It’s easy to judge others by their actions as we judge ourselves by our intentions.
Character development can prove to be a challenging and uphill climb. We want to do well but sometimes find it difficult to do so.
Some days we are living a life of victory and other days we’re too ashamed to look ourselves in the mirror!
There are days when we’re crushing our financial goals and other days when our budget is busted and we’re disgusted. Such is life.
Thankfully we’ve been given the fruit of the spirit.
message that I delivered recently that explains it in greater detail.
Make friends of money but do not love it.
#2 – Joy
Joy is not based on our circumstances or situations – that would be happiness. James encouraged us to count it all joy when we fell into trying situations.
We can choose joy or misery.
It’s impossible to avoid difficult financial situations. Each of us will face a situation that tests our faith and at times our sanity. During those times, count it all joy. I know it’s easier said than done but it can be done.
Let them shout for joy and be glad, who favor my righteous cause; and let them say continually, “Let the Lord be magnified who has pleasure in the prosperity of His servant” (Psalm 35:27, NKJV).
It’s okay to win at wealth. According to Psalm 35:27 God takes pleasure in it! I am convinced that we could shout for joy a bit more.
#3 – Peace
Money fights are one of the leading causes of marital friction and ultimately divorce.
I know that things can get nasty when a couple fights about money. Egos are bruised, weaknesses are exposed, dreams are shattered, and hope is deferred.
Peace, as mentioned in the fruit of the spirit, is the absence of or the end of strife. It’s a state of untroubled and undisturbed well being. Doesn’t that sound cozy & comfy?
Let the peace of Christ rule in your hearts, since as members of one body you were called to peace. And be thankful (Colossians 3:15, NIV)
Sounds as though we have a part to play. It’s up to us to allow the peace to rule in our hearts.
Yes, it’s much easier to lash out in anger but that is not peaceful. Our fallen nature wants to cast blame, point fingers, and make sweeping accusations. Those behaviors do not produce peace.
Be thankful. The budget is challenging and sometimes there is more month than money. We all still have reasons to be thankful.
I’ve realized that I am often thinking about things I do not have rather than the countless blessings that I do have. There are billions of people who would gladly trade their problems for mine. When the budget is tough, take some time to truly be thankful for what God has already done.
Allow the peace of God to rule in your heart and family.
#4 – Patience
I totally expected you to skip this one. Few people like to talk about patience. Furthermore, many Christians are superstitious about it. They are convinced that if they mention it, all kinds of crazy things will happen to them. Not true. Yes, we must overcome but God is not a despotic dictator.
Before we go deeper, a definition of patience would be helpful. It’s not having a sunny disposition while waiting at the DMV for half a day. It’s much more than that.
Patience is the quality that does not surrender to circumstances or succumb under trial. A person operating in patience is consistently constant.
My brethren, count it all joy when you fall into various trials, knowing that the testing of your faith produces patience. But let patience have its perfect work, that you may be perfect and complete, lacking nothing (James 1:2-4, NKJV).
Bad things, challenging things, and difficult circumstances will find you. You can run but you cannot hide. When these circumstances hit, it’s time to adjust our perspective.
Crying about how life is unfair won’t solve the problem. Actually, it might be prolonged.
When these tests happen count it or consider it joyfully. Why? God is still at work in us both to will and to do of His good pleasure. He has not give up on us. He’s still working on us! (That’s actually good news!)
I know that it’s difficult. I’m in a season of life where it seems that I have the anti-Midas touch. I feel like Andy in The Office when Michael gave him all of the largest accounts as a going away present. “I’m going to lose them all!”.
Yet, when I fall into these trials I know God is working in me. Patience is being developed and God will reward it.
#5 – Kindness
Kindness, regrettably, does not carry the same gravitas as some of the other fruit of the spirit. Perhaps it is misunderstood. Hopefully after today you will have a newfound appreciation of the persimmon of the fruit of the spirit known as kindness.
The fruit of kindness is having the harmlessness of a dove without the wisdom of the serpent. I chalk it up to that feeling you get when you want to be generous but before your brain kicks and talks you out of it. You simply want to be a blessing.
It’s also the mellowing of our character. As we get older we’re often less antagonistic and more apt to give a person the benefit of the doubt. We’re generally kinder after surviving this thing called life.
#6 – Goodness
Goodness is character energized and expressing itself in action. It’s the desire to DO something. Kindness supplies the idea to be a blessing and goodness puts the plan to action.
Earning money is awesome but we all eventually realize that there is more to life than collecting another dollar. Some desire to change their financial, family tree.
