Day: July 13, 2020

How To Have A Growth Mindset About Money

More than 75% of Americans have at least one financial regret, and is it any wonder? We’re taught from a young age that talking about money is taboo, and the result is that throughout most of adulthood we have no actual idea how to deal with our finances. People are stuck living paycheck to paycheck, not saving enough for retirement and emergencies, and the result is always catastrophic. Debt continues to grow, and we rely on credit cards to get us through the tough times. But what if there were a better way to handle our finances and make small changes that will add up in the long run? If you can apply a growth mindset to your finances, you might find yourself in a better financial situation sooner than you think.

Money Troubles Abound

having growth mindset to your finances

With our economy in a free fall, there has never been a more relevant time to talk about money troubles. Whether you’ve lost a job or you’re just unsure of the future, the way you spend and save now could impact your life for years to come.

As of this year, American consumers owed more than $14.15 trillion in household debt. This is everything from mortgages to credit card balances to student loan balances, and it adds up quickly. In student loan debt alone, Americans owe more than $1.64 trillion. Credit card debt has skyrocketed to an all-time high of $1 trillion. Americans just aren’t prepared for everyday life.

Part of the problem is that wages have stagnated while the cost of living has ballooned out of control. For decades raises have barely kept up with inflation, while the cost of living has overshot normal wages by a significant amount.

Most Americans have decided that college is the only way to beat the system, but that often leaves them with a crippling debt load they later find they can’t afford as they try to juggle paying rising rents, minimum student loan payments, and healthcare premiums. This, in turn, has sent an entire generation back to their parents’ basements to try to regroup, which further exacerbates the economic situation. For those who are unfortunate enough to have any sort of medical needs, making ends meet is just not a financial possibility in many cases.

Currently, a third of Americans are living paycheck to paycheck, while even three in every ten low-wage earners are able to save at least some of their money but don’t. Student loan borrowers often find themselves regretting choosing a more expensive college than they needed, and 42% make at least one late payment a year. 35% of credit card users only pay the minimum amount instead of paying the full balance every cycle.

Applying A Growth Mindset To Your Finances

how to have growth mindset to your finances

Most people apply a fixed mindset to their financial situation – they feel they are helpless to change it, that they know all there is to know about their finances, and that challenges can only lead to failure or financial ruin. When you instead start to apply a growth mindset to your financial situation you realize there’s a lot you don’t know about finances and that you have plenty of room to learn and grow. Setbacks become opportunities for growth.

Financial mistakes and problems happen, and it’s your responsibility to learn from them and do better next time. Start by listing all your debts and their corresponding interest rates. There are a couple of things you can do here. The snowball method is probably the easiest – start by concentrating on paying off the smallest debt first. Keep paying minimum payments on all your debts so you don’t go into default, but find extra money each month to go toward your smallest debt. Once that one is out of the way, apply all that money to your next smallest debt until it is paid off, and keep going from there. Before long you will be debt-free and have the ability to focus your attention on other aspects of your financial life.

There are tons of apps out there that can help you keep track of your finances and expenses and make cuts wherever you can. Saving is also going to be a major component of your financial strategy, as emergency savings prevent you from having to go into debt in the first place.

Learn more about having a financial growth mindset from the infographic below.

Growth Mindset
Source: Money Hacker

The post How To Have A Growth Mindset About Money appeared first on Dumb Little Man.

Microsoft spins out 5-year-old Chinese chatbot Xiaoice

Microsoft is shedding its empathetic chatbot Xiaoice into an independent entity, the U.S. software behemoth said (in Chinese) Monday, confirming an earlier report by the Chinese news site Chuhaipost in June.

The announcement came several months after Microsoft announced it would close down its voice assistant app Cortana in China among other countries late last year.

Xiaoice has over the years enlisted some of the best minds in artificial intelligence and ventured beyond China into countries like Japan and Indonesia. Microsoft said it called the shots to accelerate Xiaoice’s “localized innovation” and buildout of the chatbot’s “commercial ecosystem.”

The spinoff will see the new entity license technologies from Microsoft for subsequent research and development in Xiaoice and continue to use the Xiaoice brand (and Rinna in Japanese), while Microsoft will retain its stakes in the new company.

In 2014, a small team of Microsoft’s Bing researchers unveiled Xiaoice, which means “Little Bing” in Chinese. The bot immediately created a sensation in China and was regarded by many as their virtual girlfriend. The chatbot came just a few weeks after Microsoft rolled out Cortana in the country. Modeled on the personality of a teenage girl, Xiaoice aims to add a more human and social element to chatbots. In Microsoft’s own words, she wants to be a user’s friend.

Like all foreign companies, Microsoft has to grapple with China’s censorship. In 2017, Xiaoice was removed by Tencent’s instant messenger QQ over suspicions of politically sensitive speech.

The project has involved some of the most prestigious scientists in the AI land, ranging from Lu Qi, who went on to join Baidu as its chief operating officer and brought Y Combinator to China; Jing Kun, who took up a post at Baidu to head the search giant’s smart devices; and Harry Shum, a former executive at Microsoft’s storied Artificial Intelligence and Research unit and now sits on the board of fledgling news app News Break.

Shum will serve as chairman at Xiaoice’s new standalone entity. Li Di, general manager of Xiaoice, will serve as chief executive officer. Chen Zhan, a developer of the Japanese chatbot Rinna, is appointed general manager of the Japanese office.

The new company will retain the right to use the “Xiaoice” and “Rinna” brands, with a mission to further develop its client base across the Greater China region, Japan and Indonesia.

Microsoft claimed that Xiaoice has a reach of 660 million users and 450 million third-party smart devices globally at the last count. The chatbot has found applications in such areas as finance, retail, auto, real estate and fashion, in which it claimed it can “mine context, tonality and emotions from text to create unique patterns within seconds.”

Unlock American Netflix with this discounted VPN

Unlock American Netflix with this discounted VPN

TL;DR: A three-year subscription to Surfshark VPN is on sale for £54.81 as of July 13, saving you 83% on list price.


Whether you’re a remote worker regularly using public WiFi networks, a gamer who stays connected around the clock, or just an average Netflix binger, your private data is vulnerable to trackers and hackers every time you sign online. How else would targeted ads match that bizarre product you and your friends were just talking about? It’s all good, though. You can easily block those prying eyes and protect your data with a virtual private network (VPN).

If you haven’t already armed yourself with a VPN or you’re not happy with the one you have, this is your lucky day. This three-year subscription to Surfshark VPN is currently on sale for over 80% off and offers all you need to stay safe online, and then some. Read more…

More about Cybersecurity, Data Privacy, Mashable Shopping, Shopping Uk, and Uk Deals