I think
ultimately all we can do is be totally transparent and honest with our users
they know there might be cheaper dealers out there about some companies that we
wouldn't necessarily recommend a rare occurrence in the den as the
entrepreneurs reveal cash won't always be king on they're switching site Tesla
Varney has quietly taken a reading of the numbers and is ready to supply his
verdict on the proposition you guys want smart money right and there's a cost to
having the value in the den what we're gonna prove I think what you need to do
is to grow your brand and to build it create the awareness and that's what I
can do and at the same time you'll need to raise money future and I can help
with that too right I'm not gonna waste any time I'm
gonna give you an offer the offer is all of the money but at 7% thank you thank
you tage Levani provides an early boost for
the entrepreneurs but the deal he wants is 6% more than the 1% on offer
does Peter Jones feel the entrepreneurs have what it takes to look after an
investment I think you've done incredibly well I really like the idea I
think got a real chance of making this a success so I'm gonna make you an offer
and I'm making this offer because I bring so much more value than – I don't
have you so I don't need to compete with that I'm gonna offer you all of the
money but in return I'd like 10% of the business technology guru Peter Jones electrifies
the den using his track record to go in higher than his fellow dragon demanding
a whopping ten percent of the company but does touka Sulaiman feel he can come
up with a better deal impressive your impressive and I believe my offer can add great
value to you so I will give you all of the money per eight percent I love this
business for many reasons I think anything that disrupts the blinkin
energy industry has got to be good news and I'd really love to be involved and
what I really want to be involved in something I get quite competitive so I
am gonna make you an offer and good off you all of the money but they want 3% of the business Debra Medan dramatically undercuts her
rivals encouraging the entrepreneurs to switch to her deal of 90,000 pounds for
just 3% Jenny Campbell can also be quite competitive is she about to turn up the
heat in the dead the thing that I really really like is the ethical peace that
comes through this you're launching today is about making energy companies
honest at the end of the day and it's it's longer would you so what is there
not to like I'm gonna throw a little bit of a curveball in and say that I would
offer you 1/5 of the money for 1% which means you need to get the rest of us to
agree mm-hmm do want to go and talk at the back guys yeah a full house Peter Jones offers all the
money for a hefty 10% to KO Suleiman wants 8% taze LaVon ease after 7 Jenny
Campbell wants 5% shared equally but Deborah Medan has been the most
competitive asking for just three percent of the company having discussed it any now incredibly
flat flattered we're willing to double the amount of equity we're giving away
in our business from 1% to 2% but we need slightly more money we need to ask
for 150 K for that 2% look guys I think you have to understand the real value
here at 2% even a struggle you need to be a bit more realistic guys can I just
say that I do understand the predicament I like it even more so just on that or
half my offer so I will offer you all of the money ninety thousand for five
percent not 10% this I'm afraid has to be our our final
offer and we're really really keen to make it work 120,000 pounds for 2% of the business I didn't get out of bed for 2% that's for
sure understand so on that basis I'm out touka Suleyman
stays in bed refusing to give in to the entrepreneurs equity demands but is 2%
enough to tempt the other dragons from under the covers I actually think it's a
great shame because this could make a lot of difference to you we don't want
to give up on you please please believe that this is as
far as we can go I'm sorry guys No I'm out guys feel that you've taken the
negotiation way too far and that shows to me there's a naivety in business that
really concerns me and I think you will walk away from here now
having completely missed a massive opportunity you're about to make one of
the biggest mistakes of your life is that your final offer
2% so final offer on the basis of that's your final offer
I'm out they've had five offers but now just two
dragons remain our Jenny Campbell and Tesla Vani willing to negotiate okay
guys here's where I'm at you asked for hundred and twenty
thousand for two percent but I urge you to reconsider and see the value that the
Dragons are going to bring we do I'll do one hundred twenty thousand but for
three percent and that's my final offer it was very happy to bring Jenny with us
both okay both is what we would like I would
share with TAFE that's three percent so we're part by
one percent you could walk away on the basis of one percent it's half a percent each
there is no way that you two would do what 124 two percent as we as we
describes well we gave you our final offer Jenny and finish we have a deal right ago she ations well done they almost
lost it but having given away just 3% of the company will and Henri leave with a
hundred and twenty thousand pounds and two switched-on dragons