Others want to use resources to start a scholarship or feed children or to start a hospital.
Goodness energizes our kindness and makes things happen.
#7 – Faithfulness
Sadly, faithfulness is not the word I would choose when discussing the money habits of most people.
Almost 80% of Americans are living paycheck to paycheck. Nearly 40% of Americans could not cover a $400 emergency with cash.
However, these same people have luxuries that people just twenty years ago did not enjoy.
The average car payment is now over $550 per month. Car loans are easy to get. I know many twenty + year olds who are driving cars that are new – and they have the payment to prove it. They have little discretionary income as much of it spent before it is earned.
Moreover it is required in stewards that one be found faithful (I Corinthians 4:2, NKJV).
Financial faithfulness is not a mere suggestion. The language Paul uses is quite strong. Faithfulness is required.
# 8 – Gentleness
Gentleness gets a bad rap just like kindness.
In some translations the word meekness is used instead of gentleness. Yep, not much better. However both words are powerful!
We’re told that Moses was meek. Moses marched into Pharaoh’s palace and bossed him around! We read in the Psalms and in the Sermon on the Mount that the meek shall inherit the earth. Not too shabby.
Jesus described Himself as gentle. Gentle doesn’t mean soft. A gentle person is not a pushover.
The one who has fully developed the fruit of gentleness is powerful and is fully aware of the power. Jesus entered Jerusalem on the colt of a donkey – lowly and gentle. He was fully aware of who He was and the power at His disposal. At His disposal, were legions of angels who could have wiped out humanity. He chose the route of gentleness.
There is no need to brag about money or wealth. No need to use wealth as weapon against others.
Exalting ourselves based on financial scorekeeping is bad form and quite tacky. Remain humble. We’re simply managing God’s resources. He is trusting you with it. Run it like He would run it – gently.
For who makes you differ from another? And what do you have that you did not receive? Now if you did indeed receive it, why do you boast as if you had not received it? – I Corinthians 4:7
#9 – Self Control
I’m a firm believer in living a life free from debt. The Bible never mentions debt in a positive manner. The borrower is slave to the lender.
Living a life free of debt can be challenging because debt is a ubiquitous method of financing a life style we cannot afford. Willingly going into debt (bondage) could be viewed as being discontent with God’s provision.
We feel as though we deserve a European vacation but the cash is not available. The siren song of Visa and MasterCard can be seductive. Before we know it we’re charging coffee and croissants at a bistro in the Latin Quarter of Paris.
Self-control is the fruit of the spirit that requires us to roll up our sleeves. This is the one that takes discipline. Jesus said if we wanted to be His disciple we would need to deny ourselves daily. Easy? Nope. Worth it? Yes.
Gifts of the Spirit are given but the fruit of the spirit must be developed.
If we dig deep we could witness dramatic financial results simply by developing the fruit of the spirit in our lives. These traits are inside each of us.
Let’s ensure they blossom.
Today, I have a fun interview to share with you that will show you how to become a freelancer.
I recently had the chance to interview Ben Taylor. Ben has been freelancing since 2004, and he has worked for dozens of companies.
Yes, this is a career path that you can learn!
As Ben will tell you in the interview below, a freelancer can be anything. You can be a freelance designer, personal trainer, nutrition coach, online teacher, virtual assistant, writer, and more.
If you are looking for a new business or even just a side hustle so that you can learn how to make extra money, learning how to become a freelancer may be something that you want to look into.
In this interview, you will learn:
- What a freelancer is, who they work for, what they do, etc.
- How much a new freelancer should expect to earn
- How a person can find their first freelancing job
- The steps needed to take to make money as a freelancer
And much more!
He also has an informative course called Freelance Kickstarter. This course takes you through the step by step process of creating your own freelance business.
Check out the interview below for more information.
How to become a freelancer.
1. Please give us a background on yourself and how you started as a freelancer.
I’m Ben, and I live by the sea in England with my wife and two young sons.
I started a career in tech back in 1998, and by 2004 was Head of IT for a government department. It didn’t take long for me to tire of company politics, and the endless meetings that were more about displays of ego than really getting anything done.
I came from an entrepreneurial family and my parents both had businesses rather than jobs. The businesses weren’t always successful, and there were definitely periods of “feast and famine.” However, I was well used to that and I think that branching out on my own was something I was destined to do.
My move into freelancing splits into a couple of clear phases:
Initially, in 2004, I quit my IT job, walking away from business class travel and a gold-plated pension with nothing more than a vague plan to begin to work as a freelancer!
