Random Finance Tips #1

I’ve been wanting to have a section which will go something like ‘Finance Tip of the Day’ or ‘Finance Tip of the Week’, but as each title implies an action that will be carried out on an consistent basis (everyday or everyweek), which is one that I cannot guarantee, I decided a ‘Random Finance Tips’ would be suffice.

So welcome to the inaugural edition!

The first tip in this series is

“Don’t spend more than you can earn.“

Yes I can probably hear a few people going, “yeah but this is common sense!”

Precisely! It is common sense but yet many people continue to commit this same mistake.

In fact, if your spending is almost equivalent to your income, you are already standing dangerously at the edge. Needless to say, once your spending exceed what you earn, your financial picture is definitely not going to look pretty.

If you are one of those that spend much more than you earn, you probably need to take a look hard look at yourself and ask some questions:

1. Are these spendings just needs or wants?

2. Are they absolutely necessary?

Tips On How You Can Harness The Massive Power Of Social Media

As we step into the era of Web 2.0, we can observe the new social media phenomenon taking the Internet world by storm. There is an unprecedented amount of interaction between users and websites like never before. Social networking sites like MySpace and video sharing sites such as Youtube are already household names. One word - HOT!

So hot you can probably fry an egg with it!

Social Media is an incredibly powerful platform to drive traffic, engage in some serious marketing and create publicity. Speaking about creating publicity, some people gain unwanted notoriety by posting up some ‘naughty’ content to places like Youtube. But hey! Lets not go there. Anyway, if you are in a business, this is a platform you should definitely be looking to leverage on.

Why do I say so? Allow me to give you an example. A Malaysian singer, Karen Kong, set up a Friendster webpage to market her new song, Cinta Hello Kitty, and within a short period of time, got thousands of hits on her webpage, elevating her exposure to heights which I suspect she never imagined.