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News / Blog: #finance

What is a model calculation?

12/05/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS
A model calculation is a mathematical formula used to solve a particular problem or answer a particular question. It can be used to predict a certain outcome, calculate a certain risk, make a certain decision, or demonstrate a certain behavior. Modeling can be applied in many different fields, including finance, economics, engineering, science, and computer science.
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How do I become successful as a freelancer?

12/05/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Define your success: what is your goal? Create a plan to achieve your goals.

2. Set clear goals and work to achieve them.

3. Create a professional profile and network so that your services are known.

4. Build a strong customer loyalty program to attract and retain customers.

5. Take advantage of the Internet to market your business.

6. Keep track of your finances and know where your revenue is coming from.

7. Familiarize yourself with the regulations imposed on freelancers.

8. Be your own biggest fan, believe in your success and don't be too hard on yourself.

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From the 100 hour startup hustle to the 4 hour work week - Here's how you can do it too

08/27/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

1. Make a list of your goals: Start by making a list of your goals that you want to achieve when you reduce your work hours to 4 hours per week. Remember that your goals don't necessarily have to include money or career. You may want to spend more time with your family, try a new hobby, or just have more free time.

2. Find a balance between work and leisure: If you reduce your working hours to 4 hours per week, you will have to learn to manage your time more efficiently and get your work done in a focused and effective way. It is important to find a balance between work and free time and to give yourself some time off to relax and unwind.

3. Define your priorities: To reduce your work time to 4 hours per week, you need to clearly define your priorities and prioritize your tasks accordingly. You should put the tasks that are necessary to achieve your goals first and put tasks that are less important on the back burner.

4. Create a journal schedule: A journal schedule is a great tool to manage your work time and make sure you stick to your schedule. Create a simple schedule that will help you complete your tasks efficiently and also leave you enough time to relax.

5. Invest in automation: Automation is one of the best ways to reduce your work time. Invest in tools that do your tasks automatically, such as software that manages your emails or tracks your finances. This will help you use your time more efficiently.

6. Solve your problems: If you want to reduce your work time to 4 hours per week, it's important that you solve your problems. Review your tasks and processes and think about how you can do them more efficiently. Maybe you can delegate some things or make them easier to save time.

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Living Frugally - Retirement at 40 How to Finance?

08/27/2022 | by Patrick Fischer, M.Sc., Founder & Data Scientist: FDS

It's difficult to retire at 40 if you haven't saved enough money. Some factors to consider are:

1. Save early. It is important to start saving as early as possible to build a nest egg for the future. The best way to start is by creating a budget and setting aside a monthly amount.

2. Invest in your future. Invest in a retirement account to protect and grow your savings. This can be a 401K, IRA or other investment account.

3. Increase your value. In addition to saving and investing, you can also increase your value through education and other means. This can help you get a higher salary or a better position, which in turn increases your savings.

4. Avoid excessive spending. If you are trying to retire early, it is important to avoid excessive spending. This means spending only what you can afford and spending less than you earn.

5. Consider alternative sources of income. If you don't have enough savings to retire early, you can also consider using alternative sources of income to increase your income. This can be a side business or a part-time job.

It is possible to retire at age 40, but it takes creativity and discipline to make it happen. It is important to compromise and build a nest egg for the future.

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