I started to provide IT support and consultancy to both businesses and individuals. I do actually still do some of that work for a select group of long-term clients, but by 2009 I had managed to burn myself out with it. The business was going well, but I was working ridiculously long days and every holiday I tried to take was interrupted by constant phone calls and emails.
So phase two began when I sold off most of my client-base and moved to Portugal! That’s when I really started to broaden my freelance horizons. I had to start from scratch, with an unclear intention to start writing for a living, and no real plan for how to do it.
I did lots of things, including wasting a LOT of time down fruitless blind alleys. I wrote for content mills, started blogs, found clients on freelance job boards, and – slowly and steadily – started to build my income back up. The difference was that I was doing it all completely on my terms with work I really enjoyed.
I was also living in a dream destination whilst doing it.
2. Can you explain what exactly a freelancer is, who they work for, what they do, etc.?
This seems like a basic question, but it’s very worthwhile. There’s a considerable difference between freelancing and remote working that not everybody appreciates.
First off, a freelancer can be anything. For some reason many people immediately think of writing when they think about freelancing. But you can be a freelancer designer, personal trainer, nutrition coach, online teacher, virtual assistant, and dozens of other things.
It’s also worth noting you don’t only have to be one of those things. I AM a freelancer writer, but I also still dabble in IT consultancy, run my own blogs, provide coaching, and even build websites for people (if they ask nicely and the price is right!)
Regardless of what you do as a freelancer, the important thing to realise is that you are running your own business. The big plus of this is that you are in total charge. But the big negative is that you don’t have any of the safety nets you have if you are employed by a single company. This means you’re responsible for everything from your own insurance and healthcare to your own technical support!
Freelancers typically work for several different clients. There are myriad places to find those clients. It’s quite common for freelancers to find clients within their existing professional networks, and not at all unusual for ex-employers to be among them. Then there are freelance job boards like Upwork and PeoplePerHour, which provide an endless stream of new opportunities.
3. How much should a new/beginner freelancer expect to earn?
This is an incredibly difficult question to answer! I can think of one freelancer I coached who’s in a very specific writing niche. He went onto Upwork with an initial rate of $100 per hour and found lots of work. I started out in IT consultancy charging a similar rate and was quickly earning more than I did in my full-time job.
However, at the other end of the scale there are people with limited experience or specialist skills who will need to pay their dues. This means building the foundations of a freelance career by proving yourself and taking low paying jobs to build up examples of work and positive feedback. My move into writing was much more like this!
I think “job replacement income” is a useful target for new freelancers to keep in mind. That can vary vastly from individual to individual. Obviously replacing and exceeding a corporate-level income takes much more than freelancing as an alternative to a part-time, entry-level job. That said, people with senior-level experience command much higher freelance rates.
Related content: 20 Of The Best Entry Level Work From Home Jobs
4. What do you like about being a freelancer?
Not having a boss!
The difference in lifestyle is massive when you work for yourself. This is always brought home to me when I’m making plans with friends and family, and people say “I’ll see if I can get the time off.”
This makes me shudder, because it’s SO alien to me now. The example I always use is that I never have to ask anybody before I can tell my children I’ll be at their sports day or nativity play.
When you have what I call a “traditional job,” you DO have the security of healthcare, and perhaps things like holiday and sick pay. But you give up a tremendous amount of freedom in return. Freelancing is profoundly different, and it’s rare to find people who’ve given it a go that would ever choose to go back to full-time employment.
So that’s a huge thing for me, but there are other huge benefits too. I love the fact I can pivot into different things, which always allows me to keep things fresh.
About four times a year I reassess my priorities and lay out new goals for the short, medium and long term. They might involve starting a new blog, writing another book, learning a new marketable skill. For somebody like me who relishes variety, I love having total control of this.
5. How can a person find their first freelancing job?
There are SO many ways to find freelance jobs. I have an article listing 50 different options!
However, they broadly split into two categories that I call “real world” and “online world.”
It’s always worth starting out by thinking of your real life networks. As I’ve said, many freelancers do their first self-employed work for people who already know them. I’d advise people to think about any contacts who’ve already seen the kind of work they’re capable of. These are “warm leads” that are well worth perusing.
It makes sense to think about personal contacts as well as business contacts, too. Plenty of freelancers find clients who are their “wife’s best friend’s brother” or something like that!
Remaining in the “real world,” there are also options like local business groups and networking events – although they are obviously far less accessible at the present time.
Moving to the online world, the freelance job boards are the place to be. They can be intimidating places initially, and it’s crucial to learn how to use them and how to avoid scammers and low paying clients. But there are plenty of great clients out there, including many household name companies who use those boards to hire freelancers.
Often, a quick one-off $50 job can evolve into a long and lucrative client relationship. My wife and I both have clients who we first met on the freelance boards years ago. We still work with them now.
There’s no one-size-fits-all answer to where to find the first client, but there are options for everybody.
6. How does a freelancer decide what to set their rates at?
This is a question I’m asked a LOT! The answer leads to lots more questions, and I think many of my readers are disappointed when I don’t just give them an answer of “$x per hour” or “$x per article!”
It’s a subject I cover in my Freelance Kickstarter course, and I’m happy to share a slide from that particular lesson here. The factors to consider include tangible things like the “market rates” for specific types of work, and how each client’s geographical location could impact how much they expect to pay.
But there’s much more to consider beyond that: How much does the gig align with your long-term goals? Will the job produce a great example of work that will help you win more clients in the future? Is this a job that could lead to on-going, long-term work?
I guess a simpler answer is that your rate needs to be fair and competitive, and sufficient to make it worth your while to do the job. However, the rate for each job really needs to be assessed on a case-by-case basis.
The reality is that there are millions of freelancers out there charging vastly different rates, often for very similar services. There’s a bit of an art to working out where you sit on the pricing spectrum, but it’s an art you can learn, and it gets easier with experience.
7. What steps does a person need to take to make money as a freelancer?
The first and most important is working out what it is you actually want to do. That may seem obvious, but my inbox is full of emails from people asking what they should do, without telling me what they’re capable of and what kind of work would make them happy.
I will attempt to lay it out in a fairly simple series of steps:
- Work out what skills you have and what market there is for them.
- Look at who else is providing those services, what they charge, and what you can provide that will make you stand out and appeal to clients.
- Identify any gaps in your knowledge and experience, and work to fill them. This could mean doing some training, or doing some voluntary jobs to bulk out your portfolio.
- Establish a personal brand. This isn’t as big a deal as it sounds, but does mean having a solid resumé and LinkedIn profile, and sometimes some other ways to demonstrate your expertise.
- Learn how the freelance job boards work. Even if you have a rich personal network to draw on, it’s wise to understand the wider world of freelancing.
- Put yourself out there, and start pitching and applying for things.
- Make sure you provide perfect work and delight your clients, so that they want to work with you again and recommend you to others.
Repeating and refining these steps is the essence of becoming a successful freelancer.
8. How much does it cost to start this type of business and how much on a monthly basis to maintain it?
Freelancing is generally a low-cost venture, but that’s not to say it’s free. Depending on what you do, you may need specialist equipment and / or software. And if you’re switching from an employed position, you may have to buy things like this yourself for the first time.
A good computer is a must, as it’s often the key tool of your trade. You may also need to budget for things like insurance, possibly including healthcare cover if you are somewhere like the US where this isn’t covered by tax payments.
When it comes to monthly costs, the main things I pay for include software subscriptions and insurance policies. Thankfully these tend to build over time and no individual thing is particularly expensive. You can start out as an online freelancer without even having a personal website, and add things like that once you gain some momentum.
I also recommend budgeting for ongoing training and learning. Thankfully there are all kinds of ways to learn online inexpensively. Companies have training budgets, but when you’re a freelancer, keeping your skills on point is on you.
9. What kind of training is needed to become a freelancer?
I’d say the training splits into two: learning about freelancing itself, and building skills around the specific work you want to do.
Courses like my own Freelance Kickstarter cover the first part. Freelancing is a skill in itself, and we’ve covered some of the important areas in this interview already. Stuff like setting rates isn’t immediately obvious, so learning from those who have been there and done it already is very valuable.
When it comes to skills-specific training it depends what work you’re doing. Let’s say somebody wanted to work as a freelance social media manager. Not that long ago it would have been all about Twitter and Facebook. Nowadays Pinterest is a much bigger deal for many people, and TikTok is emerging as the latest trend.
So as that freelancer, you need to decide what you’re going to focus on. Do you want to be the “go-to guru” for TikTok, or be more of a generalist with social media in general?
It’s wonderful to have the choice.
10. Are there any other tips that you have for someone who wants to become a freelancer?
I have many!
The one I repeat over and over is that you have to eventually go for it and make the jump. I see a lot of people who never get past the “thinking about it” phase. Meanwhile the go-getters have taken the leap of faith and started to build success.
Moving to freelancing is one of those things where there may never be a perfect time to do it. Those who keep waiting for that time to arrive can easily find themselves looking back ten years later with the same commute and the same job.
Another thing I’m like a broken record about is the importance of “paying your dues.” There are often plenty of less-than-ideal gigs to finish successfully before you arrive at the amazing ones.
I wrote about some really dull topics in my early days of freelance writing, for example. But I had to wade through that stuff to build my reputation. It all felt thoroughly worth it a few years later when I was being well paid for travel articles and restaurant reviews!
You learn something from every job along the way: How to handle clients, renegotiate rates, refine your skills, and get work done more efficiently so that you’re boosting the value of your time. Freelancing isn’t supposed to be easy but it’s almost always challenging, interesting and rewarding.
And let’s face it, many people don’t feel that way about their jobs.
11. What can a person learn from your course? Can you tell us about some of the people who have successfully taken your course?
OK, so Freelance Kickstarter expands on all of the topics I’ve touched on here, and many others. It’s intended to remove confusion, and that feeling of overwhelm that often descends when researching this stuff online. It helps new freelancers make a clear plan for getting started. As the strapline goes, the idea is that people “stop wasting time, and start making money!”
I never intended to create a course, but after running the HomeWorkingClub website for several years, it became clear there was a space for something like this. I make it very clear that it’s not some kind of “get rich quick” scheme.
To be brutally honest, I don’t want students who are looking for shortcuts. There is real hard work involved in being a successful freelancer, but it’s a more than viable option for those willing to do what’s required.
The course starts with the basics of working out what you can do and want to do, and presents LOTS of different options. It then moves on to auditing your skills and experience, building your brand, and working out your own personal goals. I particularly like that section because it helps people learn the exact process I use myself every few months to keep things moving forward.
The next lessons cover finding clients, and there’s a big module on learning how to use freelance job boards like Upwork. Once people have completed this, they will know how to uncover the good and genuine jobs, and how to side-step the time-drains and scams.
Students also learn about setting rates, and all the other practicalities of running a freelance business, from getting the tech right to taking undisturbed holidays! We also cover side gigs, and long-term slow-burn projects like blogs and self-published books.
I provide personal support on the course, and people can ask me all the questions they need as they go along. There are also regular exclusive podcasts with extra advice and news of industry developments and new opportunities.
In terms of people who have already taken the course, I recently published a case study from a lady called Lyn. She now has “more work than she can handle” as a freelance writer working via Upwork. Two things that have particularly pleased me about her situation is that she’s cherry-picking projects that interest her, and that she’s been able to do exactly what I suggest in increasing her rates as she builds experience and reputation.
I’ve also had great feedback from people at a much earlier stage. I’ve kept the course price low so that people can use it to help decide if freelancing is for them – just dipping their toes in for the first time.
As one student said, the course is “ideal if you are considering going freelance and don’t know where or when to start, or even if freelancing is for you.”
Several of the testimonials so far have aligned perfectly with the original objective, which was – essentially – to help people see the wood for the trees in an environment than can seem very daunting to begin with.
I set out to create the course I wish I’d had! I’ve made more than my fair share of mistakes in over 16 years of freelancing. The people taking Freelance Kickstarter should hopefully be able to avoid the same ones!
Click here to learn more about Freelance Kickstarter.
Are you interested in learning how to become a freelancer?
A “business cycle” refers to the periodic expansion and contraction of a nation’s economy. Also known as an “economic cycle,” it tracks the different stages of growth and decline in a country’s gross domestic product, or economic activity.
business cycles . Each business cycle is dated from peak to peak or trough to trough of economic activity.
During the expansion phase of the business cycle, GDP increases and the economy grows. This phase tends to be significantly longer than the contraction phase. Since 1945, the average expansion has been 65 months, while the average contraction has lasted 11 months, according to a congressional research report. Features of expansion periods include:
• GDP growth rate of 2-3%
• Inflation around 2%
• Unemployment between 3.5-4.5%
• Bullish stock market
• Increased demand for goods and services
• Interest rates move higher
• Job creation
• Stock prices usually increase
• Increased wages
• Increased real estate values
As economic growth slows down, an economic contraction begins as the nation enters a recession. GDP growth dips below 2% in this phase.
Companies that have taken out loans may struggle to repay them, so they have to lay off workers and slow down production. As workers lose jobs, they have to cut down on spending. This creates a cycle of economic decline. Features of contraction periods include:
• GDP growth falls below 2%
• Decreased demand for goods and services
• Interest rates move lower, making it easier to borrow money
• Loss of jobs, increased unemployment
• Reduced wages because people need jobs so they’re willing to work for less, and companies can’t pay as much
• Stock prices usually decline
• Real estate values plateau or decline
Stage 1: Recession
One definition of a recession is two consecutive quarters with a decline in real GDP. A recession could actually be defined more broadly as a period where there is significant decline in economic activity throughout the entire economy.
During this stage, GDP, profits, sales, and economic activity decline. Credit is tight for both consumers and businesses due to the policies set during the last business cycle. This leads to shifts in monetary policy that lead to a recovery phase. It’s a vicious cycle of falling production, falling incomes, falling employment, and falling GDP.
The intensity of a recession is measured by looking at the three D’s:
• Depth: The measure of peak to trough decline in sales, income, employment, and output. The trough is the lowest point the GDP reaches during a cycle. Before World War II, recessions used to be much deeper than they are now.
• Diffusion: How far the recession spreads across industries, regions, and activities.
• Duration: The amount of time between the peak and the trough.
A more severe recession is called a depression. Depressions have deeper troughs and last longer than recessions. The only depression that has happened thus far was the Great Depression, which lasted 3.5 years, beginning in 1929.
Stage 2: Early Cycle
Following a recession, there tends to be a sharp recovery as growth begins to accelerate. The stock market tends to rise the most during this stage, which generally lasts about one year. Interest rates are low, so businesses and consumers can borrow more money for growth and investment. GDP begins to increase.
Just as a recession is a vicious cycle, a recovery is a virtuous cycle of rising income, rising employment, rising GDP, and rising production. And similar to the three D’s, a recovery period, which includes Stages 2-4, is measured using three P’s: how pronounced, pervasive, and persistent the expansion is.
Stage 3: Mid-Cycle
This is generally the longest phase of the business cycle, with moderate growth throughout. On average the mid-cycle phase lasts three years. Monetary policies shift toward a neutral state: Interest rates are higher, credit is strong, and companies are profitable.
Stage 4: Late Cycle
At this stage, economic activity reaches its highest point, and while growth continues, its pace decelerates. Monetary policies become tight due to rising inflation and low unemployment, making it harder for people to borrow money. The GDP rate begins to plateau or slow.
Companies may be engaging in reckless expansions, and investors are overconfident, which increases the price of assets beyond their actual value. Late cycles last a year and a half on average.
What Industries Do Well During Each Stage?
Historically certain industries have prospered during each stage of the business cycle.
When money is tight and people are concerned about the economy, they cut back on certain types of purchases, such as vacations and fancy clothes. Also, when people anticipate a coming recession, they tend to sell stocks and move into safer assets, causing the market to decline.
Basically, industries do better or worse depending on supply and demand, and the demand for certain products shifts throughout the business cycle. In general, the following industries perform well during each stage of the business cycle:
• Consumer staples
• Information technology
• Financial sector
• Industrial sector
• Consumer sector
• Stocks and bonds
• Real Estate
• Household durables
• Information technology
• Energy and materials
• Commodities such as oil and gas
• Bonds can be a safe haven
• Index funds
Who Should Invest With the Business Cycle?
Business cycle investing is an intermediate-term strategy, since it isn’t as short-term as day trading but not as long-term as buy and hold strategies. Each stage of the business cycle can last for a few months to a few years.
the best strategy for beginner investors.
However, more experienced investors might choose to shift at least a portion of their portfolio along with the business cycle. Business cycle investing can also be a good option for younger investors because they will have more opportunities to take advantage of the ups and downs of future cycles.
Understanding the business cycle can also help people make decisions such as when to buy a home or search for a job. It’s usually best to purchase a home, start a business, or look for a job in the early to mid-stages of the cycle.
No business cycle is identical but history shows there can be a rough pattern to which industries do better as the economy expands and contracts. Investors can take cues from which stage of the business cycle the economy is in in order to allocate money to different sectors.
One great way to invest and keep track of the market is using an online investing app like SoFi Invest®. The investing platform features both active and automated investing.
For help getting started, SoFi has a team of professional financial advisors available to answer questions and offer guidance.
The information provided is not meant to provide investment or financial advice. Investment decisions should be based on an individual’s specific financial needs, goals and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . The umbrella term “SoFi Invest” refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC Registered Investment Advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.
3) Digital Assets—The Digital Assets platform is owned by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.
For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, http://www.sofi.com/legal.
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